Was your education worth it?

by Kristina on June 5, 2013 · 11 comments

Good morning Dinks. Let me ask you a question, when and why do you use your credit cards? Some people get into debt because they don’t have enough income to pay for all of their expenses and some people get into debt because they have a big expense and they don’t have enough of an emergency savings fund.  Some people get into debt because they are buying assets and some other people get into debt because they are investing in themselves in the form of a good education.

When you graduated from college how much debt did you have?

According to Credit Karma 44% of recent college grads have student loan debt. I graduated with approximately $16,000 in student loan debt, a university degree and a full time job at a bank.  I worked full time while I was in school and an extra $4000 per year in the form of student loans made my life a little bit easier.

I know that a lot of students graduate with debt, in my opinion education should be affordable for everyone but that’s a whole other issue. An education is always a helpful thing to have but debt is not always worth it.  If your profession is not a high earning profession it may take you forever to pay off your student loans.  If you can’t afford to pay off your student loans it may be smarter to take less classes each semester, take summer classes and take longer to finish your degree so that you can afford the tuition without taking student loans.

I personally also think that it’s ridiculous that students have to pay for their tuition in a lump sum at the beginning of each semester. I know that my life (and my finances) would have been a lot easier if I could have paid my tuition in biweekly payments throughout the semester, but again, a whole other issue.

When I spend money the cost has to be worth the benefit and this means that I have to get something really great out of it…like a good education.

If you had to do it all over again would you do it differently?

Looking back on my four years in college I wish that I didn’t have to work so much because my personal sanity and my grades definitely suffered.  However working full time during university gave me four very valuable years of experience.  People do a lot of growing up between the ages of 20 and 24 and I’m glad that I came out with both a university education and four years of work experience.

If I was 20 years old again I don’t think that I would apply for student loans. I realize now that if I knew how to live with only the necessities, cook my own meals and budget I would never have gone into debt for my education.  However, I didn’t know any better so when money was offered to me I took it.

Do you regret taking student loans during college?

Photo by Univers beeldbank

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