The Waiting Game: Student Loans and Your College Degree

Beth Dumbauld

Student Loans and Your College DegreeYou want to go to college. You are ready now. You’re on a budget, yet you are determined to go back and earn your college degree.

What do you do?

If you are like most adult students, you will find an institution online or nearby that has a degree program you like, for example in engineering or nursing. You apply to that college. You get in. You look at the tuition price, and you think, “Ouch! College is expensive!”  Yet, you are focused on earning your degree. You enroll.

What do you do next?

You apply for financial aid. You pay your tuition with student loans. Somehow, college doesn’t seem so expensive anymore. With student loans, it’s easy to lose sight of how much you are actually paying in tuition and fees. After all, student loans are paid directly to the school while you are enrolled – but you wait until after graduation until you start paying them back.

Eventually, you graduate. Yeah! That diploma, however, comes at a cost ­– thousands of dollars in student loan debt. Not-so-yeah. Welcome to the waiting game, courtesy of your student loans.

According to a recent Student Loan Affordability study by the Consumer Financial Protection Bureau:

  • College graduates hold off starting a family because of student loan debt obligations.
  • College degree holders wait to purchase a home because high student debt “impair(s) the ability of recent college graduates to qualify for a loan.”
  • College graduates wait to accumulate any savings because of “unmanageable student debt.”
  • College graduates put their dreams of small business ownership on hold because of “challenges posed by student debt.”
  • College graduates delay accumulating savings for retirement, and wait longer to retire, because of student loan debt.

Before you take on student loan debt, consider enrolling in StraighterLine online college courses. Including StraighterLine as a bridge on your college degree path can help significantly lower your cost of college – and therefore minimize the size of your overall student loan debt upon graduation.

Like to wait? Apply for student loans.

Want to get on with your life? Get Started Today and Call a StraighterLine enrollment counselor at (877) 787-8375 for help selecting a program and to learn more about earning your degree.

Student Loans and Your College Degree

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How Much Will Your Student Loan Really Cost You?
How Do You Know if You Can Afford Your College Degree?
How to Avoid Borrowing too Much to Pay for College
How Do You Know if You Are Paying Too Much to Complete Your College Degree?

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One thought on “The Waiting Game: Student Loans and Your College Degree”

  • rajan mehra

    great article of straighter line but higher education loan like mba programme rate of interest can you give us...