7. Get Parents and Family Members to Be College Finance Savvy

After research by Princeton economist Alan Krueger, the more expensive ‘brand name’ Ivy League colleges which parents are pressured to send their kids to do not necessarily produce richer graduates. His research showed that after comparing the incomes of students who came from Ivy League and state colleges twenty years after their graduation, incomes were pretty much equal. Yet, Ivy League graduates borrowing money for college will have incurred more debt than a state graduate. Parents should let their kids choose where they want to go and do what degree they want to do, especially if it means it’ll save them a bucket load of money. Otherwise, parents might be looking at taking on two jobs on top of their children working full-time jobs before getting their higher education in order to pay for their college fees.

So the smartest way to ease the strain of borrowing money for college is to not be so hasty when taking out loans. Loans may help students get into university but once they’re out, that is when the pinch becomes a bit. Work out college financial plans carefully, because if that aspired job you went to college for is out of reach because your four years of debt has crippled your ability to support yourself, is it really all worth it? If you have any more ideas on top of 7 Ways to Be Smart when Borrowing Money for College, please share them and comment below. Living a life of debt is no trivial matter and borrowing money for college is not something to be taken lightly.

Top Photo Credit: Nino James

Explore more ...