#yourmoney

Friday, July 14, 2023

Whether it was something your parents forced you to do; whether it is something you genuinely wanted to do; or whether it was something you wanted to do that would earn you the most money — any money you owe for that sheepskin hanging on your wall, is for you to pay for.

Apparently, 804,000 Americans, will be receiving debt relief for student loans they have been paying for 20 to 25 years. The $39 billion worth of relief (approximately $50,000 per loan) will it take place over the next few months. I'm not too sure how I feel about that.

The way I understand it, the loan was supposed to work kind of like a mortgage. You borrow the money, you make your monthly payments, gradually overtime the principal amount goes down and after 20 or 25 years, the loan is paid off. In the case of the 800,000 people mentioned above, I guess that did not happen.

Now, I happen to take heed what the bard said: "never a borrower or lender be." It may be difficult to do in a modern society, but if you must do it keep it to a minimum. Please excuse me dear reader as I get to the point.

Here is the point. If you as an American have a passion to be something that takes a college degree — do it in a smart way! I mean I do get it… you don't want to roll into the emergency room, needing an appendectomy, only to find out that "Bob the Blade" (who only has a high school diploma) will be performing your surgery.

Unless you have a full ride scholarship for your undergraduate degree you should be made aware in high school of the least expensive ways of attaining your goal. If you don't want to go to college there are plenty of trade school opportunities. Some of them you are employed while you also go to school a couple nights a week. Some community college trade schools do you have to pay tuition, but it is reasonable, and after two years you can get an associates degree in the trade that you studied — then go look for work.

For those who wish to go to college and get a degree, here is the least expensive method to get your sheepskin. First, go to your local community college, visit the career counselor's office, and find what the requisite classes are that you are required to take in order to get the degree that you were looking for. Second, take all the prerequisite classes that you will need for your degree at the community college. Why pay three to 10 times more money than you need to, only to receive the exact same education from the exact same courses in a four year institution. Third, once you have gotten the prerequisites out of the way, you can transfer those credits turn the four year university of your choice. If you live in my state do you have three options.1) Cal State University system; they have some top notch universities at about a quarter of the cost of the UC system. 2) the University of California system; depending on what your major is people who have a degree from one of those universities are usually able to get hired pretty quickly after they graduate. 3) transfer to one of the private universities in California; you will be paying a premium. Which even with only two years of tuition costs, could be expensive.

Stay away from any of the private diploma mills! Although a good many of them are no longer in business, there are still some around. They make their money by promising you the Moon and delivering nothing [except debt].

Anyway, pursue your dreams, but remember whatever career you choose, keep in mind that you will probably be doing it for 40 years or so. So, trying to pick something you'll be happy doing for the rest of your life!

As always, I look forward to the comments. Peace and love to you all.

Patrick Graham for [insert office] in 20XX