Should Parents be Concerned about Rising Student Debt?

Rising tuition fees coupled with an increased cost of living are making a university education an expensive commodity.

All parents dream of sending their children off to college in style, yet sadly there are few of us who can afford to do so these days. A university education is not to be sniffed at, but is the amount of debt incurred off-setting the potentially higher earnings our children will be able to command? In today’s competitive job market, will a degree really have any impact on future earnings?

Think Carefully Before Taking a Loan

The majority of students need to take out loans in order to pay their way through university. These loans cover everything from tuition fees to beer funds, accommodation to essay writing services from someone like Best Custom Essay, food costs to purchase of books and equipment.

Some of these are necessary expenditures, some part of living university life to the full; whether required or not the fact remains that students have a lot to pay for and little time in which to earn money whilst studying.

Increasingly, students are leaving university in huge amounts of debt and finding they cannot get the job they want.

Recent figures show that around 30% of college borrowers’ end up moving back home after their course finishes due to the financial implications of striking out on their own.

In terms of whether or not the high debts incurred are worth it, parents need to encourage their beloved offspring to major in something versatile and useful in today’s job market.

Your child may well believe that a PhD in Drama or Media Studies will provide the perfect springboard for a career in television. This is all well and good, but how many will end up with their dream job?

A degree in English or Business Studies will provide more varied opportunities. Try reminding your child they can take electives alongside their major and open up their chances of getting a well-paid job after college, unless you want to resign yourself to once again doing all their laundry!

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