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Cornell Student Articles on Topical Affairs

Mastering The Art Of Avoiding Prolonged Student Debt

It is no big secret that higher education is expensive. After all, one of the defining characteristics of any capacity of official education is that there is cost involved. As the saying goes, nothing worth having comes easily. In the case of higher education (or any form of education, for that matter), it is a concept that could not be truer. Additionally, there is the ongoing financial cost of supporting oneself throughout their years as a college or university student as well. Considering all this, it is more than fair for one to question the financial cost of higher education, and the ongoing implications that can have on a graduate as they move on with their life after graduation comes and goes. While there is immense value in higher education, it also pays to be aware that the value does come at a cost. And that cost is not something that you can ignore, either.

As any student can tell you, it can sometimes be immensely and undeniably difficult to avoid not only initial and inevitable student debt, but the crushing financial blows that follow the accumulation of student debt. Repaying back student debts is obviously costly, and in some parts of the world student debts must be repaid in set minimal instalments. This can create a knock-on effect where while the debt itself is slowly paid off, other areas of life that require financial input are overlooked. Above all else, developing and maintaining a strong understanding of the ins and outs of student debt is about learning to manage that debt in a realistic way that does not demand that more be taken from other areas of life. At the end of the day, that is what it is all about. There are many ways to relieve oneself of the struggle of repaying student debt, and not all of them are traditionally conventional, if you can believe it.

There are many different ways to offset the stress and financial strain of repaying student debt. For some students, it is working two (or even more) jobs to put the earnings of one job into a savings account that is wholly dedicated to one’s student debt balance. For other students, they learn to build and grow their own startups while still in college, using microloans to fund the initial reaches of their projects until they become self-sustainable. Just two examples of viable and often successful ways of relieving the financial stress of student debt, these examples speak volumes of the power of thinking outside the box to alleviate the pressures of a debt balance that is as immense as that of the average student’s debt. More than anything else, it is important to approach student debt with a healthy and realistic mindset, so that the process from debt to financial freedom is as painless as possible.

At the end of the day, avoiding prolonged student debt is all about fine-tuning one’s skills in organization, self-restraint, and personal interest and talent to harness the best of the best, channeling it all into effective ways to help alleviate the stresses of student debt. We live in a world where higher education is more valuable than ever. While this approach to higher education is earned, it is also important to understand that the debt that comes hand in hand with the academic, intellectual, and personal lessons is one that can relatively easily be approached in a healthy way, rather than in a decidedly negative, all-consuming way. Just like any other type of debt, student debt can compound over time, but with the right approach and payment strategy in place, even the most significant of student debts can be paid off with relative ease, over a period of time.

The higher education experience is one that is highly coveted and beloved all over the world. People from all walks of life, from all perspectives, go through the process of being a higher education student, and at the end of it, they come out with a degree and a student debt that, over time, must be paid back. Student debt is never an easy debt to deal with, and if left unchecked, it often spreads out to become a prolonged debt that becomes more and more difficult to pay off in a timely fashion. Avoiding prolonged student debt might seem like a massive undertaking, but it does not have to be. There are many ways to earn more in less time, to begin paying back your debts faster and more easily. And while it does not eradicate the student debt altogether, it does provide an immense peace of mind that student debt is not always a monumental debt that spreads out throughout the rest of one’s life. There is an easier way.

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