- April 23, 2024
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During a recent panel where the main topic was student debt, maybe not the word but the idea of being educated kept coming up.
The idea was that students need to be provided with more information before they accept loans to get through school.
The discussion was part of the Saturday, Oct. 14, "Women — Deeper in Student Loan Debt — Implications" panel. Panel members included State Senator Dorothy L. Hukill, Valrie Chambers of Stetson University, Michelle Goldys of Daytona State College and Tera Lyons, a graduate of Baker University.
According to the Pew Research Center, Americans owed more than $1.3 trillion in student loans at the end of June 2017 and about four out of ten adults under the age of 30 have student loan debt.
Student debt due to loans is a fact and it doesn't seem to be going anywhere anytime soon. But what to do about it?
For the women on Saturday's panel, education is key. Maybe it won't clear all student loan immediately, but it could save someone from grief later down the road.
Senator Hukill's Senate Bill 396 Student Loan Debt is one way to give students extra information needed. Passed during the 2017 Legislative Session, the bill requires colleges and universities to provide students with information on student loans on an annual basis.
While annual updates on students loans is beneficial, students shouldn't wait until that information is in their mailbox to learn how loans work. Students who are willing to take out loans should be willing to put in extra time to learn how a loan works, including what the interest rates are, what they need to budget each year and how a cosigner can be impacted when it comes to repayment.
And with education comes planning.
Say a student is planning to attend college for four year and graduate on time. They know what kind of loan they are using and what it will cost them once they have graduated. It's those four years in between that need careful planning. There are always going to be unexpected costs, but planning for them in advance, and budgeting around them, can only help that student in the future.
Really though, when it comes down to it, if someone is passionate enough about their degree, the student loans probably won't matter as much.
It's like one of my friends who'd recently graduated said:
"I have over $100,00 in student loan debt, but if I can't do something that I love, I'd rather not be living."
Because, in the end, can money even compare to doing what you love?
