If you are applying to law school, college, graduate school, medical school or an MBA program, probably one of the last things in your head right now is how you are going to pay for all of it. As unpleasant as this thought may seem at this point in time, you should invest some thought and effort in solving this question. The sad truth is way too many graduates from these programs graduate with a huge debt burden. We are talking almost six figures. Considering how powerful compound interest is, this debt can persist several years. In fact, some students are still in debt a couple of decades after they have graduated. You definitely do not want to be in that position. If you want to minimize your debt load and increase your life satisfaction after you graduate, you need to really focus on how to lessen your debt load while you are still in school. Financial aid is extremely important because of the hard economic situation in the United States currently. There are many people unemployed. Many household’s net worth had crashed because of the foreclosure epidemic. The United States is not looking good economically nowadays and that is why financial aid is not an option.
Almost all students need financial aid, but there is free financial aid and there is financial aid that you have to pay back. You want the former and you want to avoid the latter. If you want to minimize the amount of student loans you have to pay back, try to focus on getting as much scholarships and grants as you can. If you cannot do that or you just have bad luck in getting free financial aid rewards, keep in mind that your options do not end there. There are many graduate programs that need graduate students. There are also, for law school and medical school, post graduate programs where you can work off your student loans. Regardless of the program, you have to always stay focused on minimizing that debt load that you graduate with. The smaller the debt load, the better your life will be. Just how bad can it get? It can get as bad as almost half your paycheck going to pay your debt. That is ridiculous. It is especially tragic when you factor in the amount of taxes you will be paying off your salary and the fact that many students get married after school. Oftentimes they marry fellow students and they just end up marrying each other’s debt. Pile on top of that the added expense of having children and buying a home and you can easily see the amount of stress and hassle you are going to undertake if you graduate school without debt.
The hard truth is that you will be borrowing a lot of money when you graduate. As you start your career, you would probably want to get your own house, and buy a car or two or you and your spouse. All these cost money and most people take out loans for these items. That is why the more free financial aid you get now, the fewer headaches you will have further down the road.
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