Financing Your Online Education #Debtfree
Written By Abena Sey
August 15, 2020
Disclaimer: this blog post is going to be a little uncomfortable because it has to do with money, which is not something that people are generally comfortable talking about. But, I feel that I would be remiss if I didn’t discuss debt and your pursuit of an online education. I hope that my previous blog posts about online learning programs express that I LOVE ONLINE LEARNING, however, I do not support getting into a large amount of debt to achieve this.
While some of you may experience a little discomfort reading about the topic of debt, please do not despair. This will be a small part of the discussion, because I offer practical solutions for financing your dreams of pursuing an online learning program. I highly recommend that you explore these suggestions so that you can complete your online learning program with little to no debt. Why? Let’s start with looking at some statistics on student debt.
Some Statistics on Student Debt
According to the Canadian University Survey Consortium 2018 Graduating Student Survey on Debt Sources: 43% reported debt from government student loans, 12% reported debt from financial institutions, 11% reported loans from parents/family, 4% reported debt from other sources. Students with government student loan debt carry an average of $24, 472 in debt. Four in ten students said that debt played a role in their decisions about future education: 24% of students are discouraged, 9% said that debt prevented them from pursuing more education, 8% of students said they would pursue more education because it is necessary to pay off their debt. These statistics show that student loan debt negatively impacts your future, and I’ll explain why.
How Student Loan Debt Impacts Your Future
Having student loan debt can set you back financially and delay any goals you have that require you to be in good financial standing. Being in debt is costly. It can also take a toll on you emotionally, especially if you are unable to make payments towards your loan. Let’s not forget that the interest continues to grow on your student loan. This is added pressure that you do not need, nor should you bring on yourself when you are working towards your dreams. Pursuing your online education can be done with little to no debt, and I share some strategies on how you can do this below.
For more, click on the following link to access “Your Guide To Online Learning Success: Strategies To Help You Achieve Personal Success As An Online Student” By Abena Sey B.Ed, M.Ed
Remember to make wise financial choices as a student and beyond. The costs associated with pursuing further education can add up quickly, so until you have finished your program and have paid off any debt you acquired from your studies, I recommend that you focus on being frugal. If you are able to finish your program without debt, you will be further ahead both academically and financially.
Your financial choices have impacts, and this is especially important when it comes to pursuing further education. With a little planning, patience, and research, you can find the right strategies to finance your online education with little to no debt. Doing so will give you peace of mind. You will complete your program without having the stress and burden brought on by accumulating excessive debt. You can do it!
Reference
Canadian University Student Consortium [Retrieved on August 14, 2020 from https://cusc-ccreu.ca/?page_id=32&lang=en]