Practical Tips on Eliminating the College Debt Mindset, from Christian Money Expert Dave Ramsey
God calls us to be good stewards of our money, but what happens when a young person graduates with thousands owed on student loans?
An article on CBN.com cites a disturbing fact that "two-thirds of all undergraduates leave college in the hole financially," and some have completed their schooling owing over $100,000 before they ever begin their careers.
Christian money expert, Dave Ramsey, shares some very good ideas on how not to accumulate student loan debt while you’re in college.
One way, Ramsey says, is to prepare before you leave high school by getting good SAT scores, and then applying for different grants and scholarships which do not have to be paid back. (Photo: CBN.com)
"There are lots of them out there," explains Ramsey. "You've got to take classes on how to take your SAT and ACTs so that your scores come up, which qualifies you for more scholarships."
He added that working while in college is another way to pay your way. "We've got to break the mindset that in order to be a student, you have to have a student loan. Instead, let's go back to the old fashioned way of paying for it. You actually can do that. It's difficult, but you can do it. It's called work."
Other tips include living on campus and eating the dorm food, which "won’t kill you."
Ramsey also had suggestions for those graduated students who are already saddled with paying off student loans.
"The first thing is don't go buy a new car. Because when they graduate and they have $90,000 in debt, they say, 'Oh I'm always going to have this debt, so I might as well get that car I've been waiting to get when I get out of college and it just piles on. You need the car payment money to pay off the debt. So drive a beater. Live in a one bedroom apartment. Live like a college student. And work like an animal..."
To read this full article and watch the CBN video report, follow the source link provided.
