Many people think that the main ingredient for greater salaries and overall better jobs is to have a college degree.  What people are now realizing is that to make more money, they have to pay more money for education.  Student loans have been on the rise over the last decade. College students and alumni are now dealing with an average of over $19,000 in loans (more than doubled from ten years ago).  For those that are continuing onto higher levels of education after undergrad, they will be seeing an average of over $74,000 in loans.

Not only are graduates forced to then deal with paying back these large numbers right after they graduate (some may have a six month grace period, if they’re lucky), but they also have to deal with accrued interest.
 
Many people cannot overcome their debt for a few good years (or many years, for that matter).  For some, they may only find a job that offers entry-level salaries that are not enough to cover the cost of rent, food and student loan payments. As well, student loans may be a burden under many if a student or graduate suffers from a job layoff or an illness, allowing payments to double, triple, or quadruple due to late fees, penalties and accrued interest.

Many college graduates believe that they made a huge mistake by taking out student loans, or as many or as much, as they did.  To relieve the anxiety and guilt of student loans, it is important to talk it over with your family and even a financial advisor before, or during, making the big step of borrowing lots of money from strangers. Yes, the outcome proves to be better paying jobs in the future, but can you afford the costs?  If you do need student loans, make sure you do not request more than you need. It is also crucial to looking into your college’s financial aid programs and other programs that offer financial assistance from the government.  Student loans should not be your first choice for money for college.  It should be your last resort.