Making College Affordable, One Buck At A Time
College is an investment. College graduates make more money. Blah. Blah. Blah. If you can’t afford college, it all sounds the same.
But what if you aren’t so eager to sign the next 25 years of your life away to Citibank or Sallie Mae? Is it still an “investment” if you decide to be a social worker or librarian?
Lets face it, some college students will choose to work for a non-profit organization. Some, a small newspaper. Others, Teach for America. Some college graduates will choose careers that have comparable annual salaries to non-college graduates.
In such cases, not going to college can definitely be easier on the bank account. Why take out $100,000 worth of loans if you’re going to spend the next 25 years of your life eating Ramen and living in a studio apartment smaller than a closet?
Fortunately, the government is catching on to the plight of the debt-ridden college graduate. According to the Education Department, jobs in public health, public libraries, early childhood education, nonprofit organizations, amongst others, could qualify for forgiveness of their federal loans. The new “income-based repayment” program allows graduates to make payments based on their income. The balance is ultimately forgiven if payments are made for 25 years.
According to consumer advocate Christine Lindstrom, “It enables all borrowers to be able to face their life circumstances and know there is some flexibility and responsiveness based on what life throws their way.”
So maybe college is an investment that doesn’t always result in a six-figure salary but at least changes are being made to make it a little more enticing for those who can’t necessarily afford massive amounts of debt.
