If you didn’t have to pay back your student loans there are a lot of things that you could do. In fact, you might be surprised at just how much that money is going to add up to be. For example, did you know that the average student will have to pay back around $183 every month to pay their student loans within 20 years? That’s a lot of money borrowed and it’s actually going to amount to over $18,000 worth of interest being paid. What could you do with that money?
What Could You Buy?
If you didn’t have to pay that $183 ever month there are a few other options. First, you could lease a brand new car every three years. Who wouldn’t want to drive a brand new car all the time? It would be pretty fun right? Well if that’s not quite your cup of tea then try this out; you could buy a brand new iPod every single month for 20 years. Yes that’s right I said once per month. You would barely have enough time to get all your songs on it before you’d be getting a brand new one again. Who wouldn’t like that idea?
Don’t want to waste all that time loading your music onto a brand new iPod so frequently? Well how about just getting one iPod then? That probably makes more sense right? Well with the single iPod you’d have the ability to download about 38,000 songs (that you have to pay for. Want to be a little more practical? How about having $100,000 in a 401K that will help you when you decide to finally retire? A little less practical? How about skydiving twice a week for 20 years?
Of course if you’re trying to be practical you may want to consider the fact that the $183 per month that you’re spending on your student loan could buy your health insurance as well. It could pay your car insurance on a brand new car. You just need to consider the different options and be willing to experiment. Of course if you have a student loan you’re not going to have that extra money. Instead, you’ll have slightly less money. Remember not to disregard how much extra you’ll be making just by having a degree at all. It’s going to help you live your life to the fullest.
Why Invest in Education?
You may be thinking now, if I’m going to be spending that much money paying back my student loans do I really want to get them? Well the answer is that yes you do. College graduates will earn a lot more than non-college graduates. This will prove very important to you when you finally get out there in the real world and get a job. You don’t want to be stuck working at a beginning job for your entire life simply because you weren’t able to afford a degree.
Your education is going to make it possible for you to pay back the money that you owe as well. You will be able to afford several of those great benefits as well as paying back the loan. It’s going to be a great thing and once that loan is paid off you’ll have even more benefits. Want to know why? Because you’ll be making some great money from that degree you were able to get as a result of your student loans. I know I’ve gotten some great benefits from my degree.
For myself I have only taken out one student loan. That loan enabled me to get my bachelor’s degree for which I am definitely happy. Having my bachelor’s degree definitely opened up several doors for me. As a result I’ve been able to make some decent money and that money has been able to help me pay off those loans. I’m still working on the process of course but I know what to do and I’m still able to afford quite a few nice additions in my life simply because I did get the degree. For your own purposes you’re going to want to consider the benefits of your degree as well.
Some people have to take out quite large student loans and this means they may actually pay more than $183 per month. If you have to pay more then you will want to consider how much you’ll be able to do once you finish paying off that loan. Just consider, if you are paying $200 per month for your loan and you finally finish paying off the loan you’ll be able to purchase a brand new car and make payments on it. You’ll be able to have more fun than you could imagine because now that money is all extra.
So the student loan itself may not be much fun in the beginning but it’s going to provide you with extra money in the end. Not only will you be making more but once you’ve stopped paying the loan you’ll realize you don’t even need that money to get through your daily expenses. As a result? You get to have fun with that money. Plus you’ll find that you’ve had plenty of money to have fun while paying your loan. Now you just have extra and you now know all the fun (and practical) things that you can do with that money.
Now if you’re going to get a student loan you’ll need the application so here it is. This student loan application will ensure that you are able to get the money you need in order to get your degree. That way you will have the opportunity to increase your earning potential. Make sure that you are taking the initiative to get your degree. Make sure also that you are going about getting a good job when you’ve finished with that degree. This is going to ensure you can have some fun when you finish the degree. If you find yourself struggling to pay your degree however, simply check out this article that will help you out.