Borrowing to pay for bachelors, masters, and doctoral degrees might seem worthwhile if all the stars were to align to provide you with a high-paying career that quickly allows you to pay off the school loans while providing adequate food, shelter, clothing, and transportation necessary for you to have a stable life. That's where the "if" gets too large. Most people who have taken on student loan debt cannot handle it, especially the amounts being accrued today.
Some heaped up loans and failed to finish school and remain in low paying jobs where they are constantly pursued for payment but do not make enough to meet the payments due and provide for their families. Others failed to pursue degrees / training with the few types of ability and skill development that reasonably provide income high enough to help them quickly eliminate the debt. Some pursued degrees in areas of work they later realize they hate. Some obtained bigger loans than they absolutely needed while pursuing a degree. More than 30% of student loan money goes to lifestyle / desires as opposed to expenditures that were truly needed for the tuition and minimal living expenses that it takes to obtain the degree / training sought (designer clothes, parties, cars, etc.).
Obtaining loans automatically puts you behind the eight ball because you start your career off with debt and in a position that scripture clearly teaches the LORD does not want you to be in. You should know that when you truly desire to be debt-free, out of financial bondage, and in a position to build wealth for the future like He proclaims you can, that the power of the Holy Spirit inside you is strong enough to help you bypass loans and use cash, grants, scholarships, and other non-debt means to obtain training. Certainly, you may also have to work enough to take care of basic expenses and only take a few classes each semester while you research and find other resources to help you maintain debt-freedom and the greater success it will allow to come into your life now and in the future.
Research should start before teenagers begin high school to ensure that you apply for all the federal, state, local, and private grants and scholarships available in order to tremendously reduce the out of pocket school expenses both parents and students will need to make. Make best friends of admissions, financial aid, library, and human resources specialists at your local school. When necessary, tap family and close friends for donations that can be put toward schooling by letting them know your goal and asking that instead of giving you birthday and Christmas gifts that they instead provide monetary donations to help pay for your higher-education that will help you be successful and lead an independent life as you move into your adult future. Mostly all of the non-monetary gifts are not used very much, collect dust, and eventually get lost in attic, basement, and garage storage space.
Develop a bare bones budget (income/spending plan) that helps you identify the amount of money needed to meet your degree/graduation goals. Be willing to sacrifice other enjoyments (no desire should be a sacred cow that cannot be eliminated) in order to make it through training and develop the skills and learn of tools that can make you valuable and provide high income. Of course the first and foremost priority should be to have an intimate born again relationship with Jesus Christ and learn his ways and standard and seek to employ the evangelism and disciple-making power He placed in you in the career field selected by confirmation of and laying on of hands of the presbytery. So you can be right in the center of His will as your forge out into the work-a-day world for the rest of your life. Borrowing always fuels the desire to spend money unnecessarily and to borrow more money for the same purpose. It gives the impression that borrowing is something that should continue throughout life. It puts you in a horrible position of having to repay funds even when you are unable to increase income to cover the payments (due to catastrophe, happenstance, choice, etc.). So, just don't borrow and commit to get your training the debt-free way because that is the absolute best training that will bring true riches into your life.
Please pray for this ministry and email me with any questions. May the LORD bless you richly as you follow His plan!
Proverbs 9:10, 16:3, Romans 12:2, Colossians 2:8, 2Timothy 2:15-16
Please forward these bondage-breaking articles to other people who can use helpful insight!
You can find books authored by Randy Parlor and Karen Parlor at www.Amazon.com
You can find many other MoneyWalk articles on Facebook by looking at the NOTES created by Randy Parlor at https://www.facebook.com/#!/profile.php?id=100000444069041&sk=notes.
You can connect with Randy Parlor on Twitter and LinkedIn
You can also view and/or listen to MoneyWalk articles at https://www.youtube.com/channel/UCXnztOIesOKIrSd_H6c-8mQ
No comments:
Post a Comment