College Financial Facade: What You Need to Know

College Financial Facade: What You Need to Know

Sep 15, 2015 / By : / Category : Financial

College Financial Facade

How can you keep your finances on track while in college? Many students blow off financial responsibility during their college years. They don’t see how it is affecting them. They look only at the immediate and it appears they are doing just fine. It is often a facade.

What does this have to do with athletes and recruiting? Every student athlete will graduate from college or drop out. Has your time at school prepared you for life?

Reality sets in after college. And it is often not pretty because of the choices students make during their college years.

The stats in this article come from alexchediak.com. I highly recommend checking out his website if you are interested in learning more about how to pay for college. I have not read his books, but they include Beating the College Debt Trap and Thriving at College.

Here are some of the things you can look forward to if you are not careful:

• In 2010 the average student loan debt for graduating seniors was $25,250.
• Pew Center reports of households headed by someone younger than 35, 40% owe student debt.
• 4 out of 10 students fail to make their monthly student loan payments after graduation.

Even in college, you have a huge impact on your financial future. And finances affect all of life.

Don’t wait. Take responsibility now.

Don’t just be another ‘normal’ college student.

Be radical, even if your friends think you are strange. It is okay if you can’t afford to be with the crowd. Find a new crowd. Find new activities. Find a new way to get past the weekend.

What are things you can do while in college?

Work study or part-time jobs near campus.
* Myth: College is supposed to be a great time of freedom from responsibility.
Truth: Freedom means responsibility to succeed.

Keep your grades up, even in season. It will mean sacrificing free time.

Avoid private loans.
* Private loans tend to have higher interest rates and usually come with fees and charges.

Be careful of unsubsidized federal loans.
* Example; a $2000 loan could balloon to as much as $2620 after four years, before you have even made a payment.

• Work all summer and over Christmas break. Do whatever it takes. It doesn’t have to be a dream job. Put in the work to find a job. They are out there.

• Consider internships related to what you want to do after graduation. If you have a summer or two of experience with companies before you graduate, you will be more likely to get interviews. Employers care more that you can do a job, than that you have a degree. You must separate yourself from all the others just like you.

Athletic scholarships can be a solid part of the financial package. Put in the work necessary to keep your scholarship, even after you have been awarded one.

It is important to understand your finances. Whatever you borrow will come back to bite you later. Loans are not free money. Pick a school you can afford. And be creative to get through school with as little debt as possible. Even a great sports career will come to an end.

Set yourself up so life after college is as wonderful as life in college.

LIKE WHAT YOU READ?

You can get 90% of the information for free on this site. However, if you want all of the information in one place and logically laid out, The Recruiting Code book is for you.

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Keep in the conversation,

Bryan

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