Many students are asked whether they think they can afford to go to college and none of them can really answer yes unless they have a trust fund to provide for them. The sad state of student debt that is crippling the present generation of twenty-something graduates is not something that should be shrugged of.
The result of student debts can cripple both the economy as well as the chances of being fully independent, as is the case of a debtor. He can get more loans to pay off the student debts he amassed in college. Thus, he gets bad credit over time. This is a bad thing especially if in the future he would need to make inquiries on whether he can afford to have a house of his own and a car to get around. A bad credit history can be almost as incriminating as time in as a juvenile.
What parents and students don’t realize is that they could have started much earlier to save for their future. College payment programs would be a likely choice for parents as it allows them to save up as soon as their child is born. They can purchase this and pay it over time.
As for the actual student, he can save as soon as he is old enough to get an allowance. Indulgence over petty things can be nurtured out of a child by parents who don’t spoil their child. This can be one of the best ways to teach your child that the future would be bleak for someone without a plan. A few pennies pinched now can prevent monthly payments in the future.
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