This is a big problem because tuition debt has been off the charts these past years in North America. More students are entering post-secondary and graduate schools. A bachelor’s degree is already at a minimal criterion set by employers for jobs. This is the main reason why students are entering post-secondary. The problem with this is that students are forced to take on tuition debt, this can range from $15,000 to $50,000 annually depending on which post-secondary you go to and if you are a visa student or not.
Can you imagine a fresh graduate student coming out with approximately $60,000 – $200,000? Not to mention, it is no guarantee that you will be employed working in your desired field. No wonder why so many students are so frustrated when they are managing their tuition debt! The most common solution that students think is to work part-time while you study. For some of you, this is extremely difficult to balance because you will be exhausted all the time and there will be a lack of time to study. That is why the ideal solution would be to work full time during the summer. If you can get into an intern program, that would be even better because you are getting paid to gain experience in your field which you will have the upper edge when you are ready to work full time upon graduation because the chances of you being hired is exponentially higher. If you can’t work in your respective field during the summer, don’t worry because chances are, you are not alone! Just treat this as a job where you make money to repay your annual debts that you incurred during the year. With a minimum wage job of $7.25/hour, working 5 days a week at 7.5 hours a day for a month, you will earn gross income of $1088 which puts you at $4350 after summer ends, assuming that you work continuously for 4 months. As you can see this, after tax and a bit of budget spending, the income you earned during summer will cover 1/3 of your tuition paid annually.
Of course, this will never be enough to cover all of your tuition. That is why you need to think of how to repay 2/3 of the tuition debt upon graduation. You can always consider a line of credit where the interest rate is much lower than your tuition loan or simply ask your parents to pay the 2/3 and pay them back slowly at 0% interest rate. Either way, you need to find a full time job as soon as possible! Once you do find a job, it should take you 2-3 years to repay the 2/3 tuition debt that you currently hold assuming that you budget spend. This doesn’t sound too bad now, does it?
Do yourself a favor and create a budget for your monthly spending. You need to differentiate what is a need and what is a want. Never spend over your budget for the month and ensure that you pay that fixed amount that you’ve set as a target monthly.
Finance is difficult isn’t it? Well, do you know what is even more difficult? It is when you have to retake courses that you’ve failed and do not graduate on time. This will incur additional tuition debt that you need to take on which will postpone your debt-free moment. That is why First Class Assignment exists! First Class Assignment is committed in helping students live a much more comfortable life, whether you are still in school or outside of school. First Class Assignment can help student boost their GPA on their assignments so that students don’t have to incur additional tuition debt to retake the courses that they didn’t do good on. They have a team full of PhD experts and can take on any English assignment, Math assignment, Statistics assignment, Accounting assignment and more. There is no subject that First Class Assignment cannot help with. While learning is crucial, getting your grades and graduating on time so that you don’t have to repay as much tuition debt is even more crucial. This will greatly impact your life. Every student have a dream and every student has that ambition to make their dream a reality but the first step is to have the sufficient capital to make it happen. Being debt-free is the first step upon graduation so you need to ensure that all decisions made today will benefit the future.