why are the odds stacked against third level students?Financially that is.?

Question

i'm in college,and already am in a substantial amount of debt,which is not going away,its actually getting higher.it has nothing to do with being irresponsible with money,it's to do with the high cost of living these days.if anyone thinks any differently,or even agrees please let me know.

Answer 1

I know exactly how you feel! I am a college student in Connecticut, where the cost of living is very high. Although I didn't take out a loan (I work forty hours per week to pay my tuition and bills... ugh!) and I don't currently have any debt, it is pretty difficult to get by.
My advice is to just stay in school and successfully finish your degree, or else it will be a big waste of time for you to have gone through so much to accomplish so little! If you can find a job in your field after you graduate, it will be a lot easier to pay off your loan (depending on your major: example: medicine vs. journalism? Medicine definitely pays off!).
You should pay attention to how you spend your money, however. Try to save as much as you can and even go as far as keeping a spending journal. Taking note of where every penny goes is a very reliable way of figuring out what you need and what you're wasting your money on. When you figure out how much money goes into 'splurging', you'll be surprised; put whatever extra money you have into a bank account or invest it into an IRA or something similar. Good luck! =)

Answer 2

I disagree with you on some points.

The key in being financially secure, successful, and responsible is an ability to distinguish the difference between needs and wants, and find a way to live within the means. This is true at any level. Yes, living cost are high, but that will always be true.

The fact that you already have a substantial amount of debt and is increasing is a sign that you failed somewhere. Perhaps it was not entirely at fault, I understand, but the responsibility is still yours.

Let me throw you some ideas and see if any of them fits your profile.

1) do you have a cell phone? if you do, do you absolutely need it? would you die without?
2) do you drink soft drinks? how much do you spend in a month purchasing such item(s).
3) do you live by yourself? with room mates? with parents? why did you choose your current living condition? (or state in which live in?)
4) do you eat out or do you cook at home? how much of what you buy goes to waste?

Maybe none of these will describe your choices, or maybe all of them do. I have no ways of knowing. But, one thing is for sure. Identifying your problem as high cost of living does not solve your problem. As a responsible person, you will have to identify the solution nevertheless. Or otherwise, in few years, you will have so much debt and have learned nothing in terms of managing your own finance.