In August 2023, the Biden administration proposed the SAVE (Saving on a Valuable Education) plan as a new effort to relieve many college students and graduates from the burden of expensive education costs.
Browsing: Student Loans
The importance of higher education in an age of global rivalry and technological developments cannot be emphasized enough, and the argument over whether or not all students should receive a free college education has gained tremendous traction. Proponents contend that offering a free college education is not just a commendable goal but also a tactical necessity for promoting societal advancement, economic expansion and personal empowerment.
Long story short, there are a lot of expenses when it comes to college, and students might not be well-equipped to handle them. Baylor has resources for financial aid and counseling; however, it’s still vital to understand what costs you or your family are paying and how they can impact you in the long run.
Why is a lack of personal finance skills such a common theme among college students? One of my co-workers is $800 in credit card debt. I have overheard two of my classmates joke about how they had less than $5 in their checking accounts. Even my 22-year-old brother didn’t know how to make or maintain a budget until just a few months ago, despite living independently. College-aged students need to prioritize personal finance to establish foundational financial literacy skills that can set them up for a successful future post-graduation.
There need to be larger steps taken in order to offset the cost of college and avoid student debt relief overall. For example, financial planning regarding college should be taught at an early age and could make a huge difference in the overwhelming need for student debt relief.
Paying back student loans can be the makings of a nightmare for many higher education seekers, but the newest Obama legislation will attempt to ease some of the pressures.
Student loans. The very words cause many in higher education to shudder in fear, and rightfully so. College, especially private schools such as Baylor, is expensive, and the debt can be hard for many people to get ahead of.