Saying “I do” to student loan debt is a big commitment, but how many soon-to-be borrowers know what they’re getting themselves into?
In a study done by LendEdu, 512 high school seniors were surveyed on their basic knowledge of student loans. The results definitively raised some eyebrows:
- 80% didn’t know about repayment terms.
- 69% didn’t know the difference between a private and federal student loan.
- 62% didn’t know how interest rates work.
Shocker! Most of the students had no clue what student loan debt was about. Yet, more than half of them planned to use student loans to pay for college! Why not sign with a blind-fold on?
Ramiro Guerrero, a client of My Education Solutions and a San Antonio educator with seven years experience in the field, found that many students were eager to go to college. But most of them didn’t know the first step to make it happen, quickly abandoning their dreams to be lawyers, doctors, or engineers.
“They’d say I can’t afford it. My parents wouldn’t pay that”, he said.
For Ramiro, the air of pessimism only served as fuel to motivate his students. He helped launch incentive programs for effective engagement strategies and provided instructional coaching for teachers struggling to connect with their classroom.
“From an early age, I was trained to believe that the best investment is in yourself”, he said.
Millennials don’t want a job where they clock-in and click the hours away on a keyboard. They want value and to know their work means something.
Nowadays, you can take the road less traveled and become an entrepreneur or digital nomad. But most students require an extensive education to attain their objective—an education that comes with a price.
“The idea of student loan debt has the potential to consume your goals, in the sense that it takes away the possibility of opportunity” said Ramiro.
As someone who had to find a way to finance his own education, Ramiro understood the hesitancy to reach for the stars. Before enrolling with My Education Solutions, his Masters in Education strapped Ramiro to over $40,000 to pay in full.
He knew that with Student Loan Forgiveness his debt plus the interest that accumulates will be forgiven after his repayment term is complete— a grand total of over $48,000.
Without Student Loan Debt looming over his shoulder, Ramiro felt like he could focus on what mattered.
“Because of My Education Solutions, I’m allowed to focus not just on myself, but on my students and their passions. I’m not afraid of going back to school, now that I can see the long-term”, he said.
Ramiro likes to share his success story and remind students there are always options out there. They don’t have to let go of their dreams. With the right tools and resources, they can make it happen.
Written By: Genesis Moreno