I recently received the book Is College Worth It. The authors include William J. Bennett who is a former United States Secretary of Education and David Wilezol who is a Liberal Arte Graduate.
One of the topics discussed in the book is that you don’t need to go to college. In the past it used to be only certain individuals that could afford to go to college. Now with financial aid and availability of student loans, many more attend college. Some start college after high school without an idea of what they want to do. Many quit and take a different avenue but may end up with student loan debt.
It is also important when taking out student loans to consider how much you actually need to borrow. Keep in mind you will need to repay the amount you borrow plus interest after you graduate. Some students are able to borrow an excessive amount that they will not be able to pay back or if they do, they will be in student loan debt for many years. You will need to factor in the other expenses you may have once you graduate such as rent/mortgage, car payments and other living expenses and the income you are expecting to earn.
Interest rates on student loans are set to double on July 1, 2013. The current 3.4 percent interest rate on Stafford loans is set to expire on July 1. Without new legislation to either extend the cap, or set a new one, the cap rises to 6.8 percent. Congress could forge a solution in the following days, even lowering rates retroactively.
This book should be read by any high school student and their parents to get an understanding of student loans and real costs of a college education.
Note: This book was provided for free by Booksneeze/Thomas Nelson Publishers in exchange for an honest review.