Here we are in November, with Thanksgiving right around the corner. For most of us, that is the official start of the holiday season (for me that’s Halloween, thank you very much). On this first day of November, I find myself musing on things to be grateful for and ironically, one of the many things on my list is, wait for it… student loans! You may be thinking, “this one has finally lost her mind.” I get it, the idea that we should be thankful for a system of debt that is so broken, it’s crippling millions of Americans, is too much to comprehend. Just hear me out…
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Is the federal student loan system broken? Yes. Without question. Is college tuition skyrocketing unreasonably? Yep, I’m pretty sure it’s never been more expensive to get a college degree than it is right now. Is student loan debt weighing down a whole generation of people financially. Oh, you better believe it. These things are all true. Here’s another painful truth about student loan debt. Sadly, it’s financially destroying millions of multi-generational families and decimating their chances at building long-term wealth.
However, even in the face of all this financial strife, I can find reasons to be grateful for student loans. For example, student loan debt can still be good debt. It gives many access to a college education that they otherwise could not afford to pay for. I know that’s true for me! The thing that makes student loan debt bad is how poorly we are managing it (please put down the pitchforks, I’m fully aware that’s not entirely the fault of the borrower). The truth is, with a little effort, we can beat that obstacle and cut that debt loose! More on that in my webinars!
Student loan debt opens doors by helping us get access to college educations, and that is never a bad thing. More people than ever before have college degrees and educating our society is actually empowering our society. We may be dealing with a boatload of debt but, those minds that are now educated are working to solve some pretty big problems. Including how to fix our overwhelming student loan debt situation.
While I went to school when the price of an education was relatively reasonable, I still benefitted significantly from student loans. Law school has never really been cheap. If it weren’t for my student loans, I probably wouldn’t have gone to law school and that would have been a tragedy. I’ve helped a lot of people with my law degree and for that, I’m perfectly happy that I spent 21 years paying off my student loans.
My student loans were also a very good investment. Yes, I spent somewhere in the neighborhood of $76,000 for my law degree. Was it worth it? You bet your buns, it was! I’ve made hundreds of thousands of dollars off that law degree. My return on that investment has been astronomical. That is by far, the very best investment that I have ever made and I would do it again in a heartbeat. Just the benefit of learning how to think logically was well worth the money. I’m thankful every day for my education and the money I spent on it.
Finally, I also see the current student loan debt situation as an opportunity. The time for change in the industry of college tuition has never been more ripe than it is right now. Those of us who are suffering under the weight of their student loan debt ball and chain will eventually get tired of it, and begin changing their behavior accordingly. People who suffer for 20 or 25 years paying off their debt will begin looking for ways to avoid that for their children. Thus, the higher education industry will be forced to adjust in order to survive. Change will come, eventually.
Change will not come overnight. Or, even this month, probably. You know what will happen this month, though? Thanksgiving. Hopefully, you’ll all have a chance to sit down and forget about your student loan debt as you’re eating turkey (or tofurkey, if that’s your preference), with family and friends. When you wake from your turkey nap, maybe you’ll be able to look at your student loan debt from a different perspective. Because, much like the turkey, student loan debt may be hard to swallow but, the side dishes of an education and a chance to do better for our kids might make it all worthwhile.
Happy Thanksgiving, everyone!
P.S. Make sure you check out my online courses, books and resources, too! Investing in your money management education is an investment in yourself. That’s the best investment you’ll ever make, I guarantee it!. Don’t forget my weekly Facebook live videos on Facebook.com/newcashview, Instagram @joyalfordbrand and on my YouTube channel NCVTV. You can catch me twice, on Mondays between 3:00 p.m. and 4:00 p.m. for my Monday Money Management Minute and Thursday evenings between 8:00 and 9:00 (Eastern Standard time), for my weekly NCVTV episode. They are packed full of useful and entertaining money management information! If you’ve missed any NCVTV episodes, you can see the latest on newcashview.com or you can check out my YouTube channel and get caught up! You can get there by clicking here. Remember, like and share the NCVTV videos on Facebook and all your social media platforms, so others can benefit from them, too!
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