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College costs, student loans and life
Is a college education worth the debt?
By Nathan Warthan
Financial Aid Director
I frequently speak with students to help them make decisions about paying for school. I didn’t have financial assistance from family while attending Corban, and I graduated in 1993 with more than the average amount of loans, so I know what it’s like to have loan payments.
Here is my take: college loans are a way to work your way through school – but after you graduate, when your income potential is greater something has to be done about them. Sometimes students say they’re thinking about taking a year off to work and save money. I tell them about an economics term called “opportunity cost.” If a student takes a year off and earns $25,000, but then gets a $35,000-per-year career job 12 months later than he or she normally would have, it costs $10,000. The sooner you get into a career job, the better.
If a person’s long-term income will be greater with a degree, the cost is a financial investment. At Corban, it’s also an investment in yourself. Obtaining knowledge from a Christian worldview and making friends who will last a lifetime are hard to put a price tag on. No one can take those things away, and they won’t lose value. Cell phone bill: $45. Oil change: $35. Knowledge: priceless!
College loans can be a challenge if you are going into the ministry and may not have increased income. I’m waiting for a Christian Bill Gates to solve that dilemma with scholarship donations, but, in the meantime, here’s how to borrow the least amount:
First, earn as much money during college as you can, without harming your grades. In addition to preparing for your career, you need to grow spiritually and socially. Don’t work so much that these areas suffer.
Second, spend money wisely. I’m all for ministry opportunities, but if you forgo income potential or finance ministry with your own funds, you may borrow more loans as a result. This is not necessarily a mistake; it’s a personal choice. It may be worthwhile to finance some treasures in heaven with student loans on earth, but be sure you’re doing it from an informed position.
If you or anyone you know is struggling, please come see me. We can try to predict the total amount you may need to graduate and compare it with the national average. We can predict what your payments will be after graduation and see how they’ll fit into your budget. There is also a great “student loan advisor” calculator at www.finaid.org. Many students feel relieved when they learn they are borrowing less than their peers. Others decide to work more and spend less when they learn they are borrowing more.
By the way, the average graduate's borrow is roughly the price of a new car. If you are like I was and don’t have much help from family, you may borrow more than the average, but getting advice will help.
Is college worth it? Yes! Statistics show that college graduates enjoy greater rates of income, home ownership, purchasing power, voting rates and choices. They also experience a lower rate of unemployment, poor health and poverty.
Not only that, but you will also be an educated Christian who knows what you believe and why you believe it. We need as many educated Christians as we can get to make a difference. Keep working toward your goal, make informed financial choices, and ask for help if needed. It will all be worth it when we are in heaven singing God’s praise, knowing He was able to use us to increase His purpose.
