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Student loans

Reasons Why Skipping a Degree Course May Be a Good Idea

February 18, 2020 by Reporter Leave a Comment

university for study europe

University used to be the step you take after high school. There was hardly any way to wiggle out of it.

Not so anymore.

Indeed some of the opportunities that were previously reserved for University graduates are now available to non-graduates.

If you have been wondering why more and more people are skipping university, here are some of the reasons behind this trend.

1. There are other Equivalents

While a university degree is not the end-all, be-all, higher education is still unquestionably important.

Luckily, there are varied options today.

It gives one a broader perspective on things as well as the tools to adapt to an ever-changing world.

Alternatives such as apprenticeships and TAFE qualifications can still lead to high-paying jobs.

2. It’s Expensive

Australia attracts scholars from all over the world, thanks to its revered education standards and school systems. The downside, however, is that these institutions are expensive.

For most students, this means taking out student loans to be repaid once one gets to a certain level of income in the future.

While student loans are a great solution to help one get into college, you graduate with the thought of an unpaid loan hanging above your head.

To avoid this, young people are opting to take online courses and other forms of higher education that are significantly more affordable.

Instead of working to repay expensive loans, later on, tuition funds can be put towards purchasing a home or other large ticket items.

3. It’s Not for Everyone

There are specific career paths that absolutely require a University degree to succeed in. Some do not.

This means that for some people, going to college is not as instrumental as it would be to others. For these reasons, skipping university and getting a head start in their goals makes more sense.

For example, someone with a passion for baking and would love to go into entrepreneurship would rather much forego university and spend those 3-4 years perfecting their skills, opening their business, and learning the ropes.

 

4. You Can Still Land Great Jobs

Many blue-chip corporations are increasingly looking to hire for skill.

There are fields in which an apprenticeship or vocation training is deemed more highly than a University Degree.

Apprenticeships and vocational training aim at teaching practical skills to be used to solve everyday problems in the business world. And indeed, employers are looking to hire people who can create solutions.

In this regard, people can forego university, take up other training models, and still get similar opportunities to jobs with high pay.

5. Networking is Much Easier

Another plus for going to university used to be the socializing and networking potential.

Here, students would create and build long term networks that would support them in both their personal and career lives.

The internet has changed this.

Online courses have come a long way from what we had in the past where students would get course files, and that would end at that.

Today, an online course also provides avenues for learners to work collaboratively in group assignments, class discussions, and so on.

These classroom relationships can easily morph into personal friendships that provide the same support and networking potential that people that went to university form with their peers.

University: Yes or No?

Unfortunately, this is not a simple yes or no question as several factors must come into play when deciding to attend or forego university.

However, not getting a university degree is no longer handicaps your career or future as it once did.

Explore your options, network put in some hard work, and you will enjoy the life you always dreamt of.

Filed Under: Australia, Government, Perth WA Tagged With: Student loans

Spending Money to Make Money; The Advantages and Benefits of a College Loan

September 28, 2013 by Reporter Leave a Comment

Education is of vital importance to the success of any economy, local or federal. A higher level of education will drive the overall skill set of a labor force. This helps to stimulate job growth.

student loans and benefits  australia and US grants

A higher skilled work force will also increase employment and wage rates. However, a college education is extremely costly. According to the National Association for College Admission Counseling, the average annual cost to attend a college was $22,261 for an in-state public school, and $43,289 for a private school. In a stagnant economy, these prices can seem very daunting, and the ability to attain an education may not be thought as possible. However, the federal government also recognizes this problem, and as a result, has constructed a student loan program that offers a variety of benefits and breaks for people wanting to get a college education. This has enabled countless individuals to successfully meet their educational goals, and obtain the college degrees that they desire.

Benefits of taking a Student loan

There are five major benefits that generally come with taking out a student loan. The first of these benefits is that a federal loan has a fixed interest rate. This means that the interest rate of the loan will not fluctuate during the fixed rate period of the loan, no matter what condition the economy may be in. This allows borrowers to accurately predict their future payments, enabling them to financially budget their future efficiently.

A major concern amongst borrowers is that if they are disabled or pass away while they have an outstanding loan, that their debt will be transferred to their family members. This is not be a concern among people who have a federal student loan, because the second major benefit to a federal student loan is that the government provides free loan insurance. This means that in the unfortunate event that an individual either dies or becomes disabled while their loan is still outstanding, that the federal government will cover the cost of their debt.

Another common concern amongst borrowers is that they will not be able to financially balance their loan payments while they also attend their college classes. This brings us to the third benefit of student loans, which is that the government will allow students to defer loan payments as long as they are enrolled as a half-time student. However, this benefit can be risky depending on the terms of the loan. Borrowers should be aware of this, and know the terms of their loan well before considering this benefit.

Sometimes, it is difficult for recent graduates to find employment in today’s economy. A major concern is that a person will not be able to find a job post-college, and will not be able to make payments on a loan. The federal government understands that job searching is difficult, and students may not always land the job that they desire. That is why the fourth benefit of student loans is that students who are expecting to go into a low-paying job can choose to participate in a program known as Student Loan Consolidation in order to lower their monthly payments to better match their monthly income. These programs often require post graduates to pay no more than 15% of their income. In 2014, these programs are predicted to lower this number to only 10%. It is an excellent way for graduates to customize, and extend their repayment plan to meet the demands of their post-collegiate life.

The final major benefit to taking out a federal student loan is that the government will not charge borrowers any extra money for repaying their loan ahead of schedule. Many money-lending companies will financially penalize individuals who make early payments, because this lowers the overall interest that the borrower will pay at the end of the loan’s lifespan. This is not the case with most federal student loans, because the government has a large interest in educating the population, so graduates who use a federal student loan do not have to worry if they come more money than expected, and wish to pay off their loan ahead of schedule.

In general, the annual income of a college graduate is double the income of a person who only has a high school diploma. Going into debt is a risk that nobody wants to endure. The benefits of a federal student loan helps to ease the negativity of debt by giving the borrower more control over the terms of borrowing, and their payment plan. Sometimes it is required to spend money in order to make it.

http://www.studentloansconsolidationservices.com/ offers information and articles on student loans and student financing.

Filed Under: 2013, Finance, Gpost Tagged With: Education, Goverment loans, Grants, Student loans

Lifetime Learning Credit for 2012, 2013 – US

December 1, 2012 by Reporter Leave a Comment

It’s obvious that paying for school, either through a student loan or out of pocket, is going to be expensive for you or your family. There are actually two credits available for this year that can help you get some of that money back, rather than sending more money to the IRS.

student loan china Hecs Help SFSS australia

These credits are the American opportunity credit and the lifetime learning credit. In this article, we’ll talk about the lifetime learning credit, including who qualifies for it and how much it’s for, so if you’re in an institutions of higher education, make sure you’re paying attention.

Overview

The lifetime learning credit is a credit of up to $2,000 which is available to all eligible students. The best benefit of this credit is that there is no limit on how many years in a row a student can claim the credit, as long as they’re in school at the time.

The amount of your credit is usually controlled by how much income you have and the amount of taxes that you own. The credit is based on any education fees that you pay for yourself, your spouse or your dependent. You must have begun your enrollment in the beginning of 2012 or have been enrolled in higher education for the first three months of the year.

Limits

If you’re married and filing jointly, the income limit to qualify for this credit is $122,000. If you’re single, then your maximum income is $61,000. You must be attending at least one college course during the year to file for the credit. You cannot claim this credit if you are married, but filing separately.

Degree

This tax credit applies to anyone who is attending an institute of higher education. You do not need to be perusing a specific degree or have a concentration in a selected area to be eligible.

Residency

You must have been a legal resident of the United States for the entire year of 2012. If you were not a legal resident of the US for any part of the 2012 year, then you cannot qualify for the credit.

The lifetime learning credit may have some new changes as tax laws so often do. Any new changes can be found here,

Filed Under: 2012 Tagged With: Credit, HECS, HELP, SFSS, Student loans, TAX, Tax laws

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