Mo’ debt, mo’ problems

Posted on June 26th, 2014

It’s an age-old question that’s been debated by philosophers from Socrates to The Notorious B.I.G.: Does mo’ money equal mo’ problems?

It just might, if that money is being taken out to pay for college.

Graduates with student debt are less happy

Many students and families think that attending a prestigious, well-known college is the key to future success and happiness. That’s why they’ll pay–or borrow in loans–any amount of money that makes it possible for the student to attend an elite college.

It’s been shown, however, that prestige has no impact on a graduate’s future success or earnings. And it certainly doesn’t improve their overall happiness.

In fact, it can actually make them less happy, if they had to take out debt to pay for that brand-name degree.

According to CNNMoney, a new Gallup-Purdue University study shows that graduates with student debt are unhappier than their non-indebted peers–and for good reason. More debt means more stress and pressure for new graduates to find a job–which means they may settle for a career they’re not happy with just because it helps them pay their student loans.

According to the report:

The amount of student loans that graduates take out to pay for their undergraduate degree is related to their well-being in every element.

The higher the loan amount, the worse the well-being.

How to be successful and happy after college

So what actually increases your chances of future satisfaction in your life and career? Positive learning experiences during college, the study found.

This includes supportive professors, having an internship or job, and participating in extracurricular activities.

And the good news is, these sorts of positive experiences can occur at any college or university–from the most famous to the least.

It’s common knowledge that the happier and less stressed you are, the greater the chances you’ll achieve fulfillment and success in both your career and life.

College doesn’t have to lead to a lifetime of debt

So what’s more important–a brand-name degree or your well-being?

We hope more students and families will reconsider their idea of a ‘dream college’ and open their minds to other exciting, fulfilling academic experiences at more affordable colleges, even if they don’t have the most famous name.

There are over 1500 colleges and universties in the U.S., and it’s possible for students to have an amazing experience at many of them–without going deep into debt.

If you’re struggling with the stress of student loan repayment, we can help you figure out a better way to manage your loans and reduce your debt. Free free to give us a call at 1-888-234-3907 or fill out this contact form and we’ll get back to you within 24 hours.

Category: Student Loans & Repayment

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