Consolidating all my student loans
Having to borrow might also mean that you make the more responsible choice – the in-state school where tuition is low – as opposed to the potentially irresponsible one, the private liberal arts college where tuition, room, board and other fees amount to is ,000 a year.Student-loan payments become a mandatory monthly expense once you graduate.
You can learn habits that will enable you to afford things like starting your own business, going on exotic or extended vacations, paying cash for major purchases, buying real estate and, maybe one day, retiring.
If that expense is too high relative to your income and your other necessary expenses, it could limit your options going forward.
For example, you might need to live with your parents or live with roommates when you’d prefer to live alone; you might have to live in a less-nice apartment in a less-than-ideal part of town; you might have trouble saving up to buy a home; and you’ll need to earn more to make ends meet, which might mean you have to emphasize earning a certain salary over finding the ideal fit in your job search.
If you learn to manage debt and income responsibly starting before you even enter college, this skill will serve you well for the rest of your life.
You can learn how to live with less and how to separate must-have expenses from nice-to-have ones.