Well, June has come and gone already! Another school year done as we celebrate the new graduates. On one hand we are cheering “Yeah summer holidays!” while on the other hand we wonder where the past six months have gone.
On the topic of education, and being a mother of a child who is entering into post graduate studies, an article that came upon me was quite intriguing. This article mentioned how there seems a necessity for education for your career, but also stressed the major impact of education loans.
Overall, when putting numbers to paper, the financial implications even within a 10 year time frame is quite substantial. Within the first ten years after a persons’ graduation, a portion of their income is going toward paying this loan instead of their financial future. The implications over this short 10 year time frame actually compounds drastically over subsequent years and affects your financial future right through your retirement years.
There are many other options to consider instead of that education loan. Whether a parent, grandparent, or student, this long term financial implication is definitely something to strongly look into … for yours and loved one’s futures …
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