BOCA RATON, Florida, Aug. 21, 2019 /PRNewswire/ -- As the class of 2023 prepares to enter college, they're finalizing their financial aid packages, most of which include student loans, but they're undoubtedly focused more on the awesome educational experience that awaits them than the debt that will follow them after they graduate.
As parents and advisers, we know their student debt will return to haunt many of them in the form of deferred high-interest loans coming due. We also know that many of these bright college-educated young adults will be surprised upon graduation to learn they are facing immediate payments required for their student loans – payments that can follow them for decades and may result in collections, lawsuits and other disruptive situations.
"If you're still planning for a college education, there are fiscal precautions you should consider before incurring any debt," said Gregory Fishman, president and CEO of Resolvly, a national leading debt assistance provider that specializes in student debt.
"Obviously, you should avoid borrowing money if you can," said Fishman, who strongly advises his clients to apply for all available grants and scholarships and to thoroughly assess their personal, family and employment funds before applying for any student loans.
A few other Fishman tips:
- Create a college budget. You're adults now and it's time. You should set up a budget and long-term fiscal plan.
- Avoid credit debt. Learn early to avoid credit cards, which may be good for building up credit ratings but can quickly put you in serious debt.
- Start investing now. It's simple: Open a savings account; develop a practice of putting 10% of any money earned into that account; and don't touch it till you're ready to invest.
- Have fun. Be sure to incorporate recreation into your budget, which is a great habit for a balanced life.
If you've already incurred substantial student debt, you may want to seek professional debt assistance. If so, Fishman invites you to contact Resolvly. They'll advise you directly and, when required, put you in touch with a consumer protection lawyer, who's contracted to fight for you, help resolve your debt and help protect and enforce your legal rights against creditors and any resulting lawsuits.
"Our approach involves a legal process designed to help you attain true financial freedom," Fishman said.