Recession-Proof Your Future When You’re in College
Feb 6th, 2009By Holly McCarthy
A college student’s life is a mixed bag – it’s filled with studies, fun, friends and a whole lot of other things depending on your personality and circumstances. Some of us have to contend with homesickness if it’s our first time away from home, others have to deal with financial woes as they try to handle a part-time job and student loans, and yet others have to make sacrifices to pursue the education they’ve dreamed of since childhood. The recession has added a new ingredient to the potpourri that’s in the bag – an uncertain future. If you’re a college student who’s wise enough to understand the downturn the economy’s taken, here’s how you can plan for your future in spite of the current market situation:
* If you’re worried about not being able to find a job: because of the thousands who are being laid off, focus on your studies with more concentration than ever before. Your grades are going to matter more than ever now, and if you slack off, you have only yourself to blame. No matter how many people get fired, companies are always willing and looking to hire talented youngsters. Make sure you’re one of them.
* If you’re worried about rising expenses: cut back on frivolous expenses for a while. Start saving every penny that you can and work part time if you have to. Earn money as a freelancer in your spare time. Remember, every dollar you make counts. It may be a little difficult when you’re not able to party or enjoy nights out like the others but it’s worth it if you don’t have to borrow to make your way through college. Debts are burdens that linger long after you’ve earned your degree, and you don’t want to start out in the red with a personal loan.
* If you’re worried about repaying your student loan: consider services like loan forgiveness programs that allow you to skip repayment in exchange for your services in low-income and backward areas. Check this site to see if you qualify. If you don’t qualify or if you have no inclination to take up such jobs, look for employment, any kind, immediately after college. You don’t have to wait for the job of your dreams, all you need is one that puts money in your bank account and lets you repay your loans as soon as possible.
* If you’re not satisfied with working for peanuts: continue looking for your preferred kind of job even as you stick at one that pays. You need to put food on your table and gas in your car besides being able to pay off any loans or debts that you have. Defaulting is not an option as it ruins your credit score for good.
* If you’re running low on money: consider moving back with your parents for a while, if they’ll have you that is. Most parents are willing to do anything to support their children till they find their footing in the real world. Living with mom and dad may not be the coolest option, but it beats paying rent and shelling out money for groceries when you’re broke.
It’s going to be a tough road to walk, but if you plan ahead and stick to your plan, beating the recession and setting the stage for a secure future is not an impossible task.
