How Graduating with Less Debt Impacts Your Future
Often, when students contemplate whether or not to attend college, a major factor they consider is money. How much money will it cost to get my degree? Will I have to take out loans? Is a degree worth the money? The Meeting Street Scholarship Fund was founded with the mission of making college accessible for hardworking, qualified students who want to attend one of South Carolina’s best colleges. Graduating with less debt helps pave the way for a more financially prosperous life for students and future generations.
According to a Gallup-Purdue University study, college graduates with no student loan debts reported higher levels of happiness and were more successful in their personal and professional lives compared to students with debt. Graduates in the study reported on major aspects of their lives, including happiness within their community, financial situation, and overall health. In short, when a person graduates with less debt, they experience less stress and better overall well-being in their day-to-day lives.
While loans contributed to increased stress and less overall happiness, studies also found that graduates with student loans were less likely to start their own businesses or pursue their preferred career path. Individuals with debt were more likely to apply to lower-paying jobs or accept their first job offer instead of holding out for their preferred position. They were more likely to stay in lower-paying jobs than take risks seeking other career opportunities that may offer a higher salary or better benefits.
People with student loans reported contributing less or delayed starting a retirement fund or other important savings accounts. With a late start or smaller contributions to these savings accounts, graduates may end up working past the typical retirement age or experience financial strain from unexpected costs. Graduates with debt also cited delaying major milestones or aspirations like starting a business, traveling, getting married, or buying a house. Without the weight of debt, graduates are more willing to take chances on themselves and apply for their dream job or move to a new city.
With the help of college scholarships like the Meeting Street Scholarship Fund, we hope to help high-achieving students receive a higher education and begin life after college with less debt and help set them up for a more financially stable and happy life.
For more information about the Meeting Street Scholarship Fund, visit www.MeetingStreetScholarshipFund.org. For updates, news, and more, follow us on Facebook and Instagram and sign up for our newsletter.