Don't make the critical mistake of following the crowd when it comes to paying for college. When considering ways to pay off student loans, following the herd could leave you staring down a double barrel shotgun. The cost of a college education continues to rise while employment prospects plunge. Defaults on college loans are the highest since 1997. However, thinking outside the box can have a surprising benefit when it comes to paying for college.
The Dilemma
Paying for college during these economic times has become more challenging than ever before. Families of all income levels find themselves searching for funding as college costs mount and personal resources disappear. Tuition costs increased nearly 6% more than the general inflation over the past decade. According to the John J. Heldrich Center for Workforce Development at Rutgers University, the median starting salary for graduates from four-year colleges in 2009 and 2010 was $27,000. Making matters worse is that only 74% of college grads under the age of 25 had jobs according to labor economist Andrew Sum. Perhaps, through no fault of your own, you are faced with the uncertainty of the economy and your ability to pay for college. You might even wonder if it's worth it.
Following the Herd
Generally speaking, college graduates earn more than non-graduates so it is good to have that degree. However, if you're in the one-in-four segment that isn't employed or the one-in-two who is employed in a job other than your degree field, paying for college becomes a nightmare. News reports frequently disclose the plight of college students and recent grads that are waiting on tables, tending bar, working as administrative assistants and the like. Nearly half of recent grads report their first jobs don't even require a college degree. Let's face, it those jobs are not going to repay a student loan. Starting your career in a lower-quality job or one with low pay puts you on a worse pay projection that might take decades to overcome. However, there is an option available that you might not have considered.
The Road Less Traveled
This is the story of 5 different people, all in their 20's, who were looking for a way to create financial stability during uncertain financial times. Some of them had some college expenses, some did not. The one thing they had in common is they wanted a way out of their current financial situation and they were willing to work. Each of them began a career that within 2 years had created a six-figure annual income.
How did they accomplish such a feat? They did it through direct sales. Some current statistics from the Direct Sales Association demonstrates why paying for college through direct sales is very attractive.
• The median gross annual income for a direct seller working full-time is $34,130
• Reasons for entering direct sales: supplement income 51%; full-time income 34%
• 70% of direct sellers rate their experience as "very good" or "excellent"
• 84% of direct sellers indicate their experience in direct selling has met or exceeded their expectations
• 82% of sellers indicate they are extremely/very likely to continue with their direct selling business
• 47% of direct sellers have been with their company for five or more years
Do you see what I mean about paying for college through the overlooked direct sales field? Most people simply weren't aware how favorable it compares to traditional methods of paying off student loans.
The rising cost of a college education, disappearing employment prospects and increasing student loan defaults make this an excellent time to change your circumstances. You can take positive steps to ensure you have the funds for paying for college and who knows, you too might discover a fascinating and rewarding career you had not considered.
Paying for college need not be a terrifying or an unrewarding experience. When you're ready to earn an extra income using proven techniques, visit Michael Wethington at Paying for College and learn how to do on a part-time or full-time basis. Mike teaches direct sales using the power of the Internet to a diverse group of successful entrepreneurs. Visit Mike at http://www.wealthsprings.com/
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