The title question of this blog post seems pretty straightforward to anybody applying to college or going to college during these tough economic times. In fact, the question may seem like a no-brainer. The truth is, you still have to tackle this issue because it really impacts the amount of effort that you would put in a applying for a college scholarship essay. Another truth is, there are way too many college students graduating with too much debt. We’re talking five figures and in many cases, six figures that’s completely ridiculous.
I know inflation pays a big part but still, you don’t want to be the poor soul leaving school with six figured debt on your back. The sad fact is that it will only get worse from there. After a few years you would want to get a home so that’s another massive loan then, you would want to get married and wedding expenses pile up easily. After a few years, the children come and that’s when things really start getting very expensive. To top it all off, each and every year you don’t pay off your student debt the interest on that debt continues to accumulate so it’s interest on top of interests. Welcome to the world of compound interest. Those are the stakes involved that’s the reality, that’s why it’s really important that you write a winning college scholarship essay that twill enabled you to knock out as much as your school expenses while you’re still in school.
You don’t want to wait until you graduated for you to work off this debt because it may take you years or even decades to get out from under all that debt. The financial reality behind a student debt is that the larger the figure the higher the interest and the higher the interest the more interest will pile up. It can easily turn into a vicious downward cycle, it can sap you of a lot of your motivation and energy once you’re out there in the corporate world working because as payments come due every month. You might soon start asking yourself, why am I even working in the first place if I have this much debt? Factor in the amount of taxes that you would have to pay off your wages; you may have very little left with which to build a future. Just like with any other responsible person you would want to invest, you would want to save but you can’t with all that debt payment and other expenses. So, really think about the importance of this scholarship essay that you’re writing. A lot is also writing on it because it really is a very powerful weapon that you have in beating back the tide of debt that is sure to hit you once you graduate.