Kip Tips
Great Advice From Around the Web
A weekly look at personal finance tips and insights others are offering.
By Cameron Huddleston, Contributing Editor, Kiplinger.com
August 11, 2010
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Yikes! Americans now owe more on student loans than credit cards. Student-loan debt has soared to nearly $830 billion.
My cousin, who will be applying to colleges soon, doesn't want to rack up student-loan debt, so he plans to go to the school that offers him the best aid package. Smart kid.
Another option to avoid a mountain of student-loan debt: Skip college and start working. Just because you don't go to college doesn't mean you have to settle for a life of minimum-wage jobs. WalletPop has a list of 10 High-Paying Jobs That Don't Require a Degree. You won't have to sacrifice your paycheck to pay off student-loan debt with these careers.
Here are more personal finance tips and insights from across the Web:
A Banker Gives You the Scoop on Balance Transfers [Mint.com]
Despite recent legislation, "you could still be racking up debt at the highest interest rate while your less-expensive balance transfer gets paid down."
Credit Cards With the Best Customer Web Sites [Money Under 30]
"As we do more and more of our banking online, a financial company’s online interface is becoming more and more important to customer satisfaction." (Also see Kiplinger's picks for the best rewards cards.)
How to Deal With Losing Your Wallet While Traveling [Bargaineering]
These tips will help you keep the damage to a minimum.
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Reader Comments (1)
Posted by: Bob at 08/12/2010 10:23:54 PM
I gave my sons four bits of advice about college. 1. Pick a major that will pay a decent wage. 2. Start at a junior college and then transfer to a state college(cheaper tuition). 3. Look for part time and summer jobs that pertain to your major.(work experience) 4. Never borrow a penny more than you absolutely need. I gave them each $16,500 and a $4000 used car. They both worked part time and summers while completing their B.S. and M.S. degrees in 5 1/2 years. They each still had at least $12,000 left over and the used car when they completed school and both started at the top of the beginning salary scales in their first full time jobs based on their previous work experience and grades while going to college. It takes a lot of planning and hard work but it can be done.