College is expensive, and it’s getting far more expensive every year. This situation is leaving many young people with the daunting task of trying to determine just how much debt they should take on at a very young age. Is this unfair? You bet it is unfair, but it’s also the reality of the situation that most of you may find yourself in. Until the day comes that a college education is free (don’t hold your breath), students will have to wrestle with not only how much to pay for a college or university degree, but also whether or not it is worth it.
Debt Versus Brand Name
Big name colleges and university degrees do not come cheaply. This issue has left many students asking if they should pay the “big bucks” for that brand name degree instead of selecting a less expensive option. There is a real and legitimate argument to be made that when it comes to many majors, it just doesn’t make sense to pay what it costs to go to a big name university or college.
There are intangibles, of course. For example, you have to consider the connections you might make at a certain school and being able to impress others with a school’s name recognition. But if you are planning on being a teacher, do you really need to spend an extra $30,000 or $50,000 or more for your degree? In general, the type of degree that you are planning on receiving should be taken into consideration before you opt for a mountain of debt!
Weigh Your Options Carefully
Just because you were accepted to a big name college or university, doesn’t mean that you have to attend that educational institution. Many students say, “Well I got in, so that is where I will go…” Your thought process should be more comprehensive, as you should weigh the options carefully. Selecting a less expensive university or college could open up different opportunities. For example, you could opt for graduate school, or get a professional degree such as a law degree or an MBA with the money you save. Some schools even offer scholarships to attract higher-level students, while others turn those students away.
Consider Your Degree When Deciding How Much to Spend
If you are planning on earning a degree that ensures great pay down the road, then you might not need to worry too much about the debt that you accumulate in college. However, you should keep some issues in mind. Many people earn degrees in certain fields, only to discover that they hate the profession that goes along with the degree. This means that they often switch to careers that pay less, often far, far less. At this point, the high paying career they believed they would have doesn’t materialize.
Determining how much to spend on college isn’t necessarily easy to figure out. If you know exactly what it is that you want to do for a career, then this decision may be easier for you than it is for others. Taking your time and thinking about how your college debt may impact your future is a savvy move and one you are quite unlikely to regret.
Learn to love those brown bags. If you routinely eat out, try packing your lunch a few days a week instead. Just think—if your average lunch costs $10, you could save up to $50 a week! That’s $2,600 a year! 
