Ever wonder why college kids are the most fashionable, active and social group in our society? College students live in a bubble of financial aid, protected from accruing interest and subsidized by government grants and scholarships. They are, temporarily, protected from a crumbling economy.

Thanks to all of my financial aid, I didn’t have to work during college. Outside of class I had extra time to: snowboard 3 times a week, workout at the gym 2 hours a day, take a girl on a date at least 4 times a week and then do homework to maintain my 3.3 GPA. I speak for myself because some of my roommates had to maintain a 4.0 so they could be accepted into medical college; they always seemed to be locked in the apartment studying.

Having government aid was a blessing and a curse. I was able to graduate in 4 years but am now carrying a burden of debt. After graduation reality struck and my schedule was simplified to this: Wake up, go to work, come home, check my loan status to see how much the government has monetarily taken advantage of me with interest, go to bed. My college life was an experience never to be forgotten. Unfortunately, the next 5 years of my life I am condemned to paying back my college lifestyle. Or, I can just go back to school! Ha-ha, just kidding. The moral of the story is to stay out of debt while you are in school so you can live a luxurious life after school. Either way you are going to pay for your expensive habits.

According to nationally recognized financial aid expert, Mark Kantrowitz, and the Federal Reserve’s statistical release, G.19 Consumer Credit, “Student loan debt outstanding totaled at least $830 billion as of June 2010, with roughly $665 billion in federal education loans and $168 billion in private student loans… New federal student loan volume will exceed $100 billion for the first time in 2010-2011.”

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