One of the leading causes of not investing or saving for the future is student loan debt. America’s Millennial Money Expert Robert Farrington shares the benefits of working through college in this episode with some great work ideas and the impact on your life after earning that degree.
Graduating With Debt
“Working through college is one of the best ways to minimize student loan debt. It is an amazing way to boost your skill set and get a head start for when you graduate,” states Farrington.
Some causes of having too much debt:
- Took out too much debt for earning potential after graduation.
- Mom and dad co-sign or borrow the money themselves.
- Over educated and under experienced.
- Graduate school is expensive and students can get loans on their own which can get them into more trouble.
Farrington notes some benefits of working during college as:
- Pay for expenses.
- Lower amount you have to borrow.
- Gives students some things employers are looking for from college graduates.
- Business and customer service communication skills.
- Problem solving skills including:
- Time management.
- Developing creative solutions to problems.
- Following through on action plans.
“Between the two candidates that both have the same degree, I’m probably going to look more at the one that has the job experience, worked during school, and has that skill set than the one that doesn’t,” says Farrington, concerning employers.
When Students Should Be Working
Internships are great opportunities, especially during summer. “For some students, working during school can make sense,” suggests Farrington.
Good jobs usually available during college include:
- Working at a restaurant/fast food chain.
- Work study.
- Any job on the actual campus.
- Being a teacher’s assistant or research assistant.
- Student housing.
- The field you are pursing.
- If you are looking at the medical field, find a job at a hospital, etc.
- Graduate students can teach undergraduate classes.
- Start your own business at school.
- Drive for Uber or Lift.
“The other thing that isn’t talked about with work is that you learn things you might not want to do before you commit to a major program,” shares Farrington.
Try something different each summer until you find an area you are passionate in.
Working online is also a great solution so students can work on their own time and their own terms.
Work should be part of the conversation with parents about how to pay for college. “Working is just that important; that all families should be discussing it as part of the college experience,” stresses Farrington.
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Brad is not affiliated with The College Investor or Robert Farrington.