If you are a student facing the possibility of servicing a huge debt after graduation, then a celebrity is perhaps the last person you would turn to advise for managing your student debt effectively.
However, let’s not forget that not all celebrities are born with a silver spoon, and many have faced problems like ours, such as debt, before their rise to stardom. While their circumstances may differ, these celebrities have some really great advice on how you can best manage your student debt.
During the Democratic National Convention of 2012, Kerry Washington revealed that she had to take a student loan as she couldn’t afford to get a college education out of her own pocket. However, she does not regret having taken it as, according to her, it was her college degree which afforded her the opportunities that have resulted in the kind of success she enjoys today.
These days, Washington is well-recognized for her portrayal of Olivia Pope on the hit TV show Scandal, and it was only after landing this role that paying off her student debt became possible for her.
Her advice to students is that they should fully utilize the opportunities being presented to them in college so that they are able to earn more after graduation and thus pay off student loans much faster.
Balancing Goals for Finances
Miles Tiller rose to global fame after delivering a phenomenal performance in the film Whiplash. Of course, part of the credit for his brilliant acting skills goes to NYU where Tiller studied the art of acting.
However, this prestigious training came with a hefty price, and Tiller had to borrow a whopping $100,000. According to reports, part of this student loan still needs to be repaid.
The reason why Tiller hasn’t paid off his student loan is not that he cannot afford to do it, but because he has been advised not to considering the extremely low rate of interest which he has to pay on this debt.
Hence, there is no rush in paying off your student debt. You may be better off investing that extra cash somewhere where you are able to reap more benefit, such as a high-interest savings account.
Base Your Decisions on Solid Information
When it comes to student debt, the one celebrity who feels very strongly about the topic of student debt is Glee’s Jane Lynch.
Her passion for the subject is evident from her partnership with the National College Finance Center which led to the creation of the campaign called Don’t Major In Debt with the aim of educating both parents as well as students on the various means through which they could pay for a college education.
According to Lynch, the decision about paying for college needs to be a holistic one. Not only should you think about the various options at your disposal to fund your education, but also perhaps choose a college that is not too expensive.
Lynch recommends thinking in the long run by balancing the benefits you expect to get out of a college education with the total cost you would have to pay for it.