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How Millennials Are Doing College Wrong

How Millennials Are Doing College Wrong

Many millennials are doing one thing wrong when it comes to college. Can you guess what it is?

Sleeping through class and not doing homework? Taking out way too many loans and knowing nothing about them? If you guessed the latter, then you’re right! Millennials are taking out more in student debt than they can handle. And when it comes to repayment, they are clueless. According to a survey by Citizens Bank, 45% of those surveyed didn’t know what percentage of their salary went towards loans and a shocking 15% didn’t even know how much they owed in student loans.

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In the past decade, the number of students in debt hasn’t gone up much (about 5%), but the amount of debt they are in has doubled. This is in part to ill preparation before and a lack of knowledge of the funding that goes into paying for college. Most recent graduates regret taking out as much as they did and some say they wouldn’t have ever gone to college if they would have known how expensive it really would be.

Student Debt

Student debt is also adding up for this younger generation because parents are relying on PLUS loans to pay for the remainder of college expenses. Students can only take out $31,000 for their entire undergraduate education, but parents can take out as much as they want, even if they know they won’t ever be able to pay this off. Their children then feel like it is their responsibility to pay it off, and debt goes into the $100,000 range. Preparing for college is more than just getting good grades. Educating yourself on the types of loans and repayment options should be the first step. There are many other things you can do before, during, and after college as well to make your higher education a reality without drowning in debt.

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Starting young is the most beneficial way to be able to pay for school. Get a part-time job after school or in the summer and set a chunk of your paycheck aside for a college fund. If a job isn’t possible for you during school, like it is for some people, work your butt off in school and get ahead. Many high schools offer AP classes that give you college credit if you pass the test or classes that are offered through the college at your high school. This can put you semesters ahead and cut down the time it will take to get your degree.

Scholarships

Getting good grades or being involved can get you scholarships — AKA free money. You don’t have to get scholarships only from the college you are going to or only in a certain area (i.e. academics). Dip into scholarships from different organizations for different interests. There are hundreds of organizations that offer scholarships for all sorts of things. From being part of the National Honor Society to just being tall, a quick Google search will help you find the perfect scholarship for you. It won’t come easily, but there are plenty of options for you to apply for. The more money you can rack up in scholarships, the less you will owe back after college.

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Avoiding debt doesn’t stop once you get into college. There are four years where work can be done to avoid debt. Continue looking for scholarships. Things change while you are in college and you might find yourself qualified for more scholarships than you were when you came to the school.

Budget

Find ways to cut down on costs so you don’t need as much in student loans. This could be as simple as staying close to home in order to live at home for a few semesters or even taking a semester off to work and save up. Renting or buying used textbooks can also save you from many unnecessary expenses. While spring break in Cancun might seem like part of the college experience, it’s not. Cutting down on luxuries like this for four years will cut down on debt drastically.

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Part-Time Jobs

There are plenty of part-time, flexible jobs that are perfect for college students. Being an Uber driver only takes having a car and a license, and you can pick when you work. It can be as simple as signing up for medical transcription training online and spending nights converting recorded medical notes into text. You may not spend college with the most glamorous job, but at least you won’t be as in debt as your roommate who spends his weekends playing video games.

Paying off Student Loans

After college, there are a couple of options to get out of debt fast. Understanding the different repayment options is key to paying off Uncle Sam in a few years. There are options that allow you to pay a fixed rate and be paid in full in 10 years or there are options that work to your income. Some loans even have forgiveness programs where you no longer have to pay after a certain amount of time if you meet the criteria.

Understanding your options and what you can do to save money at all points of your college career is vital to being able to get out from under your student loans soon after graduation. If you know what you are doing beforehand and not just winging it with your loans, you’ll be out of debt and into that new Toyota Corolla LE and four bedroom house in no time.

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Last Updated on March 29, 2021

5 Types of Horrible Bosses and How to Beat Them All

5 Types of Horrible Bosses and How to Beat Them All

When I left university I took a job immediately, I had been lucky as I had spent a year earning almost nothing as an intern so I was offered a role. On my first day I found that I had not been allocated a desk, there was no one to greet me so I was left for some hours ignored. I happened to snipe about this to another employee at the coffee machine two things happened. The first was that the person I had complained to was my new manager’s wife, and the second was, in his own words, ‘that he would come down on me like a ton of bricks if I crossed him…’

What a great start to a job! I had moved to a new city, and had been at work for less than a morning when I had my first run in with the first style of bad manager. I didn’t stay long enough to find out what Mr Agressive would do next. Bad managers are a major issue. Research from Approved Index shows that more than four in ten employees (42%) state that they have previously quit a job because of a bad manager.

The Dream Type Of Manager

My best manager was a total opposite. A man who had been the head of the UK tax system and was working his retirement running a company I was a very junior and green employee for. I made a stupid mistake, one which cost a lot of time and money and I felt I was going to be sacked without doubt.

I was nervous, beating myself up about what I had done, what would happen. At the end of the day I was called to his office, he had made me wait and I had spent that day talking to other employees, trying to understand where I had gone wrong. It had been a simple mistyped line of code which sent a massive print job out totally wrong. I learn how I should have done it and I fretted.

My boss asked me to step into his office, he asked me to sit down. “Do you know what you did?” I babbled, yes, I had been stupid, I had not double-checked or asked for advice when I was doing something I had not really understood. It was totally my fault. He paused. “Will you do that again?” Of course I told him I would not, I would always double check, ask for help and not try to be so clever when I was not!

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“Okay…”

That was it. I paused and asked, should I clear my desk. He smiled. “You have learnt a valuable lesson, I can be sure that you will never make a mistake like that again. Why would I want to get rid of an employee who knows that?”

I stayed with that company for many years, the way I was treated was a real object lesson in good management. Sadly, far too many poor managers exist out there.

The Complete Catalogue of Bad Managers

The Bully

My first boss fitted into the classic bully class. This is so often the ‘old school’ management by power style. I encountered this style again in the retail sector where one manager felt the only way to get the best from staff was to bawl and yell.

However, like so many bullies you will often find that this can be someone who either knows no better or is under stress and they are themselves running scared of the situation they have found themselves in.

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The Invisible Boss

This can either present itself as management from afar (usually the golf course or ‘important meetings) or just a boss who is too busy being important to deal with their staff.

It can feel refreshing as you will often have almost total freedom with your manager taking little or no interest in your activities, however you will soon find that you also lack the support that a good manager will provide. Without direction you may feel you are doing well just to find that you are not delivering against expectations you were not told about and suddenly it is all your fault.

The Micro Manager

The frustration of having a manager who feels the need to be involved in everything you do. The polar opposite to the Invisible Boss you will feel that there is no trust in your work as they will want to meddle in everything you do.

Dealing with the micro-manager can be difficult. Often their management style comes from their own insecurity. You can try confronting them, tell them that you can do your job however in many cases this will not succeed and can in fact make things worse.

The Over Promoted Boss

The Over promoted boss categorises someone who has no idea. They have found themselves in a management position through service, family or some corporate mystery. They are people who are not only highly unqualified to be managers they will generally be unable to do even your job.

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You can find yourself persistently frustrated by the situation you are in, however it can seem impossible to get out without handing over your resignation.

The Credit Stealer

The credit stealer is the boss who will never publically acknowledge the work you do. You will put in the extra hours working on a project and you know that, in the ‘big meeting’ it will be your credit stealing boss who will take all of the credit!

Again it is demoralising, you see all of the credit for your labour being stolen and this can often lead to good employees looking for new careers.

3 Essential Ways to Work (Cope) with Bad Managers

Whatever type of bad boss you have there are certain things that you can do to ensure that you get the recognition and protection you require to not only remain sane but to also build your career.

1. Keep evidence

Whether it is incidents with the bully or examples of projects you have completed with the credit stealer you will always be well served to keep notes and supporting evidence for projects you are working on.

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Buy your own notebook and ensure that you are always making notes, it becomes a habit and a very useful one as you have a constant reminder as well as somewhere to explore ideas.

Importantly, if you do have to go to HR or stand-up for yourself you will have clear records! Also, don’t always trust that corporate servers or emails will always be available or not tampered with. Keep your own content.

2. Hold regular meetings

Ensure that you make time for regular meetings with your boss. This is especially useful for the over-promoted or the invisible boss to allow you to ‘manage upwards’. Take charge where you can to set your objectives and use these meetings to set clear objectives and document the status of your work.

3. Stand your ground, but be ready to jump…

Remember that you don’t have to put up with poor management. If you have issues you should face them with your boss, maybe they do not know that they are coming across in a bad way.

However, be ready to recognise if the situation is not going to change. If that is the case, keep your head down and get working on polishing your CV! If it isn’t working, there will be something better out there for you!

Good luck!

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