7 safe borrowing tips to keep debt in check
Don't overextend on education
Often an undergraduate degree is the permission slip for employment. But where you earn that degree can mean the difference between an annual tuition of $60,000 for an elite private school and $5,000 for in-state institution, Maurer says.
"Education is priceless, but a college degree is not," he says.
A more expensive education may not equate to a higher salary, especially if you enter a lower-paying field, Maurer says. Know the salary ranges for the profession you want to enter and make your college choice based not only on what you can make but also on what you can afford.
"If you want a degree in social work, you shouldn't go to Harvard to get it because you're not recouping your investment," he says.