Commentary

August 2, 2013

‘Good debt’ can bolster earning potential, official says

Terri Moon Cronk
American Forces Press Service

WASHINGTON – Establishing “good debt” can be valuable for future earning potential, particularly in today’s challenging economy, a Defense Department official advised here recently.

Obtaining a student loan for a college education or a higher degree to pursue a professional career is an example of good debt for service members and their Families when they make the right choices, Barbara Thompson, director of the Defense Department’s office of family policy, children and youth, said in an interview with American Forces Press Service and the Pentagon Channel.

“You want to make sure you analyze the return on your education investment so you will have a higher earning potential,” Thompson said. Education is an investment in a service member’s future, because those with a higher-education degree usually have better earning potential and less unemployment, she said, so it is important for service members to have a plan for their career opportunities when they transition out of the military.

Taking out student loans, Thompson added, could be part of that strategy, but she cautioned that those who choose this option should do their homework.

“Whether for a service member or a Family member, it’s important to think about [which] student loan would be the right fit, and how much debt [one] should incur,” she said.

Thompson advised seeking practical counseling advice to pursue the best education choices in schools and in funding.

Military members and their Families have numerous resources at their fingertips, she noted, with installation education offices among them.

“They have people who can help go through the pros and cons of what would be a smart decision,” Thompson said. “Debt is something that [can] take on a life of its own if you’re not careful.”

Education office counselors can provide service members and Families advice on applying for student loans that suit individual needs, in addition to choosing the best college for their chosen studies.

In addition to seeking counselors’ advice, Thompson encouraged service members and Families to use the Post-9/11 GI Bill and other resources available to help in paying for an education at a school that’s within their financial means. Scholarships and other resources are available to reduce the cost of a college education, she noted.

Thompson pointed out that the Military OneSource website has a wealth of information for people seeking higher education.

“MilitaryOneSource.mil is a really good tool for our service members and Families, not only to seek out a career choice, but also to find information about financial assistance and choosing the right college,” she said.

Military OneSource has “wonderful career counseling,” especially for spouses, Thompson said.

“It helps you define what you want to do and study. It helps you figure out the best path to take,” she added.

The Bureau of Labor Statistics also can help with choosing fields of study, Thompson said. The bureau offers a website that shows the earning potential in a variety of professions.

The varying costs of an education are a major factor to weigh, Thompson said, adding that a popular way to cut expenses for a bachelor’s degree is to attend a community college for two years and transfer to a university to finish.

“There [also] are a lot of wonderful opportunities to have your loan waived for certain professions for advanced degrees,” she said. “It’s important to match your aspirations with your opportunities … [and] to offset the cost of getting an advanced degree.”




All of this week's top headlines to your email every Friday.


 
 

 
Stephanie Caffall

Ribbon Cutting Ceremony — 1st Brigade, 100th Training Division has new home

Stephanie Caffall Maj. Gen. Robert Ashley, the U.S. Army Intelligence Center and Fort Huachuca, along with distinguished guests cut the ribbon at the 1st Brigade 100th Division ribbon cutting ceremony on Friday Jan. 23. Cutting...
 
 

Fort Huachuca Tax Center celebrates grand opening

The Fort Huachuca Tax Assistance Center, TAC, opened its doors at Building 22324, Christy Avenue on Monday. The opening was celebrated by a ribbon cutting with the help from U.S. Army Garrison Commander Col. Thomas A. Boone and USAG Command Sgt. Maj. James Ramsey. Volunteer tax return preparers are part of the Internal Revenue Service’s...
 
 

IMCOM mentorship offers employees perspective, growth opportunity

(Editor’s note: This is part two of a three-article series on the distinct phases of the IMCOM Headquarters Centralized Mentoring Program. The first article is available online at http://www.army.mil/article/130378/) SAN ANTONIO — Life changing, enlightening and powerful are just a few words used by two participants in the U.S. Army Installation Management Command Headquarters Centralized...
 

 
Maci Hidalgo

MVC offers assistance for Fort Huachuca Families during deployments

Maci Hidalgo Abigail Correa’s 1-year-old daughter, Ana Victoria, plays with her new toy kitchen at their home on Fort Huachuca Jan. 22. The kitchen was put together with help through Mountain Vista Communities’ program for ...
 
 

Super Bowl Sunday — designate a sober driver

Sunday’s Super Bowl is America’s most watched national sporting event with lots of game day socializing that may include drinking. That’s why the National Highway Traffic Safety Administration, NHTSA, Fort Huachuca law enforcement officials, and the Army Substance Abuse Program urge football fans to choose sides now — drinking or driving. Those who plan on...
 
 

Army predator makes historic flight into national airspace system

Recently on Libby Army Airfield, standard operations were being conducted concerning daily arrivals and departures of unmanned aircraft from the runway. In fact, unmanned aircraft systems, UAS, flights in and out of Libby Army Airfield airfield have been a common sight since 2005. On this special day to the silent cheers of a few, one...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>


Directory powered by Business Directory Plugin