'Good Debt' Can Bolster Earning Potential, Official Says

You are subscribed to American Forces News Articles for U.S. Department of Defense. This information has recently been updated, and is now available. 'Good Debt' Can Bolster Earning Potential, Official Says 08/01/2013 08:15 AM CDT 'Good Debt' Can Bolster Earning Potential, Official Says By Terri Moon Cronk American Forces Press Service WASHINGTON, Aug. 1, 2013 - 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 loan, 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 that are 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."   Biographies: Barbara Thompson Related Sites: Military OneSource Bureau of Labor Statistics   Defense Department News Through Facebook On American Forces Press Service's Facebook page, you can post comments and share news, photos and videos. Go to http://www.facebook.com/pages/American-Forces-Press-Service/65137437532 or search for American Forces Press Service at Facebook.com. Update your subscriptions, modify your password or e-mail address, or stop subscriptions at any time by clicking on your 'User Profile' page at https://public.govdelivery.com/accounts/USDOD/subscriber/edit?preferences=true#tab1. You will need to use your e-mail address to log in. If you have questions or problems with the subscription service, please e-mail support@govdelivery.com. Have another inquiry? Visit the online FAQ at http://www.defense.gov/landing/questions.aspx for up-to-date information. Get the help you, your family, and fellow servicemembers need, when you need it. Visit www.WarriorCare.mil to learn more. Check out the National Resource Directory at www.nationalresourcedirectory.org, a new web-based resource for wounded, ill and injured service members, veterans, their families, families of the fallen and those who support them from the Departments of Defense, Labor, and Veterans Affairs. This service is provided to you at no charge by U.S. Department of Defense. Visit us on the web at http://www.defense.gov/. Updates from the U.S. Department of Defense