After reading this article. in the morning, the headline stuck in mind for the entire day. Why? Because I absolutely can't believe that people are taking out student loans for kids who are only 4 or 5 years old!

I'm a firm believer in the importance of a good education. For most people, it's priceless. A good education can pay off for years and years - often in ways you don't even realize. And education doesn't always mean a college degree, or graduating from a prestigious prep school. Learning is something that can occur just about anywhere. But I'm not blind to the fact that there are good schools - and there are bad schools. And there's nothing wrong with parents wanting to do everything in their power to send their kids to a good school.

I get that.

Heck, one of the biggest reasons we moved to the town we currently live in is for the highly regarded school system. And a lot of my tax money goes into this school system. So it's not like this good education is entirely free. My taxes are definitely NOT cheap!

But going into debt for a kid that is 4 or 5 years old?

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Over the past four years, debt has become a hot topic in mainstream America. The U.S. government has borrowed over $2.5 trillion since the implosion of the Subprime Mortgage Crisis. This massive accumulation of debt by the federal government is not an isolated incident; unfortunately, the United States has a culture of indebtedness. Young people in America are expected, and even taught, that debt is a way of life.

Typical American youth are encouraged to go to college and/or get credit cards and incur huge debts. According to a report from the Institute for College Access & Success’s Project on Student Debt, the average college loan for students who graduated in 2011 was a staggering $25,000. During college young people are bombarded with credit card offers all over campus as credit card companies set up booths to lure in young consumers. The result is that the average undergraduate student carries $3,173 in credit card debt, according to Sallie Mae-a college financing company.

Upon graduation, students are then encouraged to buy a car on a loan, and just a few years later to take out a mortgage for a house. By the time the average American reaches the age of 30, it is typical to be carrying college loans, credit card debt, car loans, and a mortgage.

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The time when students could simply enroll in college, show up, get free books, get their degree, and head out into the world are long gone. While this may have been the case thirty years ago, it is now commonplace for the students of today to finish their college programs owing tens of thousands of dollars in education costs. These amounts of debt are not insignificant. Even though student lenders can be more accommodating than many others, debt is debt, and the more you have, the more it will work against you when it comes to your credit and future expenses. That’s why anyone with student debt should pay close attention to exactly that they owe and the best ways to go about paying down what’s been borrowed.

1. Find out Where You Stand

As soon as you graduate, or a bit before, you should look into the details of exactly what loans you have taken out in your name and when the payment dates are scheduled to begin. This will allow you to make a proper financial plan to cover them. Most federal loans come with a grace period of 6 months. Private education loans are all different, so check out your promissory note for upcoming payment dates.

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Many personal finance sites will give endless, though no less, great advice on how to save money. Whether it’s trimming your budget, opening a savings account, or beginning to invest money in stocks and bonds, if your read personal finance sites, chances are you know all there is to know about growing a nest egg. Still, even though we know exactly how to go about saving money, we don’t necessarily do it. The key, in my experience, has been to change my overall attitude toward money. Here are a few tips:

1. Understand that the future is not a distant mirage.

Recently, I read a fascinating article that outlined a study showing that native speakers of languages in which the future and present tense are explicitly differentiated tend to save less money for the future. The reason behind this phenomenon, researchers speculate, is that since the future is so starkly contrasted from the present, it seems almost unreal. While of course, this is merely a conjecture, it brings to light one the most important attitudes you must adopt in order to save money—you have to take the future seriously. If you conceive of the future as present that will happen to you all-too soon, then you’ll be more likely to understand the necessity of saving.

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Of all the debt relief options out there, debt settlement is still the most controversial, misunderstood, and confusing option. I got the following email just the other day:

"Hi. I am considering a debt settlement program and overwhelmed by the information and choices. Would love some advice."

Here's my response:

Hi, debt settlement is certainly a confusing option. Here are some points to think about:

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When you’re in school the thought of having money – any money – is usually a laughable novelty. What money you do have is usually spent on late night pizzas and scraping up rent. Then when you get out of school and you get your first “real job” where you actually are bringing in a decent paycheck that money goes towards acquiring all the things you couldn’t buy in college. Suddenly you can afford things – you don’t have to shop the clearance rack or order off the dollar menu. Rarely do young, aspiring professionals think about planning their finances because the thought of investing money or saving a portion each month doesn’t seem as important as buying your first brand new car, or closing on your first house. However when you’re young is the perfect time to get familiar with financial planning, and can be done rather easily and in ways you may not have thought of before.

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