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Advice on loansMar 16 '00 Write an essay on this topic.O.K., college costs money. We all know this. For many students the only way to make it through college is to take out a loan or two. For me, the only way to pay for college was with loans. My parents did not help with my college education. In fact, I was one of those students who worked three jobs while in school full time, and sent half my income home to my family to help them out. I would have been unable to pay tuition, room and board, or books without the help of loans. I did apply for every scholarship and grant I could, but I still needed help with room and board. For others in my situation, here is my advice to keep loans down: 1. Figure out what university you want to go to. When you do this, then see if there is a local college in your area that offers the basic classes that can be transferred into the university. Most universities require basic English, math, psychology, and history classes that can be taken at a local college and transferred it. You really want to make sure that the university accepts the credit from this college. Most universities and colleges have info about which classes are accepted as what. Local colleges generally cost less as far as tuition goes. Plus, if you can live with your parents or other family members the cost to attend college is less (yah, I know you want to get out but two years at a local college before transferring can cut your loans in half.) 2. Take out only what you need. It is real tempting to get your financial aid package and see that you can take out a $4000 loan for the year and take it. After all, you will be able to find things to spend all that money on. Try not to do this. Figure out exactly what you will need and only apply for that. You can apply for less then you are offered. 3. Work while in college. This way you can take out only the loan needed for your tuition and/or room and board. Living expenses can be paid for by a part-time job. You are in college, you are going to be poor. It is much better to be skimping while in college than to graduate with a debt of $40,000 and no job in the near future to help you pay that off. It is also hard when you realize that the job you do have does nothing but pay for your student loans. Thus, you are a college graduate and still living with your parents and working. 4. Cut out all the things you don't need. Do you really need that CD? Do you really need that new outfit? You do need to buy some things for yourself, but you don't need to buy everything that you want. Pizza every weekend is nice, but not needed. A new radio for your car that makes all the windows in you apartment complex shake is great, but unneeded. When you cut some of the extras out, college does cost less and you can take out less loans. 5. Don't take out extra money to live the way others live. Everyone is on a different college budget. That is just the way it goes. I had a roommate who didn't have to work, her parents paid for college totally, plus they sent her $100 a week spending money while we lived in the dorm. I watched her go out to eat, buy new outfits and CDs, plus have a brand new car to do with as she pleased and I wanted to be able to do that as well. That is a wrong attitude to have. 6. You never know what is going to happen in the future. When I started college, I was going to be a Dr. I was never going to get married and I was never going to have kids or a family. I didn't think money would be a problem when I graduated. I figured once I finished with residency I would become a Dr and Dr.s aren't known for having to pinch pennies. Thus, I took out a lot of money. When I graduated I owed more than $35,000. O.K., I now explained what I had planned for my life when I was taking out all those loans, but what is my life. I am a clinical dietitian who doesn't even earn $35,000 a year. I am married and about to have my first child. My husband and I decided that I am to stay at home with our children when they are little. Thus, no income for me. My husband has a degree in journalism, thus he is a computer operator at a local factory because it pays more than the average $15,000 a year that journalists make. If we hadn't been left money by a family member, we would still owe a lot of money and we would be unable to survive. Things usually don't work out the way you expect them to. Keep that in mind. 7. Finally, when you are filling out those loan applications, keep in mind that you are going to have to pay them back. It may seem like easy money now, but no matter what they say, a college degree does not mean you are actually going to get a job with it. In fact, over half of the people I knew in college are not working in the field of their major. It also takes a while to get a job. Just because you don't have a job doesn't mean you don't have to pay back those loans. A figure to keep in mind- for me, I now owe $7,700 for my education. When I break this down to payments, I pay $150 a month. If I just pay this minimum amount, I will be paying until I am 35 years old, and would have paid back double what I owe. $150 a month is $1,800 a year. I you don't get a decent paying job right away this can be a big chunk of your income. Thus, make sure that you need that money you apply for because an extra $150 a month after college may be more useful to you than the $7,700 you borrowed during your four to five year college period.  |
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