My single, full-time working mother doesn't even make $33,000 in a year. Even though I've worked since the first day of freshman year, I've only managed to make it to my junior year at Wichita State University by the seemingly saving grace of student loans.
As a first-generation college student, a college degree would be absolutely impossible without them. My family can't always cover their own mortgage, so I don't expect them to help me pay for tuition at the small, public university I attend in Wichita, Kansas. And WSU is one of the most inexpensive four year schools in the state.
While I know students everywhere are bearing the weight of student loan debt, I was unprepared for the reality that clicking the accept button on the financial aid page was addicting and often necessary. I find this terrifying since I live in a city with a relatively low cost of living. Loans were not only how I paid for my tuition, but how I caught up my rent, how I made those annoying car repairs to keep it running, and how I bought food, soap, and the one new outfit I allowed myself each semester.
I have so many regrets. My journalism major holds a bleak future making me wish I would have taken more credit hours freshman year when I had scholarship money or not gone on that spring break trip that caused me to miss work. It's too late now; I feel like I am barely treading water to reach the 124 hours required to graduate.
While I know eventually I'll make it across the stage, my biggest fear is not being able to manage money responsibly once I do. I lived below the poverty line before coming to college and I wish I would have learned from that.
Against common sense and people's advice, I have credit cards that are now both at their limits. I took out pay-day loans to get me from one minimum wage paycheck to the next.
I'm hoping one day I'll see what college has given me besides a $33,000 bill and I hoping Sallie Mae takes $50 payments.
Follow Veronica Hill on Twitter: www.twitter.com/veronicah01
The best of luck to you, Veronica.
You look so young!
I believe you will weather your financial storm better than most, since you didn't take on a massive amount of debt as many have chasing that sheepskin!
Hone your ability to take advantage of every opportunity that comes along. Remember, it all comes down to L.U.C.K.- Labor Under Correct Knowledge!
So, good L.U.C.K. to you, young lady!
8^D
When did people stop asking themselves if they could afford something before they bought it?
I started out with debt even less than yours and it doubled over time. I'm now the owner of a $37K loan and I've been paying on it steadily for 4 1/2 years now. I started out with $23K. Don't repeat my mistake and put loans into forbearance. Just suffer and pay the damned interest.
Your story sounds a lot like mine. It's easy to read about somebody who spent $150,000 getting a degree in underwater basket weaving and say, "what on earth were they thinking?!" But there are far more students like yourself who have simply chosen the most affordable and accessible school in an effort to escape generational poverty and still end up swimming in crippling debt.
I graduated in 1995 with a biology degree from a state university. Like you, my parents couldn't pay my way, so I had to borrow money to go to college. Just last year, I finally paid off my loans. This came at some cost however, since it was the benefits from my deceased father's life insurance that enabled me to retire the remaining debt. Otherwise, I'd still be making payments.
My suggestions: Kill the credit card debt first, before it kills you. You can get hardship deferments on some student loans, but not on credit card debt. Next, understand that your student loans will impose some real limits on your lifestyle for some time. Borrowing money will cost you more because of your student loan debt, (income/debt ratio affects credit score) so try to avoid borrowing at all costs for several years. Living like a "have not" now will give you a better chance at a more secure lifestyle tomorrow. Good luck.
In addition, I met with a young man who is graduating from Northwestern University this coming spring while in Chicago. The topic came up, and he told me why he was made aware of student loans and the cost of higher education. That was thanks to his parents (who also made it clear they couldn't fund him), but he decided the cost was worth it. However, he said a lot of his peers are not 'financially literate' when it comes to how much they even owe. We also talked about the fact that students are in denial about how much they owe. Naturally, you have a lot of things to worry about when you're in school (cost of books, your classes, what you're going to major in, etc., etc.).
I recently started working as the managing editor for EduLender's blog, EduTrends. I really encourage you and others to explore their site and see what we have to offer. Feel free to reach out to me, too. My email is ccrynjohannsen AT gmail DOT com.
-Cryn Johannsen, managing editor, EduLender (http://edulender.com); founder & executive director, All Education Matters, Inc. (http://alleducationmatters.blogspot.com)