Recently, a pal of mine sent me this article: You Can't Work Your Way Through College Anymore. This article confirmed what I have come to believe while in college: working in college is not enough. I have long been interested in issues surrounding college affordability and essential financial skills for college students.
When I began college, I felt strongly against taking out student loans and was sure that working through college would be sufficient. My uncle did it. Working through college took him seven years. However, it seemed worth it since he did not have any debt. As a senior in college, I can tell you that planning for your part-time job to fund your college tuition and expenses is not feasible. My entire paycheck goes to bills and living expenses. I live with roommates, rarely eat out and spend most of my free time at home. I am a devoted listener to Dave Ramsey a radio personality who does not advocate living in debt.
When I began college, I felt strongly against taking out student loans and was sure that working through college would be sufficient. My uncle did it. Working through college took him seven years. However, it seemed worth it since he did not have any debt. As a senior in college, I can tell you that planning for your part-time job to fund your college tuition and expenses is not feasible. My entire paycheck goes to bills and living expenses. I live with roommates, rarely eat out and spend most of my free time at home. I am a devoted listener to Dave Ramsey a radio personality who does not advocate living in debt.
This year I had to take out a loan. From my parents. I struggled even taking a loan out for my tuition. Borrowing from family seemed shameful—what with my three siblings needing help and my dad’s frequent exclamations that “He can’t wait to retire.” Nevertheless, after doing some more research I found out that taking help from my parents would enable me to keep a better GPA and focus on finishing my credit hours. After all, the point of going to college is to graduate with marketable skills for the workplace. The sooner I could get a “real” job the quicker I could pay my parents back and would be less likely to need their help. The longer I stay in college trying to work my way through the greater financial burden I put on myself. College is getting more and more expensive and I cannot afford to be in school for seven years.
I still think that students should be wise about taking out loans. Taking out loans for a private university could be hard to pay back. Yet, for those of you who think that you would never borrow money for college, I would encourage you to never say never, but be smart and analyze what the best option is for you.
I really like your blog! :)
ReplyDeleteYou're blog is very helpful and insightful. I could see it becoming a type of advice blog for college students with financial questions and concerns.
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