student loan affordability act of 2013
According towards the Huffington Post, nearly one in five households have student loan debt. I am some of those households, and obtaining a student loan has become my biggest financial mistake.
Fortunately, I received scholarships that covered my entire tuition at Florida A&M University. At the time of my enrollment, tuition was approximately $2,000 per semester for in-state students. I could have easily graduated from college with no burden of school loans.
But my sophomore year of school I decided to flex my independence and requested my first student loan which I received. Each year after I continued receiving school loans that I used for discretionary spending. My discretionary spending varied from eating at restaurants, shopping and springtime vacations. By the time I walked over the stage, I had accumulated approximately $14,000 in school loans. This is, undoubtedly, less bad numerous students graduating from college, however it has been completely avoided. Instead of repaying the debt, I would have much rather deposited $14,000 into my family savings.
Fortunately, I started working along a significant salary right after graduation. I was then capable of start repaying my debt. I quickly learned that I could budget effectively. Living on a tight budget allowed me to generate larger student loan payments that could be applied towards the principal only. After 36 months, my student education loans were completely repaid.
Hindsight is 20/20 along with the wisdom gained is golden. If I could do all of it again, I would donrrrt you have taken the school loans. I would have thought for a long time concerning the consequences of debt. Even with a great salary, a student loan payment is definitely an inconvenience.
My advice for almost any pupil would be to avoid student loans if at all possible. Only borrow how much money essential to purchase education expenses including tuition, books and housing. Do not take credit for discretionary spending. Learn to live a meek lifestyle in college. This meek lifestyle can hold over after graduation that may help you repay your loans. As much as you need to live a lavish lifestyle after college, if you're able to avoid upgrading your way of life you may be capable of repay your student loan debt quicker. Once your student loan is repaid, you may then upgrade your lifestyle, or otherwise not survive this type of tight budget.
student loan affordability act of 2013
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