| In Debt and Loving It |
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| Written by Diana Golobay | ||||
| Tuesday, 24 June 2008 09:52 PM | ||||
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It’s time to acknowledge the elephant in the classroom. Many of us have it but aren’t willing to discuss it. Few students possess the courage to openly talk about theirs. The rest of us prefer to avert our eyes, twiddle our thumbs and hum a cheery tune whenever it’s mentioned. No, it’s not genital herpes. It’s debt. Student loans seem to be regarded as contagious diseases — others may have them, but I don’t want to get them. The truth is, like a mortgage or car payment, loans are necessary parts of life and positive investments. Without them, few students can afford to attend college, earn a degree and start a career. This ought to assure incoming freshmen who are quickly discovering this whole “college” thing is darn expensive. It should comfort seasoned loan veterans and seniors who see the end of their college careers rapidly approaching. Whatever stage of the college debt process you find yourself at, sleep easily knowing you’re not alone. Rarely, you’ll find the one who boasts of not having to take out a loan, whose gotten through college on grants, scholarships and parents who can afford to help. Not everyone is so fortunate. For some, the time-consuming search for scholarships back in high school was hampered by the need to work and bring in additional income. For others, the few multi-hundred dollar scholarships and grants simply haven’t provided enough help to make the tuition bill manageable. It’s obviously time to seek out student loans. Yours might be a big number like $50,000, or it could be relatively small, like $5,000. The amount of debt a student has doesn’t matter. What matters is how he or she uses it. The primary use of loans and other aid is, of course, tuition. Any excess returned in a check should automatically go toward rent, books or traveling expenses. Don’t try to be sneaky and buy that flat screen, high definition television for “educational means,” although it would look awesome in your dorm. Don’t buy new rims for your tires or go on a shopping extravaganza. If nothing else, stick that cash in a savings account for next semester’s tuition. If you find yourself covered for the last few semesters, you’ll graduate with a handsome chunk of change you can use to pay off one of your loans right away. No matter how students use their loans, they should embrace them as friends. College only lasts a few years, and then graduates can start repaying those loans by working at a job earned with that shiny new degree. Students shouldn’t have to fear educational debt. Loans aren’t furnished by mafia-type agencies that will knock down your door if payments are late. They won’t break your kneecaps or burn your diploma to ashes in retribution for delinquent payments. If that happens, maybe you signed up with the wrong loan provider. — Diana Golobay is a print journalism senior and a columnist for The Shorthorn Views: 1738 | E-mail
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