The Cost of An Education
by Christopher Nelson | November 18, 2008 at 9:19 am
Posted in Baltimore, education, money, success
In a couple of days I’m going to write the first check to begin repaying my undergraduate student loans. You know it’s one of those things you do because you must. This event serves as yet another sign that I’m not in college anymore. Admittedly, I miss it. I feel that way every time I go to write an e-mail versus a text so I can meet up with a friend in a dining hall or somewhere near campus. I feel that way every time someone asks about work or how life after graduation feels. A few times a week I think back to the days where what I thought about was much more simple.
As a student I also didn’t get phone calls or letters asking me to write my lovely institution a check. As an alum I want to drop a note in the mail which says:
I had a great four years at Loyola.
It seems surreal that I graduated just six months ago.
Already, having entered the work world and thus interacting with loads of people I’m beginning to see the difference between what a great education offers and what a not so great education could have meant for me. Thanks for opening my eyes.
While I know that it’s important for alums to give back, I can’t exactly cut you a check now.
I promise that you won’t have to wait until I make six figures, just wait til I hit the high five. As soon as I get there, you’ll get your cut.
In the meantime one way to save money is to stop calling or e-mailing, and if you do I promise to keep my contact information up to date.
Thanks,
C. Nel
LoCo ‘08″
Jokes aside having contemplated a career in education, studied up on a few educational institutions, and had a few interviews I understand the challenges colleges face. Tuition alone never fully funds a student’s education throughout the four years they’re at a school. The cost of an education is going up, and in some cases financial aid is drying up. That’s where college president’s come in. Their job is to not just lead an institution but to raise money which shures up endowments, funds major projects, and makes sure a school can pursue excellence. This recent Baltimore Sun article highlights just that.
Jokes aside Loyola I got you soon. My check as they say is in the mail.
Talk to me remember to comment here or e-mail me at cenelson08 at gmail dot com.
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November 18th, 2008 at 9:02 am | Please log in to reply. | Log in to rate this comment | report this comment
Ok...so congrats...welcome to the "money that never happened" club. It's a strange world where your salary on paper is drastically different than the money you actually see. Good thing I married well.
Some tips:
Don't default on your loan. If you're having an issue paying...call your lending institution...you'd be surprised how flexible they're willing to be if you're up front with them.
Examine your pay schedule. Many lending institutions will offer you a REALLY low monthly payment...and it seems like a no-brainer. However, many time you are only covering the interest on those plans and never actually paying down the principle. Again, talk to your institution - make SURE at least part of your monthly payment is going to the principle. And don't assume just because you overpaid that the excess is applied to your principle - many times they just carry over that excess into next month's interest only payment.
I put out about $900/month in student loan payments. It seems like a lot, but I'm on track to have ALL of it paid off in 8 years. The best part is that in eight years I'll suddenly have an extra $900 a month! And you know what that means....hookers and blow my friend...hookers and blow.
!
November 18th, 2008 at 6:36 pm | Please log in to reply. | Log in to rate this comment | report this comment
Good luck on the repayments. Mine are no easier 10 years later. What hurts most is the low repayment rate. Every $200 I give Wachovia I see that $36 actually went to pay off the $22,000 I still owe. I shoulda got a much better education for the money I'm shelling out now.