hellooooo post grad friends! i've missed writing to you so much. in the past couple months, i've transitioned from one job to the next and been elected to a community board so, needless to say, i am BUSY. however, i want to get back to writing and sharing my post grad experience. to all of you who asked me to continue writing, thank you. i truly enjoy it. now on to business....today's post is a bit of a rant about the monster that no one really talks about that lives under your bed during your college days: student loans.
WARNING: i am about to be EXTREMELY transparent in hopes that it will encourage someone else.
hi, my name is alysha and i am over $100,000 in debt.
no, it's not because i have a ridiculously addiction to shopping (although, i really do have a shopping problem, but that belongs on another blog.) this debt has been accumulated while trying to better myself through higher education. i had no idea what i was getting myself into freshman year when i signed my first loan agreement and within seconds placed myself $18,000 in debt.
i don't think any of us do. it isn't until four years later after we've experienced the happiest moment of our young adult lives, graduating college that we realize exactly six months later we'll have to pay for our happy years every month. furthermore, we don't realize HOW MUCH we'll have to pay for those years...every month. unfortunately, not one of my undergraduate classes prepared me for the horror which is my monthly loan bills.
it wouldn't be so bad if i was in a job making 45k+, sitting in the shade drinking lemonade, and had ample amounts of extra cash. but, it is quite the contrary. i am a broke graduate counting my change in the mcdonald's drive thru. my loan providers have no remorse. when i call them to lower my payments, they tell me there's no way out. i didn't know signing a loan agreement was like signing over your soul to the devil. so now, i have a job i love dearly, but the money i make will soon not be enough for me to actually live and pay my loans at the same time.
the crazy part is: i prepared for this. i calculated out how much i was going to have to pay every month after i graduated college. my estimates were way off to say the least. i honestly don't know what the answer is to this problem my fellow grads. what do you do when your skills qualify you for one salary, but your bank account asks for another? my answer is: you work and have faith. i know that some way, some how i will not go under. if it means getting another job, i'll do it. if it means changing jobs, i'll do it. applying to graduate school? i'll do it. (fyi: if you're going to graduate, they'll defer you longer as soon as you get an acceptance letter).
bottom line is: don't stop fighting ladies and gents. if you're experiencing loan issues:
#1 call your provider
if you get the right person on the phone, they may be able to help you. you have the most wiggle room with the federal government because they have several payment options. i called and had my payment split in half. (thanks jesus)
#2 know your options
whether it's consolidation or forbearance, research what you can do. i don't really suggest forbearance because it's basically another deferment where interest continues to grow on your principal. however, if you seriously can't make payments, it's an option. consolidation is great if you have horrible interest rates. consolidate with a credit unions because they give better interest rates and have incentives with membership. you don't have to currently be a member of a credit union. there are sites online such as CuGrad that will help you through the process of becoming a member and consolidating. you can also try to consolidate through your current bank. sometimes they offer incentives if you bank with them and then consolidate with them. here's some additional information on options learn your options
#3 work your little booty off.
set up a budget and save as much money as you can. in the case of a emergency or if you're strapped for cash, you can borrow from yourself. look for part time positions that are not stressful or difficult to take on for a short period of time.
remember, all situations are temporary and all problems are fixable :]
thinking of ideas for my next post...i was thinking a resume breakdown. how many of you need assistance with your resume? what topics would you like me to write on? comment below & share this post with your friends.
-AMB
