Many readers have found Studenomics over the years by looking for answers on how to pay for college. A few weeks ago we looked at how a member of the community is dealing with student loans. I love to share your stories. You guys are what makes Studenomics possible.
Today I wanted to highlight another reader that’s doing some pretty cool things right now and planning for the future. I asked Brenda to email me what she’s been doing and how she plans on dealing debt.
What’s Brenda’s plan for paying off loans?
Just like any other student when it comes to money I‘m the same; spending money is fun but sometimes difficult to save. As a young child growing up, I was taught to save money. The money I earned was mine and I could spend it how I pleased but once it was gone it was gone and I didn’t have any left. Soon I found out that I liked having money and didn’t like spending mine on toys that I would get sick of within a few months. Soon I developed the thought that if I saved every penny eventually I would be able to buy something I really wanted. So I began to save all that I could until I had enough to buy it.
The same process holds true when it comes to paying for college. Saving money any way possible helps in the long run because, as many people know, debt adds up quickly.
When I decided to go back to school I chose to go part-time because:
1) I can work during school and help pay for it rather than taking out a large loan.
2) It’s more affordable going part-time rather than full-time.
I hear stories all the time about students that get a degree and end up with mountains of debt and work at Target not even doing what they went to school for. I don’t see the point in spending money on a degree that I won’t use. In which case, I decided to take the slower route by getting experiences until I decide what I want a degree in, then pursue it further.
College debt is difficult to get rid of and usually lasts a lifetime. Something many students don’t realize is that the minimum payment required doesn’t even touch the principle but just the interest accumulated. Fortunately, there are ways to go debt free!
In my English class I had to write an essay and during my research I came across this website and was glad to find that there are other students who go debt free as well. Yes it can take a little longer, but it was exciting to find new ways to save money as a college student. It’s been working for me so far and I hope that some of you reading this will be able to see debt in a new way.
Thanks for sharing your story with us Brenda on how you plan on paying for college. Do you guys have any thoughts on this?
If you have a few minutes, I would like you to check out my detailed piece on how you can graduate debt free from college and what worked for me.