<p>I am completely blown away by the responses - both positive and negative - that my article (Yes, I’m wrote Graduating From A College I Can’t Afford!) has received on this forum. Moreover, I’m thrilled that so many of the underlying issues regarding paying for college and student loans have surfaced in this discussion, which was my intent when writing this personal essay in the first place. I know many of you have asked questions about my whereabouts and current financial situation, so I’d like to bring everybody interested up to speed and clarify some points as well. </p>
<p>I had wanted to attend NYU since my freshman year of high school because I knew early on that I wanted to study journalism. Applying to NYU was not some big pipe dream to live in NYC for a few years and study performing arts as one of you suggested. NYU was one of the best schools I had learned of and had a prestigious journalism program that would no-doubt grant me access to our country’s top publishing companies while I studied there. (And for the record, I didnt play soccer and join clubs because I felt like I had too. Soccer was the love of my life since age 4 and I enjoyed every minute I spent with my peers in afterschool activities. It just so happens that when in high school its ingrained in your head that colleges like students who do X,Y, and Z, so who in their right mind wouldnt try to overachieve in that department to make themselves look as good as possible on paper? And keep in mind, theres also this little thing called editing when you write a piece for publication.)</p>
<p>When it came time to apply to colleges, there was never a discussion in my HS college admissions office about what I could afford. The conversations were always about what school you had a chance of getting accepted by, so naturally when I got my acceptance letter from NYU I felt like I had indeed earned it and yes even deserved it, based on academics of course, not some notion of being entitled or having a spoiled upbringing. It was a sad reality that I didnt want to face when my mother (my parents divorced when I was 13) sat me down and explained that she would not be able to contribute more than the equivalent of one semester to my education expenses. I had friends whose parents were footing the bill for their college education and others that were taking out student loans. Isnt that what everyone does? </p>
<p>For me, my mother 1. Simply did not have the money to contribute (which I should mention had absolutely nothing to do with lavish vacations and a fancy things we were very much middle- to lower-middle class that was still dealing with the financial issues that follow after a 2-income household becomes a 1-income household), 2. She did not feel obligated to pay for my college career because she herself had worked and paid her way through school 25 years earlier and 3. My parents had helped me save nearly $25,000 for my college career over my lifetime, but that just wasnt enough. Saving for college was an expense they were more and more aware of, but it wasnt at the top of their list, and understandably so since it wasnt until I was in high school (1999-2003) that college costs started to rise at record rates and saving for your kids education became such a hot topic, until it was too late.</p>
<p>Despite financial worries, I made my decision and it was MY decision as I was paying for more than 90% of my education to attend NYU after MUCH resistance from my parents. Some of you have mentioned I was naïve and I couldnt agree more. An 18-year-old does not and cannot understand how taking out such a large sum of loans will affect their future. You can explain until youre blue in the face, but it means nothing when paying the bill seems so far off in life and the social norm. I do not blame my parents, as some of you have. I do not blame NYU, as some of you have. It is the system of higher education that is at fault. A few of you hit exactly on what the problem is too: at 18 you are an adult, yet your need for financial aid is based on your parents need whether or not they are willing to pay for any or all your schooling. Seems incredibly fraught to me. Especially when I would have received much more financial aid if I had moved out when I was 18, declared myself an independent and applied for financial aid on my own. But then again, this was not something they suggested in the financial aid office at my high school either. </p>
<p>I packed my bags and moved into New York City where I lived and studied for my freshman and sophomore years of college. By halfway through my sophomore year when I applied for another private student loan over $15,000 I knew that something had to give, so I decided to move back home to my mothers house and commute for the rest of school to save money the best way I could. I held a part-time job all four years of school and supported myself completely. I paid for my own food, clothing, car insurance, gas, social activities you name it. I considered transferring a couple of times to save money because student loans were constantly stressing me out, but I thought what good was attending at all if I dont get my diploma from NYU after how much I had already invested. Besides that, what kept me going were the professionals I was studying under and the experiences from internships that I had started to take on (which I still believe were made possible because I attended NYU and was in/so close to NYC). </p>
<p>Fast-forward to graduation. I had already began paying back some of my government loans because I consolidated them as soon as I was able to lock in at a lower interest rate. I deferred payment on my private student loans which were the bulk of my debt for 6 months after graduation to get my feet on the ground but still had to pay interest (nearly $200 per month alone). Luckily, I had landed a job at a major consumer magazine (which I previously interned at) as an editorial assistant in March 2007, two months before I graduated. I was promoted to Assistant Editor less than a year later and again to Associate Editor less than eight months after that. My growing but still modest! salary eventually allowed me start to pay off my monthly student loan bill, which at its highest was over $850. (Because I havent consolidated my private student loans yet (I would have had to lock in at a higher interest rate to do so) and the interest rate is variable, I have the unexpected benefit of paying 2.5% interest currently because of the market, which brings my payments down to about $660 per month.) Unfortunately, with private student loans there are not many options when it comes to repayment and consolidation right now. I am still waiting to lock in at an interest rate thats reasonable, and therefore Im stuck with paying large sums each month for the next 10 years. </p>
<p>While this monthly payment is insanely large, I do make ends meet. I have to. Period. I never moved back into the city and to this day commute from Long Island to work. I dont have a fancy car I drive a beat up 1999 Jeep to avoid unnecessary car payments (when I already pay $300 in train tickets) and my car sits at the train station. I dont, however, eat Ramen like I did back in college. I shop smart when it comes to food and clothes and stick to a budget! While Im strict with my spending because I have to be, I in no way feel like Im missing out on anything money can buy. In fact, Im completely happy with my life and my job and I love where I am right now. I got married last year - thankfully my husband has a tenth of my student loan debt! and were currently saving for a house. We live in the apartment in my husbands parents house where we pay rent but still try to put money away each month. Is it hard? Absolutely. But so was saving for our wedding and we managed that too. Its only natural that I wonder if my student loans werent so large if we could own a house already. But then I remind myself that Im not even 25 and with the state of the economy and the housing market Im doing pretty damn well.</p>
<p>I completely despise the amount I write on that check to Citibank each month, but I cant say I completely regret going to NYU because Ive ended up exactly where I wanted to be. I went to my dream school. I landed my dream job. I do of course wish that I could have paid a quarter of the price and got the same results. But no one can say if it all would have happened the same way for me. I do think I am motivated enough of a person to achieve my dreams no matter what, but I like many high school students out there, felt pressured by this so-called hype of going to the best school possible. </p>
<p>I also want to remind everyone that the financial perspective of a student graduating from high school in 2003 was much different from those about to graduate in 2010. Seven years ago this country was not in a recession. 18-year-olds werent witnessing their parents finances changing rapidly before their eyes they were watching them live normal life and take out loans for just about everything because thats they way the middle- and lower- class survived. The bottom line is that nearly ten years ago, a lot of us signed up for much more than we would be able to handle in our future. Had I seen what 18-year-olds today are seeing, Id like to think I would have better understood what signing all those loan papers would have meant for my future. </p>
<p>When students come to me after reading my article and ask what they should do, I advise them not to take out the loans if they can get a similar education for less somewhere else. Reason being, I think employers understand better today that the best pool of applicants no longer comes from the best colleges because most people cant afford to go to those schools anymore. While a lot has changed, much more needs to change to make sure students like myself make better, more informed decisions about college and that they arent swayed by societal pressures when it comes to choosing a school.</p>
<p>For now, I just keep looking forward.</p>
You say that you got married last year, and you’re not yet 24. That would suggest that you got married when you were 22ish. You also mention that your H doesn’t have 1/10th the student loans that you have, AND that you’re renting an “apt” in your in-laws’ home. </p>
You certainly would not be on your way to saving for your first home. </p>