Student loan debit, in my opinion, is terrible. I am drowning in student loan debit and I am still working on my bachelor’s degree. I got my associates of applied science in Medical Administration and I am working on my bachelor’s degree in Health Care Management. Since my associate’s degree cost so much money, pretty much $39,000,
I have to take double classes just to avoid capping off on my student loans. Since I get federal student loans and Pell grants for single mothers, I have to be very careful about everything I do. I was not told that there was a cap off for my loans; I made the mistake of opting to get the excess funds from my student loans send directly to me instead of the lender. I am not certain of the amount of money that was sent back to me personally, but I know it was not a small amount.
Looking back at the spending practices for my associates, I was not very wise at all about the way I budgeted my student loan money. There are some things I could have been wiser about, and I wish I would have learned more about student loans in general before I opted for them.
So far, my associate’s degree has not provided any money toward paying back my student loans. Finding a job with my associate’s degree was not the cup of tea I thought it would be. I figured that I would get a job right out of school, just because I had a degree. This was not so at all. Of course I have not been out of college for to long, only a few months, but the immediate reward I was searching for has not come yet. It has become more of a regret than a triumph.
Currently, I am working on consolidating the student loans from my associate’s degree so that I can get them paid back faster, this will help me avoid capping off too soon on my loan money. I planned on working thorough my bachelor’s degree, but I am living with family so that I can take the double classes to avoid this notorious cap off at $50,000.
I am afraid to see what my student loan debit will look like after I complete my bachelors degree so I am not even paying attention to the price tag of my education that keeps going up at unheard of rates. By the time I complete my bachelor’s degree, I estimate it will cost as much as a decent house in a school zone.
They say that a college graduate makes more in their lifetime than someone who has not attended college. If I add up the projected income for my career field, and subtract the amount that I will pay out yearly for my loans. I will not see a profit for 5 years, which sounds more like I opened a business than got a degree.