Talking today with one of my Xclusive Mailing List subscribers made me realize what a bind this generation of students are in. This modern-day depression has stolen their dreams of funding their college careers worry-free. On top of all that, they've been fined with ridiculous and mounting student loan debt.
Reading these Student Loan Horror Stories kept a constant flow of wow's and hmm's from my lips. Read it yourself. One guy fled the country to escape creditors' phone calls and his $1.5 million debt. You might ask: What's the point of proving how smart and talented you are in college that once you're out you spend your life warding off collection agencies? The Bible tells us that being broke (or in the deficit) is a sin. Yes, a sin! You were created to be a lender, not a borrower. Living a life that's not prosperous spiritually, physically and financially is a sin against Christ.
Personally, I can not relate to those who suffer with student loan debt. Yes, I have debt, but none of it's from college expenses. You see, I worked my butt off before applying for college and, although a shop-aholic at first, I saved nearly $30,000. Additionally, I applied for scholarships like my life depended on it and was awarded a $3,500 stipend each semester because of it. In four years, I earned my Bachelors and owed no one.Today, its a different story as I chose to enroll in graduate school two months after graduating from undergrad and incurred a few pricey road blocks, which I'm rolling over this very moment.
Academic merits have awarded some of us scholarships, while others diligently work and save or discover other avenues (i.e. sponsorships, athletic scholarships, etc.) to fund college costs. Take for instance Ralph Jones Jr., as 16-year-old who turned down Ivy League schools and their partial scholarships for a full-ride at Florida A&M University, an HBCU (Historically Black College or University). Jones' decision has come with backlash. Some say he should simply pursue his dreams, incur the extra tuition costs and let his Harvard or Yale degree pay it off for him. Clearly, I'm on the other side that says, its better to be debt free than work off paying a mortgage-size debt in his 20's and 30's.
While I sympathized with young people that drop out of college because of lack of funds (heck! I'm one of them) or graduate into harassment from Sallie Mae & her friends, I truly believe that if we spent as much time applying for scholarships and grants as we did on Facebook and Twitter, they'd be less creditors calling. If we worked at summer internships rather than lay off on the couch watching reality shows, our reality would include a paid-off semester. Forgive me for ruffling feathers, but FAFSA and bank loans should always be your last resort, not your first option.
To continue this debate, read "What is a College Degree Really Worth?"
For those of you that are in debt, don't read those horror stories thinking that there's no way out. Your situation may not be as bad as theirs, but even it is, rest assured that God doesn't dwell on your mistakes. You shouldn't either. You wouldn't have a testimony if you didn't first have a test.
I like what Bishop T.D. Jakes says: "New levels brings new devils." He continues: "That's why you need God's grace and favor at work in your life—to do what you can't do and change what you can't change. God's promise to you is that His favor will always outweigh your adversity."
I like what Bishop T.D. Jakes says: "New levels brings new devils." He continues: "That's why you need God's grace and favor at work in your life—to do what you can't do and change what you can't change. God's promise to you is that His favor will always outweigh your adversity."
I encourage you to locate a financial coach or ask someone within your Top Five, who shows great money management skills, to mentor you toward no debt. Subscribe, as I do, to blogs like Mocha Money and the Washington Post's Color of Money weekly column written by Michelle Singletary for financial advice. As a New Year's resolution, I plan to take a 21-day financial fast as spelt out in Singletary's book "The Power to Prosper: 21 Days to Financial Freedom." Also read "First Generation White Collar," written by MoneyMonk.net's L. Marie Joseph on saving and investment tips for new graduates.
I promise, these tools will help you erase your student loan debt and emancipate you from financial bondage.
I promise, these tools will help you erase your student loan debt and emancipate you from financial bondage.
How are you overcoming your horror stories with student loan debt? What do you think about Ralph Jones' decision?
Thanks for the mention. We all need to educate ourselves when it comes to debt
ReplyDeleteAgreed! No problem. Thank you for your site and all that you do to educate us.
ReplyDeleteThanks for the mention.
ReplyDeleteCouldn't agree with your experience more. Too many of us wait until the last minute and then expect the scholarship opportunities to drop out of thin air.
It takes work and advanced preparation to get the scholarship dollars. The money is out there but only to those willing to put in the effort.
As you said we'll find time for everything else, like twitter, facebook, going out, but won't use the time to grab the opportunities that'll set us ahead.
Exactly Alonzo. Parents play a huge role in this preparation, too. Although I support those that start college funds, we must make our children accountable and aware of the bigger picture.
ReplyDeleteI credit my father for rewarding my brothers & I only when we came home with A's. As he said, anyone can get a 'B,' but over-achievers get their just reward, as in life.
(sorry for the late response)