He Who Must Not Be Named: Student Loan

Hi, my name is Rachel, and I have student loans. When I was a freshman in college, I had an overwhelming feeling of: fitting in, moving into a new apartment with five other women, and realizing that Cookie Crisp cereal and Little Debbie’s doesn’t count as breakfast every day. Apart from my nutritional awakening, financially, I didn’t prepare myself for the expenses of being a student. Seemed “too easy” to apply for a student loan, agree to some agreement and get money to put towards supplies and tuition, right?

The allure of having assistance for one’s education should be more than just agreeing to terms and conditions, and promising to the ridiculous interest rates they charge thereafter. I, myself, am not the poster child of how to manage money and not saying I was duped into signing off my life because I used my financial aid for strictly educational supplies. Yet, I want to know how can one prepare themselves, at the old age of 18, for the repercussions of 20% principal on top of the loan itself? I was inspired to write about this from an article from Refinery29’s website called, “7 Millenials Share How Their Lives Would Change If Their Student Loans Were Forgiven.” It almost reiterated how I felt if my debt was forgiven. The easier route would be ideal, of course, and not have this large expense to deal with, as it only serves a “principal” of which I never truly finished my education. I’ll be honest, I had some health issues and took a pause from being in school to focus on getting back to normal. But, with this huge “Red Mark” on my credit report, and fat letters I would get in the mail from the Department of Education stating I owe them money… I would love to say no. And also, “you need to make tampons free for every woman! K, Thanks!”

We all have the dream of having no debt, and some of you are, which *cheers*, but how would you feel about a large expense you have automatically taken out every month NOT happen anymore? Would you be grateful? Would you wonder how it was “forgiven”, and start to wonder about the next election in how much they’ll raise taxes? Yet, the burden of students affect so many people, and instead of regarding yourself as a “victim” is honestly… the worst thing to do. When you own what you have in front of you, it’s seriously the best perspective to have. We can’t rewrite the laws that give the department of education, and loan companies over these student loans, but We Can educate ourselves. Educate your kids about proper money practices. Enroll in a class online about how to stay on a budget, and meet your goals. I don’t regret getting a student loan, because it helped me with some supplies, but knowing how money, interest, budgeting, etc. works. Period!