January 28, 2022 marked my one year anniversary of paying off my student loans . Reflecting back on choosing to pay off my student loans leaves me with several take a ways that I want to share with you! In September 2020 I decided to become debt free by utilizing the debt snowball method to pay off all my debt. Before this I had struggled to save and really understand basic financial principles. As a first-generation college student, I received a scholarship to attend undergrad for free, but the scholarship did not cover summers. During the summers I took out student loans to cover costs without paying interest rates or how much I was taking out. By the end of undergrad I had amassed a little under $17K. Fast forward to graduate school I received another scholarship that covered my education. At the time I was a teacher in a new very expensive city and I had missed the cutoff to have my paycheck last me throughout the summer. So, I decided to take out a loan for two summers to keep
So we are in week two of summer courses and for my university
this past Monday was the official drop day due to nonpayment. As you know
during the summer financial scholarships and grants are limited which often stop
students from taking summer courses. I remember being in undergrad and taking
out a student loan during the summer because my scholarship did not cover
everything. This actually got me to thinking on what should students do when
there summer financial aid does not cover their summer courses. Check out the
tips below if you or someone you know is in this situation!
Figure
1: This is a YouTube thumbnail of my latest video on Summer Financial Aid Won’t
Cover my Courses what do I Do? Where I have a stressed look on my face
First, set up a meeting via phone or email to speak
with your financial aid advisor or the director of financial aid. Keep in mind
that depending on your universities size meeting with the director may be a
task so meeting with an advisor is just as good. You also should always start
with your financial aid advisor first. Be sure to be professional, present, and
polite. Know your numbers! What do you already have? What do you need? Are
there any scholarships, grants, or student jobs that could assist you? How
should you go about applying for them? Student loans are NOT an option!
Figure
2: This is a photo that says financial aid and scholarships
Next, how much are your courses? Can you do a payment plan? If you are able to pay but not all at once, reach out to student accounts to receive more information on this. During the summer, this may be difficult to do as the summer sessions are much shorter however, your university or college may still be able to work something out that does NOT require any type of loan.
Figure
3: This is a photo that says installment plans.
If you are a part of an organization such as a fraternity, sorority, or church group that you have consistently participated in
try reaching out to the person who is in charge and let them know your
situation. Remember, be polite, professional, and present. Never lead with “I
need money and fast!” instead present your situation in a clear and concise
manner and ask if there are any extra funds to assist you with pursing your education.
Figure
4: This is a photo of a group of people working together
Lastly, if you are able to lean on your family for
financial support do so! You know those aunties, uncles, and older cousins who
give you the good old Pentecostal handshake (that’s a handshake with money in
it!) at all the family gatherings? Now is the time to lean on to them to see if
they can assist you! If family is not an option for you don’t get discouraged
and don’t give up! Try each of the steps I mentioned earlier! Are you in this situation
currently? What options are you trying to make sure your summer courses are
paid for? Drop down in the comments and let me know!
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