2013년 11월 22일 금요일

Ceola Oxley 's blog ::Portrait of the Applicant as a Young Woman, or: How I Applied for Grad School and Got My Sh*t Together in 587 Easy Steps!!







Ceola Oxley 's blog ::Portrait of the Applicant as a Young Woman, or: How I Applied for Grad School and Got My Sh*t Together in 587 Easy Steps!!








With               the               cost               of               education               constantly               rising               in               North               America,               millions               of               students               are               taking               out               loans               to               cover               tuition,               books               and               cost               of               living.

Although               it               is               fairly               easy               to               obtain               a               loan               for               college,               it               may               not               be               quite               as               easy               to               repay               it               when               the               time               comes.

The               following               personal               account               will               outline               some               easy               tips               for               paying               off               student               loans               quickly               and               efficiently.

I               was               able               to               repay               my               loan               in               five               years,               rather               than               the               usual               decade.

Since               I               paid               if               off               quickly,               I               did               not               pay               as               much               interest               and               thus               brought               down               the               total               amount.

I               also               found               a               stress-free               way               to               use               the               skills               I               learned               in               college               to               repay               the               money               it               cost               to               attend.

If               you               have               an               outstanding               loan               or               are               considering               taking               one               out,               you               probably               want               to               read               this               article               and               make               a               plan               for               repayment               as               soon               as               possible.

I               was               fortunate               enough               to               have               a               college               fund               that               covered               my               undergraduate               studies               so               I               thought               I               would               never               have               to               deal               with               the               trials               and               tribulations               of               student               loans.

However,               upon               completing               my               Bachelor's               of               Arts               (majoring               in               Psychology)               in               Canada,               I               decided               to               apply               to               graduate               school               in               Hawaii.

The               program               was               exactly               what               I               was               looking               for               and               who               wouldn't               want               to               leave               the               cold               winters               behind               for               palm               trees               and               ocean               views?

I               took               out               a               loan               with               the               government               of               Quebec               and               jumped               on               a               plane.

I'll               admit               that               I               never               put               much               thought               into               the               loan.

The               words               "interest               free"               popped               out               at               me               and               it               sounded               like               a               great               idea.
               Over               the               following               three               years               I               managed               to               rack               up               over               $60,000               in               loans.

My               loan               was               not               only               paying               my               out               of               state               tuition,               but               also               the               incredibly               high               cost               of               living               in               Hawaii.

Rent               alone               was               $700               a               month,               and               I               rented               a               bedroom               in               a               dingy               walk-up               apartment.

The               dollars               added               up               as               I               studied,               partied               and               enjoyed               life               in               paradise.

My               plan               was               to               get               my               PhD,               find               a               high               paying               job               and               then               pay               a               monthly               payment               for               ten               years               until               my               loan               was               paid               off.
               Three               months               before               I               received               my               Master's               degree,               my               son               was               born.

While               this               was               the               best               thing               that               had               ever               happened               to               me,               it               certainly               was               not               in               my               plan.

I               finished               up               with               the               Masters               and               decided               to               forget               about               the               Doctorate.

Now               I               was               a               new               mom               newly               married,               staying               home               with               my               baby               and               got               a               letter               in               the               mail               stating               I               would               have               to               pay               $655               a               month               for               ten               years.

I               spoke               with               my               husband               and               we               decided               that               would               not               do.
               One               important               issue               I               want               to               mention               here               is:               there               was               no               interest               while               I               was               in               school.

That               does               not               mean               no               interest               ever.

In               my               first               year               of               paying               $655               a               month,               I               paid               off               only               $7000               from               the               total.

That's               over               a               thousand               dollars               of               interest               in               one               year!
               There               was               just               no               way               I               wanted               to               commit               to               ten               years               of               these               payments               and               I               couldn't               stomach               the               fact               that               some               bank               was               going               to               make               ten               grand               off               of               me               simply               because               I               didn't               have               the               money               to               pay               for               grad               school.

I               needed               a               plan               and               I               needed               one               fast.

I               spoke               with               my               uncle,               who               is               an               accountant               as               well               as               my               husband               and               we               worked               out               a               budget.
               Everybody's               financial               situation               is               different               but               here               is               how               I               paid               off               the               rest               of               my               loans               in               only               four               more               years.
               Step               one:               I               got               a               part               time               job               on               the               weekends.

Since               my               husband               and               I               had               planned               for               me               to               stay               home               with               the               baby,               his               salary               was               enough               to               cover               the               essentials.

I               worked               at               a               retail               store               on               the               weekends               and               picked               up               some               freelance               tutoring               in               the               evenings.

I               was               able               to               bring               in               approximately               $               800               a               month,               after               taxes.
               Step               two:               We               budgeted               $100               a               month               from               my               husband's               salary               to               go               towards               my               loans               as               well.

In               order               to               afford               this,               we               had               to               get               serious               about               coupons,               shopping               at               Costco               (rather               than               regular               grocery               stores)               and               conserving               utilities.

You               would               be               surprised               how               much               money               you               can               save               by               line               drying               your               clothes               and               air               drying               your               dishes.
               Step               Three:               Use               any               lump               sums               to               reduce               the               total               loan               amount.

This               included               our               $4000               tax               return,               birthday               money               and               the               payout               from               a               one               time               writing               gig               I               scored               with               a               novelist.

These               lump               sums               are               really               the               key               to               quick               loan               repayment               because               the               more               you               can               pay               at               one               time,               the               less               interest               you               will               pay               in               the               long               run.

When               we               had               a               lump               sum               to               contribute               to               the               loan               we               would               scrap               together               every               dollar               we               had               to               add               to               the               amount.
               Now               here's               the               math.

Of               course               your               situation               will               be               different               but               you               can               see               by               my               situation               that               five               year               repayment               is               definitely               doable.
               $800               (my               part               time               work)               +               $100               (from               my               husband's               salary)               =               $900/month               x               4               years               =               $43,200               
               Tax               returns               ~$4000               x               3               years               =               $12,000               
               Two               other               "lump               sum"               deposits               ($1200               +               $3100               =               $3300)               
               Total               amount               repaid               in               four               years:               $58,500
               So               now               you               see               how               I               repaid               it               but               I               have               left               out               one               major               factor...

was               my               education               worth               it?
               I               can               answer               the               above               question               with               one               word               -               no.

Although               I               truly               enjoyed               my               time               in               graduate               school               and               I               did               learn               a               great               deal               about               Psychology,               I               am               not               qualified               for               very               many               high               paying               jobs               and               I               have               chosen               not               to               take               on               a               career               so               I               can               stay               home               with               my               children.

In               short,               I               spent               $60,000               for               no               reason               at               all.

I               am,               however,               extremely               proud               that               I               was               able               to               pay               it               off               so               quickly               and               I               no               longer               have               to               worry               about               whether               or               not               it               was               worth               it.

Yes,               I               worked               weekends               for               four               years               but               it's               over               and               now               I               still               work               weekends               but               we               use               the               money               as               "play               money"               for               dinners               out,               vacations               and               fun               purchases.

Even               more               importantly,               I               learned               how               to               budget               and               how               to               pay               off               debt               efficiently.

I               think               it               could               be               argued               that               the               skills               I               learned               through               my               loan               repayment               are               more               useful               in               the               real               world               than               any               skills               I               learned               in               school.
               My               advice               to               those               who               have               student               loans               is               to               make               goals               and               stick               to               them.

Your               number               one               focus               should               be               on               paying               it               off               FAST.

Speed               is               the               key               because               those               interest               dollars               to               not               rack               up               quite               as               high.

My               advice               to               anyone               who               is               considering               taking               out               a               student               loan:               do               some               research               on               the               degree               you               are               going               for.

Make               sure               it               will               be               lucrative               enough               to               make               the               loan               worth               it.

Finally,               everyone               should               have               a               back               up               plan.

You               never               know               what               life               is               going               to               bring,               but               defaulting               on               a               loan               should               not               be               an               option.

Even               in               a               deplorable               economy,               there               is               always               a               job               at               the               local               mall               or               fast               food               joint               that               can               help               you               get               that               debt               down               to               zero.

I               hope               my               experience               will               help               you               make               wise               decisions               when               it               comes               to               student               loans               and               repaying               them.






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