Think Twice Before Taking Out That Next Student Loan
This Article On How To Think Twice Before Taking Out That Next Student Loan Was Written By John LaGrassa Vice President Of Business Development Of CrossCountry Mortgage NMLS 3029
What is the one thing in life that is worth investing in?
- We all ask ourselves that question at some point in our lives.
- The one answer that came to mind for me was my education.
- What would provide a better return on my investment than an education?
- So at the young age of 18, I signed up for a 10-month vocational program in medical assisting and quickly amassed over $10,000.00 in student loan debt.
- I worked in the medical field for three years while slowly chipping away at my student loans by making minimal payments.
- As I slowly trudged through life during these three years, I decided that I was not where I wanted to be.
- After careful research, I decided the best route for me was to further my education so I quickly signed up for classes at my local community college.
- This was a sure-fire way to avoid additional student loan debt, as the classes were affordable and I wouldn’t need to take out student loans.
- This was a smart route but it was also a long route, and very difficult for a full-time mother of four small children.
- As I struggled through my several hour long evening classes after working a full eight hour day, I came to the conclusion that I would need to entertain signing up for a private online college, which enticed me with promises of studying in my pajamas and no commuting.
- This came with a hefty price tag.
Think Twice Before Taking Out That Next Student Loan Due To High Costs
After I completed my Undergraduate degree in Accounting, I was up to $40,000.00 in student loan debt. Student loans are by no means affordable anymore:
- By no means do I regret my decision to further my education.
- I was able to land a full-time job straight out of college working for a state taxing agency.
- As I moved slowly up the ladder, I felt that the competition was getting heavier.
- Many of my peers had advanced degrees in Accounting and Business.
- I have always been competitive by nature and felt that I needed to step up my game, so I embarked on another journey.
- I signed up for classes towards a Master’s Degree.
- I was very excited about this venture and earned my Master’s degree in Accounting in 2009.
- Although I knew how expensive the program was and what I was getting into financially, I was nonetheless shocked at my first billing statement from the Department of Education- $90,000.00.
- I had to do a double-take because I was hoping maybe there had been an error-just maybe the Department of Education made an error and added an extra zero?
- No such luck for me.
- I immediately called them for an explanation and was quickly brought back down to reality.
Think Twice Before Taking Out That Next Student Loan: Is It Worth It?
I have no regrets about my decision to further my education and taking out a lot of student loans and I am not complaining;
- Obtaining an education has opened up many doors for me, but the $90,000.00 mountain of debt doesn’t just go away on its own.
- To make matters worse, I graduated during one of the greatest economic downfalls in American history.
- Before I graduated, I had job offers lined up and recruiters were contacting me weekly.
- My joy and thoughts of lucrative job offers sadly disappeared with the swiftly dwindling economy.
- Here I sat with $90,000.00 in student loan debt and earning nowhere near the income level needed to sustain those $800.00 per month student loan payments.
- As I struggled to make my student loan payments after my deferments and forbearance plans ran out, I quickly sought avenues of relief.
- As I asked around to my peers, I found that they had no advice to offer.
- Although there are many relief programs available, such as income-based repayment plans, extended loan repayment, and deferments, I found that many of those programs had income requirements that I did not qualify for.
- So here I sat with $90,000.00 in student loan debt, which incurred interest at a rapid pace and no promising job offers to get me out of my compromising situation……..stay tuned for Part 2 of my story of how I was able to manage my student loan debt.
About The Author: John LaGrassa
It is a great pleasure to introduce our Vice President of Business Development at The Gustan Cho Team at CrossCountry Mortgage and guest writer for Gustan Cho Associates . John LaGrassa of The Gustan Cho Team at CrossCountry Mortgage is an expert in all areas of accounting and finance. Mr. LaGrassa is not just armed with a Masters Degree in Accountancy, but has work experience in working in the private accounting industry and is currently working for the government and is a natural born leader. John LaGrassa Group at CrossCountry Mortgage helps countless of families nationwide realize the dream of home ownership into reality. Every day, borrowers at CrossCountry Mortgage who are home buyers realize the American dream of home ownership a reality. John LaGrassa extensive expertise in the mortgage industry and accounting will greatly benefit all of his fellow loan officers and support staff when it comes to qualifying self employed mortgage borrowers. We are looking forward to the second part of Think Twice Before Taking Out That Next Student Loan article and the many more blogs to come by John LaGrassa of The Gustan Cho Team at CrossCountry Mortgage Inc. NMLS 3029 in the coming days and weeks. Stay Tuned.