How Repaying My Student Loan Was A Lesson In Becoming A Responsible Adult
One of the most trying experiences in my life was being saddled by my student loan debt. The frequent letters and phone calls from NYSHESC was a painful reminder I owed them and had broken my promise to repay. Receiving my loan approval letter was one of the happiest days of my teenage life. Because of them my dreams of attending college came through.
Make A Plan
The deal was a good one where I wouldn’t have to repay a dime as long as I stayed in college for the 4-year duration. The onus was on me to fill any other financial gaps, get passing grades and graduate on time to find a job so I could repay as agreed.
Try New Things
I worked part-time jobs while in college where I learned valuable skills as a dietitian and how to relate to people who had specific dietary needs. I formed friendships with patients in the hospital where I worked and learned more than I expected like which patient liked mayo and who couldn’t have it and the substitutes that made for a tasty roasted turkey sandwich. Simple things, but I didn’t mind because I was in learning mode.
Manage Yourself
Budgeting became important where I learned to buy only clothes and groceries I could afford while leaving enough to pay my bus fare to get to work and keep my dietician’s white uniform in top notch condition. Meal times were at a certain hour so responsibilities came with ensuring my patients got their snacks on time; for some it was their favorite meal of the day. For the times I was running late or couldn’t make it in it was up to me to ensure I had coverage. Balancing a job and my demanding school work was difficult and sometimes I had to switch shifts with a co-worker or ask a professor for an extension on an assignment or skip out on weekend fun to catch up on upcoming projects and the deep dives into difficult concepts.
Learn to Empathize
That was just one job but the experience stayed with me and even helped me to make better food choices for myself and it taught me how to empathize with those who really can’t care for themselves.
I often wondered, if I defaulted and couldn’t repay, the impact it might have on future students’ ability to get loans and the damage to the credit history and financial viability of my loan co-signer.
Mistakes Are Inevitable
This experience of working in a hospital was in-line with my major at the time though I would have had a more prestigious occupation upon graduation. After six-months at the hospital I realized I had chosen the wrong major. It wasn’t like the purchase of a camera that malfunctioned, a dress that didn’t fit or buyer’s remorse where I could try to ask for a refund or an exchange. I was already three years in — a junior. When the tuition rose dramatically, all source of funds — scholarships, student loans, part-time work — would not cover my tuition, room and board. I dropped out.
Accept Responsibility
With the new student loan bills and frequent phone calls reminding me payment was late and the threats of being sent to collections becoming tremendously bothersome, it was clear the debt wasn’t going away on its own. It made me look for full-time work. That’s when I truly learned about life, the small print in legal financial agreements and self responsibility.
Don’t Ever Give Up On Yourself
Luckily for me this new path took me to the career of my dreams, so much so it prompted me to return to college and get my bachelors in a field I absolutely adored, that matched my natural talents and fit my personality. Not long after graduating, landing a better job, and following a strict budget, I was elated to make the final payment on my student loan.
Sweet Reward
Countless days I wished the student loan debt would go away but this was the real world. I didn’t have a rich uncle or trust fund hidden away. I had no degree but I had a drive to succeed and knew it might take a little time for things to work out. The growing accumulation of interest, however low, dampened my spirits as it added to my balance. All I could do was face the truth: it was my decision to attend college, my decision to take out this loan and my decision to drop out.
Years later I received a letter in the mail from NYSHESC. My balance owed was $0. It was a reason to celebrate and celebrate I did. The feeling of paying off that hefty debt was a burden lifted, a new lease on my financial life and I was immensely proud I took control of my life and paid back my loan.
That wasn’t all. It would take more than seven years to get the blemish off my credit report but I saw it as a rite of passage to adulthood where I had to be responsible for promises and decisions I made no matter how uninformed I was or what obstacles presented themselves. It also meant accepting the consequences.
“Do what you have to do until you can do what you want to do.” — Oprah Winfrey
That feeling of being released from my student loan debt, of all my experiences as a college student, was a life long lesson in and of itself. Teachers and professors spoke of financial management, the time value of money and being socially responsible but it’s only when you live it, experience the struggle and glory overcoming it, that you truly learn it and appreciate it.
As an adult, budgeting and the value of money remained forefront in how I lived my life. Ignoring tempting credit card offers, learning debt consolidation, controlling the impetus of immediate satisfaction and living within means, saving for rainy days, borrowing sensibly only when absolutely necessary and building good credit. These learned behaviors played a pivotal role later when I ran a company and handled other people’s money. If I couldn’t manage my own finances responsibly, then why should a company trust me to do that for them or even trust me, period?
“As you grow older, you will discover that you have two hands, one for helping yourself, the other for helping others.” —Audrey Hepburn.
Maybe the greatest lesson I learned was to advocate for myself, face my challenges head-on and engage my debtor. A phone call to work out a payment plan meant I paid a lesser amount without defaulting and escalation to collections.
They say hindsight is 20/20 and the one thing I would have done differently is to look for available resources in the public and private domains who might have been able to help. That too is taking responsibility and being proactive. Plans are easy to make, implementing not so much, but it helps to envision the desired outcome and go after it with every ounce of strength.
In the midst of a struggle, the challenge is disheartening but there’s a remarkable self-respecting beauty with overcoming on your own.
