College can be a stressful time. Money can be a stressful topic. Combine the 2 and you've got the makings of the cheesy horror film – you know, the one's where the characters make shockingly horrible decisions again and again and over again, blissfully unaware of the outcomes of their decisions.
We are all aware them, and we know their stories don't generally end well.
They end with the main character almost universally suffering some sort of great harm, simply to barely escape and live to tell others about it.
Well, that same main character, the main one in the above story, that's me. I'm the guy who (unknowingly) made horrible decision after horrible decision, survived, and now I'm here to let you know about them.
Not because college is hard. And not because cash is hard.
To the contrary, sometimes they can be deceptively easy. That's where the risk lies.
Today, I'm going to reveal to you five lessons If only I'd learned about paying for college, so you don't make the the same ghastly mistakes I did.
Do Your Homework
This should go without saying, but it's something which I, and many much like me, never did.
You see, I had parents which were enablers.
They were beyond kind, and they loved me dearly, however they didn't do me any favors by not including me in a more meaningful way if this came to obtaining my student loans.
Students, pay attention to your folks. They have life experience which will prove invaluable when discussing the intricacies of your loans.
Parents, involve your students. Providing them with access to “easy” cash is a missed opportunity for conveying the gravity of what they're undertaking.
This may be the mandatory first step for everyone involved – educate yourselves on the differences between college grants, educational funding and student loans, and scholarships.
Simply getting into the school you've always dreamt of is exhausting.
Hours upon hours of applications can drain the life span from you. Try not to grow weary and accept the first money offered to you without fully understanding the interest rates, origination fees, and repayment schedule associated with it.
Knowledge is power. Fully comprehending the moving areas of the loan, specifically what is happening your interest and principal balances while you are in class, goes a long way in guiding your repayment strategy.
I let my student loans accumulate one more $25,000 in interest while in school since i was na