student loans

Private College. Is it worth it?

| cheriarmour

I have been really really open about the fact that I went to Elon University.  It was a wonderful, beautiful experience, and I loved it.  But was it worth it?  Is private college worth it, and for whom?28833_603402085403_7000782_n

I was inspired to write this by a few things.  Number one, as a graduate of a prestigious private uni, I am saddled with a pretty good hunk of student loans.  It keeps me up at night.  It motivates my thinking.  It affects my purchases.  And I feel an unimaginable sense of sorrow and guilt that when I signed on for the loans, I wasn’t 1000% sure what I was signing up for.  At the time, when my parents could no longer afford Elon, I was under the absolutely incorrect assumption that by now, I would have a job that paid me a reasonable, living wage, and that with some budgeting, I would quickly be able to pay off the debt that I’d incurred.

The second thing that inspired me to write this was the fact that Emily Yoffe from Slate addressed this recently, when a mother, who’d had nothing saved for her children’s education, was questioning if she should send her son to his dream school (that they could not afford), or have him live at home, attend a state school, and allow him to transfer a few years later.  Yoffe gave some decent advice, and on someone who kinda lived through the whole recession thing, here are my two cents.

Student Loans

I didn’t have a crystal ball.  I had no way to know that my parents would go from being able to afford school to having to build back up, but if I had had that crystal ball, maybe I would have chosen somewhere different to go.  But here is my assessment, especially for those of you wondering if you or your kids should go to your dream school, or to the best school you can afford.

Okay, here goes.

I do not regret my decision to go to Elon, and the subsequent debt however, please keep in mind the following before you sign away your life for student loans.

  • Your decision will affect your future purchases.  So four years later, when you’re trying to buy a car?  The fact that you have debt will impact what you can buy.
  • Were you thinking about buying a house soon?  Not so fast with those loans holding you hostage.
  • If you’re prone to anxiety, stay far away from those loans.  Seriously, the things that keep me up at night all involve money.
  • Marriage may be the furthest thing from your mind, (I know I was not in that headspace at all) but 5 years later, I brought my debt into my marriage. Or I’m about to at least.  And I feel really guilty.  Austin gets it, he understands, but this was not the ideal way for me to start a family.

So the verdict?

If you can afford it, go to the best school you can.  If you cannot afford it, think long and hard, long and hard about loans.  And after you’ve thought about it, go to the best school you can afford, not the reach that will affect your life for years to come.

What are your thoughts on student loans?  

Wedding Wednesday: Finanaces

| cheriarmour

So in like, 3 months and 24 days (which I didn’t know til I blogged about how much time it was gonna be until our Wedding Date), I get to marry this hunk.

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Now, I’ve talked openly and candidly about my finances here, but it was important to do that with my husband-to-be, and that meant being really open about my student loan debit and my spending patterns.

And I was really really embarrassed to sit down and talk with him about it.

Austin has a really, really good handle on his finances, and makes a ton more money than I do, and I can learn so much from him (and I have in our years together).  I make a social worker’s salary, and have a decent amount of debt from graduate school mostly, that I’m working on.  But we’ve gotten together every day for the last few days and created a budget, and gone over every single piece of paperwork involving my student loans, and for once, I don’t feel like I’m in a horrifying panic over the state of my loans.

Like I said last week, paying down more of my loans, and still having a little something left over to save, means some actual focus and work, but thankfully, I have a partner who knows what the heck it takes, and is helping me focus on the big picture.  And instead of being mortified and embarrassed, once we got down to the real work, I felt comforted that I was able to share my “burden” with someone else.

In other wedding news?

  • Save-the-dates are OUT!  I will do a big reveal next week, so I can make sure folks get theirs before I put all their business out there.
  • Wedding bands are purchased!  Just waiting for them to come out,
  • Invites?  The ball is rolling, but I have no clue what the wording on the invites is gonna say.
  • My mom screamed at me for not inviting one of her friends.  I am not a cold, heartless person, but she literally told me that she didn’t want to invite this person because they hadn’t been picking up her phone calls as of late.  Well she texted me last night to ask if I invited this person, and then yelled at me when I said no.  I WAS JUST FOLLOWING ORDERS!  Ugh.
  • Catering is thisclose to being finalized.
  • We’d already booked the photogs a while back, but in the course of some emails we’d been sending back and forth, I kinda let them know I needed them for our (very late) engagement photos and bridal portraits for you guys to put gifts under when I get married.

To do in this week?

  • The biggie is the wedding website HAS to get some progress on it.  Maybe I’ll work on that this weekend.

I am SO happy that things are getting done.

How do you keep up with your monthly budget/big ticket expenses?