subscribe to feed

Angie, Class of 1998

How did you initially plan to pay for your PSU education?
I thought I would qualify for financial aid and what the aid did not cover I was going to take out in loans.  I qualified for a Stafford loan.  I paid the balance of my bill out of pocket and worked as a waitress while in school to meet my living expenses.

If you did borrow money…how easy was it to borrow?
I borrowed Stafford loans only and it was very easy to borrow.  I remember thinking it was strange that someone would lend money to someone who has no money.  I took what I needed and returned the rest.

What did you think about repaying your student loans, when borrowing them?
I remember wishing that I had saved more money towards college so I didn’t have to pay back all of this money.  I graduated with about $15,000 in loan debt which isn’t that bad.  It would have been nicer to graduate with zero owed.

Did you use your student loan money for things other than your cost of education?
I actually thought about using my loan money for a shopping spree and then the reality of paying back all of this money with interest set in.  I did use some of the money to pay for books and for rent when the waitressing gig was in the slow season.

What is your experience with credit card usage and credit card debt? (in and out of school)?
I went a little crazy with credit cards when I was a student.  It was so easy to get a credit card.  I had 3 or 4 major cards and a whole slew of store cards.  I racked up about $4000.00 by the time I graduated.  It took me five years to pay off that debt and I no longer have a credit card.

When you were a PSU student did you have a budget?
I have an informal budget that I keep in my head.  I have a general idea of what my bills are and how much money I have to work with each month.  The life I live is simple and does not require spending a lot of money.

Did you have a summer job or a job during the school year to help with your expenses?
I have worked year round since I was in high school.  Having a job definitely helped in covering my expenses while I was in school and allowed me to pay my tuition bill with something other than loan money.

Explain your financial situation now.
I’m a 31 year old single female with no bills other than my mortgage.  I managed to pay off the debt I acquired while I was in school (both loan and credit cards) and I am determined not to be in debt like that again.  There is freedom in being free from debt.

Is there financial information you wish you had known as a student that would help you now?
I wish I had been smarter with my credit cards.  My intention was to use them to build credit and for emergency situations.  This is not exactly how I used them.  I’m grateful at 31 they are all paid off and I have no intention of having another one again.

Knowing what you know now about finances…would you have done anything different?
I would have started saving for college when I was younger.  I would have not have charged so much on my credit cards.  Other than that I think I did pretty well and I am happy where I am at today.

What do you think would be the most effective way(s) to provide information to students about personal finance?
I believe each first year student should be required to take a personal finance class.  If you can get to the first year students before the credit card and loan companies do this would be the most effective way to make a difference.