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Reed, Class of 1998

How did you initially plan to pay for your PSU education?
Loans.

If you borrowed money…how easy was it to borrow?
Pretty easy. Took a few minutes to meet with a financial advisor, and another few minutes to fill out paperwork.

What did you think about repaying your student loans, when you were borrowing them?
At the time, in-state tuition was not as high as it is now, and compared to a lot of my friends, the amount I was borrowing, was not considerably less. I was not worried at all about having to pay it back.

Did you use your student loan money for things other than your cost of education?
No.

What is your experience with credit card usage and credit card debt?
Like many, I got into credit card debt in college. I would learn later that a lot of my friends got in much deeper than I did. I was probably $4,000 in the red with credit cards.

When you were a PSU student did you budget?
Yes. After I got into credit card debt, I started budgeting.

Did you have a summer job or a job during the school year to help with your expenses?
Yes. I worked the whole summer in Waterville Valley for Stone Property Management.

Explain your financial situation now.
Eight years out of PSC, I am debt free.

Is there financial information you wish you had known as a student that would help you now?
I knew it at the time, and I did not care about the consequences – it is important to make your credit card payments on time. If not, your credit rating will suffer.

Knowing what you know now about finances...would you have done anything different?
Probably not. It was all a good learning lesson.

What do you think would be the most effective way(s) to provide information to students about personal finance?
*Glad you asked this question. Hold casual sessions on campus where alumni can answer questions about personal finance from students. Students are more apt to take the advice of their peers rather than somebody (i.e. financial aid officer) they might view as their “parent.”