The Wild Ride to Zero Student Debt
I still remember the feeling like it was yesterday — the day I paid off my student loans.
For me, it was a milestone not just because I had finished paying off $14,000 in debt. It marked the end of a years-long concern: how in the world would I pay for my education when I was just trying to figure out how to make 100 dollars a day at the time? My story of paying for college is one of major ups and downs. First, the sunny, pre-recession beginning.
When I enrolled at my private university in 2007, the cost of tuition was $25,320, plus housing, food, and living expenses. In total, I needed approximately $40,000 per year to survive.
During my senior year of college, I spent many evenings applying for scholarships from all kinds of organizations. Some for $100, some for $100,000. I was running a graphic design business out of my bedroom at the time, and my high school counselor found a scholarship that looked right up my alley. It was to be given to young entrepreneurs, by the personal foundation of a billionaire businessman. I applied.
Just months before I selected a college, I came home from school to a FedEx envelope tucked inside the glass front door of our home. It was from the foundation that I had received an interview phone call from the week before. I ripped open the envelope, and inside I read, “You have received a scholarship in the amount of $40,000.” I fell to the ground. The scholarship could be used at any university of my choosing, on top of other aid. They would pay $10,000 per year for four years.
When my university notified me of their own generous scholarship package, I added up the numbers. Between my need-based aid, merit-based aid, and outside foundation scholarship, I had a full-ride, including living expenses. This thing my family had worried about for years was working out. Fully covered. Done.
Fast forward to 2008. I was studying abroad in Europe and got an email that would change everything.
My neatly organized life was about to get disrupted, but what happened next made me appreciate my education even more.
When I opened my email during the summer before my junior year of college, I was met with an alarming surprise. The email was from the foundation that had provided me with a life-changing, door-opening $40,000 scholarship. It said that the foundation’s funds were frozen, and that our scholarships would not be paid, effective immediately. This meant that the approaching semester—the payment deadline for which had already passed—would be underfunded. If I didn’t figure out a plan quickly, I would be dropped from my registered classes.
I chose my university specifically with the assurance of this additional $40,000 scholarship. Without it, I simply could not afford to pay for my valuable but expensive education. I wasn’t exactly what to do. I called my university financial aid office, thousands of miles away. They agreed to defer payment, in hopes that the foundation would regain its footing.
Months later, when that extension had also run out, I went into my school’s financial aid office. The financial aid rep listened to my story, then pulled up my transcript. After looking at my grades and standing, she opened up a spreadsheet. Then she nonchalantly said, “You’ve worked hard, and this was out of your control. I’m going to find a scholarship to cover you.”
And just like that, the nightmare was over. Dollar for dollar, the scholarship was replaced, added to the support I was already being given.
I decided to write about this for a few reasons. First, I had always worried about paying for school. I didn’t know how it was going to work out, and I sometimes wondered if I would leave with a boatload of loans. Instead, I left with an amazing appreciation for the number of factors that worked together to allow my education to happen. From this, I hope to impart four lessons:
1. Where there’s a will, there’s a way.
I didn’t sit back and hope for the best when I was applying for college. I applied for scholarships constantly, and one of those applications turned out to be worth the time of all of them.
2. Being a young entrepreneur can have ripple effects that you may not foresee.
Being a Biz Kid is amazing training for life, but it can also open doors for scholarships, jobs, and more. I also paid for books and food with money I made from my business during college.
3. Working hard in school will reward you in surprising ways.
When that financial aid representative opened my transcript, a series of poor grades could have made for a very different outcome. My diligence in school was more important that I realized at the time.
4. When life gives you lemons, it’s surprising how many people will help you make lemonade.
Don’t be ashamed when you’re in need. Be honest and ask for help. Chances are, people will be honored to give you a hand up. And when you have a chance to help someone else, do it.
Resources:
Search for scholarships at www.fastweb.com
Find the cost of your favorite school here.
