05.19.09 | Stafford Loan, just one bill of many
Six months after you graduate you’re hit with your first Stafford loan bill. A bill which serves as a cruel reminder of the past four years of your relatively carefree life, and indoctrinates you into adulthood with responsibilities aplenty.
For my friend Melody her $47,000 student loan bill hit her like a cold shower on a warm Sunday morning. She literally started hyper ventilated when she saw her minimum monthly payment.
She received her degree from prestigious Northeastern last year and is now a part-time teacher. She’s a substitute with no consistent schedule or consistent source of income. She just hopes to get a call each morning to come in. Just woeful. My heart bleeds for her. Of course that’s not her only bill either. She also has the following…
- Rent
- Car Payment / Insurance / Gas
- Credit card
- Utility
- Cable
- Cell phone
- Groceries
- Medical insurance (she’s gets a pretty decent deal on medical because she is under 26)
- Entertainment and recreation (dinner, movies, music, etc)
Basically I’m writing this blog as a heads-up to all you future grads. If you can live at home on the cheap for a while, do it. You can elminate many of the bills you see above. Melody is really struggling big time right now. In fact, I had her fill out a free debt consultation form recently.
School is the gateway to a bright tomorrow, but just make sure you have enough light shining through on you today.
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