Learning has its Benefits

By: Claudia Owens

What do you do when the desire to further your education succumbs to the reality of these harsh economic times? Many of us are not born with a “silver spoon” in our mouths therefore we must work to earn money to support our lifestyles and pay for education.

In today’s economy it is challenging enough to keep your job due to all of the company cutbacks…let alone pay off any educational related loan debts. It is often said that when you are not satisfied with your current occupation or feel as if your career growth is stagnant, one should invest in going back to school. I’ve heard this from teachers, employers and even family members who seem to believe that having multiple or advanced degrees will solve all of your economic and occupational woes.

However, if you have your Undergraduate degree, should you invest in your Masters if you cannot afford to pay for school? I am currently in the middle of this process. Many university Financial Aid Advisors I have spoken with claim they have seen an increase in graduate student enrollment from last year’s applicants because students who obtained their undergraduate degree could not find employment after graduation and some students were unemployed for a few years after.

So what is the best path to choose if you are stuck between a rock and a hard place? There are some things one must consider before a decision is made and the most important is whether or not you are financially secure enough to invest in 4 or 6 more years of schooling. There are websites such as FAFSA.ed.gov that provide information on Federal Student Aid and provide deadlines that are important to coordinate with enrollment and university application deadlines.

FAFSA has rarely covered 100% of a student’s financial woes, therefore researching other loan programs and grants might be more efficient than requesting another loan from the same loan institution or bank you received your previous loan from. According to representatives at Educational Loan Center, it is crucial for someone to have a history of paying their previous loans on time without default. Once a negative mark has been placed on your credit record it will become a challenge to persuade a loan officer to defer your previous loan to incur another one with a longer payment period. 

Also most university Financial Aid departments will defer your previous loans as long as you enroll in 6 or more credit hours. Loan deferment can provide a sense of comfort to those who are realistic about finding employment after graduation. It saves a lot of Americans from being reported by loan companies for defaulting on their loans, which will be reported to the credit bureau and no one desires to have the burden of a bad credit score.

In the end the choice is yours. Think outside the box. Education can be formal or informal. It can be formal through the educational system or informal over the course of your life, internships and job experiences. Pursuing advanced degrees and continuing your education can be costly, however it is never a mistake. 

“The illiterate of the 21^st century will not be those who cannot read and write, 

but those who cannot learn, unlearn and relearn.”

- American writer, Alvin Toffler.

Claudia Owens live and works in Atlanta, is a member of the YWTF-ATL chapter, and she recently joined the YWTF-ATL Board of Directors as the Director of Partnerships and Strategic Alliances. Claudia can be reached via email at: claudia.ywtf@gmail.com

Sources:

www.educationalloancenter.com

www.fafsa.ed.gov/