My sister started my day talking about credit reports so I thought I’d share some things with y’all. When you know better, say it with me…”YOU DO BETTER”…and since this is graduation season, I don’t mind being transparent about lessons I’ve learned. This is absolutely ‘bloggable’, but I don’t feel like using that format, so pay attention (and consult with a professional about your personal situation versus trying to sue me ’cause: 1. I ain’t got time 2. The only thing you’re going to get is some makeup and a car payment I don’t even want, ’cause I ain’t got no money neither)…
Finances weren’t openly and frequently discussed growing up. I just remember family members working and paying bills. I didn’t sit in on discussions when cars were purchased, when my mother bought her condo (which she said she could only do if I was getting a scholarship because she was using money saved for my education so we could live better) or when my grandma got her Dillard’s credit card and made those white women cater to her like it was the 1960s. My grandfather did, however, tell us to not ever get a loan to get out of debt because it would only add debt.
When I was accepted to WSSU, much to my mother’s dismay, I opted to not stay on campus, so my tuition and fees were $992 per semester. I was offered a number of scholarships (Mel Watt always came through for me 😉) that covered the tuition and those expensive nursing books, AND I’ve worked since I was 15 (earlier than that, but mind your business) because I was making good on my word that my mom could buy her condo in peace. So there was no need for loans. I heard 18/19 year olds talk about using student loans to buy cars (I needed one because I commuted) and clothes, and my 18 year old ears were perked. SN: what they DIDN’T talk about was car insurance, inspections, maintenance, and that the Wendy’s $0.99 menu would make you outgrow said clothes.
I got a loan that my family didn’t know about. Why? Because I was 18 and “GROWN.” I sat in on the introduction and exit meetings. I barely listened because Baptist was waiting on me to be a nurse and was going to pay me good money. I surely didn’t understand what I was signing, but again, it didn’t matter because I would have the money. What I didn’t know, is the same night I walked across the stage was the same night I would learn of Michai.
2004, that car needed a new motor and instead of getting it, I got a new car.
2006, my current career began. But now I’m off that good RJR health insurance where there were no copays or deductibles, and I began paying my own car insurance. 😳
Fall 2006, I pursue my Master’s and undergrad loans are deferred. I now work for a company who pays the majority of the tuition and I could have paid the balance, but a student loan would help cover it all plus leave me extra, and I won’t feel the immediate financial strain.
2008, graduated and now it’s time to pay all the loans back. To defer them, I went for the 2nd Master’s.
2009, Managerial Statistics made me reevaluate my life so I stopped the pursuit of the MBA.
2010, if only forbearance could be lifelong, but it’s not.
Present day…the interest the loans have acrued is enough to put Michai and his friends through a state university.
Can you afford your education? If not:
•Don’t be like me
•Does what you want to do require a college education?
•Try dual enrollment in high school (for those still in high school) to cut down on your time in college
•Get as much as you can from a community college
•Private Universities ain’t it
•Utilize as many “aid” opportunities and scholarships as you can
•Try and work for a place who will help you pay for your education
•Have a plan, and a couple back ups, to pay the loans back, and stick to them
•Sacrifice now to live better later
I was the first in my family to finish college. I didn’t know any better, but now I do. I make Michai listen in on a lot of financial decisions, and, “Who gon’ pay for that?”, is a regular question in our house.
The saying I used to live by is, “You only live once”…and my credit report was proof. Now I want to live smart and comfortably so I had to make better/smarter choices and the internet helped with that!
Congratulations graduates! I hope your next move is an informed and smart move for your future!