I am the youngest of four brothers and sisters and the only one to frequent the university. When I continued my undergraduate diploma, I knew that financial responsibility would fall to me.
My mom did not have much money, and although I was qualified for federal and state subsidies, this only covered part of my tuition fees. During my second year, the subsidies were exhausted and I had to contract student loans.
When I went to university in the 1990s, the university was much cheaper than it is now. I went to Buffalo State in Buffalo, NY, and a semester was less than $ 5,000.
Years later, I decided to frequent higher education and there were no subsidies, so I had to contract student loans for tens of thousands of dollars. This worsened my student debt because I always paid my first cycle diploma.
Now that I am free from this debt, I did not intend to pay for my daughter’s college.
Navigate the cost of college
I finished paying my student loans about five years before my daughter graduated from the school. I started to think about how my daughter’s college studies are funded.
I wanted to help her get the college studies she needed, but I didn’t want to risk my financial future either.
My daughter graduated from the school in 2015. She had already decided to enter the nursing school and continue her nursing diploma.
When we talked about her college studies, I told her that I was ready to help her get the education she wanted, but I wouldn’t pay for that. I had plans for myself, including retirement, and I loved my financial freedom. I didn’t want to risk losing all this.
As I did not want to pay directly from their pocket, we agreed that I thwart the student loans (parents) on my behalf so that she could go to university to continue her nursing diploma.
I met his needs during the college
Although I was not going to pay for the university, I helped her directly in other respects. I provided him with a car.
I also paid all his expenses to go home during school breaks or holidays, as well as some of his books several times.
At the start of her junior year, with my support, she left her part -time job near the university, and every week, I sent her money which was the equivalent of her weekly pay check for the previous six months.
College cost
She attended the college from 2015 to 2019. Each school year was more than $ 22,000 per year in tuition fees.
As she finished her undergraduate diploma and graduated in 2019, she (on my behalf) had accumulated nearly $ 110,000 in student loans between the director and interest.
She began her nurse career four months after graduating, and her student reimbursements began six months after graduation.
Before the first payment was due, the agreement was that it would send me its payment as a student loan by electronic means, because the loan company would take the monthly payment of my bank account.
Less than a year after graduating, I refined student loans by 3% of percentage points and shaved almost 3 years of the recovery period, which allowed him thousands of dollars of interest.
She has faithfully kept her share of negotiations to date and owes only $ 36,000 to the tab of almost $ 110,000 in student loan.
I have not spoiled my financial future and my freedom
I did not feel (and I did not feel) guilty or responsible for the financial burden to pay his university diploma. I knew that I could help him in another way that did not understand to make me only responsible for his education.
In the end, it was his choice to go to university and the one who would benefit from a diploma – not me.
Because I refused to pay his college studies but I helped differently, I did two things. One, I helped her get her diploma; She is currently in the career of her choice.
Second, I did not have to risk my financial freedom and my future by paying for the university, taking money that I could save for retirement.
businessinsider
