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Don't Let Spring Break "break" You

3/13/2017

Every year around this time, college students have spring break during the semester. After experiencing a busy semester full of essays, tests, and projects, a midterm hiatus is welcomed with open arms like a hug from your favorite family member! For some, this break is about rest and relaxation--especially mentally. For others, this break is a time to work and earn a little bit of money. Regardless of how you spend your break, be mindful to not let it "break" you.

The options seem endless for enjoying one's spring break, but it depends on perception and maturity. One must consider how a decision about or during this one week can lead to other outcomes when it is time to return to reality. If you want to vacate for spring break, be mindful of how much you spend and the activities in which you participate. Don't do anything embarrassing that can leave negative effects post-break. (In other words, be mindful of your behavior, and the social media that may capture and share it.)

Look up less expensive ways to vacate and have fun. Being broke financially after the fun settles and classes resume can create stress and burden, as well as distract from work ethic. Set a budget and stick to it.

Lastly, use spring break to discover more about yourself. Try a new hobby, volunteer somewhere, read a new book (not a textbook), make and write down new goals, create a business plan, exercise, etc. I know you are thinking: this is supposed to be a break, right? Consider rest vs. rust. Make time to rest and relax adequately, but not to the point where you no longer strive to be better. You can read on vacation, or volunteer at a place related to your career goals. Balance is key.

I hope this post helps you! Enjoy spring break! God Bless!!

-T. A.

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Financial Character & Common Sense

2/13/2017

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What does your character say about you? What does it say about your finances? So often what we spend, what we save, and what we owe are reflections of who we are personally. When students receive financial aid refunds, how they proceed with large amounts of funds can lead to either long-term financial advantage or disadvantage.

Often, the refund includes grant, scholarship, and loan amounts after tuition and fees have been paid. While grant and scholarship funds do not require repayment, loans do. Subsidized loans withhold interest until after graduation, while unsubsidized loans begin compounding interest upon receiving funds. So what should students do with all of that refund money?

Students who think in short-term sense will feel like they have plenty of time to repay back loans, so spending a little (or a lot) on oneself now cannot be so bad. Students who think in the long-term sense will feel like they should prioritize spending habits. Maybe they should save some for potential hard times, or pay rent through the semester, or save for the next semester's expenses.

The latter option can lead to another choice that some students may not know. Just because a student is eligible for aid doesn't mean they have to accept it. Students get award letters or statements revealing the grants, scholarships, or loans they have applied for, or qualified for, and received. There is the option to accept portions as well as reject portions. So by saving some money, students may not need the money they are awarded, which means that if student loans are rejected in following semesters, students will have less to repay.

When it comes to money, moderation must be exercised. Students may need new clothes or professional attire for events, but that doesn't mean "overspend." Students may need a new computer, but maybe not the most expensive one. Some students may need a car, but necessity should say one needs a "work-school-home" car, not the absolute latest car with every amenity and bonus feature. Instead of pursuing lavishness, build emergency savings in the event that eligibility changes for one's scholarship or grant, grades slip below requirements, that student falls ill, etc. That's showing financial common sense, and great financial character.

I hope this post helps you in your academic pursuits. Be blessed!

-T. A.

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Curriculum and Career Goals

1/15/2017

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I originally thought about writing two separate posts, but I found it easier to combine these two into one.

Some students live in cities containing many colleges and/or universities. Some of them are technical schools, offering diplomas, certificates, or Associate degrees. Some are four-year institutions. On the other hand, some students live in small towns and cities, and have no other option but to leave that area to attend a four-year college or university for their career goals. Still, there is the underlying need to choose the right school to attend, especially from a financial standpoint.

Careers like engineering, medicine, or even business require certain programs that may be only offered at a particular institution. But many liberal arts and sciences are offered at several institutions—both local and distant. Students should take time to evaluate what career they wish to pursue and find the least expensive way to do that. If a student is awarded scholarships, then the financial aspect looks easier to manage. But in regards to student loans, students must understand that majors such as Biology, Chemistry, Mathematics, English, are structurally the same at any institution. Even areas of education and health professions carry similar curricula. Students must become certified, registered, and/or licensed after graduation regardless of which college they attend.

For example, an aspiring Biology major sees that two prospective colleges have that field of study. One institution costs three times as much as the other. Why pay three times as much for practically the same subject matter and curriculum? Unless a scholarship is awarded, that student may need loans to pay for school. Even if the cheaper school required the use of student loans, the amount is still three times less that what would be needed for the other school in the example.

Another thing students should seriously evaluate is the average salary of their career choices. If I wanted to become a teacher in elementary school, and I researched the salary range of new graduates, that may give me some indication of how much student loan money would be appropriate for obtaining that particular degree. If one’s starting yearly salary is $35,000, then paying $35,000 for college is not cool, and neither is repaying that much in student loans.

My advice: look at the median salary for your career choice. Look at the history of the career salaries and how much they have changed over time. It is rare that a new graduate will make far above the average salary, so be mindful of this when you are convincing yourself that you can easily pay back student loan amounts. Rent, utilities, and other bills may take precedent over student loans as they are essential for day-to-day living. But you also want to be able to save for retirement, for emergency, and enjoy some of your money. So limit what you owe.

I hope this helped you in your academic endeavors. God Bless.
-T. A.

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T. A. Acker

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