Show me the money!

Posted by Jennifer Buchholz on December 9th, 2008

When I decided to return to school, I knew that I would have to go into more debt to do it. I looked for a school that was reasonable in terms of cost, but that was still about $1000 a month for school. That was money I didn’t have, so student loans were again necessary.

I had worked while going to school for my bachelor’s degree, but wound up taking student loans to supplement my lifestyle. I think the same thing happened with my master’s degree. While my employer paid 75% of the cost, I still took some student loans. I hadn’t planned to pursue my PhD at that time, so I thought I would just pay off the balance as I progressed in the workplace.

The limits for the federal student loans do go up as the type of the degree increases. So I knew the limit for Stafford Loans was about $140,000. I am pretty close to that limit at this point. Now that I’m nearly at the end of my degree program, my cost is reduced to approximately $1000 per quarter and I pay that out of pocket.

I know I should have looked for scholarships, but there just wasn’t time. Also, there didn’t seem to be as many scholarships targeted toward my demographic, field of study, or degree level. I also didn’t think my school provided many resources for financing - they basically presented the bill and expected the student to figure it out.

Knowing what I know now, I do wish I had been more fiscally responsible and minimized my loans (and my lifestyle). I am now still in deferment, but make small payments each month to help bring this balance in line before I graduate.