VOL. 99, N O. 14 THE UNIVERSITY OF TEXAS AT EL PASO NOVEMBER 26, 2013
WE MADE IT! With debt, but we made it...
!e number of UTEP students tak- ing out loans has increased 25 per- cent from 2009. With an estimated $1 trillion in student loan debt, young Americans are "nding it harder to purchase houses, cars and other big-ticket items. Many are also stalling major life decisions such as getting married or starting a family. But hey, they have a degree. Full story on page 6
ILLUSTRATION BY DIEGO BURCIAGA / THE PROSPECTOR PAGE A2
DECEMBER 3, 2013
EDITOR-IN-CHIEF perspectives JASMINE AGUILERA, 747-7477 COLUMN Student loans might be helpful, but also daunting of accepting student loans? To just I soon received a letter in the mail $e payments for my loan started to what I was accepting by signing on vaguely understand student loans is stating I was placed on academic sus- reach formidable heights, and inevi- the dotted line and actually under- overwhelming and many of us fall pension, and one of the conditions tably I began to fall behind on them. standing the rules and conditions of Allow me to victim to it. was to pay a full semester of school on $e loan company began to garnish my student loan, my graduation date begin by com- My own experience with student my own. $at didn’t sound too bad, I my wages, meaning they automati- would have been much earlier than it mending the loans has been a turbulent one. guess I deserved that. cally took it out of my check every currently is. upcoming grad- Soon a%er, however, I was advised time I got paid. $is consequently set When I "rst started o! as a UTEP So, once again, congratulations to uating class for freshman, loans seemed nothing from loan companies that since I had me behind even more as the loan pay- our graduating class this semester. their unyielding more than free money. not ful"lled the requirements of safe- ment took out a huge chunk of what I Good job on knowing how to handle e!ort in balanc- It was free money to do with it as keeping my loan, I now had a three made as a Starbucks barista. ing a myriad of I pleased. month grace period to pay the loan in Eventually, I paid o! the full your "nancial aid, even those who homework with their personal lives, Once I signed o! on the amounts full without an interest rate. $e loan amount of my loan. It took about preposterously erred like I did. executing the commute every day and agreed to the "ne print—which, was a total of $4,000. two-and-a-half years, but "nally I was My advice to others who are in to campus and staying awake for an of course, I didn’t bother reading— If I couldn’t pay it o! in three able to enroll for a full semester that their early years of college is to know inhumane amount of hours. Most no- my understanding was that my class- months, then I would have to submit was paid with "nancial assistance. Or what they’re doing. Know what tably, for not drowning in the horrid es were paid for and that was that. I to a monthly payment of $300, with so I thought. you’re accepting and know the rules whirlpool that is student debt. didn’t understand that my grades an interest rate of 12 percent. It was Since it had taken me more than the and conditions. Now it’s time to get jobs and pay were integral to keeping my loans. like having my own car payment, three-month grace period and because All loans are di!erent. Read the them o! and that in itself is yet an- I didn’t know that by not passing a without the shiny, new car on my the loan company had garnished my "ne print and ask as many questions other daunting task. certain amount of classes, I would driveway. On top of that, when I re- wages, I now had to wait a full year for necessary in order for you to compre- Getting through college is finan- jeopardize keeping my "nancial aid. turned to school I would have to pay my "nancial aid to become available hend it completely. Know the proto- cially exhausting and we as stu- No one at the "nancial aid o#ce took for it out of my own pocket. again. And so I once more had to pay col of these loans and their expected dents are offered an array of loan the responsibility to make sure I fully $e daunting task of working to for school on my own. interest rates, grace periods and pay- options to help us pay off those fi- understood what I was doing. pay o! my loan and pay for my school It wasn’t until two years later that I ment options. Not doing so might set nances. Or so we think. So what I did was ditch my classes, began to become impossible shortly was able to return to UTEP once I was you behind and time isn’t something Sure, it is extremely helpful when forget to turn in homework, do ex- a%er. I began to take only one or two eligible for "nancial aid again. It had paying o! your tuition and necessi- tremely poorly on exams and ulti- classes a semester at EPCC, being that taken me a total of three years to re- that can be loaned. ties like books, but does anyone re- mately fail the semester. Oh, what a I couldn’t a!ord to pay a full-time se- pay for my mistake regarding student ally understand the entire concept freshman I was! mester on my own at UTEP. loans. Had I been responsible about
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