About 'loan indebtedness'|...just got the ‘0% down, 3.9% for six years - guaranteed car loan approval’ certificate in the mail. That is TEMPTATION. I’ll wait for a newer...
Unemployment paid off my student loan No one feels the pinch of the economic meltdown more than new grads. While the responsibilities are myriad, both real and imagined, the enormity of the burden is too big to comprehend. I read Ben Carson's Gifted Hands while in junior grad and I believed I would make it. Stories of the super rich who quit school, the young millionaires in the leagues of Mark Zuckerberg all but made the picture even more promising. All the hope however faded when I graduated with a degree in Aeronautical Engineering with stellar grades and $18,500 in student loans. Writing in The Economist (2009), Austin writes, "Students can borrow tuition fees...but will end up like older siblings, saddled with debt." My parents had separated while in my second year in college and the protracted divorce proceedings only but drained the whole family. Here I was therefore, with a degree, estranged parents that I could not go to, at the height of the Patriot Act implementation (my religious orientation never helped) and a ballooning loan! The import of this article is not to narrate my aerial castles, but to share the joy and realization that two years down the line, I am free to invest and start my life! I managed this without my aeronautical engineering degree since the only resources required of me were internet availability, a computer and some 80hrs per week. In the intervening period, I learnt the following: a) Understand the level of your indebtedness. This is easier said than done, but an analysis of debt and one's situation will always come in handy. b) Stop digging. Don't incur more debt. Forego the car, parties, big house and its trappings. It will be paramount for one to continue living as a student, even sharing an apartment to ward off unwanted fat on personal indebtedness. I learnt how to shave, having practiced this on my roommate after college. Of course he did the same too!!! After repayment, one can then afford a few extras. c) Saving is the best way to ward of debt. I was able to accumulate $21,000 in six months. This obviously was a feat for an unemployed like me, and the first thing I did was to repay my student loan. d) The loan was worth it since it helped me get my degree, which I am happy to report has earned me a job in the aviation industry. After two years in the cold! "Tips for negotiating (my) first salary," (Weiss, 2007) came in handy here. References Austin. Students and Universities are strapped for funds, with little relief in sight. The Economist, (April 23, 2009). Retrieved February 18, 2011 http://www.economist.com/node/13527458 Tara Weiss. Tips for negotiating your first salary. Forbes,(6/1/2007). Retrieved February 18, 2011 http://www.msnbc.msn.com/id/18743312/ns/business-forbescom/ |
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Loan Indebtedness - Blog Homepage Results
...cause the banks to release you from your indebtedness. These programs are...basic truth is that banks never loan you money. It is through your personal guarantee...
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