When you decide to make major changes in career paths, (like from business, to electronics, to computers, you often find that your previous education and training is not necessary fully applicable to your new career choice, hence you must start anew with each major career change. Oh yes it is quite true that in doing so you will in fact collect a number of very nice vellum-like parchments to hang in your den, however you also collect another nice knick-knack that you get to carry on your back for years and years to come.
DEBT!
I don’t want to turn anyone away from the pursuit of an education, far from it! All I am stating is that you should think long and hard on a career choice before starting college and then pursue that ONE direction ,unless of course you are independently wealthy or just like collecting diplomas.
Here is a student aid statement (with my name and student id removed) showing just some of educational debt that I have incurred for this year alone, with payments that stretch into the far future. Yes sir, I’m almost 50 and back in school again, kind of like Rodney Dangerfield in the movie BACK TO SCHOOL, “hey, Shakespeare for everyone”.
PS: You will note that the opening line on my award letter below is “Congratulations!” They say it as if I had won a prize instead of a mountain of debt.
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Congratulations! The financial aid awards listed on this page were calculated based on the information you provided on your application for financial aid. These awards are estimated, and subject to change upon verification of the information provided on the application, maintaining satisfactory progress, approval by lenders or other agencies, or withdrawal from the school before the award is disbursed. The Financial Aid office reserves the right to change your award to comply with federal regulation.
Important: Your estimated financial aid award cannot be processed until you have accepted this award and all requested documents have been received by the financial aid office.
Award Year:
2002-03
Academic Year: 6/8/2003 - 2/7/2004
Institutional Charges: $15,876.00
| Award Type | Amount Awarded | Fees | Net Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Federal Subsidized Stafford Loan | $2,000.00 | $60.00 | $1,940.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution Schedule
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| Federal Unsubsidized Stafford Loan | $1,000.00 | $30.00 | $970.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution Schedule
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| Federal Subsidized Stafford Loan | $3,666.00 | $109.98 | $3,556.02 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution Schedule
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| Federal Unsubsidized Stafford Loan | $3,333.00 | $99.99 | $3,233.01 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution Schedule
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| Self payment - extended 12 months | $6,177.00 | $0.00 | $6,177.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution Schedule
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| Total Financial Aid | $16,176.00 | $299.97 | $15,876.03 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Notes:
| LOAN FEES: There is a loan origination fee and guarantee fee that is deducted from the award amount of the Subsidized Stafford Loan, the Unsubsidized Stafford Loan, and the PLUS Loan. The fees usually total 3% and are itemized on the Notice of Guarantee and Loan Disclosure that will be mailed to you from the lender. Your loan funds will be disbursed to the school by electronic funds transfer (EFT) and you will be notified by email. The net amount above represents loans less fees. The gross amount above represents the loan debt. |
| VERIFICATION: A percentage of applications for financial aid are selected for a process called verification. If your application is selected you will be asked to provide copies of tax returns, W-2's, or other proof of income reported on your application. |
Freeman (a very much in debt Freeman)