So. I went and talked to financial aid this morning. I must admit I was a bit nervous, as my aid had not gone through yet. I've been on the payment plan, and I would have been quite short of the $1000 due this month...
I was waiting for paperwork to be processed. I had an audit put on my FAFSA, and it took about a month for them to sort things through. When I got an email from the gov, my expected family contribution was $20. heh. Mom getting a divorce was beneficial in more ways than one 
Still, my aid had not showed up. We pinpointed the problem-- a processing error having to do with being a guest student over the summer. The problem was (thankfully) resolved, and my aid was indeed pushed through.
Here's the best news: I GOT GRANTS. Yes, for the first time in my college career, I got grants. I'll get more when I'm full time next semester, but it's great to know that there is $1500 I dont have to pay back... Also, I got subsidized loans for the first time. I feel like I'm in hog heaven. When everything is said and done, between the pell grant, the subsidized stafford, and unsubsidized stafford, I'll be getting a little over $2000 in the mail. That money will be promptly put to pay off the majority of my credit card limit. A 25% interest rate will no longer be what keeps me up at night.
I couldn't be happier
See, I've been thinking really seriously lately about starting to save for retirement, as well as saving for a house, a trip, and little by little, the startup costs for my first entrepeneurial endevour. Needless to say, I want to do a lot of saving. With a (relatively) high cc balance, that seemed rather far off, but I have no doubt I can pay off my cc in a couple months if I get this money. I'll trade 25% interest for 6% interest any day. My credit score is also going to likely improve dramatically. Especially considering I'm not going to have to pay these obscene fees for going over my credit limit (note, it was my interest that put me over the limit, not charging... faulty system).
I feel so secure. Up until now I've been so worried I wasn't going to be able to come up with the extra funding. I'm so used to not being able to cover my tuition with stafford loans solely. It feels great to know that I can do it. I dont have to fret. I can just go to school and feel safe that I can finish out the semester.
Yay for me!
So please, look forward to big plans and savings I'll keep you all updated!
Best news in months :D
September 25th, 2008 at 02:17 pm
September 25th, 2008 at 02:36 pm 1222353371
I didn't save up a dime in college. I think this is another area where the cart often comes before the horse. If you have to go into debt to save, it doesn't make much sense.
Just something to think about. I like to tell this to the struggling college kids. I personally do not think college is the time to save. College is the time to focus on your studies so you can get paid well for the rest of your adult life.
In my case, I could have bent over backwards and worked harder (though I was working plenty hard as is, trust me) to put the $2k max annually in my IRA.
But It was 1000 times easier to save $10k in one year out of college. As such, I did not come out behind with this philosophy at all. I didn't fund my IRA in college, no. It would have been crazy to, if you ask me. I also think my efforts were more appropriately focused on good grades, for the good job, etc. Anyway, I don't remember saving up for anything in college. Except for college bills.
If you can start your savings goals, kudos for you. But don't beat yourself up if it is too difficult... One thing at a time.
September 25th, 2008 at 02:38 pm 1222353516
But your college experience mirrors more mine. I didn't have the means to save and I don't think I had the energy or time to bring in another dime of income than I was. Those were some hard years. But they paid off in the long run!
September 25th, 2008 at 03:12 pm 1222355563
September 25th, 2008 at 04:07 pm 1222358872
September 25th, 2008 at 04:45 pm 1222361110
September 27th, 2008 at 04:10 am 1222488621