She Strengthens

The Hidden Debt That Changed My Financial Life

As someone who prides themselves on being organized and responsible with their finances, I thought I had it all under control. I make smart purchasing decisions, pack my lunch for work, and pay my bills on time. But looking back, I realize that even the most meticulous planners can make mistakes.

A Dream School with a Hefty Price Tag

In 2008, I was accepted to Sarah Lawrence College, one of the most expensive schools in the country. For me, it wasn’t just about the name or location – it was about the unique pedagogy and the opportunity to break free from my conservative upbringing. However, my parents were hesitant due to the school’s liberal attitude, and we eventually went through a difficult process of me declaring independence to secure financial aid.

The Cost of Independence

Becoming an independent student came with its own set of challenges, but it also opened doors to more financial aid opportunities. I worked multiple jobs and pinched pennies to graduate with a manageable $23,000 in debt. I thought I was doing well, but little did I know that a forgotten loan would soon throw my financial plans into disarray.

A Forgotten Loan with a Big Impact

Fast forward to 2015, when I received a call from my sister about a mysterious loan in my dad’s name with Sarah Lawrence College listed as the creditor. It turned out that I had convinced my dad to take out a $16,000 PLUS Loan to cover my tuition, and it had been accruing interest for six years. The loan was now entering repayment, and the balance had ballooned to $21,000.

A Hard Lesson Learned

I was devastated, but I knew I had to take responsibility for my actions. This experience taught me a valuable lesson: never borrow money without being fully aware of the terms and your responsibilities. Even the most organized and responsible individuals can make mistakes, but it’s how we learn from them that matters.

The Importance of Accountability

As I navigate this unexpected debt, I’m reminded that financial decisions have consequences. It’s crucial to make informed choices and take ownership of our financial lives. My mistake may have been costly, but it’s also given me a newfound appreciation for the importance of accountability and responsible borrowing.