Every UF student’s favorite email is the one stating, “Financial Aid has been disbursed to your account.” Many of the social networking updates I read last weekend relayed the excitement of finally receiving these funds.
Let’s start by appreciating the fact that a number of federal programs are inclined to support our generation’s students. Florida’s Bright Futures program is an excellent one for rewarding high school achievement with monetary support for higher education.
We should also be thrilled to know that funding for Federal Pell Grants is set to increase under President Obama’s Health Care and Education Reconciliation Act.
Also, after much lobbying, plans to double student loan interest rates in July were successfully halted. I’m most certainly appreciative, but I’ll save my political talk for a different column.
The facts are pretty simple: A college education costs money.
Finances are needed for tuition, textbooks, technology and the expense of living and eating away from home for possibly the first time.
Ideally, one of the main reasons we go to college is to make an investment in ourselves and our futures. With this, we hope to be able to live the types of lifestyles we desire, whatever they may be.
Through tuition waivers, scholarships and grants, some students are fortunate enough to receive so much help that their tuition and fees are paid and extra money is left over. Instead of magically disappearing, the finances refund in the form of cold, hard cash into personal bank accounts.
However, in a land of equal opportunity, how fitting is it that so many of these funds are so easily given out when every student’s need has not been fully met?
Even with numerous sources of financial aid, many other students do not have their costs completely covered. What’s worse is when financial aid funds are spent on items that aren’t school costs. Financial aid merely becomes “free money” to be spent frivolously on anything a student chooses.
This leads me to the gift and curse that is the student loan.
It is awesome to know that our government supports the availability of higher education to anyone who desires it.
However, even with grants and scholarships, some students are required to borrow additional funds in order to afford textbooks, housing fees and other expenses associated with school.
What baffles me is how some students take out loans to pay for things like cars, scooters, Greek-organization chapter dues, shopping sprees or other unnecessary and outrageous expenses.
The debate begins over what one man considers a necessity and what another sees as a luxury. Although many feel some things are vital for the college experience, are they really worth putting yourself into debt?
No.
My suggestion is to avoid taking out a loan unless you have exhausted all other options.
If you simply want something but can’t afford it, please don’t take out a student loan to pay for it. The thing about these loans is once you start taking them, they become harder to decline each semester. We are creatures of habit, so doing something a couple of times only makes it easier to continue.
If you are fortunate enough to have financial aid refunded to you, use it wisely. Set it aside for essentials you know you will have to pay for such as meals or housing payments.
Start learning how to save now. You never know when an emergency expense may arise.
Financial aid keeps on giving. Too bad it doesn’t always give what’s good.
Whether it specifically gives you lots of savings, accumulated loan interest, stress, pressure, confusion or judgment, learn to use the government and other sponsors’ money wisely.
Anayo Ordu is an advertising sophomore at UF. Her column normally runs on Tuesdays. You can contact her at opinions@alligator.org.
