One article in a package of three for In Focus profiling different students and how they pay for college. My profile was about a student who pays through loans. Published 27 Feb.
It wasn’t until the beginning of this semester that Megan DeWolf realized her time was coming.
She would graduate this May, then she’d have six months.
Six months, then she’d have to start paying back the $22,625 in loans she needed to attend the University.
She laughed, a little nervously, talking about the situation at a Starbucks last week. “There’s definitely a lot of stress,” she said, “especially because you only have a certain amount of time to get that money back before they come after you.”
It’s hard to go too far on campus and find a student without loans of some sort.
Nearly 75 percent of the students who earned bachelor’s degrees between July 2006 and June 2007 borrowed at some point during their time here, according to the Office of Institutional Research. On average, their loans totaled $24,000.
DeWolf’s primary concern is finding a way to start paying back the loans while still having money for food. Ideally, she said, she’d find a job before graduating with her interpersonal communication degree.
During her time here, knowing she’d have to pay the money back was always a factor in deciding how much to borrow each year.
“I knew that I didn’t want to take out too much,” DeWolf said. “I think a lot of people’s mistake is that they take out too much and then use it for living expenses.”
But she tried not to let that stop her from making the most of college. She joined the Phi Mu sorority as a freshman and studied in France last summer. The trip overseas nearly doubled her loan for the year, but she liked it so much she wants to go back for graduate school.
DeWolf grew up in Euclid, Ohio, just outside of Cleveland. From almost the beginning, she knew she “wanted to attend college, almost needed to go to college,” and enjoyed enthusiastic support from her family as she worked toward her goal.
“My parents worked really hard to give me and my sister a good life, and they worked really hard to get me to this point,” she said.
Her dad lost his steel mill job shortly before he could retire and she could graduate from high school. He had saved some money, but not enough to pay full tuition for four years.
DeWolf was unfazed. “I was going to college, one way or another,” she said.
Since she came to the University her parents have filled out forms and talked with University administrators for her. They’ve continued to help through what can be a complex financial aid process, although she’s learned more about it over the years.
“I don’t think I would have known what to do,” DeWolf said. “Going through high school you didn’t really have these experiences.”
She credits their work ethic with pushing her to excel in classes, earning scholarships to help defray tuition and fees.
“I just wanted to concentrate on my academics,” she said.
“I’ve learned from their experiences. I’ve seen how they’ve worked on a lower income.”
DeWolf hopes her experiences with loans have better prepared her for post-college life than students without any loans at all.
“I wish I could be in that spot, but I think because I’ve worked so hard, I think I’ve learned a lot,” she said. “I’ll be better able to appreciate my financial status in the future.”
She’s found lessons learned about borrowing itself, too.
For younger students taking loans, she offers one main piece of advice: prioritize.
“You’d be surprised how quickly it adds up,” she said.
Students should ask themselves, “Do I actually need this? Can I get through the week without having this? Or a semester?”
“I’m not saying you can’t go the movies every once in a while. Just be careful about what you spend,” DeWolf said.
