Fugetaboutit!

Topic: Overview of tuition, loans and student debt.

I am deeply grateful to TCM for saving my life but I'd be lying if I didn't have my doubts of committing my life to it.  I'd like to believe, despite my erratic career choices, I am now wiser but there are times when the what-ifs seep in.

What if...

...  I realize my passion is owning a taco truck?

... I end up hating everything about TCM because I know too much?

... I can't maintain a practice?

All these what-ifs are naturally sparked by the hefty school tuition (books, equipment, living expenses) and the great big wonder of how the hell am I going to pay for it?

 We're living in a wacky time and I'm no finance guru but if law students are having a difficult time finding a job and fleeing from the banks; then it makes me wonder if we have a warped idea of paying for higher education.

As I started visiting schools, tuition, was a topic briefly discussed because advisors made it clear that nearly everyone could afford to go to school and it was easy-peasy. 

It's true.  

There are magical things called loans which kinda feels like free money.  

"KINDA" being the imperative word.

4-years of school?

Don't worry aboutit.

Books, equipment, fees?

Fugetaboutit.

Rent, utilities, transportation? 

Trust me. I know a guy. 

A loan is NOT free money.  

It's a LOAN.  

Something you need to pay back WITH INTEREST.  

It may sound unnecessary to devote an entire entry on defining a 'loan' but I was shocked to find financial advisors pushing the sole reliance of loans and current students who had taken the maximum amount of loans (thousands and thousands of dollars!) without considering the reprecussions of paying them back with interest. 

Seriously?  Uh... Isn't this why our economy is the way it is?  We spend beyond our means?

I plan on going further into the wonderful world of FASA and the different types of loans available to grad students in a separate entry but an important lesson I learned while visiting schools and attending open houses is that no matter how nice and helpful the financial advisors at the schools may be -- 

Advisors work for the school (NOT for you).  

The school is a business (Even the non-profit).  

Businesses need money (YOUR money).  

I'm not saying these wonderful people breaking down the money stuff are shifty charlatans.  In fact, they are incredibly helpful in answering the fundamental financial questions.  However, weed through the glamor and dig to the find the root.  In other words, do your research, create a budget and figure out the best (least f-ed up) way of paying for school (without compromising your studies and free time).

* Do I really need to take a loan?

* Which loans are the best?

* Work-study?

* Living expense? 

* Chill-out cash?

Granted, these aren't the fun stuff to think about but getting into the nitty-gritty details (okay, I admit, Excel sheets make me happy) will save a lot of stress during the school year but more importantly, after graduation.