I read your student loan article in the Daily News and am very grateful for the information you provided. I have recently graduated with my doctorate in clinical psychology. In addition I have earned over $150,000 in loans. I don’t know where to begin. I believe I have private and federal loans but I’m not even sure to be honest with you. Is there anywhere I can get assistance with this? I seem to get bounced back and forth between the National Student Loan Data System and my school. The income based repayment plan sounds like a good option for me but I’m wondering if I should consolidate my loans first?
-Marissa, San Francisco, CA
You’re not alone. With everything that a goes along with college–the classes, the exams, the post-college job hunt–many students fail to pay attention to their loans until their caps have been thrown and the diploma is in their hands.
To get a handle on how much you borrowed and from where you borrowed, you’ll want to visit the National Student Loan Data System, which you mentioned in your question. NSLDS is the definitive resource for finding out about your federal loans. “The only caveat is if the school is a Direct Loan school they might not have finished reconciling their records with NSLDS,” warns FindAid.org’s Mark Kantrowitz. This could be the explanation for the complications you’re experiencing now. Private loans are another matter. You’ll need to get a list of the private lenders you borrowed from and call each to determine the loan amounts.
Once you’ve determined what portion of your loans are private and which are federal, it’s time to start looking at your options for repayment. If you’re doing any postdoctoral internships or residencies, income-based repayment may not More…
Hi readers. I’m Julia Venditti, a senior at a high school in Westchester County, NY. I intern with Jean as a last semester class alternative for seniors. Recently I had a job interview and was asked to relate my largest obstacle of senior year. I knew immediately what to say because it was something that I had struggled with for months. I had put everything I had toward achieving my dream. And then I decided that my dream came with too high a price tag.
Early in my senior year, I diligently devoted my attention to college applications. I applied to NYU Early Decision and couldn’t fathom any alternatives. I love New York City and knew I’d always end up there. I love that NYU is practically an international institution and day dreamed about meeting people from foreign countries. Perhaps a friend would whisk me to Brunei on Winter break. Or maybe one of my NYU film buddies would land a spot in Sundance and ask me to accompany him. I felt like anything could happen at NYU. I felt like there was no opportunity for mundane monotony and my life would finally begin. While my indecisive sister applied to 18 colleges in her senior year, I applied to just four (two of which were SUNYs that I applied to as a fallback due to the competitive nature of NYU).
My dad reminded me how challenging it is to get into NYU and urged me to be realistic. On a daily basis, he recited statistics that made my goal seem unattainable. In high school, I was not at the top of my class and I wasn’t the most dedicated student. Nevertheless, I finished high school with a solid GPA and excellent SAT scores. But my dad was convinced that NYU, one of the most competitive schools of the nation, wouldn’t be impressed. He often said, “Stop fooling yourself; they turn down Valedictorians at NYU!” When I did get in, he was floored. I was elated. The next day, I came into school with my NYU sweatshirt on and an ear-to-ear smile firmly in place. I had never known any greater pleasure.
It wasn’t until some time later that the hard part came. More…
STUDENT LOANS
This year’s college grads are coming into a tough job market, no doubt about it. But because of a law that Congress enacted in 2007 – the College Cost Reduction and Access Act – they – and many other student borrowers – are going to see a little help with their loans.
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Last night I saw Little Shop Of Horrors for the third time this week. The first two were at my son’s high school. He was in the chorus and had a small part in an ensemble of 50. The third was at Columbia University where my fiance’s daughter directed a cast of 8. On my night off in between, I went to a meeting with scores of other parents at my daughter’s middle school where she is auditioning for a production of Annie. And there, the director put the entire week into perspective.
The play is not the thing, he said, daring to disagree with Hamlet. It is not about the two or three nights in front of an audience for applause. It is about, as he put it in his enviable British accent, “the pro-cess” of a group of kids becoming a company of actors who cooperate to build a show. It is about the time spent tableu-ing scenes, discussing their meaning, researching the time period, and of course learning songs and lines and steps. That is why, he said, the few kids who drop out after getting smaller parts than they (or their parents) felt they deserved inevitably come back and see the show and wish they’d stuck with it. Those kids see that they missed a journey. It’s the journey — the pro-cess — that makes them happier than even the end result.
It’s very much what the excellent Judith Warner blogged about in today’s Domestic Disturbances column for The New York Times website. More…
