What is an education worth?

I am a product of the 80s. I was born in 1985. This is relevant because technology evolved as quickly and in sync with my life and for the most part, I kept up (though I might have been the last college student on campus to have texting).

When I was a child, phones became wireless. When I was 12, beepers were the craze. Cell phones became more mainstream as I continued into high school. Wikipedia was alive and kicking by the time I entered college and instant gratification was a by-product of all these advances. To this day, when I am out with my friends and we can’t remember the name of that actor from that show. You know the one, with the hair? Someone, usually more than one person, pops out their smart phone, plugs some piece of information into a search engine and wham! The answer appears in the palm of his or her hand in mere seconds.

The problem with instant gratification is preparation for the future. Who cares about that. It’s days, months, years away. And with the desire for instant gratification often follows procrastination (but I won’t divulge into that metaphorical can of worms just yet).

I mention instant gratification because I think, at least personally, there is a link between this flaw, if you will, and the student loan crisis.

I wish I knew.

When I was 20 years old I was accepted to Arizona State University as an out-of-state transfer student. I wanted to graduate from the Walter Cronkite School of Journalism and Mass Communication. I should tell you now that I did, and unlike many people I know, I actually have a job in the same field I majored in.

For this, and many other reasons, I don’t regret my decision, but I wish I knew then, what I know now.
Let’s start with some basics.

#1 I wish someone would have told me that tomorrow will come sooner than I think because as I age, time seems to speed up.

When I took on the myriad of loans to attend the school of ‘my dreams’ I wasn’t worried about paying back the money because I didn’t have to concern myself with the large number I would face until later. Well, surprise! That day has arrived.

#2 I wish someone would have told me that the economy is an unstable animal.

I grew up during an economic boom. People had jobs. Everyone who deserved and earned it was getting a raise, a promotion, a new, better opportunity. Houses were affordable (or so it seemed) and they were being built, renovated and sold throughout the country. It never occurred to me that things would, were taking a nosedive. Sure, I knew about economic depressions and recessions, but that was all in the past, right? Wrong. I was unknowingly acquiring loans while expecting to receive a certain salary by the time I would pay them back. Hmmm.

#3 I wish someone would have told me that the amount I was taking was very large compared to the expected salary in my field.

Sure, I knew that journalism wasn’t a field I would ever make a lot of money in. I did, however, think I would be able to live a modest to comfortable life while paying back my loans. Well, let’s just say that this, coupled with other factors like the economy, was not to be. I am turning 27 this year and living at home. I am really lucky that I actually like my family because if it weren’t for them, I might be on food stamps.

#4 I wish someone would have told me that it’s ok not to graduate in four years.

I personally feel I should have received in-state tuition since I was born in Arizona and lived there more years that I lived in New York. But, life and finances don’t work the way you want because nothing’s fair. Fine. But, someone should have told me that if I really wanted to go to ASU, I should move to Arizona, get a job and earn back in-state status. It would have only taken one year and saved me thousands of dollars.

#5 I wish someone would have told me that it’s better to go to school in the state you want to work because it will help you network and gain your ‘dream job,’ which should, in the end, be more important than your ‘dream school.’

Going to ASU was great. I had a lot of opportunities and learned a lot. However, now that I’m back in New York, it would be nice if I had more contacts here. Instead, some of my most valuable resources are in Arizona - a mere 3,000 miles away (that’s sarcasm, which can be difficult to convey in print). Note: I actually like my job so I am lucky.

Why you should care.

Over the years, I’ve done a lot of research and I’ve learned a lot, accidentally and on purpose, on ways I could have minimized my student loan intake. Above are five ways that would have helped me avoid the pile of debt hanging over my head. I share this information not to scare post-graduate students who have already accumulated their debt, nor frighten students who really want to attend college at ‘fill in your dream school here,’ but to enlighten everyone, parents and educators included, what debt-ridden students are dealing with and teach others to take steps that will minimize their debt.

Over the next few months (or as long as interest in this column lasts) I will share statistics, opinions by various experts and experiences from students, including myself, and I hope you take away some bit of information that relates to and will help you, or someone you care about, save money. Most importantly, if you learn something valuable, pass it on because the best thing to do is to pay it forward.