After creating an educational financial plan using steps 1, 2, and 3 on the U.O.P Tuition and Fees Calculator web page, I leaned that I could reduce my tuition by applying for additional grants and/or scholarships. I could also apply and work for a company that offers help with paying for Tuition. If I had been in the military or if I joined the military I could get my tuition lowered. I could receive a monetary gift to use for tuition also. I felt compelled to borrow the full amount because, At this point in life I want to focus more on my education then my work life. If I become more educated I can charge more in the occupation I have chosen. Therefor will be able to pay off my loan. If I am working more hours, the hours I study, I couldn’t manage class and the extra time working to survive. With taking out a student loan I can balance work and school instead of just one or the other. I know, if I didn’t work I couldn’t live off a loan, but If I don’t go to school I won’t make more money at work. I would rather take out a loan, work less and pay later then work myself to death for the rest of my life.
To make my student loan payment more manageable, I am opening a saving/checking account specifically for school. I will link this account electronically to my Phoenix account and set monthly reminders on my planner to remind myself that I need to make a payment. I work non-stop seasonally and my work season is coming up, I plan to have my loan paid off before I complete my second year.