Personal responsibility, foresight will decide success during downturn
Shai Mohammed
The influx of people looking for more education, higher rates on personal loans and greater competition for federal loans and grants – as well as concerns of how to pay the bills after college – are all problems worsened by the aftermath.
Once you’re in college, you can probably stay there at least until the immediate crisis and response has passed. Unfortunately, that places an additional burden on a system typically geared for young students.
Although most students work, there is still a demand for financial aid, and the competition for a limited number of resources and assistance in navigating the system administering it is going to get rough. Plan ahead for next semester, and if you haven’t gotten your financial aid ducks in a row already, do so now. Otherwise, you could be looking at having to secure a private loan at a significantly higher interest rate.
One of the greater concerns we face is what kind of fiscal landscape are we going to be looking at once we graduate? The old-fashioned ways of keeping credit down and avoiding debt is probably the way to go until you have a viable plan.
Ultimately, the best way to deal with all these things is with information. Understanding the situation and finding reliable ways through the financial morass is ultimately up to the individual.
Mohammed, an anthropology freshman, can be reached via [email protected]
Students must retool spending habits to keep out of the red
Alana MousaviDin
With the stock market in a "dead cat bounce" and fears of what the future economic status has in store, students are beginning to worry about what will happen.
Many UH students rely on their parents for financial support, but with the economy quickly going south, parents are beginning to tighten their purse strings and inevitably some students are going to feel it.
With less money to work with, some students may have to face uncertainties such as rent, bills, food, spending money, books and tuition. Getting a job is one solution, if you can find one, but working and going to school is tough. Another solution to lessen the financial burden is to live with parents or get a roommate.
Everyday things that we as students take for granted are the very things that will hit us the hardest.
Not spending money means fewer trips to Starbucks, very little eating out and buying only what is necessary for the kitchen and home. Students will have to decide what their needs and wants are and choose accordingly. This doesn’t mean that they will have to slum it, just cut back on nonessentials.
When students reduce unnecessary spending, it will help parents better handle the potential financial crisis that looms around the corner. By not whining about having to cut back, stress levels are also reduced.
MousaviDin, a communication junior, can be reached via [email protected]
Students should enjoy "college life," as "real life" is much scarier
Chris Webb
It’s comforting to be in an academic environment. As the world "out there" appears to be in turmoil, it’s great to be able to stretch out underneath a tree and spend an hour reading Theodore Roethke or Filippo Marinetti.
Enjoy it while you can, for sooner than you think, you’ll all be "out there" sweating bullets. Many students already are, and that is a doubly troubling situation in which to achieve academic success.
Avoiding debt is always good advice, and if it’s necessary to go into debt for school, choose subsidized loans when possible. For those with private loans with adjustable rates, the credit crunch could potentially add thousands throughout the life of the loan.
Make yourself more competitive by taking your grade-point average more seriously and bulking up your r’eacute;sum’eacute; with involvement in student groups, student publications or outside activities. One little bullet on your r’eacute;sum’eacute; may make the difference between your dream job and days filled with soap operas and Jim Adler commercials.
On the brighter side, Houston’s economy has been virtually untouched by recent economic woes and has enjoyed steady growth for the past few years. For now, UH students can afford to take a little optimism from the local business climate.
The real world is scary, with its wars, financial crises and responsibilities. Enjoy this time at school while you can – it may all be downhill from here.
Webb, Opinion editor and political science and creative writing senior, can be reached via [email protected]
