MoneySmartsU

Cherie is Stressed About Her Loans

Stress

Episode 2: Cherie is Stressed About Her Loans

Cherie is a Chemical Engineering student at The State University of New York at Buffalo (go Bulls!) who is making a lot of smart financial and educational decisions but is stressed that she still has to take out loans to help her cover her cost gap. Still, having to borrow money is causing her stress and Pete and Alex reassure her of her decisions and help her focus on the long-term.

Name: Cherie

Major: Chemical Engineering

Expected Year of Graduation: 2017

Expected Debt at Graduation: $10K - $12K

University: The State University of New York at Buffalo

Mascot: Bulls

Enrollment: 29,850 (2014)

Situation: Cherie is a hard-working out-of-state student who is taking 19 credit hours per semester and working 12 hours per week.  She currently has to take out some loans in order to cover the gap between what she gets via aid and how much school costs.   While the amount of loans that she does have to take out is less than the national average, the fact that she does have to take some out is a stressor for her.  Cherie isn’t necessarily looking for advice, but is looking for reassurance that she is on the right track with her decision-making.

The important takeaway from this episode is that Cherie should serve as a model of what students should be attempting while in school: to make the most of your hours to maximize the benefit of your schooling.  Taking 19 credit hours and working 12 hours per week is an unbelievable commitment and the fact that Cherie can pull it off speaks well of her character.  It should encourage you to know that somebody like this is out there and is able to make it work.  We’re not saying you need to work 12 hours/week and take 19 credit hours/semester, but we are saying that you should look at your current situation and find out what changes you can make to your current lifestyle so that you can avoid living like a student after you graduate.