As concerns over national student debt surpassing the $ 1,000 billion mark flood the media, CSUN students are finding ways to graduate from college with a bachelor’s degree without debt.
CSUN students said their worry about getting loans stems from the uncertainty of being able to repay them.
“I don’t really take out loans (because) I’m afraid of going into massive debt later,” said Lori Olmassakian, 18, a first-year psychology student. “It’s like, ‘Congratulations you graduated, here’s your gift of debt.'”
Alternatives to loans
Some students rely on their parents to pay for their education.
“(My parents) had this college fund for me. Since they had a high income, it helps them (they save for college), ”said Penny Lanyon, 18, a first year biology student.
Others relied on their savings to pay for their education.
“I worked on the film ‘AI’ when I was 11,” said Nathan Rillo, 21, a junior journalism student. “I was Haley Joel Osment’s understudy. They pay you an exorbitant amount of money.
According to the most recent annual report from the university’s financial aid and scholarship department, more than 17,000 students are dependent on grants. For some, this can significantly or completely reduce the amount owed to the school.
Graciela Vargas, 18, a freshman in social protection, has all of her expenses covered by the aid she received by completing the Federal Application for Federal Student Aid (FAFSA).
Students eligible for financial aid through the FAFSA may be offered several types of aid, including the Pell Grant and Federal Loans, among others.
When the above methods are not enough, many Matadors choose to work full time to pay school fees and avoid going into debt. While these students do not accumulate debt settlement the full-time work and school schedule can be stressful.
“I work six days a week for six-hour shifts,” said Danielle Astraquillo, 18, an undeclared major freshman who works at Mother’s Nutritional Center on Sherman Way and Reseda. “(Working) sometimes gets in the way of studying. ”
Astraquillo said that between school and work, there was little time for anything else.
“I go to school in the morning, then straight to work, then I stay up late to finish my homework,” she said. “Sometimes I can’t finish my work (at night), so I come (to school) earlier to finish the job.
Despite the heavy workload, Astraquillo said the benefit of being debt free definitely outweighs the busy schedule.
Teachers have been there
CSUN employees who graduated debt free said the hard work it took to avoid taking out loans was worth it.
Tina Bertacchi-Love is Senior Lecturer in English at CSUN and also obtained her BA and MA in English from the university in 1989 and 2003 respectively. She said she was working full time to avoid going into debt.
“I served tables,” she said. “It was a lot of work. I worked 40 hours a week and often took 15 units a semester, but I paid my way.
Bertacchi-Love said this full-time work schedule affected her performance at school.
“I graduated with a (lower) GPA, but what could you do? ” she said. “I could have had everything as if I didn’t have to work so often.”
Bertacchi-Love said that working to pay for her education was ultimately a positive experience in that she taught him to avoid loans after graduating.
“It was a great lesson in the beginning not to rely on credit cards and debt,” she said. “It helps the way you’re going to function later in life. ”
Bertacchi-Love said that students today, however, may have a harder time working full-time and fully paying for their education due to the higher tuition fees.
“When I started in 1982, I think the tuition was around $ 450 for 12 units (one semester),” she said. “I don’t know if I could wait for enough tables now to (pay for school). ”
Margeaux Gamboa-Wong, a senior lecturer in Asian American studies and English, said his personal experiences had taught him that a student should think ahead about repayment if he chooses to take out a loan.
“Have a plan,” she said. “Create some kind of budget, an idea of how much you’ll need each month. ”
Gamboa-Wong said that creating a plan helped her discover that she didn’t need to take out all of the loans that were offered to her during her last semester at CSUN in the spring of 2012, studying for her master’s degree in English.
“My unsubsidized loan offer was $ 15,000, but then I thought, ‘Do I need it?’ She said. “I refused most. I took just enough to pay for tuition and books.
Students with loans
According to the Department of Financial Aid and Bursaries, 14,605 CSUN students received loans during the 2010-11 school year. These indebted students vary in their concern to be able to repay their loans upon graduation.
Roxanne Lawrence, 23, a junior major in social protection, said her field of study contributed to her worries about loan repayments.
“I am absolutely (worried about paying off the loans) because it is difficult to find a job in my particular field,” Lawrence said. “Paying for higher education is going to be another problem. I’m probably going to have to take out loans for this.
The family experience also increased her concerns about loan repayments.
“My cousin took out a lot of money just for his undergraduate degree, and he doesn’t even use it,” she said.
Lawrence said she was unsure if the loans would be worth it in the years to come.
“I hope it will be worth it, or I’ll be up to my eye level (in debt),” she said.
Other students who have taken out loans are not as concerned about being able to repay those loans.
Amanda Abarca, 21, a sophomore psychology student, said she expected her early salary to be enough to pay off her student loan debt.
“I would love to be a college counselor,” Abarca said.
For students taking out loans, there are multiple options for repaying them and avoiding default, according to Lili Vidal, director of the financial aid and scholarship department.
“There are plans that can be as low as zero dollar monthly payments or very low monthly payments, depending on the borrower’s individual circumstances,” Vidal said. “Borrowers should work with their loan officer to make sure they are in the right repayment plan for their situation.”
