Since the tender age of three, I had a clear vision for my future and the steps to achieve it, including picking a suitable academic degree. Thanks to my college entrance exam scores, I was presented with the privilege to study cost-free in in-state colleges. However, their courses did not align with my career path.
Therefore, I chose a reasonably priced out-of-state private school over a degree that wasn’t a perfect match. Although it offered me scholarships and didn’t push my budget, I still needed to rely on student loans. I kept my loans to a bare minimum and put my best foot forward academically to secure the position of a resident assistant, which covered my living expenses.
Unfortunately, life threw a curveball at me, and I started to show signs of severe health issues. As my health deteriorated, managing my school workload became increasingly difficult. I had no option but to leave college and return to my mother’s home.
Soon after leaving college, I had to start repaying my student loans. Despite being able to work, without a university degree, my wage was just slightly above the minimum. I couldn’t afford anything beyond loan repayment since I was living rent-free with my mother.
I can bet there are many out there who can relate to my predicament. Some of you might be grappling with repaying loans after leaving college without earning a degree. This can feel particularly despairing, as it was never part of your life script. But I am here to assure you that it’s not a dead-end you’ve hit. Here are six strategies to manage your student loans if you’ve dropped out of college:
1. DON’T RUSH TO WITHDRAW: Don’t haste to leave your school if you haven’t already. Consider a part-time study program; it might be the solution. Get details about the options your school offers.
2. UTILIZE YOUR GRACE PERIOD: If you’ve left school, you usually get a grace period of about six months before loan repayment begins. Don’t wallow in self-pity; rather, use this time productively to plan finances and sort out a budget.
3. CONSIDER YOUR LOAN OPTIONS: Depending on why you left college, there could be other solutions for temporary loan relief. Nevertheless, if you can afford to pay your loans at the moment, don’t delay.
4. STAY CONNECTED WITH YOUR DREAM CAREER: If you have plans to return to college eventually, find related part-time jobs or tutoring opportunities to gain experience in your field.
5. CUT DOWN LIVING COSTS: Even after chalking out a budget, there’s always scope to minimize living expenses. This extra buffer can help pay off your loans faster or save to return to college.
6. CONSIDER RETURNING TO COLLEGE: Though you left college due to certain reasons, remember you had strong reasons when you started. Analyse the possibilities of continuing education that align with your circumstances.
Dropping out of college and being drowned in student loans can be tough, but these pointers will guide you through. You may feel disheartened currently, but it’s just temporary. Make a robust plan to manage loans and your professional future, irrespective of resuming schooling or not. After leaving college, I lived on a shoestring budget for two years, with my family’s support. However, I eventually returned, graduated despite increased tuition, and since then, my income has been focusing on paying off my loans.
