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You know all the reasons why getting a college education is the answer to your future success and why it's worth the investment. Realistically, sometimes paying off the loans that funded your education can be challenging. But defaulting on your student loans is a very serious problem that can be avoided. Here are some excellent reasons not to default on your student loans.
1. Debt collectors are aggressive.
If debt collectors are sometimes
likened to junkyard dogs, the Department of Education would be the one
who is not chained or fenced. They may call you repeatedly and become a nuisance and embarrassment to you.
2. It will cost you more in the long-run.
Skipping or making late payments will result in additional fees and penalties that can add up quickly. If you fully default and stop making payments altogether, those costs can skyrocket. Eventually, you'll have to pay for the original amount of the loan(s) PLUS inflated interest, penalties, and even legal costs if you let it go that far.
3. Student loans don't go away.
There is no statute of limitations on
federal student loans, which means its collectors can chase you to your
grave. Along the
way, your loan originator can take your tax refunds and garnish your wages without
having to go to court. They can even take a bite out of your Social
Security checks after you retire, something other creditors cannot do.
4. Student default will hurt your credit score.
A single missed payment will label you as "delinquent," but when your payment becomes 90 days past due, your account will be reported to the three major credit bureaus and your credit score will tank. This means you'll pay a high interest rate when you buy a car or get a credit card, and your car insurance premiums will be sky-high. The size of deposits required for utilities and cell phones will be huge, also, as a result of poor credit.
5. It can impact your ability to get a job.
Credit checks have become routine for some employers doing background checks on potential employees. Do you think you'll get hired if you have a poor credit score because you purposely ignore your financial obligations?
6. It can affect your ability to get a decent apartment.
Landlords are routinely doing credit checks on potential tenants because they want to be sure that the rent will be paid on time and in full. If you have a good credit score, it shows that you're responsible with your money and pay your bills on time.
Source: Charter College and Reuters
(c) Robyn King. All Rights Reserved.
Volunteer your time...build your reputation.
Help those less fortunate than yourself, because the personal
rewards are immeasurable. A bonus of performing good deeds is that you
can use these experiences to build your reputation. Your reputation determines how people view you, and having a good one is worth more than any education, skills or talents.
I have a colleague who volunteered A LOT of his free time to a particular local chapter of a non-profit organization. It was through his network at this organization that he found an opening for a full-time, paid position with benefits.
He applied, interviewed, and got the job. The people who interviewed him already had heard great things about him from other volunteers, had seen him in action many times, knew about his work ethic, the kind of person he is, and his dedication to their cause.
He later learned that his volunteer efforts and remarkable reputation are what put him head-and-shoulders above the other candidates.
A great reputation can open many doors, but spending time helping others will make you feel fantastic about yourself and the positive impact you make on their lives.
Giving to others is an awesome opportunity to recognize--and be grateful for--the abundance in your own life.
(c) 2011-2016. Robyn King. All Rights Reserved.
Never lend out your notes.
If you've agreed to share with a classmate who's been absent, Xerox your notes (or scan and text or email them) and it's recommended that you make the copies yourself.
There are plenty of horror stories about students who've lent out their notes, and they were either never returned or given back in shabby condition with missing pages and coffee stains.
Sharing notes with others is a kind and cooperative thing to do, and generates good Karma. Keeping your original notes in your possession at all times is a smart thing to do.
(c) 2011-2016. Robyn King. All Rights Reserved.
Get the names and phone numbers of at least two people in each of your classes.
You can agree to exchange notes and keep your notebooks complete and up-to-date if one of you is absent. An added bonus is you could form a study group with these people; more heads are better than one when it comes to preparing for an exam. Other students can sometimes explain concepts better than the professor.
(c) 2011-2016 Robyn King. All Rights Reserved.
The best places to sit in any classroom is called the "T:" Across the front row, and from the center front row seat to the back of the room. (If you can envision this, it looks like the letter T.)
Why sit there? These seats make it easy to see and hear your professor and everything that's going on. Sitting in the T keeps you focused and less likely to be distracted by other students around you.
You say you NEVER sit in the front row? How's that working for you? (To this point, who wants to sit in the nosebleed section at a concert?)
Why not increase your chances for success? Sitting in the "T" is the place to be.
(c) 2011-2016 Robyn King. All Rights Reserved.
Click on the link to hear about the good news!
(c) 2011-16 Robyn King. All Rights Reserved.
1. Write down your goal.
Post it where you will see it every day, and refer to it regularly. The visual reminder will keep you on track.
2. The process of meeting a goal is not linear.
People have the erroneous belief that going from Point A (where you are now) to Point B (where the goal has been reached) will be like driving on a flat highway in the desert: smooth sailing all the way.
Not so. Life has a funny way of throwing us curve balls that throw us off course: loss of job, child care problems, illness, and so on. Sometimes you'll feel like you're driving up a very steep hill, other times it'll feel like free-falling, while some of the time things will feel effortless. There's also the possibility that you may have to pull over and take a break because other things in your life take priority. In this circumstance, you will pick up where you left off once the dust settles in your life.
3. Goals can be modified to meet your personal circumstances, talents, skills and abilities.
Let's say a woman who lives in Nome, Alaska wants to be an actress on Broadway. It's possible, right? However, she's never taken an acting course nor has she been in any theatrical productions, she's a single parent of three kids, scraping by to make ends meet, and has no support from family or friends. What are her chances? Close to zero, I'd guess.
Instead of abandoning this dream, though, she could tweak it by taking some acting lessons part-time at her local community college (using the on-campus child care center), honing her skills in campus plays, eventually becoming a sought-after actress in Nome's community theatre productions. She may not be dazzling audiences on the "Big White Way," but she will be an actress nonetheless. Perhaps when her children are grown and gone, she could still head to New York City and seek her fortune.
4. Abandoning a goal doesn't mean that it was a bad idea.
You've decided to give up the idea of becoming a math teacher when you've had to take Algebra 1 three times. You will no longer pursue a career in nursing because you can't pass A & P I.
You tried your best, but the skills, talents and abilities needed did not line up with your own. Time to modify the goal and tweak it to match with what you're truly good at (see #3).
5. You will reach your goals only when you make the time.
We get 168 hours every week, and we're busy. In fact, we often wonder how we manage to get it all done! If you are truly committed to the goal, however, then you will need to find the time to do what you have to do to get there. There's no shortcut around this.
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Images courtesy of Google Images, unless otherwise noted.
(c)2012 Robyn M. Posson
1. Re-write your lecture notes 30 minutes after class.
2. Re-read your notes 30 minutes before your class.
There have been many research projects that prove these WORK.
Both of these tips will help you to memorize and synthesize the gobs of information that will be thrown at you this semester.
(c) 2011-2016 Robyn King. All Rights Reserved.
STEP 2: Getting ready
Okay. You've assessed that your goal is the right one for you. Now let's make a packing list to fill your suitcase with everything you need to know before you take that first step.
Answer these questions honestly and accurately as they apply to you today.
1. Benefits
What will you gain when you reach the goal? (Examples: New career, more financial stability, higher social status, you'll be a role model for your kids?)
2. Obstacles
What roadblocks or barriers do you think could keep you from reaching the goal? (Examples: Lack of financial resources, unreliable child care, no one close to you supports you, not enough time, the kids need you at home?)
3. Sacrifices
What will you have to give up in your personal and professional lives to pursue the goal? (Examples: Time with family and friends, can't take on additional hours at work, need to quit your job, less time for yourself, money?)
4. Helpers
Who are the people that will support you while you work on the goal? (Examples: Spouse or significant other, family, friends, neighbors, co-workers, professors, advisor, pastor?)
5. Skills Needed
What skills do you need to complete the goal? (Examples: Time management, take a class, get certified or licensed, learn by shadowing an expert, go to a conference?)
6. 3 Primary Steps
What are the three most important steps that you will need to accomplish first? Prioritize them, and commit to completing them by a set date. For each step, break them down into specific tasks you will do in the timeframes you choose.
Schedule these tasks by writing in your planner and on your monthly calendar the steps you will take on the days you stated you will do them. When those primary steps are done, choose the next three, and so on, until you've achieved your goal. Baby steps will help keep you from feeling overwhelmed, and you'll be motivated to keep moving forward.
Now that your suitcase is filled with all of the tools you need to move forward, let's fire up your GPS.
All images courtesy of Google Images, unless otherwise noted.
(c)2012-15 Robyn Posson King
Arrive at least 5 minutes before your classes begin.
Your professors expect you to be ready to go when the lecture begins. This means not swaggering in 5, 10, 15 minutes late, and not prepared to join the class. It means having everything you need to take notes and participate in class on your desk before you will need them.
A good reputation will take you far. There's plenty of time between classes and after College Hour to get your butt into your seat before the professor begins talking. You will feel more relaxed, your mind will be open to learn, and you'll look good to the teacher. Promise.
(c)2011-16 Robyn King. All Rights Reserved.
You've set the goal to come to college, and you're pretty sure of where that goal ends. You're feeling excited and hopeful. You look forward to graduation. You can't wait until you're working in a job you love which pays well. You're absolutely certain that nothing is going to prevent you from getting to where you want to be!
Truth is, many students tell me they often feel overwhelmed, guilty or upset because their goal:
1) is harder than they expected
2) is so large they have no clue what to do next
3) no longer holds interest for them
4) makes them feel hopeless because the finish line seems light years away.
So they abandon their plans, and the student feels like a failure. The reality is that they are not failures; they simply hadn't been taught how to correctly plan the trip to get from point A to point B.
As a result of witnessing many, many people struggle with the same difficulty, I've developed a plan by which anyone can set goals concretely by using methods to:
- stay on track
- modify goals as interests and circumstances change
- know when to abandon a goal and establish a new one when necessary
- watch the progress they're making every day to get to the finish line
Using a travel-plan metaphor, I named this plan "GPS to the Finish Line: Mapping Your Goals the SMART Way" (c)2012-15.
STEP 1: Assessing the goal (Is it the right one for me?)
a. Choose a goal and write it down. Research says that when a goal is written down and displayed where it can be seen regularly, the likelihood that the goal will be reached increases more than goals that stay up in people's heads.
b. Using the SMART acronym (the part of the plan I did not develop), here's how to test whether your goal destination is right for you:
S = Specific
Goals need to be clearly defined and emphasize specifically what you want to happen. Ask yourself these questions: What am I going to do? Why is this important to do now? How am I going to do it?
For example, saying "I want to be happy" is too vague. "I want to buy my own home" is easy to identify.
M = Measurable
A goal needs to be measured in order to manage it. How will you know when you've reached your goal? Create a way to map your progress so you'll always know how close you are to the finish line.
A = Attainable
Can you reach your goal? Major goals set too far out in the future are the ones you won't stick to. Instead, break down the larger goal into many smaller tasks (what I call "Mile-markers")--they will be easier to complete, and you'll feel more motivated to keep plugging along.
R = Realistic
Take an honest look at your skills, talents, abilities, personal circumstances, where you live and financial resources. Based on this information, how likely is it that you have what it takes to reach your goal?
T = Time limit
Choosing a deadline on your goal gives you a clear target toward your Point B. When there is no specific time frame to follow, there's no urgency to start taking action immediately and you're likely to give up. The deadline you choose also must be measurable, attainable, and realistic.
In my next post, I offer a reality-check on what needs to be done next, and to pack your bags for the trip ahead.
QUESTION: Was there ever a goal that you had to give up? What about a goal that you persisted to the end?
Source: http://www.goal-setting-guide.com/goal-setting-tutorials/smart-goal-setting
All images courtesy of Google Images, unless otherwise noted.
(c)2012-15 Robyn Posson King
