‘My Mum Drove Me to the Bank and Told Me to Get a Loan’

The mini-series we did on how people paid and are continuing to pay for their educations was so interesting that we’re continuing it, one story at a time.

NH writes:

“My parents didn’t pay for any tuition, not because they couldn’t afford to but because they didn’t want to. They saw my education as my responsibility. My mum drove me to the bank and told me to get a loan, so I did.

“The loan was very low interest and as long as I was still in school full time I did not have to pay interest on it. I ended up blowing through the entire $25,000 loan with school and books and partying and travelling home to see my family (again if I wanted to go home I had to pay).

“I quit the program I was in and moved home. I ended up living with my parents and working like a beast to pay back all the money I owed. I ended up getting the loan paid off in a year and a half and then promptly moved back out of my parents house to a nice little apartment on my own. I am still going to school part time since its all I can afford right now and am almost completely credit card debt free ($500 FTW).

“I’m not resentful towards my family for not giving me money or a little help, I’m actually very thankful they pushed me out on my own and made me work hard. My mum will offer me cash every so often (I think she feels guilty, my sister is eightyears younger than me and is spoiled rotten/will be going to post secondary soon and my parents have already told her they will pay for first year…), but I always refuse. I know that sometimes I could really use the extra cash, but to me it feels like quitting to accept the help.”

Share your story of paying—or not paying—for education: logan@thebillfold.com

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