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The Burden of Student Debt: An Interview with Temple’s Sandra Mejia

pexels john guccione wwwadvergroupcom 3483098
pexels john guccione wwwadvergroupcom 3483098

In the spare time between weekend parties and late-night library sessions, many college students are consumed by the same singular thought: their crippling amount of debt.

The average 2016 college graduate entered the real world with $37,000 in loans, adding to the $1.3 trillion national total. Students are left with the heavy burden of student debt for years after graduation. Repaying this debt displaces retirement savings, buying a house or starting a family.

College is still affordable to those families with proportionately high incomes. For those with middle- to low-incomes, scholarships, grants, and financial aid can dilute the cost of education but are often left with no choice but to take out loans.

To tackle student debt, the first step we must take is to educate ourselves on how to manage debt, preferably in a way that doesn’t deter future plans. This way we can provide a stable and more secure future for everyone. If our colleges help us understand the debt we are taking on, we’ll be more likely to succeed in managing debt later on.

The interview

Sandra Mejia, Associate Director of Student Financial Services at Temple, has nearly 12 years of experience in the field – two years with us at Temple and ten years at the Community College of Philadelphia.

We asked Mejia how we could ensure students, particularly those with debt, understand what this will mean for their future and how best to manage that debt.

“I believe that it should be imbedded into curricula presented at Temple,” said Mejia. “There are instructors who invite us to discuss this with students as part of their syllabus. We need to speak in terms – lingo – that they understand. Many times financial aid and debt terminology feels very foreign and students do not understand what they are hearing or reading.”

Temple offers many resources for students that very few take advantage of. Mejia believes students feel like they don’t have to worry about their debt until they graduate. Many students have their parents handling their financial responsibilities. While Financial Services does send the occasional invitation to events through email, they typically get lost in the inbox of students.

Resources offered include one-on-one counseling and events, such as “Owl About the Money,” a day of activities that offer tips and tidbits on saving what you currently have. Mejia’s team is also looking to start a Financial Literacy page, which would allow for interactive games, videos and other tools to help students become fluent in student finances.

“Temple does have a financial literacy committee that provides classroom training and workshops,” said Mejia. “If we get the new website approved, it will drastically approve the resources we will have available to students. It will also allow students to pick and choose topics and concerns that are relevant to them and the stage they are in their financial life.”

Included on the site would be tools – such as a calculator – to determine what a student’s loan bill will be based on the repayment plan. Additionally, Temple will be issuing loan debt letters to borrowers in order to make sure they know how much they have borrowed since they’ve enrolled at Temple.

Added Mejia, “Students looking to stay on top of their debt should log into www.nsdls.gov and know what your current loan debt is. Most student think they don’t need to look at this until senior year. By then, it is too late. Knowing what you currently owe and what your future payments will make a student think twice before over borrowing.”

When asked what one thing all students should know about financial aid, Mejia responded: “Many students think they can borrow unlimited amounts of loan funding from the Federal Government and that is not the case. The max a student can borrow for the full year is $5500. Students need to do their own research as far as other funding opportunities, such as scholarships, work-study jobs and other possible ways to fund their education.”

The takeaway

Sandra Mejia and her team are doing their part to help students, but there is no excuse for the lack of formal education being provided by the university. Whether it’s through required courses or through stronger and more effective educational initiatives, Temple needs to demonstrate a more thorough commitment to their students’ financial well-being.

 

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