Every semester, many GSU students wait for a controversial, uncertain, yet scheduled day that always leaves campus in an uproar and masses perplexed. It is more anticipated than graduation, Springfest, the year 2012, and the release of the Space Jam Jordans combined. This campus-shaking day is the great Refund Day. If you didn’t feel it in your pocket, chances are you were not carrying your GSU student debit card, or you are simply not receiving a refund.
The halls of Long Jones echoed with voices bellowing from the students who have been convinced by J. G. Wentworth, proclaiming, “It’s my money and I want it now!”
The day when the refund finally went to students’ debit cards, many of them could be observed frantically skating down the aisles of Wal-Mart, or standing in line at ATMs throughout Ruston. Everybody was eating good in the neighborhood.
The truth is that the money spent belongs to Sallie Mae or JP Morgan-Chase and is possibly attached to a 15% interest rate.
If the thought of becoming a modern day indentured servant isn’t enough to spoil your appetite, try processing this fact.
The average starting salary for 2009 college graduates was $49,307, according to the National Association of Colleges and Employers.
Couple that with the average amount of debt a college student had to be resurrected from in 2007-2008 after commencement ceremonies — $27,803, according to finaid.org.
Figure in the interest and repayment time and you’ll see that your debt steadily increases as the clock ticks. My advice would be to use the money wisely. Invest it. Save it.
Whatever you do, don’t spend it on things that will incur future debt. Robbing Peter to pay Paul may have worked in a bartering economy, but in the real world you can’t play ball with debt collectors and agencies who play for keeps.
One thing that remains true in today’s financial crisis is this: It takes money to make money and it takes even more money to repay money.
We invest a lot of time and money into our education. Let’s not spend the rest of our lives, using our education to break even.
Christian Jackson is a senior electronics engineering technology major from Inglewood, Calif.