How to Avoid Student Loan Debt (A True Story)

IMG_1285_2I’m a millennial anomaly. I’m 24 and never had student loan debt (or any other kind).

In 2012 the average millennial graduated with $27,000 in student loans. According to a Forbes article, this is a 58 percent increase from grads in 2005 who amassed $17,233 of debt. So, how did I manage to avoid the millennial curse and graduate without loans? Don’t jump to the obvious conclusion. It wasn’t because Bank of Mom & Dad gave me a 100% loan and never sent the debt collector. I avoided Sallie Mae because I made my college selection based on finances.

In April of 2007 I thought my choice had been made. In fact, the deposit had already been sent to Wake Forest University. Wake Forest seemed perfect. Small enough a professor might actually know me, but big enough to have a football team and thriving Greek life system.  Best of all, it was in North Carolina (my home state). It seemed like a college where I could live a traditional “American college experience.” Granted, this was coming from a girl who hadn’t lived in America since fifth grade.

Then, my dad called a meeting…

This story originally ran on the now defunct economag, read the original version of this story here.

Posted in Financial Literacy Tagged with: ,
One comment on “How to Avoid Student Loan Debt (A True Story)
  1. Nihao Erin! I love your blog!!! I’m not that broke (no student debt thanks to BOD) but financially as literate as I am in Chinese. So anyway…thank you!!! And also your dad is my hero. 50%? Definitely doing that to my kids.

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