Money: You don't need green to be Old Blue

By Elizabeth Schroeder

It's a rationalization with which we are all familiar: It's okay to spend a ridiculous amount of money on a college education, because, in the end, an Ivy League degree will make it possible to earn so much that the loans will seem insignificant. I've thought it, and I've certainly been told that it's true by friends, parents, and even the occasional high school guidance counselor. While my Yale degree may not guarantee me a high-paying job immediately after graduation, its value will eventually exceed my loans and financial worries.

As anyone receiving financial aid, or anyone who has had to worry at all about funding an education, knows, money is a critical issue when it comes to choosing a college. It's hard to know what to do when your safety school offers you much more help than does your first choice. How do you weigh things as important as financial security and a good education against each other?

Financial aid packages come in all varieties. There are those whose entire package consists of a small Stafford Loan. At the other extreme, some may be worrying about balancing the 15 hours of work each week and $20,000 of loans needed each year to supplement a Yale scholarship. No matter where your situation fits in, receiving financial aid affects your experience at Yale.

Often, the issue that is most worrisome to incoming freshmen is how to take a part-time job and maintain a normal life at the same time. Yale is very demanding academically, but it is important to be able to participate in activities and have a healthy social life, too. This is a lot for anyone to balance, and adding a job to the mix can make for a very hectic life. I have found, however, that working part-time does not mean giving up a well-balanced life. It does mean learning to set priorities and manage time.

It's true that I don't have as much time for extra-curriculars as some people, but it is not true that I don't have any time for them. Having a job is like having one activity built in, one thing I am sure I have to do. I have still found time to experiment with other activities, to try things out, and to enjoy the things I love. I have had time to go out with friends at night, even if I do lose a couple of hours in the afternoon at work. And, while it sometimes has been difficult to get my homework done, I feel that this comes with having a full life. Learning to manage time effectively is key, but it's a skill that I think everyone has to improve upon when they get here. Another problem that many incoming students face is a fear that they will incur too much debt over the course of four years. This is a valid concern, but a degree from Yale really can help in finding a high-paying job later in life, and, while this isn't a priority for everyone, it is something to consider when contemplating student loans.

There is something gritty about having to pay your own way. It shows dedication and hard work, qualities that anyone looks for in an employee. Combined with an excellent education, this will make it much easier to pay off a large debt. I realize that I am taking a risk by taking out the number of loans that I have, but it's a risk that I have to take. I have to make the most of the opportunities that I have and I can't let my financial situation stop me from achieving everything I can in life and at Yale.

I now believe that Yale is worth the sacrifices I've had to make. In high school, we all had to make similar sacrifices to do well, studying and working while other people were having fun; nevertheless, we thought it was worth it. Just as I have never regretted making sacrificesto do well in high school, I know I will never regret sacrificing some things to stay here. Back to the Freshman Issue...