“The journey of a thousand miles begins with one step” - Lao Tzo
I can safely say this has been a journey of a thousand miles and over thousands of dollars but it definitely begins with one step. So let’s start:
Short summary about me- I am a first-generation African-American/ Black/ Caribbean woman. I grew up in the South Bronx, NY during the Crack epidemic, AIDS crisis and Regan-omics which impacted my neighborhood and community greatly. My amazing parents raised myself and my two brothers to honor ourselves and value education while making a difference in the community and uplifting our people. Not a small call-to-action for children of immigrants, however there was a directive to not be a burden on society- but a contributor AND get good grades (i.e excel) at all you do. Education was the way out. Education was key. Education was seen as the American Dream and reality to removing us of the economic situations. It cannot be lost that there are MANY systems in place that are setup to disadvantage persons of color in every way, from standardized tests, redlining housing, disproportionate income levels for women+ Black Women, etc etc.
My father passed when I was 9, leaving my mother a widow with 3 children under the age of 10. With no time to grieve, she immediately worked tirelessly to make a better life for us with no public assistance (she did not qualify as she made $3 over the qualifying poverty limit), and we became latch-key kids whose one job was to do well in school. College was expected for us- though not sure how it was going to be paid for, but college and upward mobility was the goal.
I did fairly well in High-school upstate NY (coming from a Music & Arts School in the South Bronx) and received entry into a few colleges. To note, I did not apply to HBCU’s as I was steered away from them as not good schools (the guidance counselor assigned to me was Caucasian and had no knowledge or good things to say about being at ‘that kind of school’) and I did not get into NYU Stern which was my top choice.
I did get admission to Manhattan College, Fordham U, Miami U, and a few other places. I choose Fordham U, as they gave me the most financial aid and this was something that had to be factored into the decision making process. Reality Check- Finances are a factor in Higher Education and should be addressed very early on with your students so they are fully aware of the costs and responsibilities of college.
I cannot stress enough the support I received along the way from the folks in my life that pushed me to succeed. Unfortunately, the folks may not have been able to properly advise me on the realities of student borrowing and debt. I recall having to make $1000 deposit for housing and luckily I received a few scholarships from High School to make that happen. I recall receiving the list of items to purchase inclusive of twin Xtra-long sheets and a trunk with no way of understanding why I needed these items. Although I had worked since the age of 15, my money went to support the household expenses (well feeding me and clothing me therefore my mothers resources concentrated on mortgage and other health related expenses). When it was time for move in, I had only a few items on the list and figured, I can make due and work it out.
I immediately walked to the financial aid office to sign the loan form. It was in triplicate with carbon copies. Due to the volume + manual nature of this process, there was no time to read the terms on the promissory note, and the clauses for the loan.
I promptly walked over to the bookstore and signed up for a credit card and got a free tee-shirt. No financial literacy about interest rates, due dates, terms and conditions. Here I was 18 and got a credit card. I felt fancy and financially free. I got my books and some food for the day.
And here it starts- day 1 of school $2,625 of student loan/ 8.25% interest rate
It gets better (sarcastically)…