The Thirteen Dollar Latte by Ashley

The Thirteen Dollar Latte by Ashley - August 2015 Scholarship Essay

Ten years ago I made a mistake and am still paying for it, literally. I had just graduated from high school and had been awarded a full scholarship. The financial aid counselor spoke to us prior to graduation giving us tips on applying for all available funds to help us with the financial burden that is inherent in higher education. It was the first time I was even aware we had a financial counselor. Her presentation lasted about twenty minutes. In my four years of high school, I was taught everything I knew about finances in under a half hour. I listened carefully, but words she used such as “subsidized” and “unsubsidized” sounded foreign to me. She advised these loans would need to be paid off with interest. However, sitting in my dorm room that first semester, my excitement at receiving a check from the bursar’s office overshadowed her words of caution.

While filling out my FAFSA I had elected to receive any available aid including loans. Due to the fact I had been awarded a full scholarship, I received a check for the excess amount of my financial aid package. “Free money,” I thought excitedly. On some level I was aware I would have to pay this money back, but it seemed like something I could worry about in the distant future. I reasoned by that time, I would be making plenty of money. So armed with more money in my checking account than ever before, I bought a new wardrobe, dined in various restaurants, and purchased a four dollar latte from Starbucks every morning before class. Life was good.

I continued this lifestyle until the second year of college, when I had to move back home due to unforeseen circumstances. I started working full time as a customer service representative to assist my family financially. Six months later, the first bill for my loan repayment arrived. The repercussions of my collegiate morning latte runs were there in black and white demanding to be paid. That first bill arrived ten years ago, and I am still paying off the debt. I estimate those four dollar lattes ultimately ended up costing around thirteen dollars in the long run. No coffee tastes that good.

A decade later, I am re-enrolled in college and am doing things differently. I attend class during the day and work at night. Because I take public transportation to work, I use the commute time to study. I optimize the hour for my lunch break by doing homework while I eat. I wake up an hour early to study in silence before the rest of my household wakes. I dedicate a few hours each Saturday to prepare for any exams or complete any projects due that week. Sundays are reserved for simply enjoying life with friends and family.

Although I learned from my mistake, I feel I could have benefited tremendously if a finance course was taught in high school. Being in debt is such a difficult and finically crippling lesson to learn on one’s own. Not only have I had to figure out this caveat of finances, but also feel left to my own devices to navigate retirement plans and big purchase loans such as mortgages. Upon graduating high school, I had next to no knowledge on the keys to saving and investing wisely. With our nation burdened by debt, I feel that a course in practical finances is of utmost importance. As students graduate high school, at the very least, they need to be prepared with knowledge to understand the basics of interest rates, investments, loans, and retirement.

After completing my undergraduate degree, I plan to obtain a PhD in psychology. I aspire to be a college professor and use my career as a platform to encourage students to think in ways they may have not considered before. Not only am I excited to impart textbook knowledge, I am also eager to advise students and help them maximize their college experience. Additionally, I look forward to sharing tips I have learned, such as the importance of investing in a coffee pot.