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Greek State of Mind

A New Student Loan Update – Many Years Later

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Sometimes the updates on this blog are few and far in between and this update, in particular, is long overdue. The main focus of this entry is how I went back to the student loan well to fund my doctoral education, which ended in May 2018. In fact, the last update that I made to the Student Loans category of this blog was a note about how I was going back to school to get a doctorate and I posted that updated in June 2015.

Graduating from the USC Rossier School of Education last spring

Well, that doctoral program has come and gone and I absolutely loved it. Soon, I intend to post an entry talking about the tremendous experience that I had as part of the University of Southern California’s online doctoral program. It was amazing and really rewrote the entire online learning experience for me. Again, though, that story is for another time. This update is about student loans.

To start, I do not intend to write a series of updates about my student loan repayment experience like I did after I graduated from Monmouth University and Rutgers University some 10+ years ago. Writing about my on-going repayment of the $120,603.31 in student loans that I incurred getting a bachelor’s degree and master’s degree was fun, but I have already provided that type of content to this blog and I do not want to write about the same issue in the same manner again. Also, my personal circumstances during this repayment are much different than they were back in 2006 when I started that repayment program. When I started repaying my first set of loans back in July 2006, I did not even have a full-time job yet. Now, I have two full-time jobs and two thriving small businesses… so yeah, my situation is a little bit different.

What is also different is the amount of student loan debt that I needed to incur to complete the doctoral program. All in, I took on $89,286.86 in new student loans. This number is comprised of $87,360.16 in loan principal, $1,878.84 in capitalized interest, and $47.86 in closing and refinancing fees. For those of you keeping count, when you combine all of the student loan principal, capitalized interest, and closing and refinancing fees that I have had to pay off in my lifetime, that number is $209,890.17.

Pretty amazing, right?

Just for fun, if you want to add in the $28,851.81 that I have already paid in interest during the first set of student loans, then the total amount that I have repaid and am still tasked with repaying is $238,741.98.

In terms of repayment, the first set of student loans took me seven years and one month to repay in full. Those seven years did not necessarily go by quickly in terms of financial time. In other words, repaying those loans was brutal to a young professional just getting his career started – in the nonprofit sector no less. Today, my repayment plan is a little bit different as my first payments began in December 2018 and I expect to have these loans paid in full sometime around the end of 2020 or the beginning of 2021. My estimates are still somewhat off because I am unsure if I want to repay the loans earlier and, to be honest, I am contemplating a few different repayment structures that make more financial sense. Unfortunately, my income is at a point where I can no longer write off my student loan interest as a deduction on my taxes, so paying interest on the student loans really has no financial benefit at all.

But there are other ways to make student loan interest work for you. For example, I own a home now and I have a good deal of equity in the home. If I refinance my student loans into my mortgage, then the interest incurred on the increased amount of the mortgage loan would be tax deductible (up to a point, given the recent state and local Tax limits). Also, I could take out a loan from my 401k and repay my loans that way, too. By doing that, 100% of the interest paid on the 401k loan would go back into my 401k and I would earn all of the interest paid. Either one of these options seems like a better choice than just making payments on the student loans.

That is about it for this student loan update. Again, no regular updates on my repayment this time around, but I might post a random update here and there, so be on the lookout!

Why I Volunteer My Time to My Local Chapter of Sigma Pi Fraternity

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Since August 2003, I have proudly volunteered as the local advisor to the Delta-Beta Chapter of Sigma Pi Fraternity at Monmouth University. The role that I fill is called the Chapter Director and I officially held this position for the better part of the last 14 years. There was a two and a half year period where I switched from being the Chapter Director at Monmouth to Sigma Pi Fraternity’s Province Archon for all of New Jersey. The Province Archon is a volunteer advisor and coordinator for a specific geographic region. I held that position from August 2006 through January 2009 and the reason why I resigned from that position might be the focus of a future article here on the blog, but is irrelevant today. At the time that I resigned as the Province Archon for New Jersey, the Delta-Beta Chapter Director position was just vacated by the alumnus who held the position after me, so I was able to easily move back into the Chapter Director position again. I resigned as Chapter Director last August to focus on my obligations as a member of the national board of directors, but I still work with the young men at Monmouth on a daily basis.

Undergraduates and alumni from Delta-Beta Chapter in February 2017

Before I became the Chapter Director at Monmouth, our Faculty Advisor held the position. Our Faculty Advisor is probably the best, most engaged Faculty Advisor in the entire fraternity (in fact, when Sigma Pi started giving out a #1 Faculty Advisor in the nation award, our advisor was the first recipient). However, when I graduated in 2003, the position was ripe for a new person to hold it. I spent two years as the President of my chapter and during that time I was required to research the many events, reports, and issues that our chapter was completely out of the loop on. Shortly after I graduated, the new President of the chapter and I traveled to Sigma Pi’s leadership school and talked to the fraternity’s Executive Director about our situation. During our trip, I was asked to become the new Chapter Director and we implemented that change immediately.

What I learned from my time as an undergraduate leader through my time as a young alumni volunteer and now to someone who has some seasoning as a volunteer is that undergraduates are, naturally, not as connected to the on-going workings of the national organization as one might expect. In other words, national student organizations like fraternities and sororities should not expect every single undergraduate leader at every single undergraduate chapter to take an impassioned interest in the finer points of completing and submitting monthly or quarterly or annual reports. There is going to be an equally less-than-enthusiastic understanding of why it is necessary and beneficial to attend national conferences and regional workshops.

It is one of the many jobs of a local and regional volunteer to connect with their undergraduates in an educational, uplifting, and genuine way. The connection must be educational because we need to make the mundane reporting relevant to their everyday experiences as undergraduate leaders. The connection must be uplifting because today’s young men are berated and denigrated by nearly every corner of society just because they are young men. Who will tell our young men, “Good job!” or “I’m proud of you,” if not for us?

But most importantly, the connection must be genuine because undergraduates can see through lies and falsehoods with laser-like accuracy. And they should cut through the nonsense!

I’ll be writing more about mentoring undergraduates soon, so stay tuned!

Small Business Entrepreneurship and Doctoral Studies

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Last August, I started a doctoral program at the University of Southern California. Thus far, I have really enjoyed all aspects of the program from my fellow students to the incredibly talented professors to the online learning environment that our learning takes place in to everything in between. Even the textbooks that we are required to purchase for our classes are a cut above most of the textbooks that I used in my other graduate and undergraduate studies. Since starting this program, the majority of my free time is now spent reading different studies for my classes and preparing for small group and full class discussions. I am writing this short paragraph about the USC program to show that I am enjoying the program and to state how glad I am that I decided to apply to become a student again for the last time.

Greek State of Mind is growing!

Greek State of Mind is growing!

With the start of the USC program at the end of last summer, I opted to stop all of my activities in whatever was left of Usable Web Solutions, LLC. Those activities included keeping several websites updated on a semi-regular basis and working to promote those websites via social media. Before completely stopping my activities with UWS, I was keeping at least one website regularly updated (“regularly” = almost daily) for about 20 years. Stopping those updates and moving away from my online business was a big change for me, though not an entirely bad one. The best part of relieving myself of my UWS duties was freeing up more of my time to focus on my other small business – a small, niche apparel company.

The apparel company that I co-own with another alumnus from my fraternity is doing very well, too. Our company – Greek State of Mind – had its biggest sales year in 2015. However, we are about 10 weeks into 2016 and we have generated more revenue this year than we did during the first 40 or so weeks of 2015. In the world of small business entrepreneurship, this is the type of growth that most companies dream of achieving. We are very happy with GSOM and are excited about expanding our product lines including a shirt celebrating the Monmouth University men’s basketball team and their Bench Mob.

And speaking of the Monmouth Bench Mob, I know that I speak for all Monmouth University basketball fans when I write that we are hopeful the NCAA selection committee will make the right decision and send the Hawks to the big dance this Sunday! #FlyHawks!

This Was A Great Weekend For Sigma Pi Fraternity!

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This past Saturday was a great day for Sigma Pi Fraternity, particularly in the Northeast and Mid-Atlantic parts of the country. In fact, Saturday was part of a much larger weekend of excellence for the fraternity in so many ways. Let’s dial it back to this past Thursday. On Thursday night, a group of young men who are interested in becoming members of Sigma Pi Fraternity met with their university’s Greek Advisor to lay out a path to starting a colony. Growth in the fraternity world is always an exciting accomplishment and speaking on behalf of Sigma Pi Fraternity in New Jersey, I know that we’re very excited about the possibility of having a chapter at Stockton University! Stockton is a growing, energetic campus and it is a place where Sigma Pi Fraternity needs to have a chapter. I’m thankful that these young men took the initiative to start something that will benefit not just themselves, but their campus and community as well.

Sigma Pi Fraternity is working with Stockton University on a path to colonization

Sigma Pi Fraternity is working with Stockton University on a path to colonization

The weekend continued on Friday afternoon when the Delta-Beta Chapter at Monmouth University welcomed back a recent alumnus to lead a discussion on recruitment. The talk lasted about half an hour and focused proven, successful strategies for recruitment at Monmouth University. Check out a picture of the young alumnus talking to the undergraduates of the chapter during the workshop below.

Alumnus Andre Torrecuso talks to the Delta-Beta Chapter about recruitment

Alumnus Andre Torrecuso talks to the Delta-Beta Chapter about recruitment

On Saturday, Sigma Pi celebrated the chartering of our newest chapter on the campus of St. John’s University in New York! The Iota-Tau Chapter chartered with more than 40 young men joining our brotherhood. These guys have spent the last few semesters working very hard to reach the pinnacle of the colonization process and this past Saturday, they achieved their goal. Take a look at the newest brothers of Sigma Pi Fraternity!

A shot of the the new Iota-Tau Chapter, posted by Joe Turck

A shot of the the new Iota-Tau Chapter, posted by Regional Director Joe Turck

Just across the river from the chartering was the annual New Jersey Province’s Fall Semester Workshop. This workshop has grown in size over the years to a point where it now hosts hundreds of brothers each September. On Saturday, just over 200 Sigma Pi brothers (including some interest group members from Stockton) traveled to Seton Hall University for several hours of instruction and brotherhood. Here is a picture of some of the attendees at the workshop (more pictures are available on the Province Facebook page).

More than 200 Sigma Pi guys gathered at Seton Hall University for New Jersey's Fall Province Workshop

Over 200 Sigma Pi guys at Seton Hall University for New Jersey’s Fall Province Workshop

And on the other side of New Jersey’s other river (the Delaware River), the Mid-Atlantic Province Workshop was taking place at the University of Delaware. The workshop drew in 80 brothers from chapters including the host chapter at the University of Delaware, West Chester University, Ursinus College, and St. Joseph’s University. In addition, another 11 guys from the Stockton interest group made their way to the workshop, too. While I don’t have any pictures from the workshop, I’ll update this post as soon as they come in.

The pictures from the Mid-Atlantic Province Workshop haven't been sent out... yet!

The pictures from the Mid-Atlantic Province Workshop haven’t been sent out… yet!

Then yesterday, the brothers of the Delta-Beta Chapter at Monmouth University held a suicide awareness event on the Great Lawn of Monmouth University. The event was held in collaboration with the sisters of Alpha Sigma Tau and focused on spreading awareness about suicide and prevention. One of Sigma Pi Fraternity’s national philanthropies is the Sean Vernon Feliciano Amazing Day Foundation, which remembers the life of Sean Vernon Feliciano through education about suicide awareness and prevention. Here is a picture of a balloon release that took place on the Great Lawn during the event.

Monmouth University's Greek Life gathered on the Great Lawn

Monmouth University’s Greek Life gathered on the Great Lawn

There was also a mini-reunion of some Delta-Beta alumni on Thursday night and nearly a dozen recruitment events around the New Jersey Province this weekend – and those are just the events that I know about! It was a great weekend for Sigma Pi Fraternity in New Jersey, the Mid-Atlantic, and New York City. In fact, Sigma Pi Fraternity needs more of these weekends, in more places, and much more often!

Monmouth Comes From Behind To Beat Canisius in MAAC Play

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Earlier today, the Monmouth University Hawks came from behind to beat the Canisius College Golden Griffins at the MAC in West Long Branch, New Jersey. The game wasn’t very exciting or thrilling until the final few minutes when Monmouth came from behind to beat the number one ranked team in the Metro Atlantic Athletic Conference with just one second left in the game. Instead of me trying to explain the excitement of that moment, take a look at the video below and you can see for yourself:

I’m not sure if the video adequately captures the excitement in the MAC when Andrew Nicholas sunk that 3 pointer to seal the deal for Monmouth. The place was electric. I’ve never seen the type of sheer excitement in the MAC as I saw after the game today. Even Monmouth Head Coach King Rice was jumping up and down, hugging Assistant Coach Rick Callahan the entire time. It was a great, well-deserved “feel good moment” for Monmouth.

There were a lot of players that came together with good performances to help push Monmouth ahead. You can read more about those performances in Josh Newman’s writeup over on the Asbury Park Press’ The Hawks Nest blog.

Start the Weekend Right Link Series – Volume #1, Edition #5

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Here are another set of links to help you start your weekend the right way. Again, just a reminder that if you find that you visit several websites on a daily basis, then I recommend you consider signing up for a free Feedly account. I don’t get anything for promoting Feedly – I just love the service and I think that it’s really a great RSS aggregator (even better than the old Google Reader). And if you’re using another RSS aggregator, then please consider following JerseySmarts.com at http://www.jerseysmarts.com/feed/ or if you’re already on Feedly, then you can follow us by clicking here.

Now, enjoy the links! If you come across any interesting links, then please share them with us in the comments section below.

Start the Weekend Right Link Series – Volume #1, Edition #5
Monmouth Slated For Four Games on ESPN Family of Networks, Home Schedule Set, The Hawks Nest
After Tony Graham retired from the Asbury Park Press, a host of new writers were tasked with updating his blog following Monmouth University sports. One of those writers is Josh Newman. Josh recently posted an update regarding the upcoming basketball season and when you can see the Hawks in action. If you’re an MU basketball fan, then you’ll want to check out this update.

With Practice Opening Friday, Five Things to Watch at Monmouth, The Hawks Nest
Another update on Monmouth basketball from The Hawks Nest. This update focuses on what to look for now that the practice season is upon us. Check it out – Josh Newman did a good job of what to be aware of heading into the new season especially as it relates to which players to keep an eye on and what positions they are playing this year.

Rutgers-New Brunswick Named Among the Ugliest College Campuses in the Country, Long Branch-Eatontown Patch
As an alumnus of Rutgers University, this one is no surprise. Rutgers University ranked #26 on the list of the ugliest campuses in the nation – and that’s the truth. The New Brunswick campus is a wreck of buildings strewn all over the place in and around downtown New Brunswick and points north. There’s barely a “campus” feel to Rutgers, rather it seems more like you’re trying to navigate between college buildings and random buildings. Of course, it still looks better than Rowan University down in Glassboro… they were ranked as the #10 ugliest campus in the nation!

Kula Cafe Thriving on Springwood, Asbury Park Sun
Some good news coming out of the West Side of Asbury Park: it looks like the new Kula Cafe is doing great things for the residents on the West Side and the Midtown neighborhood of Neptune Township. If you haven’t heard of the Kula Cafe and you live in the area, then you should read the story above and check the place out. I had a business lunch there a few months ago and it was fantastic. The service was great and the food was phenomenal. It was a very enjoyable experience and I would go back again.

Symbols, DoghouseDiaries
This was just a fun little game to play. It’s not so much of a game as it is a memory test. Give it a look – I think you’ll really enjoy it!

The Worst Thing You Do Before Bed, Men’s Health
I’m always trying to learn more about getting better sleep. This short article in Men’s Health talks about the worst thing that we do before we go to bed. And it’s no surprise – the worst thing that we do is engage in electronic forms of entertainment that stimulate our brains when we should really be trying to relax and calm down. Check out this quick article – and get some sleep!

How Hyper-Threading Works (and When You Want It In Your PC), Lifehacker
As you may know, I’m writing this entry on my brand new laptop. One of the things that sold me on buying this laptop was the fact that it had every single bell and whistle that is currently offered on the market (except for a touchscreen, which I didn’t want anyway). Well, I’m aware enough to admit that most of the technology behind these machines has passed me by, but videos like the one linked here help me understand what these bells and whistles actually mean. So if you’re like me in that you used to be the king (or queen) of technology and now you find yourself more like a silent, somewhat knowledgeable observer, then you may want to watch this quick video to learn what hyper-threading means.

Don’t Cheer the Rise of the Adjunct, Minding the Campus
A recent study came out suggesting that tenured professors do a poorer job of educating their students and keeping young students in their disciplines than adjunct professors. As an adjunct professor, this is good news for me because it means that my services should be in higher demand! The results of this study really don’t surprise me because anyone who has ever been to college and run smack into a stodgy old professor who received his/her tenure decades ago knows how incredibly horrible they are at teaching. I can tell you story after story of horrible professors that I had to endure when I was going to college – many of whom are still teaching at the campus! For some of these professors I’ve been told in confidence that certain other administrators and faculty members have complained and tried to get the poor performers fired, but tenure is a pretty hard thing to break. Anyway, this study was interesting – if you like this stuff, then I think you’ll enjoy reading this one.

Revitalizing the Church, His Eminence Timothy Cardinal Dolan
Recently, Father I. Michael Bellafiore wrote an article in the Washington Post about revitalizing the church. Father Bellafiore writes about ten ways to revitalize the church and those ten ways do not include the things that we normally hear from local reformers. I read the blurb through His Eminence Timothy Cardinal Dolan’s blog, which is linked above. You can go straight to Father Bellafiore’s article by clicking the link in this blurb.

Update a Vintage Boombox with a Line-In to Play Music from Your Phone, Lifehacker
To end this week’s update, I thought I’d provide a fun link for those of you who are looking for a cool do-it-yourself project. If I had the time and materials, I’d give this a shot. It looks like it could be fun to try to make this contraption!

Get your weekend started right by checking out these links, starting a new, free Feedly account, and/or adding the blogs above (and JerseySmarts.com, too) to your existing Feedly or other RSS aggregator account. Enjoy!

After All Of These Years, This Is What The Finish Line Looks Like

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Thank you all so much for the kind words and praise that you’ve sent me via text messages, Facebook comments, Facebook messages, e-mails, discussions on your blogs, and phone calls over the last few days. Since I posted that my student loans were officially repaid, I’ve been reminded what a great group of people that I’m lucky enough to call my family and friends (both old and new). During the online celebration, some of you asked whether I had official confirmation on my payment being received and processed by the student loan company. On Monday, the answer was “no” because it takes a few days for the payment to show up on MOHELA’s website. However, today I’m proud to share the screenshot of the zero balance due on my loan. Take a look:

And that's the end of my student loans.

And that’s the end of my student loans.

And not only is there nothing due on the loan, but it looks like MOHELA actually owes me 15 cents! Ha ha!

In July 2006 I began repaying $120,603.31 in student loan debt. This debt was comprised of $106,070.00 in loan principal, $12,434.58 in capitalized interest, and $2,098.73 in closing and refinancing fees. I made the final payment on this debt in August 2013. My lenders included the United States Department of Education’s (USED) Perkins loan program, the USED’s subsidized and unsubsidized Direct Loan programs, the New Jersey Higher Education Student Assistance Authority’s NJCLASS program, CitiBank, and the Missouri Higher Education Loan Authority (the USED sold my loan to MOHELA in April 2012). In total, I paid $149,455.12 to these lenders including $120,603.31 in consolidated principal and $28,851.81 in interest. You can read my entire student loan repayment story on JerseySmarts.com.

Major Student Loan Announcement: My Student Loans Are Fully Repaid!

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When I was interviewed by USA Today about my student loan debt back in June 2006, I was so unsure of my financial position that I couldn’t even give them the correct total for my loans. That article cites a total of $116 thousand worth of student loans; believe it or not, I was about $5 thousand too low. All I was sure of was that I owed a substantial amount of money and it seemed there was no way to quickly repay the loans.

Before I started an aggressive repayment plan in December 2009 it seemed like today would be impossible to realize. Think about the situation that I was faced with (and remember that many current large dollar student loan borrowers are still in similar situations): How could a guy manage to repay approximately $121 thousand in student loan debt with a bachelor’s degree in English and a master’s degree in Public Policy? Further, how could a guy repay such an astronomical figure much quicker than the 25 and 30 year repayment plans his lenders put him on? Worse yet, how could anyone who worked at a nonprofit organization, did not rely on outside financial support, did not live at home, paid all of their own bills (on-time), lived in the most expensive state in the union, and who felt a moral obligation to annually donate at least 10% of his income achieve this goal? To say that the odds were against this day coming as soon as it did is an understatement! This goal was nearly impossible for anyone to achieve.

It's over!

And yet this day still arrived. As of this morning, my student loans are fully repaid. No more principal balance to report. No more interest versus principal calculations to make with each payment. No more wondering how much longer I’m going to make $2,500 per month payments (this was the amount of my average monthly payment in 2013). That’s $2,500 each month that I can now use towards what it should have been used for since July 2006: saving for retirement, investing in the market, investing in my continued professional and academic development, and purchasing a permanent residence.

During my last “major announcement” post back in December 2010 I happily reported that I was done repaying the New Jersey Higher Education Student Assistance Authority (NJHESAA). The NJHESAA’s series of smaller NJCLASS loans were – after consolidation – one of the two major student loans that I was obligated to repay after graduating from a master’s degree program at Rutgers back in 2006. The other major series of smaller loans – also consolidated into a single loan – were from the United States Department of Education (USED) and their Direct Loans program. Ultimately, the USED sold my loan to the Missouri Higher Education Loan Authority (MOHELA) – the lender that received my final payment earlier today.

I also had loans from two smaller sources including $1,400 from the USED’s federal Perkins loan program through Monmouth University and $7,000 (plus an additional $1,071.52 in interest) from Citibank’s student loan program.

Just as I reported after paying off my NJHESAA loan, here are the stats as they pertain to repaying my USED/MOHELA loan (these figures include both the amount of the loan and the capitalized interest; also, these are my figures and may be a few pennies or a dollar or two off from what the USED/MOHELA keeps on file).

Freshman Year of College (1999 – 2000): $2,639.27
Sophomore Year of College (2000 – 2001): $3,518.71
Junior Year of College (2001 – 2002): $5,529.88
Summer Session (2002): $0.00
Senior Year of College (2002 – 2003): $5,529.86
Undecided Graduate Semester (Fall 2003): $9,759.06
Part-Time Graduate Semester (Spring 2004): $0.00
Graduate Year One (2004 – 2005): $19,156.45
Summer Session (2005): $6,852.91
Graduate Year Two (2005 – 2006): $6,034.01
Total USED Debt at Consolidation (Plus $205.04 Refinancing Fee): $59,020.15

Total Principal Paid During the Life of the Loan: $57,575.00
Total Interest Paid During the Life of the Loan (Includes Capitalized Interest): $1,445.15 + $14,518.11
Total Fees Paid During the Life of the Loan: $205.04

Total Amount Repaid: $73,743.30

The list above shows the various USED loans that I consolidated into the final $59,020.15 loan that I began repaying in 2006. If you study that list above, there are three lines that will probably bounce out and hit you – my summer session in 2002, my part-time graduate semester in 2004, and my first year in graduate school as a full-time student in 2004 – 2005. The first two of these line items probably stand out because I did not incur any USED loans during those semesters. Why didn’t I take out any loans, you ask? Simple. As an undergraduate, the USED would not advance me any loans if I was a part-time student – that eliminated me from potentially getting a loan during the summer of 2002 (I made up the difference from NJHESAA that summer). And in the spring of 2004 I was still deciding if I wanted to apply to the Rutgers graduate program where I was a non matriculated student. Again, being a part-time student didn’t allow me to take out any loans from the USED.

Of course, I did wind up applying to the Rutgers program on a full-time basis and that first full-time year of graduate school is the other line item that stands out in the list above. This line item stands out because it is so much higher than the rest of the line items at a whopping $19,156.45. What in the world could I need that much money for in a student loan?! Again, the answer is somewhat simple: somewhere along the line I figured out that the USED would advance loan funds to pay for my “living expenses” while I was going to school full-time.

If there is one thing that I can point to that inflated my total student loan debt more than anything else it would be the ability to add my “living expenses” to my student loan requests. Even though I worked part-time at two different jobs during my undergraduate years and full-time during my graduate years (in addition to owning and operating a small business), I still included my living expenses in my student loan requests. Those living expenses including my monthly rent payments, cell phone payments, food money, automobile payments, and Lord knows what else. Unfortunately, I can’t tell you the exact amount of my student loans were allocated to these living expenses, but let me put it in perspective this way…

Pretty much all of the tuition I was charged during graduate school was paid either by me, my family, or scholarships. You read that correctly – I did not need to take out student loans to pay for my tuition at Rutgers. In other words, if you look at the list above and add up the line items titled Graduate Year One (2004 – 2005), Summer Session (2005), and Graduate Year Two (2005 – 2006), then you’ll have the total dollar amount of student loans that I requested for reasons other than tuition. After doing the math, you can see that this amount equals $32,043.37. Just to be clear, of the $120,720 that I took out in student loans, at least $32,043.37 were for expenses other than tuition. I won’t set this number in stone as the definitive total amount of loan funds that I received for non-tuition expenses because I also applied for and received living expenses (primarily rent costs) from the NJHESAA’s NJCLASS program, too.

However, to estimate that approximately a third ($40,420) of my total student loan debt was for living expenses and not tuition would be a pretty good guess. Pretty frightening, I know.

And yet today still arrived. From an above-the-fold cover story in USA Today in June 2006 to fully repaying my NJHESAA loan in December 2010, to a nice mention in an online story on USA Today in May 2011, to the milestone of having repaid $100,000 in principal, to today – it’s been an incredible ride. If you’ve been following my student loan story from the beginning, then I offer my heartfelt thanks for your patronage and willingness to read my repayment story to the end. For those of you who have added comments to these blog entries from time to time, I thank you for being a part of the conversation. If you’re one of the many folks who’ve e-mailed me saying that I inspired you to take a more aggressive stance in your own student loan repayment, then I wish you luck.

Quickly and efficiently repaying a student loan is possible; even if that student loan is $120,603.31 on day one and you wind up paying an additional $28,851.81 in interest over the life of your repayment. The great truth that I learned over these past few years is that if you want to do something, then you will find a way to achieve it. In other words, no one can stop you – except you.

And if you’re trying to repay an enormous student loan, then contact me and share your story. Good luck!

In July 2006 I began repaying $120,603.31 in student loan debt. This debt was comprised of $106,070.00 in loan principal, $12,434.58 in capitalized interest, and $2,098.73 in closing and refinancing fees. I made the final payment on this debt in August 2013. My lenders included the United States Department of Education’s (USED) Perkins loan program, the USED’s subsidized and unsubsidized Direct Loan programs, the New Jersey Higher Education Student Assistance Authority’s NJCLASS program, CitiBank, and the Missouri Higher Education Loan Authority (the USED sold my loan to MOHELA in April 2012). In total, I paid $149,455.12 to these lenders including $120,603.31 in consolidated principal and $28,851.81 in interest. You can read my entire student loan repayment story on JerseySmarts.com.

Start the Weekend Right Link Series – Volume #1, Edition #2

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Here’s hoping that you enjoyed last week’s inaugural edition of the Start the Weekend Right link series. As I noted last week, since Google Reader shut down on July 1st I’ve been using Feedly to read the latest content from my 74 different subscriptions. If you have a bunch of different websites that you check out everyday, then I encourage you to condense your efforts and check out that websites on Feedly. And hey, whether you have a free Feedly account or you use another RSS aggregator I’d be thankful if you would follow our feed at http://www.jerseysmarts.com/feed/ or (via Feedly) by clicking here. Thanks!

This weekend’s links are below for your reading pleasure. If you come across any interesting links, then please share them with us in the comments section below. Enjoy!

Start the Weekend Right Link Series – Volume #1, Edition #2
Old Professors Never Quit, They Just Hang Around, Bloomberg
As an adjunct professor with potential designs to become a full-time professor at some point in the future, I found this article interesting. The author explores the issue of having professors in the classroom that just don’t seem to ever want to retire. One of the interesting points in the article is that the number of active professors over the age of 65 doubled from 2000 to 2011. This discussion begs the question of whether it even matters that there are so many older professors in the classroom. Definitely an interesting read for my fellow education news junkies.

Most Newark Residents Want More Charter Schools, Poll Reveals, Newark Patch
This article could have easily been put in the “obviously – duh!” file. Of course most Newark residents want more charter schools! Not only have charter public schools in Newark (and other urban areas in New Jersey) been proven time and time again (PDF) to absolutely decimate the traditional public schools in terms of academic performance, they do it at a fraction of the cost of the traditional public school sector. Everyone in New Jersey knows that the silly, increasingly irrelevant teachers’ union fights tooth and nail against charter schools because they do a better job at a more efficient cost. And it seems like the folks in Newark want more charters as this article reports 71% of respondents supported an expansion of charters in the city.

Breaking Down Monmouth’s Nonconference Schedule, A Daly Dose of Hoops
If there are any other Monmouth University basketball fans out there reading this series of links, then I encourage you to check out the Daly Dose of Hoops breakdown of the nonconference match-ups that the Hawks will have during the coming season. Also, if you didn’t see the release of the nonconference games for the coming season, then this article will update you on who the Hawks are playing outside of the MAAC in 2013 – 2014. College basketball season is coming soon…

The Sweetness of Time Off, NY Times – The Dealbook
I enjoyed reading this article because I enjoy the idea of taking time off to recharge your batteries. What Dealbook does in this article is discuss how to vacation and what the concept of vacation means in and for today’s workforce. At my job, in addition to 12 holidays each year I get 31 “paid time off” days. We don’t distinguish between sick days and vacation days and we are only allowed to carryover 12 days each year. That means that each year I absolutely must take off 19 days (the equivalent of about 4 weeks of work). Frankly, I find it hard to do this because I rarely get sick and I’m not the type to go off on week-long vacations to exotic or interesting places (that’s not easy to do while you’re battling student loan debt). However, in the spirit of this article I’ve been considering going on a longer vacation by heading to some place other than the Jersey Shore. Who knows?

Neptune Plans Rent Control Measure, The Coaster
For anyone living around my area of Monmouth County and, particularly, in Neptune Township – this article is for you. It appears that there may be a local property management company that is increasing rental rates beyond what one might consider a reasonable annual adjustment. The Township Committee in Neptune is going to combat those large adjustments by instituting a rent control measure. More details in the article.

County Rolls Out New Tax Assessment Program, Asbury Park Sun
No, I’m not some nerd for tax assessment programs or local property taxes. This article caught my eye because I think it’s a great example of new methods being used to eliminate wasteful, inefficient practices from the past. I can’t even begin to tell you how many times I get frustrated when working with local governments or workers who are beyond retirement age and can’t function at the speed of now. The new system for adjusting property taxes in Monmouth County is an easy to understand, logical, timely system. Good work by all involved in this program!

Asbury Park Press Among Hardest Hit in Gannett Job Cuts, Asbury Park Sun
At one point, I used to follow local news agencies and the surprising amount of drama that takes place at these institutions. Today, I have a much smaller though still lingering interest in what goes on at the organizations that provide the public with what is considered “news.” So when I saw that the second largest newspaper in New Jersey – the Asbury Park Press – was hit pretty hard with a round of job cuts from Gannett, I thought that this would be an interesting story to share. Which brings me to…

End of An Era at First Energy Park, WOBM
The retirement of Asbury Park Press sports writer Tony Graham leaves a large hole in the coverage of many Monmouth University sports. Tony’s writing was excellent and though I haven’t followed him any longer than I started attending the home basketball games in 2009, I always enjoyed reading his postgame wrap-ups on his wildly popular The Hawks Nest blog. You can read Tony’s announcement regarding his retirement here.

Monmouth University Stadium To Get $5 Million Upgrade, Long Branch-Eatontown Patch
Clearly, this week’s Start the Weekend Right link is heavy on Monmouth University-related news. And rightfully so – we’re just a few weeks away from school being back in session and there is a lot going on in and around the campus right now. This story is about a long-awaited, much needed update to the university’s otherwise weak football “stadium.” One of the areas of the university’s athletic facility offerings that has been a black eye in the shadow of the MAC is the football field. Some of the problems with the field can be fixed as this story shows. However, until the university finds a way to add bleachers to the visitor’s side of the field, it’s going to be tough to sell Kessler Field as a big-time, Division I football field. In any event, the addition of this new four-story building goes a long way in getting Monmouth where it needs to be.

Roxbury’s Tito Santana Enjoys the Quieter Life, Roxbury Register
This is a fun, wholesome story from my hometown’s weekly newspaper. Anyone who is a fan of WWE or, more appropriately, the old World Wrestling Federation, will know the name Tito Santana. A former WWE World Tag Team Champion and WWE Intercontinental Champion, Santana is a member of the WWE Hall of Fame and… he was one of my gym teachers in high school. I’ve written about Santana every once in a while over my various internet properties over the last nearly twenty years. He’s a great man with a beautiful family. I was friends and teammates with his oldest son in high school and from what I see on Facebook, he’s grown into a great young family man himself (no surprise there – he was an awesome kid in high school). This article gets the facts a little bit incorrect on Santana’s career as it says his last professional match was in 1993 against Virgil. That’s not entirely correct as he beat Jeff Jarrett in 2000 on WCW NITRO (but who’s keeping track?). Anyway, Santana is a great part of my hometown and I’m glad that the local paper chose to write a nice article about him.

Get your weekend started right by checking out these links, starting a new Feedly account, and/or adding the blogs above (and JerseySmarts.com, too) to your existing Feedly or other RSS aggregator account. Enjoy!

The End Is Drawing Near… For My Student Loan Debt, That Is!

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Did you read the last entry that I wrote about my student loan repayment? If not, then I encourage you to take a minute of your time and check it out. In that update I noted that my outstanding balance had fallen from $17 thousand all the way down into the four-digit range of $9 thousand. And now I’m back again with another update and another relatively sizable drop in my total student loan debt burden.

Only $7 thousand left

As of today my student loan debt sits at about $7 thousand. Most folks are going to read that update and think, “It’s all over for Joe now – there’s nothing left. He’ll pay this $7 thousand off in a month or two and be done with those loans for good.” Well, if you have that thought in your head, then you happen to be correct. And while I obviously have the cash sitting in one of my savings accounts to eliminate the balance of my student loans today, I’ve opted not to fully repay the debt… yet!

The reason for this decision is that I need to do a better job preparing this blog to showcase the journey that I had to take to get from about $121 thousand in student loan debt all the way down to $0 in a matter of a little under 7 years. Not to toot my own horn, but I believe that in the pages upon pages of student loan updates that I’ve provided over the years there are a lot of great tips and pointers for people struggling with seemingly insurmountable levels of debt. If you’ve been reading these updates for a while, then you’ll remember that I used to constantly remind everyone that my accelerated payment was possible even though I do my best to meet or exceed donating 7% to 10% of my gross income each year to charity. Also, in some of my early student loan entries I was big on reminding folks that not only was I paying off my student loans at an accelerated pace, but I was also paying for all of my own expenses without any help from any government institutions or individuals. In addition, I mentioned in more than one of these updates that I was able to do all of this while working for a nonprofit organization – not some big, investment bank that was dominating Wall Street or a hedge fund that was kicking off a 7 or 8 figure salary. Nothing along those lines is going on here. And I think I even may have written in some of these updates that I’ve even managed to continue my education over the last seven years by completing a Graduate Certificate program and enrolling in a Post-Master’s Certificate program.

The quick lesson from all of this? Don’t believe that an incredible amount of student loan debt will automatically stifle your ability to earn money and make significant repayments! Remember, YOU are the one in control of your life and decisions – and that includes your financial life and decisions.

As I’ve been telling people who I am close with that I’m on the verge of completely repaying my student loans, they’ve been asking me how such an accomplishment is possible given the circumstances noted above. Well, I think a variety of the answers to the “How?” question are found within my past updates and I’m working on finalizing a separate page on the blog to catalog those answers.

But stay tuned, everyone. Once that separate page is created I fully intend on repaying the balance of this student loan and kissing the whole thing goodbye forever. The end is drawing near for these student loans…

On May 14, 2006, I graduated from Rutgers University with a master’s degree and $120,720 in student loan debt. In July 2006 I made my first payment on these student loans and, so far, I’ve repaid a total of $114 thousand in principal. My lenders include the United States Department of Education’s (USED) Perkins loan program, the USED’s subsidized and unsubsidized Direct Loan programs, the New Jersey Higher Education Student Assistance Authority’s NJCLASS program, and CitiBank. The USED sold my student loan to the Missouri Higher Education Loan Authority (MOHELA) on April 16, 2012. I currently owe about $7 thousand in principal to MOHELA. To date, I’ve repaid over $35 thousand in interest to these lenders. Follow my student loan repayment story on JerseySmarts.com.