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JerseySmarts.com

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!

Wise Words to Remember During Formal Recruitment Season

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While reading a PDF version of Sigma Pi Fraternity, International‘s Emerald magazine from October 1919 (Volume 6, Issue 3), I came across the brief article below, written by Harold K. Bowen.

As a clarifying aside, Brother Bowen is listed as being from “Delta-Xi,” though that is not possible using the chapter designations that the Fraternity uses today since the Fraternity’s Delta-Xi Chapter was founded at Southern Utah University in 1970 and this article was published in 1919. My assumption is that Brother Bowen is from Xi Chapter at the University of Iowa (the Fraternity’s records show a Ralph Bowen initiated into Xi Chapter back in 1918) which was part of the Delta Province at the time. Today, the Fraternity uses geographic demarcations to name provinces (Heartland Province, New England Province, South Atlantic Province, etc.), but this was not always the case – in the early 1900s, Sigma Pi used Greek letters to name the provinces.

The information that Brother Bowen provides in his write-up is interesting from a historical perspective, but also deeply relevant to keep in mind during formal recruitment. Here is Brother Bowen’s advice that you should remember when considering men for membership in Sigma Pi:

BADGE MEN OR CROWD MEN?
Harold K. Bowen, Delta-Xi

Sigma Pi does not seek to claim any man who desires to enter our Fraternity that he may merely wear our badge. Such a man if received within our fold would prove undesirable owing to his peculiar make-up. A self-individual within a fraternity is out of his environment and it would require more than a badge to convince him that he was in the right environment. He could not possess that capacity of wanting things for his fellowmen and would never sacrifice his interests or desires that his brothers might be benefited thereby.

Occasionally we recognize a fraternity man by his badge, only to conclude much to the discredit of his fraternity that he lacks that requisite quality of a true fraternity man, that of being a good mixer. Though he may have acquired much in wealth or honor he would know little of men and their ways. Anyone desirous for self alone could not be recognized as an authority on men and would never be considered by the world as one of its spokesmen.

Fraternity men should be crowd men and as such feel more at home when rubbing elbows with their brother men of the crowd. It is not easy to have courage for others when they are not interested in what should be our common endeavors. However, the men who achieve in this world are those who possess the courage to want things for others. They are not for self. (Nor is success measured by self.)

Sigma Pi is for all of us when all of us cooperate to make it better and bigger. Badge men should not seek to be Sigma Pis. Sigma Pi wants crowd men.

As is so often the case with our forefathers in Sigma Pi Fraternity, Brother Bowen writes eloquently about what the Fraternity needs to thrive. He distinguishes between Badge Men and Crowd Men with the primary difference being that Badge Men join a fraternity simply to join. Or, as was common in the 1910s when this was written, some men joined a fraternity just to show off the group’s badge on their chest instead of earning the privilege of wearing that badge everyday that they were honored to be a member.

Do you know someone like that in your chapter? Someone who is more concerned about being a “frat guy” than about living a contemporary revival of the storied history behind the letters on his chest?

Today, think of the guys who come out for rush just because they want to be a “frat guy” and not necessarily because they want to join something bigger than themselves. These are the opposite of the Crowd Men that Brother Bowen notes in his essay. He says that Crowd Men are those who “have courage for others when they are not interested in what should be our common endeavors.” What does this mean? In today’s terms, Crowd Men are those who are constantly working to improve their local chapter, the larger Greek community, and the plight of collegians across the country. They take an interest in what is important for the Fraternity, but they also see the larger battles taking place across our culture and work to improve the standing of their friends, fraternity brothers, and colleagues in the greater struggle.

One of Brother Bowen’s final comments resonated with me in a particular way. He writes, “Sigma Pi is for all of us when all of us cooperate to make it better…” We need more men – young and old alike – who are committed to cooperating to truly making the Fraternity better for all of us, but more importantly – better for the next generation of Sigma Pi men who have yet to join us.

This article is cross-posted at TheEmerald.org.

Book Review: The Return of the Shadow by J. R. R. Tolkien

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Have you ever picked up a book, read it for a few days, put it down for a few weeks, then picked it up again and read it for a few more days before repeating this cycle? Well, that’s the history of my attempts at reading J. R. R. Tolkien’s The Return of the Shadow, one of the History of Middle-Earth series that was edited and formed by Tolkien’s son, Christopher Tolkien. And that’s not a criticism of the novel or its contents, but rather a commentary on what one needs to be prepared for when picking up this book and reading it. This is not a book that is for the timid reader or the passive reader. The Return of the Shadow is the type of book that you need to actively read – similar to how a collegiate English Literature student would read a novel in preparation for creating a critical analysis of the material. I admit that when I started reading this book, I was not ready for that level of active participation in what was in front of me. In fact, I stopped and started this book over the course of several years, but finished the last 168 pages just recently in the last few days.

Putting my own, initially incorrect approach to reading this book aside, if you are looking for a deep, highly detailed dive into the formation of Tolkien’s Middle-Earth, then this is it. The Return of the Shadow brings you to the very first drafts of The Lord of the Rings – to a world where the familiar foursome of hobbits that are the stars of the trilogy are not Frodo, Sam, Merry, and Pippin. Instead, the reader is treated to Faramond, Frodo, Merry, Odo, Folco, and a host of other hobbits that never made their way into starring roles in the final trilogy. The Return of the Shadow also takes its readers into the thought process behind Tolkien’s creation of iconic characters like Treebeard and Strider. Would you believe that in their first incarnations these well-known players in The Lord of the Rings were much different? For example, in Tolkien’s first draft, Treebeard was working in the service of Sauron. And Strider? He began as the hobbit Peregrin! And these characters are set in a Middle-Earth that includes a forgotten elvish land named Hollin, a Rohan that is still filled with horse lords – but whom are also working in the service of Sauron, and where Gondor is known as Ond.

As fascinating as this early version of Middle-Earth may sound, there are some aspects of The Return of the Shadow that were a bit much for this reader. For example, in his writing and analysis of his father’s work, Christopher Tolkien often repeats words and phrases regarding the story that become more and more laborious as you go along. Also, in some cases he beats a dead horse to the point of absurdity. At one point at the beginning of the third phase of this book, Christopher Tolkien revealed that Odo was no longer going to be part of traveling group and that he would be replaced by Frodo. However, he repeats this revelation three or four times within two or three pages. For someone who gets the point the first time, you do not need to have the same information repeated to you several more times within the span of a few pages.

All things considered, I am glad to have read The Return of the Shadow. While it is an incredibly dense book and while it sometimes dives too deeply for my liking, it is truly a novel that captures the impressive scope and wide-ranging depth of not just Tolkien’s Middle-Earth, but the variety of fascinating characters that live within it. If there is a Lord of the Rings fan in your house or in your family and you want to get them a book that they can get lost in for hours, then this book would make the perfect gift.

Book Review: The Hidden Reality by Stephen Martino

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Back in July 2013, I reviewed the first book in Stephen Martino’s Alex Pella trilogy. At the time, I was struck by the novel’s fast-paced action thriller approach to telling a captivating story that included very strong overtones to our then-current political environment. The Hidden Reality is the second installment in the Alex Pella trilogy and is a true successor to The New Reality in both its tone and style. Just as with the first novel in the series, The Hidden Reality drops the reader directly into the action and moves at a fast pace to jump start the story from the very first page. If you are looking for a story that has a sleepy opening and then slowly lumbers through chapter after chapter until something major happens, then this is not the book for you! The Hidden Reality starts off hot and keeps the temperature up throughout the entire novel.

Fast-paced, action-packed storytelling aside, if you are looking for a novel that has compelling characters that you actually care about and can become emotionally-invested in as you read, then The Hidden Reality is your book. In fact, one of the primary reasons that I could not put this book down was because Martino writes characters that I could relate to and whose stories I wanted to read. His characters mean something to the plot and are not just throwaway placeholders or MacGuffins. Alex Pella, for example, is a hero that you want to cheer for; he’s someone that you want to see win in the end because he awakens the best parts of how we see ourselves. Putting aside the main character for a moment, the novel has additional characters who are absorbing – and for different reasons. Without giving away any of the major plot points, in the beginning of the novel a character named Jules laments to his fellow board members that their corporation is so large and so omnipresent in the lives of everyone on the planet that it has rendered humanity weak and somewhat mentally-stunted. He goes into a diatribe about people no longer having the fortitude or desire to rise up against these types of overwhelming power structures because they rarely think any more. As a reader, I found myself considering the many times that I have felt the same frustration as Jules. I thought about the times that I have passionately implored people to wake up to what is going on around them only to realize that I am stuck talking to people who are mostly wearing blank stares on their faces.

It is not a fun experience and I uniquely understood how Jules felt in that moment.

The brilliance of The Hidden Reality and of the entire Alex Pella series, though, is the deep connections that Martino’s dystopian future has with the often scary revelations that are becoming far too common in our own world. When our Internal Revenue Service was used as an attack dog for political purposes and the most prolific website on the internet (Facebook) is rolling out updates to its face-recognition software and strongly encouraging its more than one billion users to play along, one has to wonder how close we are to achieving Martino’s hidden reality today. The Hidden Reality features a global organization that can track anyone’s location based on their subatomic wavelengths, individuals who place implants in their eardrums to communicate, and the fusion and evolution of corporate behemoths into a global government. Are we really that far away from any of these headlines being published in our own media and in our own time?

The Hidden Reality combines a dystopian future with the mental rigor of a medically-augmented and futuristic plot to create an action-packed story that is fun to read and hard to put down. If I were publishing this review during the summer months, then I would strongly recommend you pick up a copy of this book to read while you are relaxing on the beach. As we are in the doldrums of winter, though, I cannot think of a better book to read while snuggled up by the fire on a cold winter day. When the temperature drops outside, I highly recommend you kick it up a notch inside by jumping into the Alex Pella series!

Incidentally, this was the first e-book that I read on Amazon’s Kindle app. I do not really have any complaints about the Kindle platform. In fact, I think it worked out pretty well considering that I had the Kindle app install on my Samsung Nook tablet (weird, right?).

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!