Car Payment or House Payment

by Jedidiah Scott
(Acton, Maine, USA)

The story I heard often from my parent was how their friends co-signed loans for their children and now the payment was larger than their mortgage. These friends belly-ached on how their young adult child has graduated but their post college job did not bring in enough funds to make monthly payments. The parent paid one loan and their children paid the other. As a result my parent voiced how they would not sign any loans for me or my other four siblings. How can we pull this off?

You always make more money when you work for yourself. In the spring look around your neighborhood for simple painting jobs, a deck, a shed and ask if you could do the task. People work and lawn work is a burden for some. In the spring set up lawn jobs. My senior year I leased a hot dog stand on the beach; a self employed job where you can work many hours and not limiting yourself to an employees work schedule and minimum wages.

During the school year sports become a big part of my schedule. If you are in sports give it your all. Go to your coach and tell him the colleges you want to attend. Both of you work together your sophomore and junior year talking to college coaches and getting an in with scholarships. The key here is your coach going to bat for you on this one.

During the school year it is difficult to study for classes, work, and be involve in sports. Set aside a certain amount of time where you apply for scholarships. It is true that scholarships is a numbers game and many scholarships have to be entered. Your time and consistency is vital to this being successful.

Do not get involved in car payments. Most schools do not allow cars the first year. In high school us public transportation or borrow your parents car. Your parents letting you borrow a car is less expensive than college loans later.

Do the math before you enter college and pick a school that will leave you with a car payment when you graduate and not a house payment.

When in college definitely get a job. Maybe this is not a possibility but ask your parents to fund any spending money you might need. They have been paying for clothes and food for you for the last 18 years so maybe because you are not living at home they can pay for your college room and board and you pay for books and tuition. It is worth negotiating with you parents if it means they never sign for loans.

Write a letter to local businesses in your area and ask if they have a scholarship fund and if you could be considered.

I am a high school Senior and have a partial sports scholarship due to my work ethic on and off the field and my coach calling schools for me and getting me interviews. My jobs have always been self employed jobs which have paid more than minimum wage. This essay is written as one of many attempts to obtain funds through scholarships. My goal is to only have a Stafford Loan which will be a car payment and not a house mortgage.

Thanks for some great advice. Best of luck to you.

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