Congratulations, you have just graduated Fairfield University. Now here is a $25,000 loan you have to pay off.
“I’m not looking forward to paying off my loans,” said Brian LaBelle ’05. “Having to pay 10 grand is a lot, especially when I will have to pay rent and car payments. It’s a lot of money that will decrease from my income.”
Fairfield does try to help students when it comes time for them to pay off their loans, according to Erin Chiaro, senior associate director of financial aid.
The school distributed over $20 million in financial aid this year.
“We like to work with students and give them a six month grace period until they have to start paying off their loans,” said Chiaro. “We will also reduce their debt if a student makes 39 payments on time.”
There were 1,876 students awarded grants or scholarships this year. And the average debt of a 2003 graduate was $25,194.
Students scramble to find on-campus work or get a job off campus to help defer the cost of loans or to make extra spending money.
“It’s good to work on campus because I can use it as spending money,” said Vicki Giaquinto ’05, who works at the library. “They are not excessive hours that take away from my studying or free time. It’s really not that demanding.”
Giaquinto said she is supposed to use the money to put to her loans, but she doesn’t feel it’s adequate enough to do that.
“I don’t think I earn anything close that would help me with my loans, so I just use it for spending money. I am not concerned with paying off my loans now.”
Fairfield University jobs may not pay enough for some students, so they seek employment off campus.
“On campus jobs don’t pay enough money, where I can use it to pay off my loans,” said LaBelle, who works for a venture capital firm. “I maintain a year round job in order to start setting aside money to eventually pay them off. Having a job subtracts from my free time and it adds stress to my life, but I know the money I am making now will help me down the road.”
Some don’t have the option to have a job because of their rigorous schedule.
“I have considered getting a job, but because of time constraints with athletics and academic work, it’s just not possible,” said Colin Torrance ’04, who is co-captain of the tennis team. “I haven’t thought about my loans, but when I graduate I will be at a disadvantage being in debt.”
Frank Marx ’04 applied for financial aid, but after two years he decided to decline the economic support.
“All I ended up getting was the meager Federal Stafford loan,” said Marx. “Based on the fact it was a minimal amount relative to my tuition, I decided it would be better to pay tuition out right.”
Marx now has already started to pay off his loans from his first two years of college.
“It’s more of a relief knowing that I will not have to pay loans when I graduate.”
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