Sportsmanship scholarship can eliminate need for student loans

Amie Wilkinson says she would think twice about student loans if she had a do-over.
Wilkinson, 45, graduated from college in California with a double Bachelor’s of Arts in English and Political Science in 2001. When Wilkinson graduated, she had taken around $60,000 in debt, but now, that debt has more than doubled, to about $150,000, she said.
After about 15 years of being on the standard repayment plan and forbearances, Wilkinson applied for the Income-Based Repayment plan, which allowed her to lower her payments according to her income and family size. Currently, Wilkinson has zero-dollar monthly payments under IBR, and while these payments have helped her manage her budget, they have also resulted in the interest on her student loan growing exponentially.
Investopedia spoke with Wilkinson about her student loans and their impact on her financial situation. This interview has been edited for brevity and clarity.
INVESTOPEDIA: What do you wish you knew before taking out student loans?
AMIE WILKINSON: I wish I had known truly the longevity of the decision, and that I had been made fully aware of the implications of having such a large debt ratio before you’ve even begun a career. My debt has been looming over me, affecting major life decisions left and right.
INVESTOPEDIA: Is there anything you would have done differently when going to college and taking out student loans, given what you know now?
WILKINSON: I would have slowed down.
I think I would have given myself a little more time to really decide: ‘Do I need to go to a private school? Why not at a public college? What are my options? Where are the scholarships?’ None of this was something that I had help to navigate. So, I went to the private school that my parents really pushed for … not considering the fact that I was assuming more debt than I would be capable of handling in the future.
I would have also paused to know what I wanted to do when I chose my degrees to pursue. I was assured this [degree] has a vast job range, that I had so much potential, and so many opportunities. But then, as I really started diving into both of these degrees, I realized that I’m committed, I am specialized, and I don’t necessarily have a straight path of what I wanted to do, where I wanted to go, and why I needed these degrees in the first place.
INVESTOPEDIA: Do you regret getting your degrees, even though it meant taking out these loans?
WILKINSON: I don’t regret pursuing a higher education. I don’t regret getting the skill set and making the friends and the memories that I did with that opportunity.
I do believe that I should have realistically thought about assuming that much debt that early. I wish I had reserved the use of them until I really knew why [I was taking them out], and I really didn’t have a lot of guidance when it came to pursuing higher education. Neither of my parents finished college … so they weren’t helpful in that way.
But it ultimately was my decision, and ultimately I’m the one who is gonna have these over my head until 2036. My husband and I consistently can’t use or don’t use my credit when it comes to larger things, like how much mortgage we qualify for with a six-digit debt. I’m a detriment to anything, and it cuts our purchasing power in half. It just feels like this became a penalty.
INVESTOPEDIA: What advice would you give current and future college students about taking out student loans?
WILKINSON: I would truly advise looking at this as more than an education for education’s sake, or a generalization. I would advise knowing why you’re getting your degree from the outset, what avenues and jobs you can pursue with said degree. Where do you think you would like to live in the near future?
I would highly recommend people working at some capacity in the industry they’re interested in, well before they try to get that degree. You may have a change of heart there.