Easing Student Debt

Tempestt Hazel graduated from Columbia College with $25,000 in student loans and a keen awareness that she was going to need to start paying them off if she didn't head straight to graduate school.

So the Bronzeville resident put herself on Lilyslist.com, an online student loan registry.

"I see it as a kick-starter, an online resource for people to get creative process funding," said Hazel, who studied art history and visual arts management and is currently working on a nonprofit startup archiving local contemporary art projects. "You get people to come and donate different amounts toward your cause."

She said she has received a few small anonymous donations toward her loans, which she said was "shocking, though it could have very well been family members."

Lily's List is an Internet startup designed by a group of suburban Riverside moms to provide debt-laden graduates a way to get help paying off their debt. The Project on Student Debt estimated in 2008 the average student loan load for graduating seniors was $23,200.

At lilyslist.com, family and friends -- or even a generous anonymous benefactor -- can direct gifts toward debt instead of writing a check or buying a sweater for birthdays or graduation.

Joining Hazel in asking for help on Lily's List are a Minnesota law school graduate with $20,000 in unsubsidized loans who wants to be a priest but doesn't want his loans to accrue interest while he is in the seminary; a Tennessee man looking to pay off $4,500 in loans so he can start an import/export business, and a New York-based writer and editor who offers writing and editing to charitable organizations at reduced rates.

Money given through the site isn't "going to a party or a dress or a keg of beer, it's going to go someplace," said Beverly Gibson of Riverside, who is working with Lily's List.

Lily's List joins Education registry.com and upon ourstar.com, two other online student loan registries. Those websites target engaged couples or new parents who would rather register for their student loans or for their child's future education than standard wedding or new baby gifts.

"This speaks to what a burden this is for people," said Edie Irons of the Institute for College Access and Success. "Most people aren't going to be able to zero out their student loan debt this way, but it could make a real difference for people. It could be more helpful than a blender or microwave or crockpot."

Irons said in the age of increasing student debt loads, asking for help isn't the same as shirking responsibility.

"I think any way people can find to pay back their student loans is fair game," she said.

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Early Decision vs. Early Action

In my quest to make sure we don't miss any deadlines, I've created a spreadsheet of schools PoS is applying to along with scholarship information.  As I was creating the list I noticed that some schools had early decision dates, some had early action dates and a few had both.  It hasn't been THAT long since I applied to college.  Ok, fine, it's been over 20 years, who asked you.  Anyway, I had no clue as to what the difference was between the two so I turned to Google.

In simple terms, early decision means that the school you're applying to is your first choice.  Your application is binding and should you be accepted, you are obligated to attend. Because of this, you can only apply to one school as an early decision.  The deadline tends to be November 1, though a few schools give you until December 1.  Early action simply means that you'd like to know sooner rather than later that you've been accepted into an institution, but you're not obligated to attend.

So we've got that straight and deadlines are set for applying.  But before we can jump that hurdle, we have to apply for special visitation programs at two of the universities.  Remember those road trips I planned? Yeah, well these schools have their own plans.  PoS received invitations to visit Carleton College, which wasn't on her list even though she wanted to apply there (long story), all expenses paid including her flight.  The catch is she has to submit essay questions, her senior schedule and a transcript in the next week or so.  Miami Ohio has a similar weekend that she's been invited to, but theirs requires two essay questions, recommendations from her counselors and additional info, all due next week. I feel like we're pre-applying to apply.  Needless to say, road trips are on hold until we find out if she's been accepted for those trips.

The silver lining in the cloud is that five of the ten schools she's interested in will be in town in a few weeks at a fair and she'll get to speak with their admissions counselors.  Hopefully this will give her a better feel for which schools she still wants to apply to and which can come off the list.  In the meantime I'll keep counting pennies, waiting for the go ahead to load up the van and set off on an adventure.