About Tammy and Freetammy.com
FreeTammy.com exists because I, Tammy, am 27-years-old and I have an enormous amount of debt. This debt is NOT the result of luxurious spending or extravagant impulsive credit card purchases - It is because of student loans. I’d always learned that going into debt to finance a college education is “good debt” because you’re investing in yourself. But is any debt really “good”?
. . .Now that I’m paying back these loans I wish that someone would have taught me about the realities of paying for college and alternative ways of financing undergraduate and graduate school. Had I known what I know now I would have spent more time finding other resources to fund in my education. Nonetheless, there’s no turning back now. Three degrees and $102,000 later, my goal is to be debt free before I turn 30!
Now that you know about my dilemma, I’ll tell you how I got into this mess.
I chose to go to the University of North Carolina at Chapel Hill (Go Heels!) despite the rising costs of out-of-state tuition and housing. Initially, I was able to cover the cost of my education with federal loans and scholarships. But by the third semester, these sources were depleted and I had no choice but to borrow from private student loan lenders. I learned that student loan debt was “good debt” so I didn’t think twice about my decision. I thought it was the informed and smart thing to do.
After graduating in 2002 with a degree in Journalism and Mass Communication – Graphic Design, I joined Teach for America (TFA) and committed to teaching for two years. I was randomly placed in New York City (one of America’s cities with the highest cost of living). While completingTFA, I received a full-scholarship to earn a Masters in Education from Pace University. (And two more years of not having to pay my student loans.) Although interest accrued during this time, I was relieved not to have to make payments because with the cost of living in New York City, this would have been impossible.
In 2004, I decided to continue teaching at a charter school in Harlem for an additional two years while I pursued another Masters in Educational Administration and Supervision. This decision was based on two things: 1 - I was still unsure about what I wanted to do career-wise and it was a great opportunity within education; 2- I was still not in a good place financially to attack the student loans I’d accumulated. I spent the previous two years paying off credit card debt from college related to costs such as books, meal plans, weekend movies and Study Abroad. I used my AmeriCorps stipend to cover the cost of the Educational Administration Program and gave myself two more years to sort things out.
Between 2002 - 2006 I took advantage of the Federal Perkins Loan Cancellation which allowed me to cancel a small percentage of my Perkins loan each year that I taught. I also moved several times (and added a few roommates) to lower my cost of living.
Somewhere in the middle of move number four and year three as a teacher, I realized that I was definitely staying in my profession for the wrong reasons. Although there were things I loved about the profession, teaching wasn’t my dream job. I loved the job security, the great retirement plan, and the amazing kids that I was blessed with, but at the end of the day I knew that in 20 years I’d regret it if I stayed. This led me on a year long search to discover what I wanted to do with my life. My quarter life crisis came right on time. I began to ask myself questions like, “What am I passionate about?” and “what would I do if I were not stressed out about making my monthly student loan payment?”
I was more afraid of regretting not taking the chance than I was of defaulting on my student loan payment. In the Summer of 2006 I made the life-changing decision to leave the path of security (teaching) for the winding road of uncertainty (the music business).
Music is one of the only things that makes me feel tingly inside. (Another passion I have is for pugs, but I didn’t want to become a veterinarian because it would have required more school!) I spent the majority of my free time during my final year of teaching as an administrative/personal assistant at an independent label founded by a multi-platinum, Grammy award winning recording artist. I’m now at a major record label as an assistant to one of the most respected legends in the industry. In my decision to choose “work” based on my passion (not job security), I truly believe that I am building a true foundation for wealth and prosperity. I hope that my story inspires you to pursue your passions! Don’t let anything (money) or anyone (people you owe money) stop you from doing what you know is right for you.