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The Worst Financial Mistake I’ve made + 2 Keys to Consider in Going to College

So, I’m Jacob Brad Johnson, I’m a ginger, I’m a Personal Financial Planner major at Utah Valley University(UVU), but was a Computer Science major at Brigham Young University (BYU) for 3 semesters before.

High School

After I graduated High School and I applied for many schools with my 3.86 GPA and 30 ACT score, I figured it’d be a cinch to get scholarships. I wanted to go to BYU, I wanted to study computers.

4 years later, I was wrong, and the worst financial mistake of my life was made.

“Congratulations Jacob on your submission to Utah Valley University,” the letter began. Later on it exclaimed these proud words, “The University would love to extend the Presidential Scholarship to you as you attend… This scholarship is renewable each year pending academic resilience each school year”

Presidential! I looked it up, screaming with delight at what I saw. This scholarship included full tuition, books, and partial housing reimbursement ($300 a month or something, as I recall for the housing portion).
2 days later I was reading another letter from BYU, my dream school. “You have been accepted to Brigham Young University, beginning Summer of 2012,” The words jumped out at me. YES! I’m IN!
I read the rest.
Reread it.
One last time to check for errors.
There was no scholarship, no anything. Oh. wait.
Nope, nothing. I received notification via email a few days later that I’d received a $300 book scholarship per semester for being a relative of some person who’d made a large scholarship fund for his descendants. That was good. ‘good’.

You Already Know What I Did

This is the moment where you all already know what happened. “Jacob, you’re such an idiot”, “What were you thinking!” “…” or other thoughts may have passed through your head.
Here’s the kicker, I had a 1/2 tuition scholarship to anywhere in the state because of the New Century Scholarship program, for graduating High School with an Associate Degree from a University. I’d have been PAID to go to UVU.

Mistake is made. BYU was attended. Computer Science studied. After a few years I didn’t like it. It wasn’t my cup of tea. Ended up transferring. Where to?

Back to Utah Valley University, studying Personal Financial Planning, sans scholarship.

Now, Money mistakes are a super common occurence, and there are much bigger mistakes that one can make (I’m talking more than $40,000 decisions). When you make one of those, you’ll know.

Do These 2 Things Before You Choose Your University

1. Know your Major. 

If you haven’t determined your major, how will you know what school is best? BYU had a better computer science program. UVU has a better Financial Planning major. If you still aren’t sure, try going to a community college or other cheaper college. Why pay the price of the expensive colleges when you can get the undergrad cheap at your local community college? It sometimes may make sense to get your associates from a different school before going to the one you’ve chosen to attend for your bachelor’s or higher degree.

If you don’t know which major to choose, or are struggling between a few, Act on THIS article I wrote recently. Basically, its how to get the thoughts and who you are down on paper to make decisions easier and with more knowledge out loud.

2. Know your scholarships. What are the implications of attending your school of choice? How will you pay for it? UVU gave me scholarships, BYU didn’t. Do you have to take on debt, is the cost that significant.

Will your major pay for the cost of going to school?  You need to know How Much Your Degree Makes to consider how much debt you could take on if you don’t have the scholarships.

Here is what I mean: Determine how much income your major going to bring, and how much debt it’ll take. Can that justify the debt you would get from going to the more expensive school? Here are 8 majors that just don’t justify their cost.

What’s your biggest financial mistake you’ve made! Share your confession with me here or tweet it at me @FinancialGinger and I’ll make it into a post you’ll see featured on my twitter and Facebook.

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