When I left home for college, I had no concept of how to deal with money. I didn’t know that I should be applying for scholarships or student loans to help pay for school, only that I needed to fill out the government’s Free Application for Federal Student Aid form. It was around that time that I
“Language barriers often make it difficult for immigrants to understand the U.S. financial system,” says Garcia. “Immigrants are sometimes confused when it comes to learning about different types of loans or interest rates in America.” This was true for my parents, who didn’t get much of a financial education from my grandparents, perhaps because they originated from a communist country where opportunities to advance weren’t readily available.
It felt like we moved a little ahead, only to get a little behind. Currently, we owe $131,985.17 between his undergraduate student loan, my car, our credit cards, and home improvements. And that’s not including our mortgage or the $19,000 yearly cost of daycare for 18-month-old son. But we’re getting through it — one bill at a time.