Managing Income Risk

Until I began my undergraduate career, I never realized how important the significant decisions I have made in the past would impact my future. I came into the University of Illinois with very strong intentions on going to medical school. I had experience in the hospital while I was in high school. I was a part of a junior’s medical program. I worked in and volunteered my time to the industry. Originally, I believed my familiarity with medicine, in combination with the pre-requisite coursework, would cushion my prospective medical career. However, I quickly realized that I had made the wrong decisions in picking a major I was unable to maintain a high GPA for, thus forcing me to accept a rather disappointing fallout.

I felt like my low GPA was a high debt I accumulated after just one year into college (my grades were bankrupt, if you will). And low GPAs come with a lot of risks that can create a snowball effect. There was the risk of Academic Probation, ineligibility for financial aid, and of course disqualification from jobs and professional programs from being unable to graduate. My future in medicine was slowly crumbling before me because I was enrolled in a degree program that did not match my interests and strengths. At this point, my future income risk was high and I needed to adjust certain aspects of my education to pay off my “academic debt.”

My GPA was only a factor that contributed to how gradually I reduced my income risk. I additionally took on a part-time job on campus, which helped repair some of the damage. I was able to invest my earnings and gain marketable skills for potential employment opportunities. While I had the my overarching goal of getting my GPA back up to more profitable numbers, I needed to accomplish the baby steps in order to get there. One of the major stepping-stones that helped boost my GPA the most was switching majors and adding a minor I was passionate about. Through trial and error, I finally was able to capitalize on the courses I excelled in, ultimately guiding my decision to pursue an Economics Major. Economics and business is obviously a completely different career path than science and medicine, but I needed to base my decisions on what would positively impact me both in the now and future. Eventually, summers in hospitals and medical centers turned into summers in banks and corporate offices.

On the actual financial side of my university career, I have accumulated debt (like the average college student), but not a significant quantity. My parents are in charge of a substantial amount of my educational finances, and I have lent a helping hand seeing my future is the one being affected the most. With payments over the minimum, my refunds and part-time paychecks going into my housing and basic living expenses, and my mother being eligible for having a majority of her loan forgiven, I firmly believe I am in a good position for the future.