While I sit here and wait for updates regarding the vote count and outcome of the EU Referendum which I wrote on earlier today, I can’t help but consider how this influences my unique situation.
Given that I’m a dual citizen, holding both an American and a British passport, I have the liberty of being able to live an work anywhere in the EU as well as any of the common wealth nations under the Queen’s rule (e.i. Canada, Australia, New Zealand, etc.). If the UK succeeds in separating from the EU, then my personal dreams of living in France are done, unless I manage to go to school over there (which is just a passing whimsy since my French just ain’t that good), as well as my hopes to live on a river boat in Holland.
However, my direct situation is greatly influenced by this as well. I’m looking at taking out an extremely hefty loan from Sallie Mae, about which I literally have read pages and pages upon horrific reviews on Consumer Affairs. I’ve been terrified to take out loans with them, but they are literally my only option since they’re the only non-federal student loan company that works with Durham University.
So while I’m sitting here, trying to convince myself to bite the bullet and just send in my FAFSA application already so that I can know that I’m going to school this fall, I am suddenly struck with the horror of how this EU thing is going to possibly screw me, personally, over.
As mentioned in my previous post (which I linked further up), the decision for the UK to leave the EU has an extremely strong possibility of dropping the pound’s value. This could actually work out for me, since it would mean I have to take out less in US Dollar (USD) loans to cover my tuition. However, the bigger picture is that if the pound’s value drops, then that means the economy has dropped, and it has been suggested over and over again that a recession will follow. In 2007, a recession hit the UK, as well as the EU, and on to the US. If one has a recession, then the rest follow. That means that my likelihood of finding a job after college is less, which means I’m very much less likely to be able to pay back my very steeply interest-rated student loans.
So, I wait another day, sitting on my Financial Aid spreadsheet, hoping that I’m not waiting too long before I have the door shut on me for starting this year at Durham University. I feel like I would be silly to apply the day before I find out I’m 100% screwed with debt. This is a huge decision. I’ve never had to deal with this much money before, and the implications of what tomorrow could be like are absolutely terrifying to me.
For information of how this will influence students, I have found the following articles:
The Complete University Guide: “EU Referendum – How does the European Union affect universities and students?” This is mostly about how it affects students in the UK and in the EU.
Fortune: “Why U.K. Universities Are Really Worried About ‘Brexit’”
Student World Online: “How Will EU Decision Affect International Students in the UK?“