My student debt tale has all the makings of a horror story. I made choices that have now saddled me with a hefty sum of student loans and I am not the only one.
Original Balance: $199.256.90Current Balance: $253,015.63Paid so far: $29,242.15 (I’ve never missed a payment)Interest rates: up to 10.7% (Citibank)
HELP!I graduated college in 2005, originally borrowed a total of $54,232.62, even only paying a lower interest rate and a fluctuating repayment plan over the course of almost 7 years of paying back my loan. I still owe at this time an amount of $54,158.13. As you can see, not much has come off at all.
I GAVE UP ON BEING A LANDOWMER YEARS AGONever mind the American Dream. Now, I’d just like to be able to pay my rent. Bills take care of my health and my cat’s health. Even my cat didn’t realize what she was in for in 1996, when I started grad school at a private university. Silly me.Universities, banks and politicians… please explain yourselves.
Education debt… is a loaded gun to my head.
To me, this was the most shocking:
While we may never pinpoint the root cause of student debt, it’s quite clear where we ended up. A Pew Research study this past week revealed that a person age 65 or older has a net worth 47 times that of a 35-year-old. That is believed to be the biggest wealth disparity in American history, and surely student debt, along with high unemployment, factors into the equation.
I am lucky in that my husband and I can live on his salary solely while we work to widdle away the debt. But I feel for those people who have invested so heavily in their education but aren’t seeing positive results. I am not trying to argue the merits of higher education – I am just arguing that education is too expensive and students aren’t given the tools they need to help themselves afford this massive expense.
So now the question is, what can we do and how can we affect change that resonates with students and those thousands of graduates with crippling debt?