I’m 43 years old and I owe tens of thousands of dollars in student loans. Oh sure, I knew the loans were piling up as I went through school. But with one loan coming from here, another from there, I had no idea of the rockslide that was building.
Fifteen years later, I still experience moments of sheer horror regarding my family’s financial situation. My monthly student loan payment is more than triple my car payment. Ok, so without my college degree, I would not have been able to get my current job. For that, I’m grateful but at what cost?
My loans have been accruing at a rate of 10 percent, and now they have burgeoned to well I am English major, you do the math. I don’t think they’ll ever get paid off. We’re in debt way past our eyeballs, and there’s no hope in sight. I’m being kept in class, a financial class of graduates whose only hope for attending college meant borrowing money from the government. Because of our mounting credit card debt and monthly payments that far exceed our family’s incomes and my kids will also join the class of citizens who can’t rely on their parents for college support. Do I wish I’d chosen another educational route? You bet.
Perhaps trade school – I’ve thought that being a plumber might not be such a bad gig. But if your job aspirations require a four-year degree, take my advice and choose a college you can afford, both during and after graduation. Take a realistic look at your anticipated income, and factor in priorities that don’t carry a price – like the spouse and children you might want to have some day. I was overconfident that my student loan debt would pale in comparison to the lucrative writing career I’d enjoy after graduation. Now I’m paying for that decision – in more ways than I’d ever imagined.
A female suffered from student loans after finishing school for many years when all the loans still exceeded her family income. As a result, her children cannot rely on parents for college education and have to apply
for government support. She also advised that students should be realistic when choosing a major, because the wrong decision to start a lucrative writing career but failed, leading to the mounting debts.( 69words)
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