Student loans ruined my relationship with money. It ripped out executive functioning of the prefrontal cortex, spit, stomped, and rolled it flat with a rolling pin. The critical-thinking components died an unfriendly, brief death. Suddenly, I couldn’t think straight or make sense of the “cost” of anything. I was the walking automaton with a mantra that wouldn’t stop: click, swipe, buy, repeat.
When you own nothing, the bank owns you. The lack of money became a thief of sleep, calm, and patience. This emotional vertigo sucked the fun out of future-oriented goals and dreams, as everything had reservations: lives comprised from decades by debt. In this confusing, cyclical spin, I temporarily lost the clarity that can be found within goals.
New questions refused to leave me alone. Why did I pursue this route in the first place? How will I possibly pay this off? Who can actually help me if something goes wrong? Where do I go for objective advice and feedback?
Then came questions about aging. How old will I be when the debt is done? What age will I be when I retire? How will I retire? Will I ever retire? How can, potentially, six-figures of student loan debt be paid off?
Lastly, were the questions about life and debt. What happens to my debt if I die before paying it off? Will it be passed on to a spouse, child, etc.? What if I left the country and never came back? What would I do if I got injured and either missed or was no longer able to make loan payments?
I briefly considered debt forgiveness plans. In some circumstances and areas of study, the federal government “forgives” debt after on-time payments after agreed upon periods of time. Debt forgiveness would allow me to wipe the slate clean, and be free faster. But I couldn’t wrap my head around the concern that might come from not graduating or being able to pay on time. What if something/anything interrupted my plans?
Debt is the ultimate restriction of freedom. From dreams at night to dreams of the future, debt knows no boundaries. It doesn’t politely wait for your day to begin or end. It’s the constant burbling and gurgling noise that confuses focus. And I’d be shocked if debt doesn’t restrain students’ ability to study and proficiently pass through school.
Nobody deserves this discomfort and stress. While many parents fork over gigantic savings for their children to attend college, countless undergraduate students pay their own way. As a culture, we’ve exalted the role of higher education and repeatedly shown statistics for success. “You’ll make more over your life as a college graduate,” they say. And they’re right, most people do.
Unfortunately, not everyone can or will take the same path. What if you aren’t excelling in college and decide to drop out? What if you get hurt in the four years of college? What if, what if, what if…?
For every student that decides to pay their own way through college, they take a leap of faith in themselves. Our culture admires their choice, risk, and self-investment. But despite this admiration, we do not reward them by heavily subsidizing their educations. Instead, we enshrine them in debt bubbles that are ready to burst.
Debt becomes the great opportunity maker; unfairly, as only some of us will carry this burden and it totals over $1.2 trillion.
As a country, we need to attack this debt — the wealthy and impoverished, together. The United States should be a leader in education for the masses. Between 5 and 18, we suggest that people deserve it. We say it’s a right. Children should receive a rounded education. Then, you graduate high school and — poof! — the right becomes a privilege afforded to the wealthiest among us.
To solve the debt crisis, we must rethink the entire privilege-based system of higher education in America. Fundamentally, we need to wrap our heads around our economic needs for an educated, working-age populace. The immoral shackles of debt that we place on hardworking students shouldn’t exist.
I like the idea of a debt strike or a debt union, in some cases. No one has any rights until everyone does!
Hey Bryan,
Thanks for the comment. I’ve enjoyed those movements, as well. I think, more broadly, they’re bringing attention to the powerful influence that collectives can have.
Sam
Totally agree with you, Sam. We were both fortunate to get sizeable scholarships and attend public schools, so we graduated with minimal student debt with no parental help. But even that minimal debt weighed on us until we got rid of it. And looking at our schools now, a bit over a decade later, the cost has ballooned enormously, and students entering today are bound to graduate with far more debt than we had. It’s not the universities’ fault, as they are paying staff and faculty less and less, and being forced to take more and more private (read: strings attached) dollars to fund research. The fault is with state and federal government, who are rapidly defunding higher education (as well as K-12), just at a time when more people than ever NEED higher ed. Of course, it’s the same trend with most goverment-funded programs meant to level playing fields: they are all under attack, from early education to nutritional assistance to home health care. It’s sad. Until people realize that a purely capitalistic approach won’t work, we’re going to continue to saddle the most disadvantaged in our society with the most debt and the worst opportunities, and let the privilege-begets-privilege cycle continue.
I agree, not every one is cut out for college. There should be more information on trade and technical schools as options instead of a four year university. So many people go to college and never use the degree they get (myself included),
I completely agree that we need to make some major shifts on how the college “system” (for lack of a better word) works in the US. I’ve written on my own blog how I think loan amounts need to be capped by degree field, since I think it’s ridiculous that a sociology major can borrow $100k for the undergraduate career. They will never be able to pay that pay without a ton of heartache and more than one job. Admittedly, I don’t know how this suggestion can get implemented, especially among the folks who switch majors every other day. However, the fact that we allow people to borrow, never once examining their repayment ability or promise is a disappointing and frightening concept – something I didn’t really “get” myself until we started making significant traction on our own loans (10 years into repayment!)
Student debt allowed me to obtain a degree which helps support my family in a field that I will almost always be able to find employment in. But it also gives me heartburn and anxiety. I’ve been out of undergrad (I got my masters for free as a TA) for 19 years and I still have 2/3 of my loan to pay off! Holy crap! Mind you, my ex “forgot” to make payment when we were married and it defaulted unbeknownst to me. The loan went on hiatus for the 2 years I was working on my masters degree and I had to put the payment son hold when going through divorce and declaring bankruptcy, but by golly, I’m still paying that sucker back. It is just about the price of a new car now so I suppose that I could buck up and make car payment sized payments and get rid of it, except that my car just died and now I need a new car. Even with a decent paying job, this is nauseating. Loan forgiveness would be a dream. Funding undergraduate degrees would be amazing. My son, who I gave birth to while an undergrad, is now in his 3rd year at the college I went to. And so the cycle continues…
Utopia sounds wonderful. Everything would be free. Housing, food, cars, education.This subject is bigger than the subject itself. It’s a societal issue and until people take responsibility for their actions then nothing will change in the long term. If you want to go to college but don’t want to be burdened by loans then work for a few years, save some money then go to school half time while continuing with a part time job. Life isn’t easy. There is no way that a country can survive financially, with pensions being paid out as they are to government workers, teachers, police officers, firemen, etc.., as well as what is doled out through welfare. This country has a ridiculous amount of debt and now schooling debt should be forgiven and everyone should be able to go to college for free from now on? Finance should definitely be taught throughout lower education. I don’t know if there is private money available for college but that seems like a good direction to take. Wealthy individuals who would be willing to loan money for education at low interest. Continuation of loans to be contingent upon good performance. Something also needs to be done about the cost of education. I would guess that there’s a good amount of waste with what is deemed as the acceptable way of running a college. The bottom line is line is that people need to take responsibility for their past, present and future actions.
Well said.
Couldn’t have said it better myself. If you are attending college, you can add. Do the math for yourself and have a little common sense.
Nothing quite like the freedom of being debt free. Along the same lines, there is nothing quite like the treachery of being in massive debt. Use the snowball method and knock down one debt at a time. The benefits to your health and overall stress level are remarkable.
While I can get get behind federally-supported 4-year education in high needs fields (e.g., nursing, education, etc.), I can not and do not support loan forgiveness at present. I had no financial help from my parents, got into a state university and worked 5 years to pay for my undergrad degree as I went. It took me longer but I had no debt when I graduated. Fast forward twelve years and I completed my masters and doctorate at a well-known school all with no debt. It was *not* easy and once again, I had to do it myself (I was fortunate enough to receive a tuition waiver and a small stipend which I lived off of with no debt) but it IS possible. I also did not major in a weak industry where I had little opportunity to get a job so was able to get a job right after graduation.
That said, I see far too many sharks in the student loan “industry” (and it IS an industry) who are not regulated and are allowed to profit off young people who may have no idea what all that debt is going to mean for the next 20 years (or more).
Debt is death friends.
Sam, you captured exactly how I used to feel about debt. I admit I thought about what would happen if I left the country and went on the run. But I realize I’m fortunate that I’m able to make a good income because of my degree. Maybe I could have done something else without getting into dent to get it, or maybe not. I chose this career path and I’m happy I did. I realized I’m fortunate in that regard, so I’m happy to pay off my debt. I don’t want it around a long time though, which is why I’m attacking it hard.
The best thing students can do is to be proactive. If you want to pursue a Master’s degree in a field that’s not very lucrative, you NEED to know that going in. You need to be be okay with having a substantial amount of debt if you want to do what you love. That’s just the way the system is at the moment. If you’re not okay with it, do something else or forgo college and start something up yourself. The important thing to know is that there are other choices besides going to college and getting into debt, and you need to make the right one for you.
Hey Sam,
I don’t live in the US. but be sure that debt problems are exhausting everyone worldwide. I was forced to buy a car because there is no public transportation here in a country that temperature during summer reaches 50C/122F, you simply can’t handle it.
I had the choice to buy a humble small car but I thought since I am getting a loan, let’s make it a little bit more and buy whatever I need. This is my disaster. I finished 1 year of paying for the loan and I still have three years to finish. I can’t really explain how tiring to imagine that 20% of my salary.
I hate debt, loans, and banks. (I work for a bank tho).
I don’t believe in debt forgiveness. I had $25,000 in school debt over 20 years ago. I worked while in school & worked hard to pay off the debt once out of school. I knew how much the payments would be when I took out the loans & what the pay range on my chosen field would be. I’m embarrassed for those that that take out loans & expect someone else to pay them off.
Wise up people, know what you’re getting yourself into. After becoming debt free I decided there was nothing that I was willing to go into debt for.
I hate the idea of student loans. I never had any (scholarships, parents, and working), but the cost of public universities these days is insane! I have already told my 7 and 12 year olds they will be at the local community college (we are blessed to have a highly rated system in our area) and live at home until they have Associates degrees. We will evaluate things after that. Our CC is an off campus site for numerous Universities with a wide variety of Bachelors and Masters programs. If one fits their goals that is where they will be. The traditional college experience is drowning our young people in debt until they are 40! I am in my mid 30s and have friends still paying on their debt and that was from before tuition skyrocketed!
Debt is everyone’s nightmare… Of course, it is the destroyer of dreams, unfortunately… How can you contemplate building your own company (even small) or travelling abroad in this condition ? How can students build their future with several $10k in debts ?
Debt used wisely and with forethought is key, which implies a serious cognitive assessment of the economics. But I fear most decisions to go to college are based on a romantic notion of fulfilling a dream–whether for the parent or the child.
I completed my doctorate in the minimum number of years allowed by the school I attended by simply pouring it on, night and day, to minimize the amount I borrowed. I was also super motivated to get it done by facing the cold hard facts that my husband was dying. We knew I had a three year window to become a breadwinner again after years of care-giving. (As it happened, he passed away just a few months after defense of my dissertation). A good number of students in my cohort never finished a degree — the clock ran out on them, leaving some many thousands of dollars in debt for an “ABD.” As a penny pincher who needed work ASAP, it never occurred to me that I would not finish my degree, once started. However, many of the younger students lacked clarity about their commitment and purpose and frittered away their time as the clock kept ticking and the loans kept building, sometimes well over $100,000.
Student loans seem to be the only time that credit is extended without regard to creditworthiness. Until we face this fact — that most new high school graduates are NOT good credit risks because most do not yet know what they are doing (how to spend and manage money)– future Americans will continue to bear the burden (i.e., costs) of terrible early-life decisions. Of course, many financial aid offices are now shifting that burden to parents by insisting on parent loans to cover part of these expenses.