Real Life Student Debt Stories
Straight from those whose lives have been affected by the weight of student debt.
For those who don’t want to take action, go ahead. Go right ahead… In my opinion, I’d much rather find a way to ease the debt or die trying then to live life everyday knowing that I’ll keep owing money to a corrupt state of affairs.
Drew
I graduated in 2007 with $108,000 and today it has ballooned to $145,00 (50k is federal, 95k is private). Over the past 7 years I have paid over $40,000 towards these loans with none of it touching the principal.
Jennifer
I owed about 40k in student loans about half private half federal. Due to times of unemployment or underemployment I now owe about 50k. I have had times of making serious payments, but it never got me ahead of any of it.
Alexander
In The News
Latest Articles on The Student Debt Crisis
Study Shows Student Debt Impacts Financial Security of Borrowers Across All Types
BOSTON–(BUSINESS WIRE)–Student loan debt is having a profound impact on the daily lives and spending habits of young Americans, regardless of the type of institution they attended or the level of credential they earned, according to a new report from American Student Assistance®. ASA® is a private nonprofit dedicated to eliminating finance as a barrier to education. “However, while the intrinsic value of post-secondary education is still apparent, there are downsides if a more highly educated generation becomes a more indebted one.” Tweet this “There is no doubt that higher education is still one of the best investments that people can make in their future,” said John Zurick, ASA executive vice president. “However, while the intrinsic value of post-secondary education is still apparent, there are downsides if a more highly educated generation becomes a more indebted one.” According to ASA’s Life Delayed survey, 62% of respondents said their student debt posed a hardship on their personal budget when combined with all other household spending. Specifically, 35% of respondents said they found it difficult to buy daily necessities because of their student loans; 52% said their debt affected their ability to make larger purchases such as a car; 62% said they have put off saving for retirement or other investments; and 55% indicated that student loan debt affected their decision or ability to purchase a home. ASA issued the first Life Delayed survey in 2013. This year’s report, which gathered information from student loan borrowers who have graduated or separated from school, analyzes responses not only in the aggregate but also by school type and credential earned. Results are provided... read more
Congress Passes Extension for Student Loan Program
Congress is extending a federal loan program that provides low-interest money to the neediest students for college. The Perkins Loan program will get a two-year extension, under compromise legislation approved Thursday in the House, a day after clearing the Senate. The program expired on September 30. The measure now heads to President Barack Obama for his signature. “Extending the Perkins Loan program ensures those in severe financial need will continue to have the certainty to help achieve their higher education goals,” said Republican Rep. Mike Bishop of Michigan. Bishop and Democratic Rep. Mark Pocan of Wisconsin had sponsored legislation that passed the House earlier this year that would have given the program a one-year extension, but it was blocked in the Senate. Republican Sen. Lamar Alexander of Tennessee says he originally objected to an extension, instead favoring a more-streamlined federal student aid program. Alexander said in a Senate floor speech that he had a change of heart after colleagues made their case to temporarily revive Perkins loans. The compromise bill imposes some new restrictions, such as a requirement that new borrowers would first have to exhaust their borrowing limit through other unsubsidized and subsidized federal loans before being awarded a Perkins loan… Continue Reading at ABC… Jennifer C.... read more