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The Latest Student Debt Story

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Just to give you a little background on me, I graduated from Jenkintown High School in June 1998. After taking a year off, I went to college in hopes of gaining that higher education. I went for the next 2 years and realized that I was just not ready at that point in my life, so I entered the workforce. Not having a college degree really limited my options, but I was able to make it work for the next 8-9 years. That 8th and 9th year I started attending the Community College of Philadelphia part-time with the assistance of my employer. The timeline to complete an undergraduate degree was 11 years at the rate I was going and I realized I would be 41 at that time. Taking into account the time, effort and finance it would take to go back full-time, I made the conscience decision to go back as a full-time student to Community College of Philadelphia and then Drexel University.
The last 3+ years I have been working extraordinarily hard in order to complete my program and earn my Bachelor’s of Science in Business Administration as well as working several part-time internships. I understood the financial impact I would incur during those 3+ years living on student loans, credit cards and meager wages from internships to help pay for rent, bills, and other financial responsibilities. What I did not realize is the insurmountable debt that I am facing overall and the amount I am facing each month, not only for a mortgage, bills, groceries, and other financial responsibilities, but now a hug monthly sum for all my student loans. I am not complaining about the student loans, I knew I would have those, but look at the amount I needed to borrow in order to survive and the unreasonable standard rates that not only lenders charge but our government charges in order to complete a degree in higher education.
I recently graduated in December with my BSBA in Marketing from Drexel University with just over $100k in debt. I am fortunate enough to have landed a full-time role with a company and start next week to help knock down my debt, but the unfortunate fact is that I may not be able to meet my financial responsibilities because of my monthly payments for these student loans. It is just sad that I have worked so hard and may not be able to reap those rewards because of this.
Growing up I was told that in order to be successful you needed a college degree. The facts are this…without a degree and working I had no debt whatsoever. Now with a college degree, I have over $100k in debt and little to no wiggle room to make sure I get by each month. The very thing society told me I needed, is the very thing that is shackled to me with no hopes of relief.
The reason for telling my story is with the hopes of making changes. This cannot go on. Society makes it nearly impossible for a person to succeed without a college degree and once they get that degree they have even less chance of surviving the debt. It is not a “Catch 22”, it is a system error and this system needs to be changed. My hopes are that this changes and soon in order for future students to have a fighting chance.

Daniel Feldman  February 18, 2015  Philadelphia, PA

Just to give you a little background on me, I graduated from Jenkintown High School in June 1998. After taking a year off, I went to college in hopes of gaining that higher education. I went for the next 2 years and realized that I was just not ready at that point in my life, so I entered the workforce. Not having a college degree really limited my options, but I was able to make it work for the next 8-9 years. That 8th and 9th year I started attending the Community College of Philadelphia part-time with the assistance of my employer. The timeline to complete an undergraduate degree was 11 years at the rate I was going and I realized I would be 41 at that time. Taking into account the time, effort and finance it would take to go back full-time, I made the conscience decision to go back as a full-time student to Community College of Philadelphia and then Drexel University.
The last 3+ years I have been working extraordinarily hard in order to complete my program and earn my Bachelor’s of Science in Business Administration as well as working several part-time internships. I understood the financial impact I would incur during those 3+ years living on student loans, credit cards and meager wages from internships to help pay for rent, bills, and other financial responsibilities. What I did not realize is the insurmountable debt that I am facing overall and the amount I am facing each month, not only for a mortgage, bills, groceries, and other financial responsibilities, but now a hug monthly sum for all my student loans. I am not complaining about the student loans, I knew I would have those, but look at the amount I needed to borrow in order to survive and the unreasonable standard rates that not only lenders charge but our government charges in order to complete a degree in higher education.
I recently graduated in December with my BSBA in Marketing from Drexel University with just over $100k in debt. I am fortunate enough to have landed a full-time role with a company and start next week to help knock down my debt,

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Daniel Feldman  February 18, 2015  Philadelphia, PA
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