Susan, Kansas
“I am a senior citizen. My payment was due on 8/2/2024. Due to the SAVE program, it was cut in half of what it had been. That has provided much relief financially and mentally. However, if my payments go back up again, I will be under a tremendous amount of stress once again. I have a fear that I will die with this debt. While I will never regret getting my education, I wish I had known more about student loans. In order for me to get both my degrees, I had to use student loans as tuition was being raised significantly every year, then every semester. I have the fear I will not be able to retire and need to work for the remainder of my life.”
Kathleen, Alaska
“I first took on Federal loans to begin my career in mental health counseling. It took me several years but I graduated in 2019 with my graduate degree. I have always worked for an agency that qualifies for PSLF. I’m a veteran also. It has been very challenging with the economy and cost of living to have a substantial loan payment. The IDR SAVE plan helped to make my payments affordable. Without them, I may not be able to afford my mortgage or other necessities. I’m concerned that the payments I have made have not fully been applied towards my PSLF. And with interest continually accruing, I am worried I could be in a position of not being able to afford my loan payments and having my financial situation be in serious risk.”
Tamara, Iowa
“I am not able to make enough income to afford my student loan payments, which are nearly $1000 a month. I feel completely defeated and hopeless.”
Heather, Nebraska
“I was so grateful to have the (small) remainder of my student loans forgiven. I had paid into them for more than 15 years and had passed paying off the original amount of the loan. I was able to apply to the PSLF when the rules were temporarily changed to accept all payments as I wasn't able to do the income repayment for much of my repayment history. It allowed me to stop renting out my basement and brought me a ton of financial stability as a single parent. I don't begrudge my student loans, they got me where I am now, but the interest rate over time is crazy. How are we expecting teenagers to make these sorts of decisions that will impact their futures when they have no clue what that actually looks like? It's crazy.”
Joseph, Oklahoma
“I have been mostly unable to have good credit because of student loan debt. I have paid lots of money towards student loans only to see no reduction in the principle amount but rather an increase. My life has been put on hold and any long term plans for the future have been put on hold because I can’t afford to do things like buy a house or start a family because student loans are never going away. And repayment seems futile.”
Sharryn, Oklahoma
“My loans felt like another mortgage on my credit. The SAVE and RePAYE programs helped me to be able to afford my payments, but it was insane to me that my budget never lowered. Now that they were forgiven, my credit score has improved drastically and I was able to buy a newer car to get myself back and forth to work. I can afford to give my kids experiences that I only dreamed of at their ages.”
Diana, Texas
“Student loans are an absolute nightmare. We are supposed to be the leaders of global economics, education, politics, and beyond yet we failed to even provide our own citizens with adequate schooling and funding. The recent debacle with the SAVE Plan is absolutely heartbreaking as it was finally a way to consolidate my loans and release me from the burden of the never-ending compounding interest. Our Educational system has become beyond predatory and something needs to change. There are not enough options for student debt, cancellation, consolidation, decreasing interest rates, and beyond. Having this debt hanging over my head is really heavy, I just wanted to go to school and get an education and integrative medicine so I could help people heal and now I will spend the next many years hoping I can eventually pay off these loans. It has impacted my confidence, my ability to buy a home, and my ability to live in the essence of American freedom.”
For more information or to schedule an interview, please contact Natalia Abrams at natalia@studentdebtcrisis.org.
###
ABOUT Student Debt Crisis Center
Student Debt Crisis Center is a national advocacy organization with over 2,000,000 supporters calling for fundamental reforms to student loan policies and an end to the student debt crisis. Learn more here.