This morning, I was reading Eric Levitz article on “We Must Cancel Everyone’s Debt, for the Economy’s Sake”, especially reading the comments on universities should be “free” (for engineering, science and mathematically-founded degrees).
For me, my college loans were sold while I was in college and so it was split into three loan payments with three different banks. I knew through the pre-loan meeting before you start college that this was possible that my on college loan could split to different banks and it happened to me.
After college, I learned quickly of how much my loans were eating up my finances. Right after graduating from college, I working high-tech PR in the Silicon Valley and the cost of living ate up the majority of my income. I did that for a short time but I had to make difficult decisions and I knew right away the college loan payments had to be eliminated and paying it off became my top priority.
I made the decision a few years after I graduated from college to work my communications and design business during the day, during the weekend and to return and work part-time for the USPS (which I worked at while going to college) during the evenings and I did it for almost 2.5 years. It was not easy, but paying off my three college loans was tough but it was the most liberating feeling ever.
But I know for millions of people, they are drowning in student debt.
If anything, I’m more concerned by the skyrocketing tuition costs. About a 10-15 years ago, I remember people who would talk about their college debt being around $20,000-$75,000 back then.
Today, it’s like the average debt for college students that I know and speak to is like $80,000-$200,000+ (the average has tripled of $30,000+ for the most students).
But for those who are going to college or have graduated and are in the process of paying off their college loans. It can be done, but it takes sacrifice.
It’s no ideal but if college loans are a monkey on your back and you want it off, then unfortunately, you may have to sacrifice and work another job like I had to in order to eliminate it.