My story is a warning

I see so many students asking if they should take out outrageous loan amounts, many of them thinking paying them back won’t be an issue because they plan to make piles and piles of money.

Let me share my husband and my story. I have a masters degree in the humanities and thankfully have only $23k in debt. While it’s still a lot, I don’t lose sleep over it at night. My income is relatively low, but so is my debt.

My husband went to a private undergraduate college. He also went there for a masters in a STEM field. He did not receive funding or scholarships and left school with about $110k in debt. Much of this debt was private because of his family’s refusal to fill out the FAFSA on time. He then went on to a PhD and just received a job offer.

My husband was under the impression that a family member was paying the minimums on the loans this entire time. They were not. It is also my husband’s fault for not taking control of his finances much earlier, but sticking his head in the sand caused the loans to balloon to almost $300k. Three hundred thousand dollars for a bachelors and masters degree.

Now, we’re both in our 30s. We wanted a big wedding, but couldn’t have it. We can’t afford a house. We can’t afford to travel. We can’t afford a child. I freelance on the side and we’re considering doing DoorDash or Uber for extra cash. I never, ever thought I would be in this position. I’m not sure how we’ll ever get out from under this burden. We have a little financial help from an inheritance, but our monthly payments are still $2,000 minimum. Every month, the debt grows and grows.

If you’re a student thinking of taking out a large sum, please read my story and think. This could be you.