What Student Loan Hell is Like for a Person Who Has Never Missed a Single Payment
I pay $800 a month towards my student loans.
For one loan, I borrowed $40,000 over 7 years while I was a full-time student getting my masters and doctorate degrees.
I have already paid $20,000 towards that $40,000.
I still owe $37,000 of that $40,000.
Welcome to student loan hell.
In the recent uproar about cancelling student loans, many people are grouching that their taxpayer money should not have to pay off my student loans.
I agree.
But I also want to show you what life looks like for those of us in student loan hell. Maybe seeing the details of living with student loan debt will help you see that some people with student loans aren’t freeloaders. Quite the opposite in fact.
I never missed a payment.
For my bachelor’s degree, I borrowed about $15,000 total for 4 years of college. I had a single mom, and she had 4 kids, so I think I did pretty well to only borrow that much for college.
I was given 10 years to pay back that money.
After 9 years, I called the lender to ask how much I still owed.
