Feeling Crushed by Student Loans

When I was in high school I only had one goal in mind, graduate to get into college. All my life I had heard that getting a college education was the only way to get ahead in life. I was in 10th grade when my classmates and I were also told that half of us would not even make into college. I was determined to prove to myself that I would be one of the ones to get into it. However nobody ever talked to us about the cost of attending college. Nobody even mentioned the different options of a college education. All I had ever heard was that a Bachelor’s degree would be favored over an Associates and that going to any college other than a Community College would look better to potential future employers.

When I was in my senior year I knew I wanted to be in a creative field, like interior design, that is when I heard about The Art Institute. I did some research, I found out they were a private school, and I applied. I attended their orientation and was sold the idea that the best teachers were to be involved and that we would be taught the best to be at the top of the competion. We were also told that once we earned a bachelors degree we could start off making $90,000 as an interior designer. The community college also had the same degree program available but I truly believed that just seeing the name of the college, employers would recognize the prestige and hard work I had put into my education.

So my parents helped co-sign for my student loans in order for me to attend. The financial office gave a very brief overview on subsidized and unsubsidized loans, almost glossing right through it. One would accumulate interest right away while the other would start after a 6 month grace period from graduating. I was 18 at the time and my parents had no knowledge of such student loans. In my head, once I graduated I would be able to get a good earning job and pay those loans with no problem. Don’t get me wrong, the teachers were great, but the financial burden that hit after was not worth it if I’m being honest.

I was not able to land a job right away as I had been under the impression, I had countless of interviews and honestly nobody seemed to care that I had attended this really expensive private school. Finally, once I had landed an offer it was nowhere near $90,000, it was $30,000 annual salary. I of course jumped at the opportunity, I had a family to take care of at that point. However, you know what was about $90,000? Yes, you got it right! My student loans, after accumulating interest and me not being able to pay! I would honestly just have crying episodes, not only did I have credit card debt but I also had this massive mountain of student loans. I didnt want to face the reality.

I graduated from college around 2015, I had to apply for forbearance and income driven plans a few times. I would always do research on student loans, when one day in 2018 I came across For-Profit College Student Loan Forgiveness for colleges that had in some way or another had misled their students. The Art Institute was a part of this list. So I submitted my application, which then went under review. 4 years later, I recieved a letter saying my loans had been fully forgiven!! I can not begin to describe the feeling of such a great load being lifted from my chest.

The reason I share this with you is not to boast nor to make anyone feel bad who may not have been as lucky as myself. I share this because if I had not had my student loans forgiven, I had already began to face reality. One day, I logged into my student loan lender portal and faced the harsh reality. I printed out the total amount that I owed and made the decision that it was time to start paying this off more aggresively. I did not want to be in debt for the rest of my life. Around this time is when I also came across on student loan forgiveness, but nothing was a for sure thing at the time. I couldn’t count on something that I was not sure would become a reality or not. Sometimes when we finally face a crushing reality that we have been trying to avoid, solutions begin to present themselves to us.

For many many years I felt angry with myself for not knowing, for not understanding, for not doing more research, for thinking I had made the right decision when indeed I had not. For the longest time, I wasn’t sure what good would ever come from my experience, that’s when I looked at my kids. Yes, perhaps I had to go through this rough patch but now I see that I can shed some light in their path. I can talk to them about the choices that I made, that lead down a hard financial path and hopefully make them a lot more financial saavy that I ever was. I hope this message can also help you in some way, darkness doesn’t last forever. And always always do more research!