She Strengthens

The Student Loan Reality Check

As I approach graduation, I’m faced with the daunting task of repaying my student loans. Although I’ve had a gentle introduction to loan repayment, I know many others who are struggling to make ends meet. To get a better understanding of the situation, I asked fellow young post-grads to share their experiences.

A Range of Experiences

From manageable payments to crippling debt, the responses varied widely. Becca, for instance, pays around $400 per month, which is equivalent to her rent payment. Josh, on the other hand, pays under $200 per month, thanks to commuting to a public college and paying as much as possible out-of-pocket.

The High-Cost Reality

Andrew’s student loans were initially over $2,000 per month, but refinancing brought the payment down to around $1,500. Joe, who attended a private Catholic university, ended up with around $70,000 in loans and pays nearly $800 per month, although his parents help with most of the payment.

Part-Time Struggles

Ashlee, who takes nine credits as a part-time student, already has to make loan payments of $330 per month. Emily refinanced her loans to bring the payment down to $95 per month, but will likely be paying for years to come.

The Unspoken Fears

Jenn’s loan payments are close to $1,000 per month, a figure she’s hesitant to share aloud. Morgan, on the other hand, is a rare case who paid for everything out-of-pocket and didn’t need loans.

Aggressive Repayment

Jasmin tries to pay double or triple her monthly payment of over $200 to accumulate less interest. Michelle, who paid half of her tuition and took out loans for the rest, plans to start chipping away at her loan as soon as possible.

A Glimmer of Hope

Kaitlyn, who pays around $750 per month, is lucky to have a job that will pay off her loans in a few years if she stays with the company.

These stories serve as a reminder that student loan repayment is a harsh reality many of us face. While some are fortunate to have manageable payments, others are struggling to make ends meet. As I prepare to join the ranks of loan repayment, I’m grateful for the insight into the experiences of my peers.