I graduated from college in 2006 with around $18,500 in student loans. This covered tuition for 3.5 years at two different state colleges. I paid for my last semester in cash because I had added up how much I would owe after college and it scared me. I always paid for my rent, living expenses and books from my income from waiting tables and bartending. I graduated in 4 years with a college transfer by taking 18 credits every semester.
I would not have been able to go to college without student loans. I asked my parents to cosign a student loan for me and they said no.
After graduation, we still lived in TN until Y got back from Iraq and exited the army. For the six months after graduation, I worked full time and paid off about $3500 in student loans. I then consolidated $15,000 at 4.5% interest. My payments were $113 monthly.
I am so thankful that I was able to take out student loans because I would not have been able to go to college otherwise. A college degree is an absolute requirements where I work now. My college set me up for a greater earning potential throughout my life than I would have had otherwise.
What do you think? Are student loans evil or are you grateful for them?