If you’re one of the millions of Americans who has student loan debt, the mere mention of the phrase “student loans” is probably enough to send you into a panic. The loans, which can be the only way for some people to afford higher education, often wind up being incredibly difficult to get pay off – even if you make consistent payments on time for years.
Twitter used Lacy M. Johnson posted a tweet about her own student loan debt situation, and it’s all too relatable.
When I left grad school in 2008, I owed $70k in federal student loans. (A poor choice I wouldn’t make again.) For the past 11 years, I’ve been making payments (except for a period of under employment), totaling about $60,000 in payments. Guess how much I still owe.
— Lacy M. Johnson (@lacymjohnson) December 12, 2019
Other people responded to Lacy’s tweet with their own student loan stories, and let’s just say they’re…bleak.
“Started out owing $120k,” one person wrote. “7 years, never missed a payment. Got it all the way down to $137k!”
Another wrote: “Graduated grad school in 08 with nearly $100k in debt, have paid over $100k since then in interest, still owe $100k.”
“Borrowed $97k, been paying for 13 years. Checked yesterday. I still owe $146k,” yet another wrote.
It is truly INSANE. I can’t believe that any of this is legal.
— Selena Coppock (@SelenaCoppock) December 12, 2019
These stories aren’t exactly surprising — student loan debt is the second-largest type of consumer debt in the country, and it has only continued to grow in recent years as colleges and universities raise tuition much faster than either inflation or wage growth.
Others chimed in to reply to Lacy’s tweet with their experiences of going to college BEFORE it was so expensive. “I cannot imagine doing it in today’s world,” one person wrote.
I graduated from law school in 1978 at the age of 27. I don't remember the sum total of my loans (7 years worth) but I remember making my last payment at age 39, some 12 years later. I cannot imagine doing it in today's world. This has to change.
— CK (@civitoroz) December 12, 2019
Schools and the loan system have just become a racket.
We’re supposed to be able to get a well paying job and have a good life after school, not be indebted forever.
My art college in 1987 was $4500 a year.
It’s now at $45,000!????
Believe me, it wasn’t worth $4500!
— Im???? & #removetRumpNOW #fbr ???????????????????? (@Betsy_Manning) December 12, 2019
Student loans are a dark cloud over folks’ heads, and many people expect to die without ever paying off the debt — unless a miracle occurs, like winning the lottery or a new student loan forgiveness policy.
Sigh. At least we’re all in it together…