The Eternal Student Loan: A College Education And A Lot Of Regrets - Coulda Woulda Shoulda

I still have student loan debt at my age. I am 37. Between interest only and forebearance due to financial difficulty - it is now more than it was when I graduated ten years ago. I used to think student loan debt is good debt, now I think there is no such thing as good debt. I also think that the education was not worth all that money and in this sense it was a scam. I would have been better of going to a cheap state school or community college, that's what I'll advice my kids to do (if I get to have kids - I still can't afford them). If you don't get into Harvard, Stanford or MIT, go to the cheapest school you can get into.

I have to clear the debt so I can have kids (afford to have them) and I have to do that in the next five years so I can try for kids before 42 because after that insurance doesn't cover fertility treatments - which I will need because of age. If I can finish the loan sooner, then I will try for kids sooner. I am now making my life all about paying this loan. I have an austerity plan that I think will work if I can stick to it, and I think the fact that I am doing this so I can afford to have kids will be very motivating. I also think the fact that I really regret not doing this sooner will help, I made a big mistake on this one and I keep wishing I had formed this plan sooner. However I think I now know more ways of not spending money than I did in the past, thanks to more experience with poverty - there are tricks to it, and ideas from those shows on TV that help people in money crises

I'll be so glad when I have paid off my debt. When I finish my loan, I will have nothing more to do with the alma mater. I have never and will never contribute to their fundraising, they do understand that some of their alums are poor as dirt and they say you can even give just ten bucks so they can show a high percentage of alumnae participation and attract donors that way, but I think these very expensive second tier "liberal arts colleges" are a rip-off and should shut down.

I have learned from my mistakes, and fortunately I think there is still something I can do about it. Even if my plan doesn't work out, I still want to be able to say to myself that I tried my hardest, and right now I can't say that.

chocolatebar chocolatebar
36-40, F
5 Responses Mar 3, 2010

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I totally understand your situation. It sucks to not get the complete return when you invest in an expensive four year college degree. The problem is, America has become a very "prestige" driven society. Anyone who skips going to college, learns a useful trade to go on to become an electrician or a plumber, say, is looked down upon by the society, despite the fact that such electricians or plumbers make about 50K a year (average figure) and have no student loans. And 50K is more than the national average of income per year. On the other hand, someone with a 4 year degree which is not even worth the paper it was printed on, and with student loans upto the eyeball is associated with "prestige". College is a rip-off. I agree with you on that.<br />
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And hey, you don't have to worry about not having kids etc. You can delay your biological clock by going for "egg freezing" Check out http://en.wikipedia.org/wiki/Oocyte_cryopreservation<br />
and also see http://www.eggfreezing.com/

Sounds like you are on top of it. Debt is a is problem at all levels.

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I feel you on your debt...I have the same monkey on my back. Be strong, little progress make a big difference in the end.