Thursday 30 August 2018

Paying Back a Student Loan of $62 000

I am lucky to have my mum who is able to provide for my education and not needing me to borrow from the bank for my education. When I first entered university, I realised that many of my peers had an education loan where they would need to start paying back a small amount each month followed by a larger sum when they graduate. Recently, I came across this video about student loans in the United States.

Seeing how the woman has to pay back her debt with a crazy high interest rate is sad because what she pays back as seen in the video is actually mostly just the interest rate and late fees that have been incurred meaning that only a small proportion goes to paying back the principal.

In the video, she mentions about entering college and seeing everyone sign up for student loans and she thought that was the way for every student so she did just that. However, after she graduated in 2009 which was the financial crisis. she received a call about the loan that she had taken. The amount was astronomical and she had to pay it back.

Of course, she would definitely need to pay it back but in the video she mentioned about not having any knowledge about loans and no one was there to explain to her about loans. I think at that time because her family was unable to support her for her education hence she just went ahead with taking the student loans without thinking much. I find this really depressing because it is tough having debts where you know you cannot have as much freedom to spend due to this load on yourself. I think in life, a choice made can change the direction of your life and many of the comments wrote that because her degree was a drama and communications hence she was not able to get a good job to pay off her debts.

I do feel affected because the degree that I am taking is not reputable in terms of it's course and school but I am a little glad that I do not have any loans to pay back unlike some of my peers. With that, I can only make myself work harder and hopefully smarter to secure a better job when I graduate this year.

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