I need advise and input.
Im facing at least 80k student debt right now, a rising junior at my college in DC. But that’s where I’ve built my home.
I have two potential plans:
A). Stay at my private university and work hard to pay off debt afterwards, living with my decisions. (And working and saving money as I go).
B). Transfer to an in-state public college, work and pay off as I go, and come out only having approx. 30k of debt (mostly leftover from my current DC university).
Speaking only in numbers, option B sounds wiser. However, things are never that simple.
1). My closest friends are there and have stood by me through everything I’ve faced like hardly anyone I’ve met before.
2). My boyfriend and I have been through a lot together and are very serious. He was there for me through my mental health struggles, stayed with me even after my attempted suicide, and has been hugely supportive during my slow healing process. Im very close with his family, and we have outlined plans and a timeline for our future. … And he attends my current school as well.
3). I’ll be able to return to a familiar place with classes, a job, rooming, etc. all waiting for me, already set up, as I adjust back to the stresses of college life.
4). Graduating from a private school (especially in DC) looks good, and has a bit of prestige attached to it.
Im equally torn right now.
Do you have any thoughts / words of wisdom or caution / etc?
Yes, you’re mental health comes first. Take the path that is more likely to reduce your negative feelings.
And understand that there is a higher power & that time heals all wounds. Faith makes the process of healing a bit smoother.
Exercise helps to reduce stress & build self esteem. Many people care about you & your well being !
Thank you for your input and kind response, @Publisher ! I’m definitely pouring a lot of effort into my health now and am in a far better place (thankfully).
Right now I’m not sure what the biggest source of negative feelings will be, immediate discomfort for the next few (albeit crucial) years, or student debt payments for the next couple decades.
Take a hard look at the numbers. For the field you are going into, what are typical starter salaries? How fast are you realistically going to get a full-time job in your field? Put your debt amount into a loan calculator: what will your payments be like? For how long? Be ruthless: right now it is imaginary money, but if you can’t afford to take the badly paid entry level jobs and end up waiting tables to service your college debt, will it be worth it?
Thank you for sharing your thoughts and advice @collegemom3717 ! Those are really good points, and things I’ll definitely research. I’ve been making excel budget sheets for different options, and those are numbers I’ll look into and add.
Will you need graduate school to be successful in your field? This is a big one, as even a funded degree like a PhD will delay you paying back your loans. Non-funded degrees will put you in the same boat and that 80k can turn into 100-150k easily.
Student debt is no joke, it’s a constricting hand on ones life. You may find yourself paying off only interest which feels disheartening. There are programs that do allow debt forgiveness but those aren’t guaranteed to exist in a few years and may not be suitable for your goals.
I wish you the best in this. It’s a tough position to be in.