I posted this for another student and think it applies just as much for the OP.
I haven’t shared this story before because I’ve felt it wasn’t my story to share. My D is now 5 years out of undergrad. She, because of us, is debt free. She has a friend who is a chemical engineer and makes above that $70,000. She also because of bad planning and a divorced parent who lied to her about paying, was over 6 figures in debt. She was told that her parent would help her pay those loans off. They didn’t. She’s now responsible (I’m not sure of the particulars but am guessing my D’s friend took out private loans).
This friend, was under such stress about this debt, she was having physical problems. Headaches, hair falling out that sort of things. She finally confided in my D. 5 years out of undergrad, she is paying somewhere in the range of $1200/month. I think her parent took out parent plus loans for 1 year and is paying that, but it’s a very small amount of the total. The parent plus loan is not part of the $1200, it’s in addition to. This friend can’t live alone, she needs to have a roommate. She drives a used car, it’s all she can afford. My D is really into working out and her friend would love to join her gym but it’s not in her budget. She doesn’t go out much.
My D on the other hand, lives by herself, drives a new car. Belongs to an expensive gym. Goes out with her girlfriends multiple times a week if she wants to. Has a short term savings over 3 months salary which came in very handy this winter when she had an expensive heating bill and all her insurances due for the year. She can pay her bills when they come in and not even think about that. She also contributes 12% + to her 401k. It’s grown quite a bit in the 5 years she’s been employed.
Her friend still has 5 more years of paying off her school loans.
You at 18 may not think 10 years is that long, it’s an eternity when your in your 20’s. And think how behind the person is with saving for their future retirement and life events. Like marriage and kids. Things that happen for many in their 20’s.