Student loans nearly derailed my Ph.D. ambitions. I worry about other underrepresented students, too

As I sat in the financial aid office, the seat was cold and the chill seeped into my body. I was about to sign away another $20,000 in student loans to continue my education at one of the best universities in the United States. I didn’t want to sign; I had never seen $20,000 in my life. But I had already come so far—I was in my third year of college—and I didn’t see any other choice. Looking back, though, I wish I’d thought more about the implications of my financial decisions.

So I applied for student loans. I had a scholarship that covered two-thirds of my tuition. But I needed money for the remainder, as well as for books, housing, and food. I hadn’t thought through those costs before I started, and it was daunting when they started to add up. I worked at the student center and tried to live frugally, tracking my expenses and eating for free whenever possible. But by the end of my degree, the loans had snowballed.

I could defer my student loan payments while in graduate school. But when I examined the details, I discovered my debt would continue to collect interest at a rate of 6%. That meant if I didn’t make any payments during a 5-year Ph.D. program, I would owe $88,354 instead of $65,000. Was my graduate education worth adding more than $23,000 in interest on my loans?Friends were signing job offers and making plans to pay off their loans, which made me wonder whether that was the path I should take.

Hustling from the lab to a dog-sitting gig and back was not an easy task. I had to manage my calendar carefully. But it was worth it: I was able to pay off all my student loans by the time I graduated. I also secured an offer for a faculty job before graduating—which was a relief because by now, I had educated myself on finances. I knew it was important to start making retirement contributions as early as possible in life.

So don't take a loan? Why would you willingly take a loan then bitch about having to pay it back? You want to complain, go complain to the universities for inflating prices of degrees.

Grad students shouldn't need loans. It's too much risk.

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