of borrowers who are drowning under the weight of their debts. In each one, the trajectory is roughly the same: A young student thought that a college education would be their ticket to a successful career. They don’t want to be, they’d tell reporters. They just want a stable life, free of worry. They all end the same, too: underemployment, piling debt, regret, and uncertainty about what’s next.
. This is repeated now matter-of-factly, but it’s a significant shift in the promises made to young people. If you carry student debt now, there’s a good chance you were sold the college dream only to find yourself in purgatory. That’s not to say college has ceased being a door to better jobs altogether — just that the cost of the promise is so high that many people withfind themselves repaying student loans so expensive that they don’t reasonably have a chance to pay them offSometime in this millennium, a college education stopped being a guarantee of a better life.
After I graduated university in 2011, I received an urgent email from my student loan provider: It was time to choose the term length to repay my $45,000 loan. I did not hesitate to slide the toggle all the way to the right, opting for the longest possible repayment period: 14 years. This was the only way I could afford the monthly payments, and even then, they were going to be a stretch for my retail job salary at the Apple Store.
I managed to repay the debt in just under 10 years, by the grace of landing a good job in media — a rarity — and help from my in-laws. I cannot conceive of a world in which I would demand that others suffer through the same length of time as I did, and force themselves to struggle to repay like I did. While I was making my student loan payments, in no world did I think,. This conception of the world is myopic, cold, and punitive.
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