Today is a momentous day. I have made my final payment on my Student Loans. Our country celebrated its Independence just a few days ago and today is the day I am going to celebrate my independence from the burden of Student Loan Debt.
As I celebrate, I consider the state of Student Loan Debt in this country. According to The Economist, Student Loan Debt in the US exceeds $1.2 Trillion dollars and the Wall Street Journal states the Class of 2015 will have an average of $35,000 in Student Loan Debt. The largest average for any graduating college class.
These numbers are staggering. A new graduate can expect to be saddled with a large amount of debt as they start down the path of their careers. The impact of this could have detrimental effects on the opportunities afforded them along their career trajectory.
My circuitous path through college allowed me to minimize my Student Loan Debt. Over the 8 years I attended college from 2002-2010, I took out about a total of $25,000 in debt and graduated with about $20,000 in debt. Attending Community College, waiting to take out loans until my parent's income didn't factor in, and taking breaks from school to work full time to save money, were all factors in keeping my debt down.
Being able to payoff my student loan debt within 5 years of graduating is directly due to the opportunities I've been afforded. Many which the average graduate will not be fortunate to have. The salient point I am making is while the United States can still be the land of opportunity, this opportunity is tempered by the negative position graduates are being put in as they start off in the "Real World."
Student Loan Debt is a major issue in this county that needs to be addressed. Cost of tuition is on the rise and there is little relief available. I don't pretend to know the solution to the Student Loan Debt issue. I know that without changes to Student Loans and tuition costs, a higher education will not be widely accessible, especially to low income families.