3 answers
Marie
Student
Tell City, Indiana
1
Question
Updated
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Is student loan debt really as bad as what people say it is?
I'm a senior in high school getting ready to go to college and I'm scared of student loans. I'm working really hard to save enough money, but I just don't think it's possible for me to go to school without having debt. I come from poverty, so I'm all alone on this journey. I'm really scared of how my future will look. #fall2025
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3 answers
Justine Shamey
education
10
Answers
Winston-Salem, North Carolina
Updated
Justine’s Answer
They are high and count against your debt, but no one can take away your education.
Ilan Marouani, Esq., LL.M.
Tax Attorney
14
Answers
New York, New York
Updated
Ilan’s Answer
Hi Marie,
I think the best way to tell you about it is straightforward: Student loan debt is bad if you are just wasting it.
You have to think of it as a weight you are adding to your life, that you will have to drag with you for a while after finishing college. The issue is that a lot of people take too much weight with them, more than their career can carry.
You should first focus on what field or career you envision you want to go into. This will already give you a direction and an approximate of what to expect as a salary. Then, based on your salary you should think of how much money you could repay back the loan, without making you "broke."
I know this sounds crazy, but maybe you shouldn't go to Ivy league, just to become a kindergarten teacher. While the piece of paper saying "Harvard" or "Yale" sounds exciting, you can get by with a regular college degree.
Finally, you should understand how loans in general are structured: the first few years of a loan, you are not even paying the principal (the actual money you took to pay for school), you are paying the interest on the loan. Where a lot of people fall, is that they just keep on paying the interest, and see that after 20 years, they still have more money to pay back than what they actually borrowed. So you should try to get a financial advisor if possible, or even use an AI to have some sort of an idea of what repayment of your loan could look like, how much money you should actually borrow, should you work during college to avoid some loans, and just how to plan in general for the next 4 years, and after!
At the end of it all, if you plan for your student loans, and you have a stronger understanding of what you are getting into, I am sure you will be fine!
Good luck!!
I think the best way to tell you about it is straightforward: Student loan debt is bad if you are just wasting it.
You have to think of it as a weight you are adding to your life, that you will have to drag with you for a while after finishing college. The issue is that a lot of people take too much weight with them, more than their career can carry.
You should first focus on what field or career you envision you want to go into. This will already give you a direction and an approximate of what to expect as a salary. Then, based on your salary you should think of how much money you could repay back the loan, without making you "broke."
I know this sounds crazy, but maybe you shouldn't go to Ivy league, just to become a kindergarten teacher. While the piece of paper saying "Harvard" or "Yale" sounds exciting, you can get by with a regular college degree.
Finally, you should understand how loans in general are structured: the first few years of a loan, you are not even paying the principal (the actual money you took to pay for school), you are paying the interest on the loan. Where a lot of people fall, is that they just keep on paying the interest, and see that after 20 years, they still have more money to pay back than what they actually borrowed. So you should try to get a financial advisor if possible, or even use an AI to have some sort of an idea of what repayment of your loan could look like, how much money you should actually borrow, should you work during college to avoid some loans, and just how to plan in general for the next 4 years, and after!
At the end of it all, if you plan for your student loans, and you have a stronger understanding of what you are getting into, I am sure you will be fine!
Good luck!!
Jerome Dees Jr.
Sales Professional and Networking Expert
818
Answers
San Francisco, California
Updated
Jerome’s Answer
I grew up in West Oakland with virtually nothing. I had to work and pay for all of my education on my own. I took out way more in loans than I wish I would have. At the height of things, I think my monthly payments were around $800.
You should be cautious, but it can also be an investment in your future and yourself. Thankfully I have a great job, I was able to buy a home and now try to support others going through the process. Hope that helps.
You should be cautious, but it can also be an investment in your future and yourself. Thankfully I have a great job, I was able to buy a home and now try to support others going through the process. Hope that helps.