6.
“Taking out student loans. A lot of them. I went to an expensive, private university 100% on loans for my undergrad and, five years later, my graduate degree. I was the first person in my family to go to college, and my parents didn’t quite understand how the financing worked. They just knew that they couldn’t help me with it at all. When it was all said and done, I owed over $100,000 for a worthless B.A. in Communications, a minor in English, and a worthwhile M.A. in Teaching. I could have gotten the same thing from a public university for about $20,000 if I had done it right. And I even worked the entire time I was in college to pay for my room and board. It’s not as if I had been lazy during those years.”
“Here’s what they don’t tell you about student loans: they make you pay the interest first. I’ve been paying almost $400 per month for over ten years (with a two-year grad school break in the middle), and my principal hasn’t gone down at all. I still owe just as much now as the day I graduated.
Barring some windfall of money in my future, I will not be done paying these loans until I am 62. I’m 37 and still paying for classes I took when I was 18 in 1998. It’s soul-crushing. And I have no one to blame but myself.
Kids, do not go into debt for a worthless college degree. If you must, do it for a degree that will get you a good job.”
—Matthew B., Quora
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