A Daunting Start: Haunted by Student Loan Debt

 

College shields you from the outside world—at least, it did for me.

When the 2001 dot-com bust happened, I barely noticed. I was in college back then. Sweet memories. Regulated food price. Subsidized housing. No worries for transportation. 

But what college didn’t prepare me for was the reality of student loan debt.

The Burden of Student Loans

With or without a degree, the debt remains, and the collectors will come for it.

I struggled to make payments, so I did what many do—I paid only the minimum. But that barely made a dent. Over time, interest kept piling up, and my debt only grew.

For years, I continued this cycle. Then came the reckoning.

The loan governing body tracked down every single one of us and threatened legal action. By that time, my payments were still below the required amount. I had become complacent.

But instead of forcing full repayments, they offered an alternative: pay 60% of the actual monthly amount, or face consequences.

The Reality for Students Today

That was years ago. Now, student loan repayment terms have changed. Many graduates must begin paying after a set number of years, regardless of their financial situation.

Imagine this:

➡️ You just landed your first job, trying to build your career.

➡️ Thousands of dollars in student debt await.

➡️ On top of that, you need to pay for housing, transportation, and basic necessities.

In some industries, wages barely keep up with living costs. And in certain careers—civil service, for example—salaries are nearly uniform across regions, even if the cost of living isn’t.

Should Student Loans Be Abolished?

I’m not saying student loans should disappear. But there has to be a better way.

Maybe the problem isn’t the loan itself, but the cost of living.

✅ Lower transportation costs

✅ Affordable housing

✅ Higher minimum wages (though that comes with its own challenges)

Would any of these solutions ease the burden for students today? Maybe. Maybe not.

Still Paying the Price

As for me? I’m still paying off my student loan and will likely continue doing so well into my 50s.

The regret is real.