In the personal finance sphere, we often hear that student loans are “good debt”. After all, people can take away your car, your house, but not your education! Even if I become penniless, I will have my B.A. and M.A., a lot of experiences and a ton of memories.
But was it really worth $81,000? No.
I admit that I could have gone to a cheaper graduate school and not moved to New York. But I got sucked up in the dream of living in one of my favorite cities. I dreamed about who I’d be with my Master’s, graduating from a well-regarded university. I fantasized about climbing up the success ladder and reaching my full potential.
Like with any good story, it didn’t exactly happen that way.
When I tell people how much debt I am in, people are usually pretty shocked or uncomfortable. This usually segues into a discussion about how Higher Education has become Big Business and that the schools are failing us. I completely agree and feel that no student should be put in a situation that they are set up to fail. They are released into the world with new-found enthusiasm and knowledge, just to struggle. While I take full responsibility for signing the papers, and for paying back my loans, I still don’t think it’s right.
Debt Dreaming
One of the sick games I like to play in my head is:
What else could I have done with $81,000?
The list goes on and on. With $81,000 I could travel for several years around the world. As a travel addict, my wanderlust heart is full of adventure, dreams of the unknown, and experiencing other cultures.
I also think about starting my own arts nonprofit. 81k would be a nice start to getting some things done.
Aside from my own entrepreneurial desires, I imagine how much I could help others by donating $81,000. Imagine how many lives I could tangibly change if I donated $81,000 to fight hunger, homelessness, and violence. Money can’t buy you everything, but it can buy you a lot.
Of course this game is utterly pointless, as I don’t have $81,000 sitting around to do these things. If I did, I wouldn’t be in student loan debt 🙂
Sometimes I get down about my student loans, and people try to encourage me by saying, “your education is worth it” or “there’s no price for a good education.” Is that really true though? I think there are so many ways to achieve knowledge, and they are not confined to the walls of a school. I am an advocate of higher education, but I know it’s not for everyone.
I think about these reactions and think about how much we glorify student loans and justify them as a means to an end. If you tell people you are going back to school, most people will say “Congratulations!” Student loans have become normalized. The fact of the matter is, nowadays education can be just as risky as buying a house or any other business investment.
Let’s think about turning this on its head:
If I were to tell you, I took out an $81,000 loan to travel the world for a few years and volunteer, people would say I’m crazy. But I think in all honesty, when it comes to value, education and the human experience I would have gotten a lot more out of volunteering and traveling for a few years than I did with my schooling. But people don’t do that.
Somehow going into massive student loan debt makes sense—it’s legitimized in the system we are in. We automatically associate more education with more power, more success. But what if that “power” backfires? What if people think you are “too good” for the work you used to do? What if that power has left you more powerless than before? Imagine working so hard for something just to then take it off your resume, or remove any mention of it just so you can try to get ahead.
THE SYSTEM IS BACKWARDS!
I can tell myself that I achieved one of my life goals with getting a Master’s. I achieved a second one by living in New York. That was worth a lot, but not worth several years of my salary in debt.
I wish I had more confidence to pursue other crazy dreams, like travel, like volunteering instead of school. I think we should all stop saying that student loans are “good debt” and focus on actual student loan reform. Speaking up, and speaking out. Making our voices heard….and most of all humanizing the experience in hopes of allowing future students the ability to pursue their wildest dreams.
