Hello friends, it's that time of year again when we goal-set, look over our budgets, any assets, etc.

Today's post is a weirdly personal one for me since it deals with my student loans. This topic can be a divisive one based on where you lean in the conversation. Before I go any further and disclose how much I owe and my plan for paying this down in the new year, I just wanted to get this out now.

Debunking Student Loan Myths

Yes, I went to school. I have student loans. It's awful. There is a weird stigma around student loans because "you did this to yourself." Well, that's more true than not - no one forced me to go to school. However, I find that a lot of these arguments of "students did this to themselves" are incredibly boring for a few reasons.

My Problem with the Current Conversations around Student Loans

1. Society all but tells you that you need a degree to find a job.
2. Not only is it expected that you finish high school and attend higher education, but many job postings also require at least a 4-year degree - even when you don't need that degree to do the job.
3. The payoff for a degree isn't what it used to be.
4. Aren't there ways you could've gone to school with no debt?

Addressing Current Talking Points

So let's address the above points first and foremost.

Outside Pressure

Society and immediate familial expectations can really curve how someone sees the world. Let's not lessen the weight that words can have on someone.

With society and my family pushing me to go to college - and with practically every single 1990s through 2000s teen movie being about either characters who are about to graduate high school and go off to college - or literal students on campus life, going to college is almost a rite of passage for most kids - similar to getting your driver's license.

I went because it was a privilege and an opportunity. My parents didn't go to college - but many family members who immigrated here did go to college - and they landed nice jobs. It was never an option for me not to go. Therefore, I went.

Return on Investment

Look, education is an investment. I want to make that clear. I would want my children to go to college as well for several reasons, such as expanded knowledge and the relationships and networking that they can forge while in that environment. That's how I was - I went to school and expected to learn the subject matter really well so that I could use that knowledge in the real world, find a job, make lots of money to live, and then die happy. However, that's simply not reality anymore. For one, the cost is way higher today than before, already starting you in a worse spot than ever before.

Second, the other part of reality is that wages are not keeping up with inflation over time.

Finally, in order to continually fight back and try to afford yourself a decent shot at life, you need a job. However, many jobs out there require a college degree - even when you don't necessarily rely on the degree to perform well on the job. With most jobs, you can simply be trained and gain experience as you go. However, that degree is a ticket in the door and can put you ahead of other applicants without the degree.

Just want to be clear, if you are to be a doctor or nurse, I understand why you would need the degree. However, if you are looking at jobs in Operations - a lot of that can be taught... speaking as someone who has been in Operations for years.

I'd like to think that society is now evolving to be more inclusive of people who didn't attend college - but that's definitely not across the board.

Ways to go to school without student loan debt

1. Work while going to school.
2. Attend community college and state schools.
3. Don't take out student loans (more than you need).

Guess what! I did all of the above.

• There was one point in my life when I worked 3 jobs and attended school. However, that still wasn't enough because it wasn't just school I had to worry about. I don't think society should pigeonhole students - individuals are more than just students. They have other things going on that can contribute to them needing to work multiple jobs and take out loans.
• I also attended community college and schools within the state.
  • I actually even lived at home to try to save money.
• When I went to graduate school, I did double full-time on top of working at my job to try to lessen the length of my lease.

Needless to say, my parents didn't help me. They weren't able to help me, and I navigated the system on my own. Since graduating, I've paid off a decent amount in debt by again, living at home - but I still have debt despite doing everything "right."

With all that said, it should be pretty clear now that I am in favor of not only lowering tuition costs but universal student loan forgiveness. Typically, people who don't need the money wouldn't be taking out large sums of money just to go to school - so I am a huge proponent of student loan forgiveness. I would be even if I didn't have debt.

The payoff plan

I'm going to do something different and new for 2023 - and be optimistic about the state of student loan forgiveness. Please note that my payoff plan only works if the Biden-Harris plan goes through. If it doesn't - well, I'll have a lot more to pay before it's paid off. Of course, I'll need to re-budget at that point, but we won't find out until early to mid-June 2023.

For the no-fluff post, please click here.

I share how I plan on paying off the remainder of my loans (after the 20K help) at that post.

Thanks!