Student Loans and Struggling for Survival

By Adrianna Boney
Staff Writer

 According to Forbes, as of March of 2020 there are 45 million student loan borrowers across the United States who collectively owe $1.6 trillion dollars. Student loan debt is the second highest. Consumer debt category after mortgage debt.

The average student yearly will take out student loans whether it be private or federal students to help aid with their education as most students either do not have the financial stability or the assistance from their parents to pay for their classes, books, and technology.

Even though this financial assistance may satisfy the financial requirements for students currently enrolled, however upon graduation, college graduates are now faced with copious amounts of debt accumulated over their college career. Post-graduation now brings on the reality of finance.

According to the Federal Reserve, over half of young adults who went into college in 2018 accumulated debt. Graduating with about $29,000 in debt by the time they graduated. Even though there is a six-month deferment period where students do not have to pay. After that six-months is where issue occur.

Often students are sought after being they are ignorant to that true facts about loan debt and how effect their personal finances as they adjust to this new chapter in their life. Is it not guaranteed for a college graduate to be offer a job on the spot. Often, students are forced to take part time jobs to support themselves in the meantime, causing for there to be a lot of financial disparity.

Graduates may not make enough to support themselves and pay their loans back. CNBC and the Pew Research Center, twenty-one percent of graduates employed adults between the ages of 5-37 must work more than one job to pay off their student loans. Student Loans not only affect your day-to-day life, but they can have profound consequences such as, living at home and not being able to afford housing, being disqualified for jobs, a lower credit score, etc.

Although these statistics provide us with a broad view of how student loans can affect many students, I went to ask those who are currently affected with those debt. One I interviewed to grasp the affect student loans have on everyday life.

Franck Yameny, 23, a graduate from Valley Forge Military Academy and College shared with me his current experience with paying his loans off after graduating in 2020. Mr.Yameny, shared with me that it has been incredibly challenging since the pandemic and not being able to attain a job in his field of communications.

He states that “student loans don’t make life any easier” and “the pandemic put a financial strain on me and the payment of my loans along with other things” had explained to me that he could not afford to live on his own and had to move back in with his parents. Mr.Yameny, is forced to juggle three jobs in the meantime while still seeking work opportunities.