When you acquire debt, you are essentially borrowing from your future. While this may provide some form of relief in the short term, in the long term it can actually lead to less freedom. Once the debt is undertaken, you are stuck with a payment which must be met each month, often for an item which will lose its value relatively quickly. Student loans may seem to be the exception to the rule. After all, they are an investment in your future. You may feel an investment in yourself is foolproof. A diploma will mean a better job, more pay. However, because you're trading on potential future earnings, the loans are still a gamble, a long term obligation.
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My Story, Part One
Thu, 01/29/2009 - 00:49 | by AliceoneI have over $65,000 in student loan debt. It didn't start out at that amount, but built gradually over the years. I don't think about it daily, but I never forget it is there.
Throughout my time in public school, I was aimed toward college. I worked as hard as possible to achieve, to add extra curricular activities to my list, to prepare myself in every way I could to head to college. In my senior year, just before graduation, my mother came to me and told me there was no money to send me to college. I was angry. I felt cheated. I always knew we were poor, but there had never been a conversation about this, not during any of the time prior, not during all that work I was putting toward success. I insisted I was going to school, I didn't care how, but I would find a way.
