It's been nearly a month since my last posting, and I wish I could say that the delay was due to the fact that I finally secured gainful employment. Sadly, that is not the case.
Sometime in the last month or so, NPR called for submissions on stories about student loans. Like a little kid, I was thinking, "pick me, pick me!" Since I have a lot to say about this issue, I drafted a post and sent it; I have yet to hear anything, but this is what I composed (sans the link to this blog):
Wow, the number of stories shared here is truly overwhelming. I wish that I could comment on each and every one (but there is no option with which to do that). In the meantime, all I can do is share my story, too. It's another tragic tale of girl works hard, girl goes to school, girl takes out loans to fund her education, girl graduates (three times), and, sadly, girl cannot secure gainful employment due to the fact that she is overqualified in the face of a bad economy.
When I started law school in 2001, I knew that federal student loans along with the help of some private loans were going to get me through what would be the single largest expense of my life. When I graduated in 2004, I started an accelerated M.B.A. program for attorneys. Again, loans were my saving grace – or so I thought at the time. Without a silver spoon in my mouth, lottery winnings, or even a job, I knew that I had to borrow insane amounts of money to attain my educational goals. Little did I know that I would graduate in January of 2006 and spend the better part of the next five years searching and searching for something that simply does not appear to be there – a job offering a decent salary.
Now, despite the fact that I am still not working, I do not even factor into the unemployment rate (having never collected unemployment benefits). I owe over $130,000 in federal student loans, and that is only part of the problem; I still owe another $100,000 or so in private loans. Without a job or any viable prospects, I have accepted the fact that I will never own a home because I basically have a metaphorical mortgage. The sad reality is that with all of this debt, I have nothing to show for it other than three diplomas that I cannot afford to frame.
When asked the question: Was it worth it? Frankly, no. It was not worth it to worry every day about how I will come up with the money to pay any of my bills. What good is an education if no one will hire you? Without a job, how can I think about paying over $1,000 each month in student loan bills? Earlier in my life, I never viewed education as a risk; I truly believed that if you worked hard and went to school, the world would be your oyster. Now, however, I view education as a risk that simply did not pay off, and I am beginning to doubt that it ever will. I know this sounds dramatic, and I have tried to remain positive, but there comes a point where you just have to face reality. I can tell myself every day that something has to give eventually, but over five years out of school, I am still searching.
On the heels of that post, I kept seeing news coverage about Obama's proposal to restructure federal student loan repayment. I am not sure how I will be affected because I do not know whether or not the policy will apply retroactively. Either way, when this became headline news, it stirred up some controversy. With every Facebook post that I read, I became a little angrier. (Maybe that is why I took time to think about what I wanted to post here.)
Similar controversy likely ensued after the New York magazine article, The Kids Are Actually Sort of Alright, was published. After reading the article online, I could not help but look at the comments that followed -- one of which stood out. Someone with the moniker PTORLANDO posted his or her disapproval of student loans, arguing that: "It's immoral to let an 18 year old sign her name a few times and owe $50K or $70K or $100K." I disagree; what is immoral--or, more aptly, unconscionable--is the fact that a student takes out that kind of money (or even more), believing that education is the key to a solid career and a sound future only to learn that is a lofty goal, very far from reality.
Sometime in the last month or so, NPR called for submissions on stories about student loans. Like a little kid, I was thinking, "pick me, pick me!" Since I have a lot to say about this issue, I drafted a post and sent it; I have yet to hear anything, but this is what I composed (sans the link to this blog):
Wow, the number of stories shared here is truly overwhelming. I wish that I could comment on each and every one (but there is no option with which to do that). In the meantime, all I can do is share my story, too. It's another tragic tale of girl works hard, girl goes to school, girl takes out loans to fund her education, girl graduates (three times), and, sadly, girl cannot secure gainful employment due to the fact that she is overqualified in the face of a bad economy.
When I started law school in 2001, I knew that federal student loans along with the help of some private loans were going to get me through what would be the single largest expense of my life. When I graduated in 2004, I started an accelerated M.B.A. program for attorneys. Again, loans were my saving grace – or so I thought at the time. Without a silver spoon in my mouth, lottery winnings, or even a job, I knew that I had to borrow insane amounts of money to attain my educational goals. Little did I know that I would graduate in January of 2006 and spend the better part of the next five years searching and searching for something that simply does not appear to be there – a job offering a decent salary.
Now, despite the fact that I am still not working, I do not even factor into the unemployment rate (having never collected unemployment benefits). I owe over $130,000 in federal student loans, and that is only part of the problem; I still owe another $100,000 or so in private loans. Without a job or any viable prospects, I have accepted the fact that I will never own a home because I basically have a metaphorical mortgage. The sad reality is that with all of this debt, I have nothing to show for it other than three diplomas that I cannot afford to frame.
When asked the question: Was it worth it? Frankly, no. It was not worth it to worry every day about how I will come up with the money to pay any of my bills. What good is an education if no one will hire you? Without a job, how can I think about paying over $1,000 each month in student loan bills? Earlier in my life, I never viewed education as a risk; I truly believed that if you worked hard and went to school, the world would be your oyster. Now, however, I view education as a risk that simply did not pay off, and I am beginning to doubt that it ever will. I know this sounds dramatic, and I have tried to remain positive, but there comes a point where you just have to face reality. I can tell myself every day that something has to give eventually, but over five years out of school, I am still searching.
On the heels of that post, I kept seeing news coverage about Obama's proposal to restructure federal student loan repayment. I am not sure how I will be affected because I do not know whether or not the policy will apply retroactively. Either way, when this became headline news, it stirred up some controversy. With every Facebook post that I read, I became a little angrier. (Maybe that is why I took time to think about what I wanted to post here.)
Similar controversy likely ensued after the New York magazine article, The Kids Are Actually Sort of Alright, was published. After reading the article online, I could not help but look at the comments that followed -- one of which stood out. Someone with the moniker PTORLANDO posted his or her disapproval of student loans, arguing that: "It's immoral to let an 18 year old sign her name a few times and owe $50K or $70K or $100K." I disagree; what is immoral--or, more aptly, unconscionable--is the fact that a student takes out that kind of money (or even more), believing that education is the key to a solid career and a sound future only to learn that is a lofty goal, very far from reality.
