If you’ve been following this blog for the past few years, you may know that I’ve been on a quest to pay off my student loans since… basically forever. Actually, for the first few years after I graduated, as my debt amount surged while interest piled up, I simply lived in hopeless despair. I wondered what magical miracle would occur that would enable me to pay off more than $100,000 (yes that 6th zero belongs) worth of debt – and for undergrad only! I’m not even a doctor or a lawyer or even a prosperous business person- I have a DRAMA degree, for god’s sake! And that $100,000 total is with ONE YEAR PAID OFF ALREADY by mom and grandma! So even with a whole year of school paid off, plus some financial aid, my loans were STILL that much!
And the loan kept growing, even after college ended, because in the first few years after graduation I’d decided that since my interest was high on the smaller of the two loans (one was for around $86,000 and the other was $14,000), I’d put the smaller loan on forbearance (effectively deferring it) and not pay it for awhile.
I know now that this is BACKWARDS thinking- it’s a really bad idea to put loans on forbearance unless you’re absolutely desperate and have no other choice. To be fair, most people put loans on forbearance because they have no other choice- I myself was the definition of desperate- so the warning is probably unnecessary. But forbearance is a horrible sneaky trap that only punishes your future self while your current self breathes a very temporary sigh of relief. I got the 14k loan down to 11k with a lot of blood sweat and tears, and then put that loan on forbearance for a year. When I started paying it again, after only one year of deferment, the loan had GONE BACK UP to 14K! As if I had never made a dent! The experience was both sickening and horrifying.
NYU is even more expensive now- disgustingly expensive. Somewhere around 70K a year expensive. It’s wayyyy overpriced, and pricing seems to only be only going up. The thing is, many colleges are following that same path of being completely out of line overpriced- the problem is not just NYU. To be fair, I really enjoyed my NYU program- I had private conservatory training in all aspects of acting, directing, and theater, and the 4 years were pretty amazing. It’s not a bad school. But the loans afterwards all but buried me- and I don’t recommend anyone ever taking on that kind of student loan debt. Ever. Even if you’re going to medical school or something that should fast track to a lucrative career, I’d still advise you to think your finances through very carefully.
In a blaze of glory I finally completed my last student loan payment this February, 2018. I still can’t believe it. I remember the day I hit ‘send’ on that last payment- I cried. My body shook in front of my computer and nothing made sense. The student debt that had hung over my head for so many years of my early adult life was finally gone. It felt like a miracle- but it wasn’t. It was the result of an incredible amount of work and very carefully calculated planning. Even making very little money per year, I finally did it. I did it.