The Plan

I have a plan. Yup, I do. I've been biting my nails, cracking my knuckles, twisting my hair, and generally freaking out for the past 8 or so months. The reason? STUDENT DEBT. I think college is overrated. All during high school I received enormous amounts of pressure from my parents, teachers, and other outside sources about applying to colleges, what my major should be, and which college I should attend. With a newly minted high school diploma, I signed up for tons of loans that I was assured I'd be able to pay back when I got my inevitable "high paying job."

NEWS FLASH: It doesn't work that way. No one told me that upon graduation from college I'd have to spend months sending out resumes. No one told me that a 50k+ education would most likely net me a ~30k/yr job. No one mentioned that I'd have to seriously consider flipping burgers. No one warned me that the cost of a college education would soar, while employment compensation for recent graduates would halt or decline. No one was honest about the corruption that exists within the collegiate system.

So, here I am with all of this debt. It's not all bad, though. I was lucky enough to secure a decent paying job during bad economic times. It pays quite a bit more than 30k. However, the job wasn't handed to me. I spent the better part of 6 months consistently sending out applications and resumes. Every bit of free time I had was spent job hunting. I called, e-mailed, and inquired. I wrote countless cover letters. To assure you that I am not exaggerating, I lost count at about 500.

My plan is to put more than half of my income on my student loans. I've already worked out all of the bugs, and if I stick to my budget, I'll be out from under private debt in about 2 years. If I get a raise (please!), I'll be able cut down the time frame. I'll still have the government loans because I intend on consolidating and only paying the minimum monthly payment. But, the government offers a few attractive options (such as income based payment) that I plan on using. For two years I will have no life, but I think it'll be worth it.

As a word of caution to others (and I plan on preaching this to all that will listen), DO NOT GO TO COLLEGE UNLESS YOU CAN PAY FOR ALL OF IT UP FRONT. It's not worth it. There are tons of things that I'd like to do with my life, but I can't because of my student loans. I envy my friends that didn't get caught up in the whole "college thing." Their freedom makes me jealous. You'll hear people say, "well those without degrees make X amount of dollars less than their counterparts with degrees." I say to them, "is that before or after you figure in the $1100 monthly student loan payment?" Hm? Even if I managed to succeed with my 2 year plan, I'll still have a mountain of government loan debt that will forever affect my credit rating and eligibility to buy a house or car. I'll be paying these loans until I retire. If I even get to... ::stupid loan payments eating up all of my retirement contributions::

Possessing a bachelor's degree does not make you special. To stand out, you need at least a master's, and almost always a PhD. Nobody told me that when I was signing my life away. To those that managed to get through college without any debt, my hat is off to you. To those who haven't, good luck.



**And in case you were wondering, I have a BS in Mathematics. I majored in one of the "useful" disciplines as the call it. I'm not one of those kids complaining that their remote degree in folding paper planes or licking envelopes is getting them nowhere.