As you all know student debt is an ever-growing crisis, especially in the US. Most students know what they're getting into but it takes that first billing statement in the mail before it really sets in. With the economy struggling, job market dwindling, minimum wage stationary, and cost of living constantly on the rise, students may never know what it's like to get a bit of breathing room from debt collectors.
Now I didn't go to a prestigious law school and rack up tens of thousands of dollars in debt but I, like many others, are vigorously treading the pools of debt that we once thought we could keep under control. The common perception is that college is a double-edged sword. If you don’t have a degree, you can’t get a great job; and if you want a degree, you’ll have to pay for it. And pay for it is an understatement. Tuition inflation combined with the highest interest rates in years, make for rough living conditions and insurmountable debt. Sure a couple side jobs later, constant overtime, selling everything you own, or emptying your retirement funds would pay them off faster, but it begins to set you back in other areas of life.
You may or may not have read this far. You may also be thinking that this is just a cry for help because I’m too lazy to get out in the world and do something to earn the extra money. I’ve started a home-based business while still in school. And after finally breaking even on my initial investment, business has slowed drastically and my school debt is still a burden. I would like to eliminate my school debt, purchase a home, expand the reach of my home-based, as well as give back to my community in any way that I can.