For several years my wife and I belonged to a group 10.6 million strong: Americans in their 30s with student loan debt. Earlier this month, we waved goodbye to our membership when we paid off our final student loan. While we both earned undergraduate, graduate and doctoral degrees, we never amassed overwhelming debt because we were intentional about borrowing the least amount possible to continue on toward our ultimate educational goals.
So What?
As someone who works in higher education, I am well aware of the rapid increases in the average amounts students are borrowing. I also know far too many people around my age who have chosen not to do something (get married, enter the ministry, buy a house, continue on to earn a graduate degree, etc.) because doing so seemed unwise or impossible given their financial situation including their student loan debt payments.
I don’t know what the future holds. I expect multiple reforms in student lending specifically and in higher education more generally in the coming years. I also hope that more and more students will ask “how little can I borrow to continue my studies?” rather than simply accepting the maximum amount they are offered.
- How has student loan debt impacted your family? your church?
- What type of reform do you think is most needed in this area?