Drowning in Debt

This past month, I’ve experienced a deep wave of heaviness. June was the start of my first student loan payment, and it hit me like a ton of bricks. As a December graduate, I received a six-month grace period of freedom before reality hit. But no amount of time has prepared me for decades of debt.

During my Freshman year, the reality of payments didn’t register in my mind. I was too caught up in the experience of college to be thinking about finances. Let’s be honest, most 18-year-olds don’t spend a majority of their time thinking about debt. It only starts to hit you when you’re in your third year, and you find yourself eating ramen and avoiding laundry. Looking back at my naive years, I wish I’d taken my academics more seriously.

A lot of college debt rides on whether or not you have pristine grades or excellent scholarships. And although my payments are less than the majority, I still feel an enormous weight as I’m reminded of the large sum I owe. Debt is unfortunately something that most people are still paying off despite their age.

Here are some staggering statistics I found regarding student debt:

Did you know “The average student with loans during 2018 graduated with an average debt of $29,800. And Americans owe over $1.56 trillion in student loan debt, spread out among about 45 million borrowers.” ^[1] That’s a LOT of borrowed money, and it’s not just students. According to USA Today, “In 2017, the average American household was $137,063 in debt.” ^[2]  Those numbers for 2017 are slightly terrifying considering the direction in which our world is headed.

Debt is a word that’s all too familiar in this day and age. Some people take out loans in hopes to build a better future for themselves through education. I made the choice to go to college because I wanted to pour myself into a specific career. However, it’s important to realize some of the repercussions involving credit. Not every situation involves a selfish or negative outcome. But for some people it has become a common solution to dig their way out of a present situation.

Temporary Happiness

Growing up, most of us were warned about credit cards and loans. But today millions of people use loans as a solution for temporary happiness. Of course, there are some instances where debt isn’t always a choice. Sometimes emergencies arise involving medical bills and it can’t be helped. But it’s important to be careful not to use debt as a crutch to lengthen the inevitable.

Unfortunately, we live in a world that costs an exorbitant amount of money to be comfortable or “successful.” Paying a high price to live ideally is the case for many of us; however, I’m reminded of a greater debt that we no longer owe. God already paid the price by sacrificing His Son so that we could receive full pardon. Although we are undeserving, Christ has given each of us a fresh start . . . brimming with hope for a new and better tomorrow.

https://studentloanhero.com/student-loan-debt-statistics, https://www.usatoday.com/story/money/personalfinances

Madeleine Lowe writes from Indiana.

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