The 24 respondents that participated in the “How Are You Living With Loans ” survey explained how college loan debt has affected their everyday lives.
The majority of respondents finished their undergraduate college degrees just two years ago.
The survey respondents work in variation of professions with different pay ranges. These professions include :
Also more than half of the respondents either had a job before graduating or found one within six months following graduation, but most will spend five years or more repaying that debt.
While getting a job in that time frame is a good, even great thing especially in this economy, for many of the survey respondents the amount that has to be paid in loan payments each month takes away much more away them financially then they would like. For a few respondents it is the main culprit of their stress while a few look at it as just another bill.
Here are some of the things they said :
“Quality of life is less than desired due to student loan debt, nearly could afford necessary investments like a home due to student loan debts, having a hard time keeping up with payments even with a decent salary.”
“I know that I have to pay a certain amount on time, every month, so I just look at it a another bill. It’s no different, for me, than my light or water bill. Of course, life would probably be better if I didn’t have to pay it because those funds could more effectly be used elsewhere. However, it was an investment in my education in which I do not regret.”
“It hasn’t affected my life yet. But as soon as I graduate, if I don’t have a job, it will definitely have a huge impact on my life.”
“It is a constant stressor. I have pretty much been trying to keep my head above water since graduating. I am stressed about taking on even more debt for graduate school, and I’m feeling a lot of pressure to get a well-paying job after school. I think it will be several years before I feel financially secure enough to take on more normal adult responsibilities like a mortgage and having children…my school loans are a mortgage in themselves!! As stressful as it is, though, I don’t regret for a moment investing money in my schooling–it’s worth it.”
While 79 % of respondents did not have to defer their loan repayment period, 46 % will spend up five or more years paying it off.
This is how respondents described their experiences when looking for work and how long it took before getting that first job.
What asked how many years it will take to pay off undergraduate student loans most respondents will spend 5 or more years doing so.