‘I pay on the loan monthly, but I still owe pretty much the same principal amount I did when I graduated’
I was able to get through undergrad without having to get loans. But the summer before I entered graduate school, my parents got divorced and were no longer going to be able to help pay for my Master’s degree.
I ended up taking out loans to cover my three years of school, while also working full time. I decided to go into the Social Work field and without a Master’s Degree I would not be making the salary I currently make. That is the positive of taking out the loans. The difficult thing has been paying them back. I pay on the loan monthly, but I still owe pretty much the same principal amount I did when I graduated. It is frustrating to not see that balance decrease but have so much less money each month for other things.
I think if I had to do it all over again (and knew then, what I know now) I might have gone into a different field. Possibly obtaining a MBA, where the possiblity to make more money and pay off the loans faster would have been much higher.
In the end, I am happy that I have my Master’s degree and while I live pay check to pay check, without the Master’s it is highly possible I would not have a job today.
Maggie, Dallas, TX via email