Earlier this year, I received life-changing news: my staggering $370,000 student loan debt was forgiven.
For over a decade, this debt was a heavy weight on my shoulders. Seeing the enormous balance left me feeling sick every time. With a modest teacher’s salary, I had no idea how I’d ever pay it off. Managing monthly payments was a constant battle.
A temporary break came during the COVID-19 pandemic, which paused payments and froze interest. While it provided some relief, I knew it wasn’t permanent. Ignoring the issue wasn’t a sustainable solution.
Thankfully, changes to student loan repayment policies by the US Department of Education paved the way for my debt to be forgiven. At last, I felt a sense of freedom.
How I Accumulated So Much Debt
My debt began with undergraduate studies and grew as I pursued a combined MA/Ph.D. program. In total, I borrowed $238,000, which was already a substantial amount for a decade of higher education.
Initially, I hadn’t planned to become a teacher. I graduated with a BA in criminal justice and political science, but I realized by the end of my degree that I didn’t want to work in those fields. I briefly attended law school but soon discovered it wasn’t the right fit either.
While figuring out my next move, I worked as a substitute teacher, where I found a passion for education. Teaching college appealed to me because it meant working with adults and focusing on my love for research and writing, rather than managing behavior in a classroom. To achieve that goal, I needed a Ph.D., so I returned to school.
The Reality of Pursuing Academia
What I didn’t know at the time was how challenging it is to secure a full-time professorship. With an oversaturated academic job market, only a small percentage of Ph.D. holders ever achieve that position. Unfortunately, I learned this lesson after borrowing a significant amount to prepare for a career I couldn’t attain.
Instead, I spent much of my academic career as an adjunct lecturer, juggling multiple jobs at different institutions to earn just above minimum wage. Meanwhile, my loans were enrolled in an income-driven repayment plan, which kept my monthly payments low based on my modest earnings. However, the payments didn’t cover the interest on my loans, which at times accrued at a rate of $2,000 per month. Over the years, my debt ballooned, growing by $132,000 in interest alone.
Although the journey was long and challenging, I am finally free from the financial burden that once seemed insurmountable.