I admit it, I am a statistic. A student-debt-up-to-my-eyeballs-in-debt statistic. In 2010, I completed my seven year journey to obtain a doctoral degree and since I was a single mom and not really rolling in the dough, I acquired what is euphemistically called “student debt.” I don’t regret getting the degree as it has opened whole worlds to me, but it would have been dandy if it didn’t leave me a financial cripple for the rest of my days.
My monthly student debt bill is $1095, which amounts to $13,140 per year. Add in a car payment (my trusty Blueberry died after 13 years of excellent service), insurance, and a small bit of credit card debt left over from my grad school days, and … yeah. Not much left over to help with the kid’s college savings or to save for a rainy day or to buy house or to contribute to retirement fund. My total debt after paying for three years, and paying off several smaller loans, is still over $140,000. How does that even happen? Obviously, my degree is not in finance. I work in state government, so if Congress holds up its end of the bargain, then about half of that (the federal loan half) will be expunged after 2019.
What would be helpful is if I could deduct the entire amount I pay, not just the interest up to $2,500 from my income when paying taxes. I know that my name is not Exxon Mobil or Goldman Sachs, but
surely we little people deserve that much.
People like me work hard at jobs we love. I really really love my job which I would not have if I didn’t have my degree.
Of course, if anyone has a spare $140,000 laying around, I wouldn’t be too proud to have some sugar daddy pay it off.