I’ve been seeing lots of major newspaper articles on this subject recently.
The most recent one entitled “This Life: An existence she loves, under a growing cloud of student debt” ran in the Washington Post this week.
It’s a cautionary story about this librarian in Ohio who owes over $60,000 in student loan debt. Realistically, she’ll never be able to pay it off from her income alone. Her monthly payments only pay off the interest accruing. She says her loan debts scare off potential boyfriends, and justifiably so – debts of that magnitude are a future killer.
I personally know two people in their early 40s who have student loan debts in the six figures: one owes $100,000 and the other $250,000 dollars. They both make average incomes and can still barely even keep up with the interest payments. I didn’t have the heart to tell them, but they will never be able to pay off such massive sums from income alone. It’s nearly impossible.