Question:
Dear Steve,
I earned a bachelor’s degree virtually debt free with scholarships, hard work, books paid by mom and living at home. I graduated in the lovely year of 2009. Considering the job market at the time, I had naive hope that taking another year to get a Masters degree would put me in a better position in a recovered economy.
Long-Short. I mad bad decisions. I moved out and ended up forging onward to independence. That part was not a bad decision…
I was drawn into a private college with $38k tuition. It was so nice of them to give me a “star scholarship,” if I recall, $1,400 or $2,400, plus a mandatory computer and software purchase plus highly encouraged living expense loans, I think I got out of there with $42k in debt, having maxed out federal options. My effective interest rate is 6.75% with the 0.25% automatic withdrawal. I had a small 7.99% private loan but, paid it off first.
I didn’t seek internships because I was too good to work for free, had a few crummy retail and service peanut pay jobs over the course of the year. Between that and living loans, I was able to pay rent while digging in some credit card debt.
I wasn’t worried about the proposed $42k debt, being assured I would land a $60k plus job out the door, live frugally and pay it off in a year or three, even if I had to move back in with mom. LOL.
LOL…
I won’t say my education is lacking but, thinking I could immediately land a $60k job as an art director in a marketing agency in 2010 was pie in the sky. One year later, I have this degree, this debt, no relevant professional experience and an economy with 400:1 competition for jobs paying 30-50% less than they did before 2009…
I’ll admit in advance that I have maxed out deferment and forbearance due to inconsistent employment and avoiding homelessness.
Two months after graduating, I landed a job earning about $32k
