My student loans ballooned by $46,000, but I'm not sorry - Business Insider

I graduated from Miami University in 2000 with $17,000 in student loan debt. Today, that loan has grown to $53,106.35. Yes, it's still the same loan, almost 20 years later.I have a total of over $96,000 in student loan debt, and I don't regret it.When I graduated, it was before the 2008 recession and before moving back in with your parents was standard for recent grads.I had no idea how to budget.

I made sporadic payments and tried to keep up. Once I moved to Washington, DC and started working a commission-only job , I got behind. Really behind. As in student loan default.What I didn't realize is that student loan servicers offer a lot of repayment options. They only do that if you take the time to talk to them, though. At some point around 2006, I was smart enough to pick up the phone and talk to the person on the other end.

And that's how that loan ended up with a $53,000 balance on my undergraduate loan. That, and the 8.125% interest rate.. I've been able to do that, despite the high balances, due to income-based repayment.Income-based repayment arrived late, but I've taken advantage In 2009, income-based repayment plans were introduced, and that has been a game-changer. You can choose fromnow, and your payment is based on a percentage of your discretionary income. You pay for 20 to 25 years, depending on when your loans started . After that, the rest of your balance is forgiven.

please stop Perpetuating this Idiocracy and student debt crisis please do better

Well, you're an idiot, sorry. Community College system in Ohio is great as I attended Sinclair CC in Dayton and transferred to Santa Barbara City College then got accepted to UC Berkeley while utilizing my GI Bill. Anybody can do 2-years at community college and transfer in-state

CAN'T FIX STUPID.

“I invested in my education, which is priceless both in terms of what I learned and the friends I made. “....sums up the student loan debt crisis very well

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