Summary

A young individual's pursuit of happiness and dreams through higher education leads to a cycle of debt and underemployment due to financial aid policies and economic conditions.

Abstract

The narrative describes a person's journey to achieve personal and professional growth by attending college, only to encounter a financial aid system that requires parental income disclosure for individuals under 24, leading to loan dependency. Despite obtaining an associate's degree and later a bachelor's, the protagonist faces employment barriers due to lack of experience and economic downturns, resulting in financial strain and a reliance on multiple jobs to manage loan repayments and basic living expenses. The story underscores the broader issue of millennials being caught in a trap of student loan debt and insufficient wages, questioning the sustainability of the current system and the potential impact of student loan forgiveness.

Opinions

The financial aid policy is deemed unfair as it does not account for young adults living independently without parental support.
The expectation that an associate's or bachelor's degree would lead to better job prospects and financial stability is challenged by the reality of job market requirements.
The economic crisis exacerbated financial difficulties, highlighting the vulnerability of individuals with student loans to economic fluctuations.
The author suggests that merely forgiving student loans would not address the underlying issue of unfair wages for recent graduates.
There is a sense of frustration and disillusionment with the system that promised prosperity and self-fulfillment through education but failed to deliver due to structural economic problems.
The narrative implies that systemic change, including fair compensation for entry-level positions, is necessary to prevent future generations from facing similar hardships.

We Only Wanted Happiness, Freedom, And To Fulfill Our Dreams

We are drowning in debt instead.

My dream was to go to college and become a professional more than anything in the world. I moved out of my mom’s house and to a whole new town. It was much more affordable, and it was not that far. I got a job and was accepted into the local community college. I was elated. All I had left to do was apply for financial aid.

When I went to the financial aid office, I found out that my application was rejected because it was incomplete. Upon speaking further with the advisor, she informed me that I had to include my parent's income information because I was single with no kids and under 24 years old. I explained to her that I was living on my own and that I did not receive any additional financial help from either one of my parents or anyone else for that matter.

However, that was the policy, and unless I was willing to pay out of pocket, I had to include my parent’s income. For me, that meant only my mother’s. I could not afford to pay for college, not with a minimum wage income, so I had no choice but to add my mother’s income in my application. It was rejected because combined my income with my mother’s, we made too much money, and the only option left for me was to get a student loan.

It was a difficult choice to make. I did not have any debts, and borrowing thousands of dollars all at once sounded terrifying. But I had to either take the loan or work as my mother had worked, always working two or three jobs to make ends meet. I could also wait until I was 24 and go to college then, but I was already struggling to survive on a minimum wage job.

I figured that things could change for me when I got my associate's degree. Going back to my mom’s was not an option. I did not get along with my father-in-law, and I was not going back to a life of misery.

The choice was clear to me. I had to take the loan. I was determined to follow my dreams and my passion because it was all up to me. Only I could change my life, and I was more than willing.

However, when I finished my associate's degree, I could not get any jobs. In fact, I could not even apply because I did not have the years of experience most job applications required.

I continued going to college and looking for jobs in the meantime. I told one of my friends about it, and she recommended me to her company. Thanks to her, I was able to get a better job. But because I had no experience in the field, the pay was not much different. Nevertheless, that was the opportunity I needed. I just had to work hard and climb the ladder of success. Finally, I was making it.

I was able to cover all my expenses without limiting myself so much. It felt good. I was able even to get a Netflix subscription. Shortly after I got my new job, we entered into the 2007-2008 economic crisis. Everything went up, things at work were really shaky. With all the inflation, especially the gas prices, I struggled financially yet again.

The town I lived in was one of the most severely affected areas in the nation. It got so bad I had to move back to my hometown. I found a job that paid me the same as the last job. They wanted five years of experience, and I did not meet that requirement. However, they really liked me and hired me on the spot.

I was working full-time and going to school full-time also. It was hard, especially with all my financial struggles. I could only afford the basics. I even had to cancel my Nextflix subscription; I didn't have much time for it anyways. When I get my Bachelor’s degree, all my financial problems will be solved, I thought.

And I finished. I graduated at last. However, I still did not meet the experience requirement for any available jobs. My income had not changed much, and there was no way I could afford to pay back my loans. However, my lender approved me for a temporary forbearance based on my income.

I had to find a solution quickly because I only had an extension for 6 months. The solution? I had to work an extra job. I spent years trying to find different ways to improve my skills and moving from job to job to find the one that would pay me a livable wage. It took me years to get to the point where I could cover all my bills and pay my loans back with a single job.

As we argue about student loan forgiveness, I can’t help but wonder if that is the solution to our problems. If I had been paid a livable wage since I graduated, my situation would have differed.

I am not the only one. Several friends of mine went thru similar scenarios. Even if they had a master's degree without experience, they were not compensated enough to live a modest life.

Today the choices we — millennials — have made regarding student loans are headline news. We are drowning in debt, and most of us cannot afford to pay them back in our lifetime. I know several millennials that can’t even quit school because if they do, they have to repay their loans, and they cannot afford them.

We were told we could be anything, that our future was in our hands, and all we had to do was believe in ourselves. We believed every word, and we set out to fulfil our dreams.

We were sold the idea that anything was possible, and now we find ourselves stuck not knowing where to turn to. Chasing our dreams, we found our worst nightmares. And half of society is upset at the thought that the government might forgive our loans. Looking back at my story and the story of close friends, I can’t say student loans are the problem.

If recent college grads were treated differently, maybe we would not be in this situation. If student loans are forgiven, that would only put a band-aid on the problem. As long as entry-level workers are paid unfairly, we will be back here all over again.