Photo Credit: wohnai
Seven years ago, I was accepted into a double masters program. The first year was to be at the London School of Economics and the second year was to be at the University of Southern California. I was absolutely thrilled to be accepted; LSE has the reputation of one of the best schools in the world and I felt incredible to be accepted. I bought a one way to ticket to London just before tuition prices were raised. To be fiscally responsible, I sat down with a financial adviser to go over the rise in tuition.
I learned that with international student loan rates, a two-year masters program would cost me over $250,000 in student loan repayment. It broke my heart to walk away from LSE but I did. Shortly thereafter, I got hired at the California Academy of Sciences. Knowing what I know today, I don’t know if I would apply again for a higher education degree.
Student loans in the US are out of control. This year, student loan debt eclipsed credit card dept in the United States, a debt that is very close to one trillion dollars. Even if a person declares bankruptcy, their student loan debt cannot be expunged. Wages and disability income can be garnered in order to pay a loan that is in default. College tuition rates have also have risen exponentially, more than 900% since 1978. I know many friends who have graduated from college with more than $100,000 in loans to pay back. I graduated from University of California, Berkeley over ten years ago and I am still paying back a major portion of my loans.