Student Loans: A Blessing and a Curse for Middle-Income Earners - Essay Sample

Introduction

In the past years, college education has been considered to give an individual chance of expanding career opportunities and getting higher income for the rest of their lives. For middle-income earners like myself, paying college fees is easy by getting a student loan. Although the loan is good since it has helped me my college education, it has made me be in financial debt for an indefinite period.

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Student loans made me to successfully complete my education on time and in an easy way. While in college, I witnessed some students paying their loans, and I counted myself lucky as the loan made everything go smoothly. However, after completing college, I realized it introduced me to a huge burden. Personally, a student loan has made me lag behind as compared to my peers. Currently, some of them own homes, but as for me, I cannot even save my monthly earnings since, at the end of every month, I have to offset my debt.

The student loan is not a financial burden for the rest of my life since it gave me the chance to have a longer college experience. A student loan made me have a longer college life experience since my parents had only saved for one year. So, the rest of my college years were paid by student loans that made me have a longer experience. However, after completing my college, I now realize that it had crippled my finances and even put more stress on me when I did not get a job to be able to repay it. Furthermore, although I am currently working, it has made my monthly bills to be even higher than the food budget, making me be in a financial burden. The issue of making repayments frustrates me and honestly sometimes makes me feel confused. It is a real struggle to incur the debt in getting good education after completing high school, which is everyone's dream.

Through student loans, I was able to get a good-paying job after completing college. Getting a good job after completing high school is difficult, and therefore, student loans make one get a good education, making it easy to get well-paying jobs. Even with the challenges, I am happy that with my papers, I can get an averagely well-paying job as compared to the people who just completed high school. On the other hand, I regret taking the student loan since it has even prevented me from saving for my retirement. I can tell you for sure that it causes a lot of stress, even with the benefits. Sometimes, I even think of selling everything that I have then stayed in a car with the aim of freeing up money to help me pay off the debt as soon as possible and be free from the burden.

The knowledge I achieved in school through student loans makes me be more enlightened on several issues especially the one related to my career. I got a different college experience since I learned in an expensive school that made me have a rich learning experience as compared to my peers who left college to get any job that pays. Regrettably, at some point, I had to put my current life on hold for about one year because of the student loan burden. I have been for the past three years, and I am mainly working with the only intention of paying off the debt. The student loan that has accrued up to now is even more than a home mortgage. At times I think it would have been better not to take the student loan. Sometimes I sit down and imagine the way life would have been if I had not taken the student loan that has made me have the current debt.

A loan student is truly a financial debt for the rest of one's life, as indicated by my experience. Since I started paying the student loan, I have had to postpone marrying, buying another car, and even making other important life decisions indefinitely because of it. Generally, the costs of paying the student loan are too high, and if one defaults, the rate is even higher. Therefore, I do not think of even defaulting since it even helped me in some way through the burden is too high. Student loans make me have high anxiety rates and poor sleep. Every time before I sleep, I only think of the best ways of repaying the loan. I wish everything could change and would not have taken the loan. Instead of choosing a meaningful career job, student loan made me look for high paying jobs.

Conclusion

In conclusion, although the loan is good since it has helped me my college education, it has made me be in financial debt for an indefinite period. The student loan is good since it helps one to get a good education, complete college easily, have a longer college experience, get a good-paying job, and the knowledge I acquired makes me be more enlightened on different issues. However, it imposes a financial burden for the rest of one's life. The reason is that it makes me lag behind as compared to my peers, cripples finances, prevents me from saving for my retirement, causes stress, and makes me have a poor sleep.