Student Loan Debt Is Not Just Useless Degrees
Student loan debt has been a hot topic in the news lately, and many people are vocal with their thoughts. I wanted to use this post as a way to counter some of the negative comments I see about student loans using my own personal experience with my $200+ in student loan debt.
1.) “They learned absolutely nothing in college and obtained worthless degrees with absolutely no future.“
Many of those with my current education combo are nearing retirement age, and I’ve heard from several different employers (in different sectors) that it’s a growing concern that more younger veterinarians need to enter my particular field of study (related to research). I had no issues finding a job after graduation. Throughout my studies, I had several job offers, and I’ve still received the occasional verbal offer (”You’re a vet, our clinic needs more help.”)
2.) “Maybe they should be saving their Starbucks latte money to pay off their loans.”
I don’t drink coffee, and I don’t drink alcohol. Yes, I will occasionally get a fancy frappe (or bubble tea), but not often and usually when I hung out with friends. I was guilty of eating a ton of fast food during school, but I ordered things mainly off the dollar menu. I also skipped breakfast. Although I’d occasionally do a weekend trip (once or twice a year), I haven’t had a major vacation in many years (brought work with me if I did travel with family/friends), and I traveled cheaply. I do have dogs, but what’s a veterinarian without a pet? Veterinary care was cheap while I was in school since I got discounts on everything.
3.) “You signed the loan papers, you owe the debt!”
I did agree to take on the debt, and it’s my burden to carry. I was also counseled on loan repayment options too, and I knew that income-based plans (which forgive loans after 20 or 25 years of payments) were an option. I was also informed on the Public Service Loan Forgiveness Program. I knew going into my debts that forgiveness programs existed and would be a viable option for my career goals.
4.) “If you don’t like the high cost of tuition, There are plenty other options that don’t require you to go to college and pay that much”
I came from a low-income family, and I am a first-generation college graduate. If it wasn’t for student loans, I would not have been able to obtain my degrees in the first place. College isn’t for everyone. Sure, there are high-paying jobs that don’t require a college education, but college definitely was for me. Is it fair to deny me the opportunity to attend veterinary school because I was born into a family that couldn’t financially support my education?
5.) “These students who owe hundreds of thousands of dollars b/c they went to an expensive college...it's on them to pay for it. “
For my undergraduate education, I went to an in-state public university. I was forced to attend veterinary school at an out-of-state school because my home state does not have a veterinary school. Veterinary school is expensive, and many students are only accepted into one or two schools if they receive an acceptance at all. Veterinarians are not paid enough for the debt they incur. While I may qualify for PSLF, the majority of my classmates will not.
6.) “I went to school with a full scholarship.”
I had a full tuition scholarship for my undergraduate education and a partial scholarship for living costs. It’s extremely difficult to get a full ride scholarship for veterinary school. I don’t know anyone in my class that had one. A lot of scholarships are geared towards undergraduate students, and the scholarships for veterinary students are limited and highly competitive. I had a partial tuition waiver and scholarship for my veterinary school education due to my specific program, but it only partially covered my tuition. My living expenses were 100% covered by loans during veterinary school. I received a graduate stipend and tuition waiver during my grad school years (except my last semester), but it was not nearly enough to cover all costs (especially medical - student health insurance was awful). 7.) “I worked 4 jobs to put myself through college”
I held a few jobs with variable hours to earn a little extra income during undergrad; however, in order to remain competitive for veterinary school, I spent a majority of my time outside classes volunteering and shadowing. This is all while pursuing a double-major and minor. Holding a job during vet school is not feasible for most, although I did make some funds during the summer between my first and second year of school. There was also a period of time in the lab where I was not paid, but I had to be in the lab when I was not in class.
8.) “further education is free if you join the military”
A few of my classmates did go into the army after their 1st year of veterinary school, but that program is ultra-selective and only accepts a few people a year (usually 0-2 per school). Yes, I could consider applying for it now that I've finished schooling, but I’m personally pursuing a different avenue for loan repayment. It’s also not a decision to be taken lightly, and it doesn’t work for everyone.
9.) “My son worked 3 jobs to pay his student loans off. If he can do it, so can everyone else. It's called responsibility “
At my current income-based payment plan, the interest I would incur is more than my payments. I could take on a second job, but even with that, I’d barely be making much progress and would burn myself out. I’m in a higher income bracket than I was growing up, but it definitely doesn’t feel like it. My loan payments are on pause, but I’ve got a higher cost of living and have been working to pay off some other debts. For many veterinarians, they are already working well past the normal 40 hours a week. There’s no way they could take on a second job, and many veterinarians are already burnt-out from the spike in pandemic pets.
10.) “If the government wants to jump in and help with outrageous student loans, then cancel the interest. The banks still get their money, the student will still learn responsibility, and the taxpayer won't be saddled with even more debt they didn't accumulate.”
Canceling $10,000 of my student loan debt would only partially erase some interest on my student loans, so it’s not placing my educational burden on the taxpayers. Canceling all interest on my student loans would erase well over the proposed $10,000 loan forgiveness, so that would be a better deal for me personally.
And the most recent one I’ve seen:
“So the people that have become doctors, lawyers we’re gonna cancel their debt?“
Veterinarians don’t make much for the debt they incur. I know individuals with only an undergraduate degree in engineering that make well over my salary. Some of them have been out of school for a while and are experienced in the real world, so I’m sure that contributes. However, my point here is that it’s not fair to single out individuals with a professional degree. A professional degree does not equate to a high salary in all cases.
I’m not looking for sympathy from the Tumblr world, and I know there are many who are in a much worse situation than me. There are people who are struggling to live with their student loans. Some of them made bad decisions in their education, but that’s not the case for everyone with student loan debt. The main purpose of my post was to point out that there are quite a few misconceptions about individuals with student loan debt.
I may be in crippling student loan debt, but I have a plan to tackle it. I can handle it, and I’m not personally asking the government to forgive my student loans without me doing something to earn it. I do, however, think student loans are in need of an overhaul (lower interest rates, revamped forgiveness programs, etc).
