The Burden of Student Loan Debt

I know I'm not alone. I have student loan debt, more than the average, but I have it. According to the Project on Student Debt, the Massachusetts state average for 2010 grads was $25,541. I wish that was the amount I owe. Multiply that by 3 and that's closer to what I still have left to pay - I started repayment in December 2009. I went to a private university and it wasn't cheap. It could have been more affordable, but I wasn't as smart as I am now about my finances. See my post One Year After Graduation.

I came across an article about a Harvard Business School graduate who got rid of his $90,000 student loan debt in 7 months. That's amazing. His story is the extreme of what one person will do to be done with the payments. At times I feel like I should do something drastic. I'm caught in a current state of analysis paralysis.


I've thought about getting a second job working at the local retail stores. After driving two hours a day, working in Corporate America all day, then coming home to take care of the dogs, I'm pretty much done for the night. It will also take away time I could spend with my fiance. He works a lot of hours already (50+ per week) and for us to never be home at the same time, I feel it will cause our relationship to suffer. I'm currently working on some crafty side projects that I hope to sell in my own Etsy store one day. It's always some day with no realistic timeline and that's where I feel a bit lacking.

I contribute an extra $500+ to my student loan payments every month when I can spare it, bringing the total payments up to $1276/month. I have this plan mapped out in Excel with an estimated date of completion - . But as most of us know, life can get in the way. The best laid plans are blown apart to smithereens (I like that word... smithereens). I feel like my life can't really start until I pay off most of my debt. I don't want to bring a child into our lives until our combined debts are lower than $20,000 and ideally when we are debt-free. At the rate I'm going, my debt should be paid off at the end of 2015. Yes, I know that's faster than the 10 years for federal loan and 15 years for private loan repayment period. To me, it's a burden I don't want lingering in my life.

All that money... my payment plan for the next 3 years.

My fiance, Chris, always tells me to be present and live in the now. I try, but my mind is usually thinking about my debt and things I have to do involving money. I save for retirement, save for emergencies, follow my budget as closely as I can, but I feel like I should be doing more. Is that crazy talk or being a obsessive, overachiever?

Every day is a new chance to make it right. To make the right choices and to overcome the consumerism's siren song to buy, buy, buy. I'm still learning...

Do you feel like your life is on hold because of debt?