I still remember the number – 27,000.
There is no relationship between the number and my age, birthday, or anniversary. It is not the number of comic books that I own (although, I wish it was). The number seemed to follow me everywhere I went. I began to feel a strange kinship with the number.
That number was my student debt total from graduate school. I predicted the number even before I began my first year, and knew it was coming. I still remember the day it was paid off.
Debt was a big deal to me, and I was aware of its weight. Unfortunately, the concept of debt is lost among many students entering college.
I came across this article this week from the Washington Post. A study was done among first year students about their perceptions of debt.
The study concludes that, “Students who do not have a good idea of their level of borrowing may make expensive mistakes that they will later come to regret.” I have seen many students take out extra student loans for leisure trips or unnecessary expenses.
The study also states that “They are also likely to be surprised or even fearful when their first loan payments come due, which may impose an emotional burden on borrowers.”
That is an understatement. The emotional burden of debt exists until the debt is paid. Proverbs 22:7 states, “Just as the rich rule the poor, so the borrower is servant to the lender.” Here are some stories from those living with school debt.
Debt is real. It has consequences for today, and for the future.
We must help emerging adults understand the ramifications of debt, and help them find cost-effective solutions while discovering a vocation.
Dr. G. David Boyd is the Founder and Managing Director of EA Resources. He has a passion to help emerging adults and equip churches. He is thankful for his wife Rachel who worked hard to pay off his school loans.
