From Debt to Dreams: My Journey and the Call for Interest-Free Student Loans

I recently passed another life milestone - 20 years since graduating high school. I took this moment to reflect on my own experience as a high school graduate transitioning to college two decades ago. So much has changed in my life, but the struggle for affordable education remains as critical today as it was back then.

The future can feel both exhilarating and daunting for high school graduates. However, for many, after exhausting all other options in pursuit of a college degree, student loans become the only option to turn career ambitions into reality.

At 18 years old, I made one of the most significant financial decisions of my life, unaware of the complexity I was committing to. Many young people across this country face the same situation each year. According to a January 2022 Census data analysis, 45 million people in the United States, roughly one out of every seven people, have some student loan debt.? ?

Lacking the financial experience to fully grasp this decision's long-term impact, the idea of instantly being tens of thousands of dollars in debt felt disconnected from reality. But with just a few clicks of a mouse, young adults can instantly take on massive debt, with the hope—and no safety net—that this commitment will lead to long-term opportunities and financial prosperity.? ?

What I didn't realize was that for the next 20 years, every major decision in my life would be influenced by the commitment I made as an 18-year-old high school graduate. ?

Growing up, I was told that hard work and education would pave the way to a prosperous future. As a first-generation college student, I believed I was borrowing just enough to cover the cost of my education, and this financial commitment would play a minor role in my post-college life. What I didn’t realize was that I was also borrowing against my future options.? ?

When I graduated from college, I joined the job market during the Great Recession. Jobs were scarce, and the competition was fierce. To make ends meet, I worked two part-time jobs while also juggling health-related expenses through a non-employer-based insurance policy. The relentless financial pressure made it nearly impossible to get ahead.? The interest on my loans began accumulating, inflating my repayment far beyond the original sum.? ?

I felt like I was being penalized as I strived for more – a better life.?

?Even as I began to establish myself in my professional field, the weight of my student loans remained.?

I dreamed of traveling the world, seeing new places, and broadening my horizons. But with a mountain of debt, most travel became an impossible luxury. Homeownership also felt out of reach. Saving for a down payment was nearly impossible. The stability and security that come with owning a home seemed like a fantasy.? ?

After 20 years of sacrifices, I made my final student loan payment this month. I often thought about how different my life would be now if I weren't forced to choose between my education and beginning my adult life debt-free. ?

This isn't the choice we should be asking young people to make. As one of the wealthiest nations in the world, we can and should be better than this. Political opinions have held us in a stalemate on the concept of free, universal higher education, but there are still plenty of things we can do now to improve this situation. ?

We need our elected officials to come to the center of the aisle and have a serious conversation about financial educational reform. The first, and perhaps one of the easiest steps, is interest-free federal loans. We can do more for students at the beginning of their loan process, not at the end, where loan forgiveness programs feel like the only reprieve from years of interest-inflated debts.?

This is not just about easing financial burdens on individuals; it's about equality and equity. If we're serious about wanting to be the brightest and the best in the world, then educational affordability should be treated more like a right, and less as a luxury reserved for those who come from financial privilege.? ?

By eliminating interest from federal student loans, we can take the first step in ensuring that higher education remains a path to opportunity, not a trap.

Interest-free loans aren't a handout, but a reminder to our elected officials that as representatives of the American people, opportunities should be equitable. We must invest in our future wisely and compassionately. Our nation's progress depends on the well-being of its educated citizens, and that begins with ensuring they are not weighed down by debt. It's time to take action. ?

The future of our country—its innovation, economy, and very fabric—depends on lifting this burden. Let's begin this process by making federal student loans interest-free and truly supporting the dreams and aspirations of the next generation and all those who dare to dream of a better tomorrow.?