Single Mom Student Loans

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Single Mom Student Loans

I am not even sure how I got started writing these videos! But after watching my friend’s daughter write her first-ever essay (about a topic she chose) about her love of video games and then reading countless essays by girls who have been inspired by their peers’ stories to start speaking out and sharing their experiences with harassment, bullying, mental illness, self harm, eating disorders, homelessness, poverty, etc., I thought I would try to make a small contribution by talking about my own experience with student loans, and the struggles we face as single moms while trying to figure out what our financial future holds.

There were many times where I really couldn’t afford school supplies, rent, food, bills, and going out with friends without worrying about paying them back. I felt like I lived paycheck to paycheck selling clothes at a consignment store just so I could pay off debt. Just keeping myself alive was hard sometimes. Now I feel like I’ve grown into a strong, independent young woman but I don’t know if I’d ever know where I would be now if I didn’t take those risks.

When I graduated from college at 22 years old I had about $400 in credit card debt, around $16,000 in loan debt, and $0 in savings. After 2 years of working retail jobs (one of which paid below minimum wage), I ended up taking on over $30,000 worth of debt to get my Master’s Degree. Looking back, I’m proud of myself for getting through school despite having no choice but to work two jobs some weeks, juggling child care responsibilities, and barely making ends meet. I wouldn’t trade any of it for the world because I learned more than anyone could imagine in only five short years.

But here I am today. Working at Google. Making more money than almost everyone I grew up with combined. And yet, I still struggle to save enough to cover the few debts I do have. My dream job pays me well above average, but I live paycheck to paycheck every month. It makes me sad that I haven’t saved anything substantial away for retirement since I started working full time. I want to retire early and travel abroad. Not because I’m looking forward to being a couch potato all day – though I enjoy relaxing — but because I want to help others build something they’re passionate about and find success doing it.

I want to use this opportunity to share my story with you guys so that maybe, just maybe, you won’t have to live paycheck to paycheck yourself. So grab a drink, sit back, relax, and join me as I tell you everything I know about being a single mom… and try to inspire you to reach for your dreams!

***The name of my channel has changed to reflect my current career path. When I was an English major, I wanted to call myself Mary Jane Rude, but I figured that wasn’t professional.

Single Mom Student Loans

I am not sure what I would do if I was in this position. My student loans have been piling up for years now. I am starting to think about my options. Do I really need to pay these loans back? I know some people don’t mind paying them off but I have always thought it sucked to owe money to anyone. Who wants to feel indebted to someone else? There should just be no debt between us and the government. But that isn’t how things work. The interest rates are astronomical. Paying $100 a month is like getting charged $1000 a month!

My mom had the same problem when she got her first job out of college. She never graduated college due to lack of funds. So needless to say she didn’t finish school. Now she works at a bank making less than minimum wage.

She started working right away after graduation with only $500 dollars saved up. She was trying to save up enough to get a car but couldn’t find any jobs. Her dad ended up giving her his old Saturn even though he wanted to sell it.

Now she is constantly struggling financially because she doesn’t make much money and has high debt payments. As soon as she gets paid she spends it on bills and debt. She went to a few loan companies but they weren’t willing to lower her payment. They said they could help her find cheaper loans but she didn’t want to take advantage of them. They were also pretty stingy on their offers. So she decided to apply for federal student loans using one of those online sites.

They told her she could afford them easily since she had good credit scores. When she applied for them she wasn’t thinking about it being a bad idea. She felt obligated to repay them since she took advantage of the system. But once she actually started repaying her loans she began to feel guilty. She realized she shouldn’t be taking advantage of the system.

But the truth is student loans are difficult to escape. Because of this many students end up borrowing way too much money. And they eventually feel trapped by them. If they try to get rid of them they might lose their homes. Or if they try to start over they may not be able to pursue their dreams.

So what’s a single mom to do? How can we as a society fix this horrible situation? Is there anything we can do about our financial obligations? Should we stop borrowing money for higher education?

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Single Mom Student Loans

Let me know what I can do to make the show stronger, leave comments below about things that would help you get off student loans!

Twitter: @TheStudentLoan

If you need a great deal for any purchase, go to our website at: www.studentloan360.com

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