Student Loans: The Gift That Keeps on Taking
$38,000 of one-dollar bills weighs 83 pounds, the exact amount of money the average student loan borrower owes in 2025. Since 1975 college tuition has increased 7,400%, while salaries increased 167% during that same period. This has resulted in some staggering statistics.
6.8 million federal student loan borrowers are in default (not making payments)
Student loans exceeded 1.7 trillion in 2023, more than double since 2010
Nearly 70% of loan borrowers are overwhelmed by repayment options
58% report their loan debt being the biggest financial stressor
91% report student loan debt as impacting their mental and physical wellness
My guess is your 29-year tenured guidance counselor and college admissions advisor left those details out when selling you on the college dream.
Woulda, coulda, shoulda. For most of you reading this, it's too late to go back in time and fix your college loan mistakes. That does not mean you should be crippled the rest of your life. Consider the following action items to pay off your loans sooner and return to a life of sanity.
Switch to bi-weekly payments. This stealthily adds one extra payment per year.
Start a side hustle: Uber, consulting, construction, Etsy, personal training etc.
Lifestyle lockdown: Reduce all expenses to a bare minimum for 1-2 years and dump every extra amount of cash you have into your loans. I would rather live like a monk for 1-2 years instead of being mentally ill for 30.
Use all bonuses and tax returns to put towards your loans.
Marry a rich spouse.
Use dividends from high paying savings accounts like Betterment to pay extra on your loans
Snowball your loans. Pay off the smallest debt amount you owe (example: your car loan is $3,000 and a payment of $250/month. Pay that off and then put the $250/month towards your loans.
Sell anything and everything that is not absolutely necessary to live. Snowmobiles, boats, RV, expensive jewelry your ex bought you, the treadmill you don't use, cancel subscription services, etc.
With some elbow grease and discipline, you can bury your student loans quickly and start pursuing a life you're excited to live.