Student Loan Debt Experience
I recently conducted an interview with an older friend on matters concerning the debt he owed to the students’ loans board. He will be referred as W. S. for the sake of confidentiality in this essay. Since the debt is to be repaid with a compound interest, it has taken him a long time to complete paying the loan. He still owes to the lending body a large sum of money. After the compound interest is added, the total repayment comes to a large amount.
A Student Loan Debt Experience Interview Paper Sample
The interview was at first difficult for him, because it brought back memories of how he thought he misused the money. It only dawned on him later, during his final year, that he had loans that he had to pay; that the loan given to him was not for charity. In the middle of the interview, it seemed that he felt almost grateful to the students’ loans body for the reason that the loan enabled him to finish college without any serious problems. He described the loan he took as a big one, but went on to defend the reasons why he took the loan, stating that he needed the money for both upkeep and payment of tuition fees (Avery and Turner 165).
My old friend talked about how he started taking menial jobs in his final year to supplement the money from the loan and to start servicing the loan. It eventually strained his final grades, because he barely had time to study and submit assignments on time. He said that his social life took a downward spiral as he barely had time for himself. His life was in between classes, work, and timely delivery of job reports. He talked about how he has been forced to work more than two jobs to enable a quick servicing of the loan. This strain, he said, had affected his family and friends since they rarely get to see him (Avery and Turner 182).
I was surprised by the fact that even after working three jobs to service the loan, the due amount was still sizeable. He explained that the difference in the loan given to him and the amount of money he had to pay was mainly due to high interest rates, different bank rates, and the high rate of inflation. I was surprised because when I asked him whether he would reconsider taking the student loan, if given a do-over, he promptly said that he would. He explained to me that the loan given to him had been helpful in ensuring that he completed his studies successfully. Nonetheless, his only plea was for better rates, because students do not automatically get jobs after college, and the large interest rate keeps piling. Consequently, it makes the payment of the loan a bit strenuous for young adults (Avery and Turner 189).
The interview was very informative. I learned the various ways in which interviewees respond to different types of questions. In this instance, I noticed that he got a bit defensive when I asked him how he used his student loan money. Not only did he give me the answer, he went ahead and defended how he used the money, giving minute details as to the importance of each transaction (Whiting 36).
The interview opened my eyes to the lives of people with student loans and how they manage to survive the reality that once they are employed, their earnings will be reduced, because they have a debt to repay. At the end of the interview, I could tell that he was highly optimistic. His belief was that he should continue working the three jobs a day, and would manage to repay the loans. He intimated that he needed to put up a savings account for future needs (Whiting 39).
Interviewee: W. S., a person with a debt
Start of Transcript
Interviewer: Hello, W. S. It seems we have not seen each other for ages, have we? How are you doing? What do you do for living now?
W. S.: Well, I am doing as average people do, doing ordinary stuff, you know… I found a good job two months ago, so I am looking forward to getting you to some nice restaurant.
Interviewer: Congratulations! I am glad that you found the job you deserve. So, I guess financial trouble is an alien word for you now.
W. S.: Do not mention my old friends, buddy. I am not the kind of man I used to be while studying at university. I am so lucky to find that job now. To tell the truth, I still owe the lending body a large sum of money. I try to do my best to give it back this year.
Interviewer: I still wonder how you handled the debtor’s prison back then…
W. S.: Oh, these are hard memories for me. I was not wise enough to spent money properly at those times. I just wanted to have fun as all students do. That is why I spent my loan money mostly for fun. I have rather misused them.
Interviewer: I am curious how did you first come to know about a student’s loan anyway? Were you looking for it on purpose or did it happen spontaneously?
W. S.: Well, you know how they say, “seek and ye shall find.” As soon as I entered the university, I was searching for any opportunities of the extra money. My parents told me that they would pay my tuition fees for the first two years. After that, they expected me to find a partial time job and make some investments into my own education as well. My friends at the university told me that I can turn to the students’ loans body to help me with arranging my financial difficulties.
Interviewer: Well, how exactly did you use your loan money?
W. S.: I want you to understand me correctly. I am not the kind of waster. Initially, I took this loan, because I needed money for upkeep and payment of tuition fees. You know, I could not afford to pay tuition fees at the university, because I am not as rich as I would like to be. At first, I was spending my loan money for tuition fees, upkeep, textbooks and additional studying services. However, when I saw that much money was left each month, I decided to try the joys of student’s life. I thought this money was a charity, some kind of present from heaven. The sudden enlightenment came to me during my final year. Only then, I realized that I have to pay back the money somehow. So, I started taking menial jobs in my final year to supplement the money from the loan and start servicing the loan.
Interviewer: Well, how did you manage to combine working and studying?
W. S.: Naturally, it affected my studying performance. I could not work and study at the same time. I hardly had time to submit assignments on time. Furthermore, I had barely time for myself. All my life was in between classes, work, and timely delivery of job reports.
Interviewer: You had gone through the hell, had not you?
W. S.: You bet. The studying year was almost at the end, and I still had not enough money to pay the loan quickly. As a result, I was forced to work three jobs, and it was the most stressful moment of my life. This strain had affected my family and friends, because they rarely get to see me.
Interviewer: But, were you getting not enough money for three jobs to service the loan?
W. S.: My loan was really big. All of a sudden I bumped into the severe reality of the ever-growing debts. My debts began increasing so much and so quickly, because of the increase of tuition and fees, at roughly two times the rate of inflation. The due amount was still sizeable since the difference in the loan given to me and the amount of money I had to pay was mainly due to high interest rates, different bank rates, and the high rate of inflation. I was lucky that student’s loans body gave me money. Thanks to it, I, at least, finish college without any serious problems.
Interviewer: Would you reconsider taking the student loan, if given a do-over?
W. S.: Yes, I definitely would. The loan given to me had been helpful in ensuring that I completed my studies successfully. My debts taught me that I can develop my financial potential without parents’ help. Formerly, I relied heavily on my parents who supported me financially. After getting three jobs, I realized that I am an independent individual and the debts are my free choice. Furthermore, it taught me to put up a savings account for future needs. I believe that I would continue working the three jobs a day; moreover, I would manage to repay the loans. However, I wish there would be better rates, because students like me do not automatically get jobs after a college, and the large interest rate keeps piling. It is rather strenuous to pay the loan under such harsh conditions.