7 New Yorkers, $133,200 of Debt and 1 Adorable Dog
Debt is an unavoidable economic burden for most Americans. Between credit cards, mortgages, car loans, and the cost of higher education, it seems almost impossible to avoid completely. It’s something many struggle with, but few want to discuss, and everyone has their own unique struggles surrounding debt.
To better understand how debt affects New Yorkers and how they’re dealing with the burdens of it, I interviewed seven people about their debt and how it has impacted their lives.
1. Mary Elise Jones (pictured left) — Actor
Mary Elise is currently working as an actor in commercials and musical theatre. She graduated from Mars Hill, a liberal arts school in North Carolina, with a large amount of student loan debt. “Student loan bills were more than my rent at one point.” Mary Elise says she still has around $20,000 in student loans, and that it has become more manageable than it was in the past. However student loan debt is still a strain on her lifestyle and plans for the future.
2. Emily Jones (pictured center) — Teacher
Emily is a public school teacher, teaching 7th and 8th graders at a high need school. She says that because of her school’s status and her job, she has applied for loan forgiveness for the $5,000 in student loans she still owes. Having graduated from Agnes Scott (undergraduate) and Fordham (gradtuate) ten years ago, Emily says she feels lucky to have as little debt as she does, but “I’ll be glad when that extra $400 is in my account every month.” Emily had some advice for those recently graduating or thinking about taking out student loans during school. “Try not to rely on student loans, there are so many scholarship opportunities out there if you just look for them, and any money that you do get I would immediately put that towards whatever loan debts you have.”
3. Natalie Biden (pictured right) — Teacher
Natalie is also a public school teacher at a high need school. After graduating from NYU she says she doesn’t know exactly how much student loan debt she has “Honestly I don’t know how much it is, its just something I’ve done for my own peace of mind and comfort.” Although Natalie isn’t aware of the exact amount, she says she knows its significant, and has applied for loan forgiveness through her job as well.
4. Suzanne Budesa — Teacher
I met Suzanne and her adorable dog Reese in Prospect Park. Suzanne completed her bachelor’s at NYU and has a masters in education from Columbia, and currently teaches special education first and second graders. NYU and Columbia are two of the most expensive schools in the country, and Suzanne’s student loan debt reflects this. She says she started out with a little over $100,000 in debt, but that she was able to have $15,000 of it forgiven through her job as a public school teacher. Suzanne has a plan for paying off her student loan debts, but emphasizes that it still has a very stressful impact on her lifestyle. “Currently I’m on an income based payment plan, but the reduction is less than the interest that accrues every month, so with that they aren’t going away anytime soon.”
5. Chris (pictured left) — Baker
Chris is currently working as a baker at Erin Mckinna’s Bakery (formerly BabyCakes) a vegan, gluten free bakery. Since deciding to leave college, Chris says she doesn’t have that much student loan debt compared to other people she knows, only $700 for one semester at CUNY that she still has to pay off. With her school debt Chris has about $500 in credit card debt, but she says she doesn’t worry too much or let it affect how she thinks of the future. “It’s just annoying.”
6. James Witford (pictured right) — Math Tutor
James had a similar attitude towards his financial burdens. “It just makes me feel bad. It doesn’t keep me from going to bars or anything but it’s definitely an annoyance.” With a combination of $20,000 in student loan debt from his time at CUNY and $2,000 in credit card debt, James fell into the middle ground of those interviewed. Working as a math tutor, James is currently on an income based repayment plan for his college loans, and says he doesn’t feel like his debt has a significant impact on his future plans.
7. Collin Rene — Student
The only current student I came across in Prospect Park, Collin is a junior at NYU double majoring in English Literature and Classical Languages. Collin says he doesn’t have any student loan debt “I’m extremely fortunate in that I don’t have any student loans, and I’m very fortunate in that regard, but I do see the consequences of it pretty frequently.” As a student at NYU, he says he knows people taking out the entirety of their tuition in student loans, and can’t imagine how much of a stressor that must be.
