It's no secret that student loan debt has severely affected quality of life for millions of people.
Well, we recently asked the BuzzFeed Community how their lives would change with no student loan debt. Here's what they had to say:
2. "I’d be able to put my son, who has a mental disability, in a much better school district."
3. "I could build an emergency savings fund so my credit cards don't absorb every unexpected expense. It feels like I'll never get ahead, solely due to decisions I made at 18, without any parents, and with the best of intentions. I had no idea how haunting the consequences would be."
4. "I’m 60 and have been out of work since April 2020 because of the pandemic, though I have filled out applications since then. I went back to college and got my master’s degree, graduating in 2019. I thought getting my degree would help me make a career change, but no career is materializing."
"My loans have been in deferment because of the job loss. I don’t know how much longer they’ll be deferred if I cannot find a job. At this rate, I will die still owing a chunk of my student loans.
Something’s got to give. If there was total student loan forgiveness, regardless of how much or which lender, I believe it would ease the struggle and pain, boost the economy, and give everyone a fresh, clean start, including those of us who were non-traditional students."
5. "I wouldn’t be worried about retirement. I have student debt and foolishly cosigned for my daughter's."
"If I didn’t have these payments, I could not only live well on my paychecks, I could contribute much more to my retirement funds. The thought of never being out from these loans keeps me up at night."
—deq
6. "I could buy a home instead of renting a home that is falling apart. My rent goes up every year, so the idea of buying a home becomes a distant dream."
"Having student loans hang over me creates a lot of dread about the future. It would be nice to have the security of savings rather than a pile of debt."
7. "I wouldn't feel the need to work in a job that paid enough to pay off my loans."
"I realized after going to graduate school that I'd rather teach at a small university. The pay isn't enough to cover my student loan payments so I'm stuck working at a much bigger university without the ability to focus on my teaching. I feel stuck."
8. "The pandemic forbearance showed me what life would be like without student loans. I got a long-awaited elective surgery for a recurring problem, removed wisdom teeth and got other teeth cared for, and was able to afford therapy and medication for 20+ years of depression."
"I'd love to get a house and pursue a nursing degree next, but this still seems beyond me as loans will become due again. $24,000 taken out in 2005, currently owe $60,000."
9. "I'd be able to live much healthier since I could actually afford something that doesn't come in a box or require you to add water before eating. And I'd have money for several expensive surgeries I know I'll be needing when I get older."
"This is a pipe dream at best. I know all too well that this issue isn't going to magically disappear. I'm probably gonna die, owing more than I actually started with."
10. "I could afford a car payment instead of limping my 20-year old-car along."
11. "Without student loan debt, not only would I be on time with all my other bills all the time, I could rebuild my credit and have a better, happier relationship with my cosigner."
12. "Once I saw how much my student loans were, I told myself I would never be able to afford things like getting my teeth fixed or having necessary surgeries (I have 3 autoimmune diseases).
"So, I try to build a life without those things. I'm thankful to be in my career now, but I’m still not financially stable. Not having student loan debt would represent possibility to me. A possibility I stopped thinking about a long time ago."
13. "I would be able to help my husband afford our home. We moved here for my son's benefit. He has disabilities, and this school district is one of the best."
"I was a young mother when I started accepting student loans. I have paid a lot back. I have paid what I borrowed. How many more times do I have to pay it back?"
14. And finally, "Over the past two years, the pause on student loan payments has benefited me greatly. I paid off a credit card, paid down another, repaired my car, saved money, and, in general, felt less stressed about the day-to-day costs of living. The pause alleviated a crippling burden I’ve carried around for over 10 years."
"My generation has missed many typical milestones that characterize ‘adulthood.’ I am no exception. I do not see myself paying off my loans. I do not see myself buying a new car. I do not see myself starting my own business. I do not see myself owning a home. I do not see myself having children. Every month, year after year, I will pay my loans...with no end in sight."
How would having no student loans change your life? Let us know in the comments below.
Some responses have been edited for length and/or clarity.