As part of Teen Vogue’s IOU series, we surveyed some of our readers on how student loans impact their finances. Some respondents are paying back loans on their own, without assistance from family, and others are living at home to save money on rent while they pay down their debt. Several have second jobs that help cover expenses. Readers’ loan amounts ranged from tens of thousands to, on the upper end, hundreds of thousands of dollars. One public health worker based in Burlington, Vermont owes $356,000.
Below, 15 readers in their 20s break down their monthly finances, from their job earnings to what they spend on groceries — and how student loan debt factors into that.
“My parents took out PLUS loans to help me pay for school... The PLUS loans helped close the $33,000 gap per year that financial aid didn't cover. We used loans to cover my rent and food costs during college — my rent was $800 a month [in] an 11-bed house in Ithaca, New York. I pay for my private and federal loans by myself now.”
“My dad applied for parent loans, and his loans didn't cover the tuition, so I applied for student loans. My dad is helping me, but I know it’s difficult for him.”
“My family did not help me pay for college. I took out loans for fall and spring semesters, and paid on my own if I took any summer classes. Currently, they are not helping me repay my loans.”
“My family largely paid for college. I did help contribute every semester, but it was largely them, loans, and scholarships that did it. I am paying my own loans.”
“[My family] paid for college, but I had to pay for law school, so I got scholarships and took out loans. I do not have family helping me pay off my loans.”
“I am paying myself.”
“My mom took out some loans in her name that she’s paying off; she doesn’t pay towards the loans in my name. Per my union contract, my job gives me $70/month towards my student loan payments.”
“My parents paid for some of my college, and they are helping with current payments. My loans are only as low as they are because I worked for the university I attended and was compensated with free housing/meal plan instead of a paycheck, as well as several scholarships I earned.”
“No familial help with college. I went to UT Austin with half of my education and housing paid for by scholarships and grants (e.g., Pell grant), along with a discounted rate as I lived in Texas.”
“A member of my extended family gives me $5k/year for tuition, books, and fees as long as I keep my GPA above a 3. This barely covers one semester of in-state tuition.”
“I pay for my education, but I moved back in with my parents to help with my expenses.”
“I got financial aid for undergraduate [classes], and my parents paid the remaining balance. I paid for graduate school by myself — that’s why I have loans.”
“My parents both contributed to my college. We're splitting the total cost three ways. My mom helps pay on two of my private loans, I cover the rest.”
“[My] $85K [debt] is in private SallieMae loans, so during the pandemic, when I lost my job, there was no pause on my student loan payments. I had to keep paying. I have spent the last five years going deeper and deeper into credit card debt. The only way I have survived is by having friends with trust funds who have continually bailed me out.”
“My parents are helping me, but I would like to take more responsibility for it.”
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