If you've gone to college, or you're considering going to college, you're already well aware of one of the biggest roadblocks. No, not early morning classes. The other thing. No, not how to cure a hangover the fastest. The other, other thing. Yes! The money. People with student loan debt will tell you the price tag on college is no joke; and while it's fairly easy to obtain the money in the first place, it's the years (and years) of paying it back after graduation that will haunt your dreams at night. What does life look like with student loan debt? The question was posed on Reddit, and some of the responses might leave you stunned.
As of this year, the average student loan debt for graduates is $30,000 — but that doesn't mean they'll end up repaying $30,000. Thanks to interest, that number goes up even more. For a federal direct loan, for instance, the typical interest rate is four percent. Overall, that would take your $30,000 debt to $36,448. Bear in mind that your minimum monthly payment would go up, too.
Many graduates understandably assume that right out of college, with their hard-earned degree, they'll get a job, and fast. But that's not always the case. In fact, it's often not.
What happens from there varies. While same people find a suitable job and make their finances work, others will continue to have financial struggles well into adulthood. Here's how these 16 Redditors are doing with their debts and budgeting.