Student Loan Regrets: One Borrower’s Brutally Honest Confession

Student debt isn't just a number on a screen—it's a life sentence with variable interest.

We tracked down graduates drowning in six-figure obligations to hear what keeps them awake at night. Their answers reveal more about the system than any government report.

The Compound Interest Trap

Borrowers describe watching their balances swell despite years of payments. One law graduate watched $120,000 balloon to $180,000 while making "affordable" payments—a financial treadmill designed by spreadsheet warriors who've never missed a meal.

Career Handcuffs

Dream jobs in education or nonprofits get traded for corporate gigs that actually cover the bills. Passion becomes a luxury item when loan servicers demand their pound of flesh every month.

The Forgiveness Mirage

Public Service Loan Forgiveness programs dangle carrots that vanish through paperwork errors and shifting rules. Borrowers describe chasing bureaucratic rainbows while interest capitalizes quarterly.

The real tragedy? This entire system operates on legacy technology that would embarrass a 1990s bank—meanwhile, decentralized finance protocols settle billions in seconds without middlemen taking their cut. Maybe the real education was learning how thoroughly traditional finance fails the educated.

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This is the first in a series of discussions with individual student loan borrowers. Investopedia is asking borrowers what they would do differently to help inform future college students and their families. If you're a borrower and have some advice to impart, fill out this form.

After about 15 years of being on the standard repayment plan and forbearances, Wilkinson applied for the Income-Based Repayment plan, which allowed her to lower her payments according to her income and family size. Currently, Wilkinson has zero-dollar monthly payments under IBR, and while these payments have helped her manage her budget, they have also resulted in the interest on her student loan growing exponentially.

Investopedia spoke with Wilkinson about her student loans and their impact on her financial situation. This interview has been edited for brevity and clarity.

I wish I had known truly the longevity of the decision, and that I had been made fully aware of the implications of having such a large debt ratio before you've even begun a career. My debt has been looming over me, affecting major life decisions left and right.

I would have slowed down.

I think I would have given myself a little more time to really decide: 'Do I need to go to a private school? Why not at a public college? What are my options? Where are the scholarships?' None of this was something that I had help to navigate. So, I went to the private school that my parents really pushed for ... not considering the fact that I was assuming more debt than I would be capable of handling in the future.

I would have also paused to know what I wanted to do when I chose my degrees to pursue. I was assured this [degree] has a vast job range, that I had so much potential, and so many opportunities. But then, as I really started diving into both of these degrees, I realized that I'm committed, I am specialized, and I don't necessarily have a straight path of what I wanted to do, where I wanted to go, and why I needed these degrees in the first place.

I don't regret pursuing a higher education. I don't regret getting the skill set and making the friends and the memories that I did with that opportunity.

I do believe that I should have realistically thought about assuming that much debt that early. I wish I had reserved the use of them until I really knew why [I was taking them out], and I really didn't have a lot of guidance when it came to pursuing higher education. Neither of my parents finished college ... so they weren't helpful in that way.

But it ultimately was my decision, and ultimately I'm the one who is gonna have these over my head until 2036. My husband and I consistently can't use or don't use my credit when it comes to larger things, like how much mortgage we qualify for with a six-digit debt. I'm a detriment to anything, and it cuts our purchasing power in half. It just feels like this became a penalty.

RELATED EDUCATION

I would truly advise looking at this as more than an education for education's sake, or a generalization. I would advise knowing why you're getting your degree from the outset, what avenues and jobs you can pursue with said degree. Where do you think you would like to live in the NEAR future?

I would highly recommend people working at some capacity in the industry they're interested in, well before they try to get that degree. You may have a change of heart there.

I consistently tell [my kids], 'Hey, if you're interested in becoming a veterinarian, why don't you go volunteer at the Humane Society for a bit, figure that out, and see what avenues you like. Get an opportunity there before you go: 'This is my job. This is my debt. Oh, wait, this is misery.''