I have now studied physics for 20 semesters. It was an absolute flop. But was it really? After all, I have now earned my degree and could even go on to get a PhD. Academically speaking, everything is actually fine and I should not have any more worries. But I do have worries, because it is about my financial situation. Broke after college! Yes, there is really no other way to put it, because it is the truth. I am pretty desperate and now have such high debts that I cannot simply pay them back just like that. It is probably around $80,000. To be honest, I have also lost track of the whole thing a little. Broke after college, that is really not a nice situation. I can only recommend being very careful with loans that are offered to you. Sometimes you can end up in a real vicious circle.

Broke after college

Broke after college - the reasons in detail

As mentioned at the start, I studied physics for 20 semesters. For the first 4 semesters I received federal student loans, which I am currently paying off. That was not the best solution either. These payments saved me for the moment, but later they became a burden. From the 5th semester on, I had no money at all at first. From the 6th semester on, the time of loans began. I did have jobs from time to time alongside my studies, but the program was simply far too extensive and demanding to really earn a good income. From about the 14th or 15th semester it got really bad. At first I kept getting loans, but at the same time I had to start repaying the federal student loans. Really all quite complicated. I also made a small mistake, because I could have applied for a deferment of the repayment. But I missed all the deadlines and so had to pay up in full. $350 was debited from my account every 3 months. As a loan I got $700 a month. I had to finance my own apartment and a car as well. So fate took its course.

Being broke after college does not have to happen

You should urgently avoid these things during college:

  • expensive loans (interest rates are sometimes higher than 5 percent)
  • expensive spending (clothes, long-distance travel, luxury cars)

Anyone who does without a few things, or simply skips them, is certainly on the right track. If you are broke at the end of college, you should quickly go after a well-paid job. Work is the best way to escape debt. Just do not take out a new loan to tide you over again. Payments like that help for the moment, but in the long run they only bring problems and a great deal of grief.