Thanks for sharing your story. A couple of thoughts, from a 90s-era student:
- $121k in loans is a lot in absolute terms. But compared to the other big purchase people often make, it's not expensive at all (and has a shorter period to expected ROI). The expected ROI on a degree is still massively positive.
- The opportunity to be able to earn -- in one's 20s -- a spare $2,350/mo from a job (versus starting a business) is remarkable. That's close to 70% of the median personal income in the US, which after 5 years will become disposable income for you. At 30, you will be able to basically throw away most of the salary of the median American worker (who is more senior than you). That's remarkable. A 5-year ROI is tremendous for most investments.
- The comparison with alternative career paths makes it entirely rational to borrow six figures for college, at least in the US. The existence of a few well-paid jobs that do not require a degree aside, several studies have consistently shown that college degrees increase lifetime earnings. Basically it boils down to borrowing a lot of money for college is a better bet than the alternative ("either you're slinging crack rock or you got a wicked jump shot.")
- Folks are comfortable financing houses and cars. It's interesting that they get squeamish when financing the one major purchase that's most likely to earn them money.
- Presumably stretching repayment out to 10 years or more would make the burden much more bearable. We finance houses over 30 years; it does make some sense to finance education over one's entire career.
- Obviously I get that the math is different for different career paths/majors/schools. But I'm kind of surprised that the math works out as well as it does.