When Abigail B. Williams first started graduate school, debt wasn’t on her mind.
Like growing numbers of students beginning graduate programs, she arrived with student-loan debt already, having borrowed thousands of dollars to pay for her undergraduate education. But that didn’t deter her from taking out more loans. At the time, in her early 20s, the loans had the feeling of free money, she says. So as she embarked on a master’s program in social work, she borrowed thousands of dollars more to help pay for her living expenses.
Now, as a third-year Ph.D. student at the University of Michigan at Ann Arbor, Ms. Williams has learned not to take on more debt. For her joint program in social work and psychology, she says she is not borrowing money to supplement her teaching assistantship.
But the damage has been done. She owes a total of $91,600 and wonders if she may have to put off life plans, like buying a home, because of her debt. <Read more.>