“I am going into education, which does not pay too well, but it is something I love doing so that’s why I take out loans.”

Michelle Herrmann is an 18-year-old freshman studying at the University of Wisconsin-Milwaukee. She is a full-time student and Elementary Education major who expresses concern about being able to pay back her college debt.

John Kaney: Do you currently have student loans?

Michelle Herrmann: Yes, currently have one student loan through FAFSA. I have good amounts of grants and scholarships through FAFSA, which I am very grateful to have.

Q: Do you have a debt that will eventually have to be paid back? How much?

A: Yes, and it is definitely going to be high and accumulate. After school, I expect to be around $10,000 in debt. I am very lucky because I know this is a lot lower than a lot of my friends and people around me.

Q: What is your biggest concern with paying the debt back?

A: Not being able to pay it back in my future and all the ins and outs of it because It does not seem like that big of a deal taking out loans this young but it is actually a very big deal.

Q: What have you heard about President Biden’s loan forgiveness policies?

A: I have heard of it but I do not know a lot about the policies.

Q: Are you able to start paying back those loans now?

A: That will be in the future when I start paying back those loans because I pay for part of my college tuition right now upfront and then I am forced to take out loans for the rest I cannot pay.

Q: With living in the dorms currently, would you have to take out additional loans in the future for different living expenses?

A: Most likely since I am paying for tuition up front, I must take loans out because I don’t have the money for things that come up in the moment throughout the semester.

Q: Have you met anyone at UW-Milwaukee that has more loans than you?

A: 100 %. I would say out of all my friends and the people around me I probably have the lowest amount of loans which is scary because I still have $10,000 in debt.

Q: With your potential future career, do you see yourself being able to pay back your loans in a timely manner?

A: Not really, to be honest. I am most likely going into education, which does not pay too well, but it is something I love doing so that’s why I take out loans.