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Who Is Generation Debt?

Broke Grad

Broke Grad

Posted Oct. 10, 2008
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Who am I? I am one of the many faces of Generation Debt. As a twenty-something recent graduate, I finished grad school with a master's degree in one hand and a bill for $22,000 in the other.

With $22,000 in student loans, I am a textbook example of the average college graduate these days—young and broke. But instead of complaining about it, this broke graduate is on a mission to change his situation—to make an escape from Generation Debt.

When I started my fourth year of grad school, I still hadn't received any job offers from companies that I really wanted to work for. Feeling down and discouraged, I was left with little motivation to finish my thesis and graduate. What good is a master's degree if you don't have a job?

What felt like a slump at the time turned out to be a blessing in disguise. Instead of writing up my thesis, I started writing about my finances, and that's when Broke Grad Student was born.

My blog started out as a fun way to motivate myself to prepare for paying back my student loans, and to share my experiences, both good and bad, along the way. I also thought it might be an interesting way to make some extra money on the side.

Less than a year later, it has already turned into much more. By blogging about my student loans and other financial topics, I've met college students and recent grads from all over the country who are in similar situations. Some have more debt, some less, but we all have one thing in common—an eagerness to get out of it.

My blog could be part of my ticket out of Generation Debt. As Broke Grad Student has become more popular, the small amount of income it generates has gradually turned into a decent amount of money. In fact, I'm currently making enough blog-related revenue to cover my monthly student loan payments.

Of course, I have to pay for living expenses too. Gone are the graduate research assistant days where I lived off of a monthly stipend. Ironically, shortly after starting Broke Grad Student, I landed a job with one of the top companies I wanted to work for. Things have a tendency to happen when you least expect them.

While my salary is enough to cover my living expenses and student loan payments, the extra blog income has allowed me to build up an emergency fund and invest more money into retirement funds at the same time. These are key elements in my plan to escape from Generation Debt.

Contrary to what you may see and hear in the media, Generation Debt isn't just a bunch of whiners, complainers, and slackers. There are still plenty of us who haven't given up. We’re the ones working hard to live frugally, save for the future, and pay off our debts.

I'm sharing my story because I want other members of this generation of debt to know that you aren't alone. We're all in this together, and we should help each other out by sharing our knowledge from our successes and our failures.

This is my story so far. What's yours?

Broke Grad is a twenty-something recent graduate with 8 years of experience as a broke college student and broke grad student. Two degrees and $22,000 of student debt later, Broke Grad shares his tales of success, failure, happiness, and despair as he pays back his student loans, adjusts to life in the real world, and continues to learn about growing up.

Find out more at his blog, Broke Grad Student.
See Broke Grad's other posts and profile.

Qvisory's educational content is supported in part by the Qvisory Education Fund.

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1 Comment

Jason Simon
10/31/08 09:45 AM

Here is a good post about Generation Debt: http://20smoney.com/2008/10/22/generation-debt-...

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