Recent college graduates are expressing ongoing frustrations in attempts to secure jobs.
To make matters worse, student loan collections started May 5th. This comes after the initial pause of student loan repayment which resumed October 2023 after Covid-19 payment extensions expired.
https://www.nbcnews.com/news/us-news/student-loan-collections-restart-explained-rcna204494
🏛️Student Loan Collections Vs Repayment🤌
So, what’s the difference between collections and repayment?
Debt collection occurs after a borrower fails to make payments after a certain time as agreed, also known in business terms as default. The creditor-in this case the student loan company may attempt to recover the amount owed or involve a third party known as a debt collector or a collection agency.
Debt repayment is the process of the debtor-the person(s) who borrowed money, paying back what is owed to the creditor. Creditor is the person(s) or business to whom money is owed. Debt repayment involves a payback schedule, also known as the amortization schedule. Amortization schedule(s) give the amount, dates of repayment, and number of periods required to repay debt.
⏰Hard Times Won’t Last, Tough People Do🤕
I remember graduating from college in 2008 and not being able to find work. I immediately made the decision to return for a master’s degree. I won’t revisit the entire story, but if you care to know the backstory, check out the following blog posts below.
Trust me, I have plenty of other blog posts. Feel free to go down the rabbit hole by clicking on older links 😊. The Lord got me through the years that followed battling unemployment. I felt like a failure and my message to anyone who can’t find work is…
🧗🏼♀️Things will get better if you don’t give up🧗🏼♀️
I don’t know what it is like for you right now in 2025, but I remember the feeling of hopelessness in 2008. Misery regardless of the date and time is a horrible experience and we all just want to get out of it. Here is how I survived a recession with student loan debt.
- Consider moving back home with family. I know, I know… no one wants to move back home with family but count yourself blessed if this is an option. Your family wants what’s best for you. Remember no family is perfect but take the help you can get while it’s available.
- Connect with people you trust. Let the people that love know how you feel. Many times, people don’t know the pain we are going through, so we cannot assume people can readily understand our experiences. Communicate with your loved ones; and pray for discernment on who best to talk to about struggles.
- Just find a job. Yes, any job for the meantime will do because you still need to eat. By providing your most basic needs, you’d be surprised how eventually others will feel compassion for you. The help may not come quickly, but in working you are helping yourself, and to help yourself is to love yourself. While I worked as a cashier after college, the blessing came in the form of improving my ability to small talk.
That’s it for this post! Until next time everyone… Stay strong💪, fight on🥊💥🥊, and have No Debt But Love❤️. Peace and blessings!✌
No Debt But Love 