Struggling with Student Debt: Working Three Jobs Barely Covers KeliAnne Piscopo’s Bills

Returning to School as an Adult: The Struggle to Balance Career, Student Loans, and Life

KeliAnne Piscopo, a mother who raised her children and then decided to pursue a more stable career through education, found herself struggling with student loan debt after graduation. In her 40s, Piscopo enrolled in an online degree program at Post University, taking out nearly $54,000 in student loans to fund her bachelor’s degree in human services.

The Impact of Student Loan Debt on Midlife Career Path

After graduation, Piscopo worked for a public school program aimed at assisting refugees in adapting to life in the US. However, her job abruptly ended due to program funding cuts under President Donald Trump’s administration, leaving her unemployed and burdened with a significant amount of student debt.

Struggling to Make Ends Meet Amid Rising Student Loan Debt

Today, at the age of 59, Piscopo works three different jobs, amounting to 70 hours a week, just to keep up with her bills, which now include an increase in her monthly student loan payments. She asserts that her current income barely covers her bills, and the addition of another expense is overwhelming.

President Trump’s Student Loan Overhaul: Help or Hindrance?

Similar to Piscopo, millions of other federal student-loan borrowers are grappling with the effects of Trump’s student loan overhaul, which came into effect on July 1. The overhaul has resulted in higher monthly payments for some borrowers, pushing them to find extra money or risk defaulting on their loans and potentially facing harsh consequences like wage garnishment.

The Personal Impact: Delaying Milestones and Taking on Extra Work

Beyond tighter monthly budgets, many borrowers are delaying significant life milestones, like starting families and buying homes, to manage their student loan payments. In Piscopo’s case, she doesn’t even know if retirement is a feasible option, facing both escalating student loan payments and other living expenses.

Facing the Increasing Threat of Student Loan Default

Unfortunately, the threat of student loan default is very real for many borrowers, including Cassandra Kormendy, a single mother of three, and Christine LaRocco, a 66-year-old woman who has exhausted her retirement savings. Both women are grappling with the possibility of not being able to afford their payments under the new repayment plan and the risk of falling into default.

Navigating an Uncertain Future with Student Loan Debt

The future remains uncertain for many student loan borrowers, including Shannon Brady, a single mother and social worker. Brady is unsure whether she’ll be able to manage a payment increase from $0 under the previous plan to an anticipated $800 under the new plan. Like many others, she is left wondering how she’ll balance maintaining her livelihood while managing her student loan payments.