College grad asks for donations to help pay down $200,000 in student loans

Kelli Space’s piggy bank isn’t quite big enough to cover $200,000 in college debt. (Image: Kelli Space)

A recent college graduate is asking for donations to help pay off $200,000 in debt she racked up getting a four-year sociology degree at Northeastern.

Kelli Space said she worked part-time jobs all through college, but her salary prospects with a sociology degree don’t really make a big dent in the $200,000 she owed when she graduated.

“I wasn’t even thinking that far ahead,” said Space, on choosing a degree that didn’t lend itself to a salary that would quickly cover her $40,000 a year education costs. “I completely take personal responsibility for all of that.”

When signing up for her loans, Space said she just wasn’t all that aware of the kind of money it would take.

“Not knowing what typical salaries even are is something that maybe we should be talking about,” said Space, adding she didn’t even know what her mother made per year until recently. “I think I could have benefited from a discussion like that.”

When host Dave Ross asked Space if she would be OK with a bank asking the questions: “What field are you going into? What salary do you think you can expect to earn?”

She said she thinks some type of discussion like that would be appropriate, but also adds, “I’m in no position to say what they should or shouldn’t be doing, I don’t know enough about economics, clearly. I was a sociology major who borrowed $200,000.”

Host Luke Burbank asked if Space was embarrassed going public with her debt. She admitted she was, but said she’s getting over it after talking to so many other people in similar situations.

“I’ve met many, many people in my predicament. Over $100,000 in debt to a school is not actually that abnormal. In my generation at least, you hear someone else is in that much debt and you sort of don’t bat an eye at it.”

Space said it’s a huge issue, and she definitely values education, “but at what cost?”

“I understand bettering yourself, and getting that bachelor’s degree. We should be doing that. We should value education, but at what cost?

Space said even looking at students that owe just $40,000 or $50,000. “Even that much money, to now graduate, not be guaranteed a job, […] or be underemployed. Some people can’t even make their minimum payments.”

Space’s monthly minimum payment is just over $1000, and while she writes, “I’m eager to start life, post-debt, and put my degree to great use!”, these days she’s consumed with paying off her debt.

“Really, right now I’m just so focused on money and paying this off,” said Space.

Today, she still owes $128,000, and said loan agent Sallie Mae thinks it will take her 25 years to pay it off.

“But I refuse to allow that to happen,” said Space. “I’m just going to work as hard as possible to get this down to at least a reasonable number in the next few years.”

Anyone interested in helping Space get that debt to a reasonable number can make a donation at her website.

By JAMIE GRISWOLD, MyNorthwest.com Editor