How student debt has influenced one family’s finances

When Annie Gilstrap was a teenager, she borrowed nearly $65,000 through four private student loans to help cover her undergraduate education. Some of the loans carried interest rates in the double digits. She said she did not fully grasp how much the debt would affect her life.

Over time, that obligation has affected Gilstrap’s career, personal life and family decisions. In 2024, she and her husband moved to live with her parents in another state so they could put more of their income toward paying down the loans.

She said the arrangement has been a privilege, but it has still not reduced the balance as much as she expected.

Although she has been making payments since 2019, Gilstrap said nearly all of the money has gone to interest. Even while living with her parents, she said her earnings alone have barely made a dent in the debt.

She has also begun sharing her experience on social media. Gilstrap said reading responses from others has helped her feel less isolated in her own debt struggle.

As the mother of a two-year-old, Gilstrap is also considering how debt could affect her daughter’s future. She said she wants to encourage her child to pursue her dreams, while also making sure the realities are fully understood.

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