DAVENPORT, Iowa — Faith Boyd graduated last year from St. Ambrose University with a degree in exercise science. While she's been going back to school this semester to finish a Spanish degree thrown off track by the pandemic, the months since her first graduation have become a painful reality filled with debt.
"I am currently $37,000 in debt," she said. "I always hear 'wow, you're really low end, you did really good!' And I'm like, 'yeah, it's good when you think about it that way, but then at the end of the day when you think about how our loan system actually runs, it's like man... you're gonna be paying that for what feels like for life."
Even with scholarships and grants, Boyd says loans stacked up quickly and now it's a heavy burden to bear. Still, she tries to stay positive.
"You have to have a light heart about it otherwise I don't think you'll be able to see an outcome for it," laughed Boyd.
She says the Biden administration's extension to freeze student loans is a temporary relief, but she knows the payments will eventually restart.
"I was supposed to start paying January 6 and I did not have a plan. It kind of hits you really quick after college," she said.
Federal student loan collections have been paused since last March and are now extended until September. That means federal borrowers don't have to make payments right now, and now interest is accrued.
What it doesn't mean, is loan forgiveness.
"It's very much a give and take right now, as always with politics," said Boyd.
As the pandemic continues, those with student loans are some of the hardest hit by covid's economic fallout. It's estimated that by next year, the amount of outstanding student loan balance in this country is expected to rise to $2 trillion.
And for local students like Boyd, it can seem like an impossible battle.
"Do I want to pursue my education, do I want to do the things that I set my heart for and be in debt for the rest of my life," she questioned. "Or do I finish what I have now, work out with what I have now?"