Mixed Media fabric, gesso and latex paint flag banner (2023) Reads: $24,618.51

Footnote 2

Good, adj. “being positive or desirable in nature; not bad or poor.”

To my knowledge I am the first Chicana to earn a doctoral degree in the field of Women’s and Gender Studies, which I completed in 2010. Across eleven semesters (five and a half academic years) the federal government issued me somewhere between four to five thousand dollars in a combination of direct subsidized and direct unsubsidized loans in roughly equal measure. Both types of loans have fixed interest rates of 6.8 percent though one has been gaining interest since I was a student while the subsidized loan did not begin gaining interest until I completed my studies. All of this is supposedly good.

Good, adj. “virtuous, right, commendable”

When I considered taking out these loans I was assured this was “good debt” to have. According to many financial experts, debt is supposedly necessary for one’s long-term financial health. Having steered clear of credit card predators on my undergraduate campus, I was lucky to not have any “bad debt” aka, credit card debt. At twenty three I felt confident in my financial decision-making skills, I was getting a Ph.D. after all! At forty two, I can look back with love and awe at that younger version of me, knowing that was definitely an under-informed attitude. None of this is virtuous.

Good, noun. “Something conforming to the moral order of the universe”

According to some sources a sign of a low-interest loan is anything coming in under 7%. Though other experts note in the economy of the 21st century a student loan under 10% interest is still worth exploring. While loans for school have existed in the US in some form or fashion since 1840 at specific schools (Harvard), student loans remain a relatively new phenomenon. The GI bill enabled many white WWII veterans to attend college for free or at minimal cost. In the late 50s and through the 60s the Federal government wanted to invest in high-achieving students who showed interest in advancing the space race of the Cold War. Once seen as an equalizer for students from any background to attain a college education, student loans morphed into predatory in the 80s when too many students from any background (i.e. Black, Indigenous and other people of color) attained access to college. This history demonstrates the socially constructed nature of student loan debt. Higher education can support the moral order of the universe, and student loan interest is deeply immoral.

Good, noun. “Advancement of prosperity or well-being”

Professors saddled with student loan debt of their own assured me that “we all have student loan debt.” The thing is, you simply make the smallest amount of payment allowed to keep in good standing once you’re earning money as a professor until they’re eventually forgiven. My degree earned me an annual salary (9 month contract) of around $58,500. Two and a half years post-graduation this tenure-track salary settled in my monthly payment through the income-driven repayment plan at $555. One whole paycheck dedicated to my student loan from my typical two monthly disbursements post-income tax withholding. I learned that I would pay off my loan before it would be forgiven on my income-driven repayment plan. I continue to wonder about my advancement of prosperity.

$24, 618.51

Footnote 2

$25, 151.75

$23, 790.8