Equity Lab Fact Sheet: Sacramento Housing, Student Loans

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Jayda Preyer stands outside her monthly dorm at Desmond Hall in Sacramento State in Sacramento, Thursday, September 25, 2019.  Preyer has yet to receive housing after spending a month in temporary residence halls.

Jayda Preyer stands outside her one-month temporary residence at Desmond Hall in Sacramento State in Sacramento, Thursday, September 25, 2019. Preyer has yet to receive housing after spending a month in a dormitory for temporary living.

dkim@sacbee.com

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Wednesday, 14 July 2021

Several years ago, I was a religious follower of the WNYC podcast “Death, sex and money… “And in 2017 they released a two-part series in which it seemed like the producers of the show had carved a small window into my soul, lit a flashlight and said,” Aha, that’s all this baggage! ” it was on our student loan secrets

I was talking to a friend over dinner at Canteen Alley this weekend when the conversation turned to money and how it affects our lives so much, and I remembered those episodes. There were a lot of people on the podcast, but the voice of a woman remained in my brain who broke off her engagement after groom said they shouldn’t start a family until she pays off her student loans.

I’ve been thinking more and more about student debt lately. Like many Sacramentians, I have a significant amount of student debt, which until recently I was persistently trying to pay off. And like many Americans, I took advantage of the abstinence caused by the pandemic. Zero interest, no mandatory payments. Over the past year, I was able to create the largest emergency fund I have ever had – and then quickly used a large chunk of it when expensive medical bills suddenly popped up. I cautiously looking at September

I asked on Twitter how other Sacramentians have felt over the past few months. In particular, what their debt load looks like now, how it has changed, what life decisions they can make, and what patience allowed. Many more people approached us than I expected.

Tweet about student debt by Alex Jun-Hendrix
Follow Alexandra Jun-Hendricks on Twitter: @ayoonhendricks

Anokhk told me that he has a debt of $ 367,000 after medical school (a figure that seems to be pretty mediocre for doctors, but a very unpleasant figure for me). “The opportunity to save money by freezing payments allowed me to renovate my house, pay off my credit card debt and get a little savings,” he told me. He holds on to Government Service Loan Forgiveness after few years.

Orville Thomas told me that he has a five-figure loan accumulated after he returned to pursue a master’s degree, earning little to nothing as a reporter. With patience, he was finally able to pay off his credit cards, “which was terrible.” He saved the greatest thing ever in his life. He breathes easily when planning a wedding. And he really wants to hear if there will be student debt forgiveness from Biden administrationAnd if so, how much – $ 10,000? $ 50,000?

“We just want to buy a house or not live every day because of the terrifying fear that any accident will lead us to economic ruin,” Thomas told me.

With 14 student loans, Kirk has amassed nearly $ 160,000 in debt since graduating from law school in 2012. Some of the loans had completely catastrophic interest rates, in the 8.5% range. He ended up not getting a job in law and it took him years to start making $ 75,000 a year. Even though he consistently made payments on a monthly basis, his outstanding balance in December 2018 ended up being more than what he originally borrowed – $ 235,017.

He now pays about $ 1,500 a month to pay off his debt, although the required monthly minimum is just over $ 630. “Pay $ 600 on credit just to see your balance. increase $ 700 a month is psychologically destructive, ”he said. Patience was a godsend.

Without student loans, he would have bought a house and a dog long ago. He does not rest as often as he would like, and does not go abroad. “I also often wait weeks or months to do ‘convenience’ shopping or entertainment,” Kirk told me. He may be on the right track to start looking for a home next year.

I asked him if he would have done otherwise if he had known that he would not end up in court. He said it was a difficult question. He doesn’t regret attending law school, but he may not have paid enough attention to how interest rates undermine his payout efforts.

“Maybe I would buy Bud Lights instead of craft beer,” he told me.

None of this is news to young, debt-ridden people in Sacramento, or frankly, anywhere in the United States… But how cities and regions housing market explodeddespair seems more palpable. The average price of a house in the region is now $ 575,000, which is more than 18% more than in January. January. About 60,000 Sacramentans can’t even afford the rent.

Thousands of people were sold on promises to graduate and instead saw their debts go up while their credit scores remain unchanged. They took breaks from marriages, vacations, children, homes and more. Knee-deep due to three separate recessions, many experience a constant hurricane of shame, guilt and paranoia when they outbid hedge funds at mediocre homes, struggling to balance their budgets and wondering how everyone else seems to manage to stay sane.

I went down the rabbit hole last night. Inspired by the Wall Street Journal story titled ”Financial Difficulty for Life ‘: Elite Master’s Degrees That Don’t Pay Off, ”I tried to estimate the return on investment of colleges in Sacramento. I will single out the Sak state, where many of my personal friends used to go, simply because it is the largest in the city.

In accordance with U.S. Department of Education datathe average debt that Sac State alumni are left with is $ 15,320, less than the national average for public schools, but still nothing to laugh at.

But what amazed me was that the average income of students who graduated ten years ago is just under $ 49,000. In other words, about 48% of 10-year-old graduates who work but don’t go to school now earn less than $ 30,000.

I don’t actually have a conclusion for this part of the newsletter, other than to tell me if you would like me to review the data for your school, write to me at ayoon-hendricks@sacbee.com or email me on Twitter @ayoonhendricks… Knowledge is power and all that.

Alexandra Jun-Hendrix Profile Card

Here’s what else you need to know this week:

Stories to read

  • CALIFORNIA HAS NEW STUDENT LOAN RIGHTS:

    The law limits penalties for late student loans and requires lenders to act in the best interests of the borrowers.

    [Read more here]

More interesting books

What we read (and you should too!)

So I picked up this book over the weekend when I was in San Francisco with my family. While we were waiting for our Serrano’s pizza, we walked into a store in Valencia that advertised indie art and literature.

In fact, I was not going to buy anything, we were just starving and playing for time.

Then I looked around the store. Nothing really caught my attention other than this book, which featured an animated drawing of Huey P. Newton in his iconic portrait, sitting in a throne chair, in a black leather jacket, with a shotgun in his right hand and a spear in his left.

Below you can see an animated drawing by Fred Hampton and others.

What I saw was the story of the graphic novel Black Panther Party. It is written by award-winning comic book writer, director, journalist, and educator David F. Walker. The illustrations that really caught my eye were by Marcus Kwame Anderson.

I flipped through the pages and immediately fell in love with what I saw. It was like a comic book series, except that it introduces the truthful stories of the Black Panther Party to the masses. Comics traditionally tell stories about superheroes, this one.

Here are some familiar names like Stokely Carmichael, Huey Newton, Bobby Seal, Eldridge Cleaver or Angela Davis. You will learn from them a history lesson and learn something that you may not have known about before. However, in my opinion, the best thing is that after reading you will learn about other party members. Great personalities that no one discusses or rarely reveals. Names like Bobby Hutton, Geronimo Pratt, Elaine Brown, Kathleen Cleaver, Tariqa Lewis and many more.

The style of the comics makes me believe they are meant to educate young people about the truth that happened in America. This novel tells the whole story. These include the rise and fall of the Black Panther Party, including The Sacramento Bee and other media coverage of the Black Panthers’ visit to the Capitol and J. Edgar Hoover sabotaging their existence.

I expect to be gripped by a whirlwind of emotions as I enjoy this book immensely. You have to check it yourself! You can find it in the same store in San Francisco or buy it from Amazon. In any case, take it to yourself or to the young one.

Marcus D. Smith Profile Card

Task list

THIS NIGHT at 17:00 Ben Philip (author of a book titled Surely I’ll Be Your Black Friend: Notes on the Other Side of the Fist) will be talking to Billy Rutland at Sacramento Library Virtual Event… Hear their thoughts on Zoom, Register in advance here.

TICKETS go on sale this friday for a new concert Lost in Riddim will take place at the Cesar Chavez Plaza (downtown Sak) on the weekend of October 2 and 3. The headliners are Wizkid and Burna Boy and it looks like this special guest potentially??

RUBBISH always unpleasant, but especially in our parks. On Saturday morning, the Sacramento Valley Spark is cleaning Miller Park. See Details for how to participate here.

Where to find us

❗ We want to hear from you! Please send us your stories and thoughts at Equitylab@sacbee.com

➡️ You can also follow us on Instagram as well as Twitterand like us on Facebook at @EquityLabSac.

Thanks for reading and see you next week!

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Related stories from Sacramento Bee

Orizo Hadjigurban is a correspondent for The Sacramento Bee and The Bee’s Equity Lab. She was introduced to McClutchy through the 2020 Local Instagram News Fellowship, where she managed Charlotte Observer’s Instagram. She studied Television Journalism and Psychology at Virginia Commonwealth University and has experience in television and medical reporting.
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