Meet a first-generation attorney with $347,000 in student debt who can't land a job and says 'there are a substantial number of people like me that are being forgotten'
Steve Pederzani thought going to law school was the best decision for him.
After graduating from college and working as a social worker, Pederzani, now 32, wanted to continue helping people and saw a law degree as the next big step in doing so. As a first-generation student, he said he was frequently advised by attorneys and those around him that pursuing a law degree would leave him well off — and keep a roof over his head, even while in school — so he thought taking out student loans would be worth it.
"I grew up in a working-class family, and I don't want to wonder when the next meal is going to be. I don't want to worry about putting food on my plate," Pederzani told Insider. "And with law school, everyone said that I'll never have to worry about those things."
But after graduating from law school in 2017, Pederzani today has $347,000 in student debt that keeps growing. He took out graduate PLUS loans to attend Seattle University School of Law, which allowed him to cover the full cost of tuition, but medical complications with his fiancée delayed him from taking the bar exam, and their collective incomes took a major hit since his fiancée could not work.
As a result, Pederzani could no longer afford Seattle rent so he temporarily moved to Nebraska to live with his fiancée's family. They now live in Albuquerque, New Mexico, where Pederzani took and passed the bar exam, and they're currently using rental assistance and the Supplemental Nutrition Assistance Program. Graduate PLUS loans — the type of loan Pederzani took out — are the most expensive type of federal loan with the highest interest rate, now at 7.54%. They're also likely not included in any of President Joe Biden's relief plans, which are expected to include $10,000 in student-loan forgiveness for undergraduate borrowers making under $150,000.
Regardless, Pederzani said he had no problem paying back the amount he borrowed. In fact, he wants to. But he said he wished more people — and the president — would recognize that high-paying jobs don't benefit everyone who pursues them.
"There are people who would find $10,000 in relief from Joe Biden as miraculous," Pederzani said. "But there are a substantial number of people like me that are being forgotten. We're being left behind."
Topic: This new Attorney is screwed if he can't land an appropriate job (Read 358 times)