'Soul Crushing' Moment Gen Z Nursing Graduate Finds Out She's $110K in Debt

A Generation Z nursing graduate has gone viral after discovering that she owes more than $110,000-worth of debt, and she's only 26 years old.

After completing three degrees, Amaiya Camillo of Tampa, Florida, is finally starting out in her career as a nurse. While those years of education have given her a vast wealth of knowledge and plenty of experiences, they have also crippled her with thousands of dollars' worth of debt.

Camillo worked out that she owes over $90,000 in both private and federal student loans. She also took out an auto loan and has two credit cards to pay off. As a result, her entire debt is over $110,000.

That amount was far more than anything she imagined, as Camillo told Newsweek that it was "soul crushing" to see the total keep rising. It seemed impossible that she could have so much debt at such a young age. She feels as though she's on the back step before even starting her career.

"When I saw the total amount, I felt like the wind had been knocked out of me," Camillo said. "I felt as if all the walls around me were caving in. I just thought, how is it possible that I am 26 and have a total debt amount of someone's yearly salary?"

The interest rates on Camillo's federal loans are between 4 and 6 percent, however she also has five Sallie Mae loans, the highest of which has an interest rate of 16.28 percent. She believes that private loan companies "prey on young students."

Newsweek has contacted Sallie Mae via email for comment.

Making a Payment Plan

As a recent graduate, Camillo hasn't started paying off the debt yet. However, she sat down with her boyfriend, who works in finance, and created a payment plan to chip away at the amount.

Even if she pays it off every month, Camillo estimates that she will be in debt until 2032, leaving her distraught and frustrated.

She said: "After I sat down to organize my debt and create a plan, my total projected payments will be well over $900 monthly. In order to pay my debt faster and decrease the total interest, I would have to be spending at least $1,500 monthly instead.

"I feel disgusted about not paying it off until 2023, especially when I see the total amount of interest I would be paying between now and then. My goal is to finish paying off my student loans well before. I believe it's possible, especially if I tackle my private student loans first by refinancing for a lower interest rate," Camillo continued.

While she's satisfied with the payment plan, Camillo is still concerned about having to spend so much on repaying her debt and leaving nothing for her 401k or savings.

The Gen Z nurse was hoping that once she graduated, she could think about the next steps, such as buying a house or starting a family. But with so much debt, all that feels "nearly impossible" now.

"On top of my already high monthly expenses, if I'm paying well over $900 a month for just my student loans, how can I consistently set aside money for a down payment on a house, let alone support a child?"

Camillo doesn't regret any of her decisions, as she chose the path that would give her the career she wanted. Of course, she's learned some lessons about financial responsibility along the way, but that knowledge came at a cost.

Christine Lam, an investment adviser representative at Financial Investment Team, told Newsweek that budgeting and planning ahead can be crucial steps to a heathy financial future. Students can take steps to limit the debt they accrue, such as tracking their expenses, scholarships, or finding courses with lower-cost alternatives.

Lam, a certified financial planner, said: "For someone like this 26-year-old, a structured repayment plan is crucial. Prioritizing high-interest loans, considering refinancing if appropriate, and setting realistic financial goals can help. If debt includes federal student loans, exploring Public Service Loan Forgiveness (PSLF) or IDR forgiveness options could provide long-term relief."

For those who are already lumbered with high debt, Lam recommends a clear repayment strategy and exploring all the repayment options that are available. An income-driven repayment plan can help people achieve financial stability as they're based on income and family size.

"The key takeaway is that financial decisions made at [age] 18-24 have lasting consequences. Seeking financial literacy resources, creating a budget, and borrowing only what is necessary can prevent overwhelming debt in the future," Lam told Newsweek.

The Social Media Response

Camillo took to social media (@nurseamaiya on TikTok) to discuss her student loan debt. She told Newsweek that she felt a lot of "shame and stress" about her finances, but she wanted to use that to create an honest conversation instead.

The video has gone viral with 2.2 million views and 240,400 likes on TikTok at the time of writing.

She said: "I figured someone out there had to be in a similar position, or at the very least, feel what I was feeling. I felt it was a good way to create an open conversation surrounding private student loan companies, and I wanted to warn others of the future implications."

Following her experience, Camillo encouraged others to speak with a financial adviser (or someone good with money),and discuss the options. Research thoroughly before choosing a career path, look at average salaries and what loans would be required to achieve that goal.

Most importantly, she urges people not to feel embarrassed about their debt.

"Be knowledgeable, have a thorough plan, and live within or below your means. Do not allow anyone to shame you for having debt or doing what was needed in order to get an education," Camillo told Newsweek.

The TikTok video has amassed more than 6,600 comments, as many people shared their own similar experiences.

One comment reads: "Financial literacy should be a compulsory class at school."

Another TikTok user wrote: "I no longer feel bad for being 6K in debt."

While one person added: "Same girl, education is expensive unfortunately."

Do you have a monetary dilemma? Let us know via life@newsweek.com. We can ask experts for advice, and your story could be featured on Newsweek.