A hardworking nurse who earns a six-figure salary and works six days a week has revealed she’s unable to afford a home due to overwhelming debt.
Shirin Tajani, 46, moved to the US from Pakistan at age 10 in pursuit of the American Dream.
Now, as a Mount Sinai nurse in New York City, she finds herself struggling financially, burdened by student loan and credit card debt totaling over $315,000.
‘I just feel like this country has failed us,’ Tajani told Business Insider. ‘Having to come here, not even being born here, going to school, and then you get tied down to these loans.’
‘I was in a situation that I had to pivot and change my career so that I can stay grounded,’ she added.
Shirin Tajani, 46, moved to the US from Pakistan at age 10 in pursuit of the American Dream. Now, as a Mount Sinai nurse in New York City, she finds herself struggling financially, burdened by student loan and credit card debt totaling over $315,000
After obtaining a business degree in 2002, Tajani worked a corporate job until being laid off in 2009. This setback led her to pursue a career in nursing.
She now works at Mount Sinai Morningside in New York City.
Despite now earning a six-figure salary, Tajani finds herself unable to make significant progress on her debt while covering basic living expenses like rent.
She’s even taken on a second job outside her full-time nursing career which means she now works six days a week.
‘I have to have my second job to pay my loans because without that, I wouldn’t be able to make payments,’ she explained.
‘So I just feel like seeing all these lawsuits blocking these programs for us is just not fair. And it’s sad just to see a lot of us suffer believing that our country would help us out, and they’re not doing anything for that.’
Tajani’s student loans are on hold due to legal issues with President Joe Biden’s new SAVE income-driven repayment plan.
The plan has brought her monthly payments down to around $250 from nearly $600. She’s now waiting for the final court ruling on the plan.
The nurse, who worked on the frontlines during the pandemic, expressed feeling worn down and defeated – but despite her setbacks, Tajani is still hopeful
Tajani is one of many American’s struggling with debt.
The New York Federal Reserve recently reported that credit card debt in the U.S. has hit a record $1.14 trillion, with balances increasing by 5.8 percent over the past year.
With credit card interest rates at an all-time high, paying off debt has become even more challenging.
The nurse, who worked on the frontlines during the pandemic, expressed feeling worn down and defeated.
‘I’m trying to get on a budget, trying to cut back on expenses, and it’s been hard. It’s been really hard,’ she confessed. ‘We basically retooled ourselves, but then we get punished at the end.’
Despite her setbacks, Tajani is still hopeful.
She now works at Mount Sinai Morningside in New York City. Despite now earning a six-figure salary, Tajani finds herself unable to make significant progress on her debt while covering basic living expenses like rent
‘Right now, we just wait and see what happens. I’m hopeful they’ll do something because I’m sure the government doesn’t want people to default, and that could affect a lot of people’s livelihoods,’ she said.
‘So I’m hopeful something will come about, but I just don’t know when that’s going to happen.’
The dream of homeownership seems increasingly out of reach for many.
According to Redfin, the median home price in New York has soared to $850,000 a nearly 6 percent increase from the previous year,
Adding to the challenge, mortgage rates have skyrocketed in the last year, pushed up by the Federal Reserve’s aggressive interest rate hikes.
The average rate in on a 30-year fixed-term mortgage fell slightly to 6.46 percent in the week to August 22. But it remains more than double the 2.87 percent rates offered in the same month in 2021.
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