30 Alarming Posts About How The Student Debt System Affects People’s Lives And It’s Terrible
The student debt crisis has become one of the hot platform topics for candidates on the 2020 election circuit, but for the people it affects it is more than a campaign strategy. Tuition and fees at public and private schools rose at roughly three times the rate of inflation between 2007 and 2018, according to a College Board survey. Borrowers currently owe more than $1.5 trillion in student loans, an average of $34,000 per person.
The list below is a collection of tweets from people explaining how the U.S debt crisis evolved to this point or sharing their stories on how student debt has impacted their lives since graduating - and they may shock you or be sadly relatable.
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I totally understand. We started with nothing, but you are starting in a huge hole. Universities have priced themselves out. They are too expensive. We should offer more apprenticeship programs so you either pay nothing or get paid while learning your job.
Can someone explain the calculation here? We do take home loans in India, but the "amount owed to bank" keeps decreasing, not increasing.
This should be higher. It should incite a riot. Americans are too busy getting stoned and watching Game of Thrones.
The important question: are you happy they didn't let you get the tattoo?
Must be nice to be one of the lucky ones. I went to college after raising my children and still ended up with $40,000+ in loans. Now my salary isn't enough to live and pay loans. Their "programs" do not help. Wish I had never gone to college. My Masters is worthless.
As a swede with mostly free schools and low cost state loans to cover other expenses it is so horrifying to read all these tragedies :'(
Just wow.. I only pay 25 USD each month during 4 year of college.. Then (because I work while studying) another 50 USD each year for 2 year of extention.. Totally I spend around 20 Million IDR (around 1.500 USD) till graduate.. #asian
With interest it could become that much and the sucky thing is our children will probably be responsible for some of it
The difference is reimbursement of inventory, must be well known around there or they'd have offered an explanation. The printer counts the paper usage, so if you take paper out before it's been 'printed' they lose track of how much paper is needed.
OMFG I'm surprised boomers aren't being slaughtered en masse in the USA. Pro Tip: Start with the politicians...
Yes, anyone had a rich mother fixing good jobs, free condo and grandparents who gives you free lodgings. How silly of me not to think about that! Please tell me this is from the Onion...
You guys in the U.S. need a revolution or something!
Yeah, it's insane. I graduated with a bachelo'rs degree in my home country in 2011 and was super pissed that I had to pay tuition for a couple of semesters (it's abolished now). I was about 2800 Euro in debt and paid it off in a little over two years with monthly payments of 100 Euro. And I'm still super angry I had to do that. Can't imagine how fucking pissed I'd be if I were in debt for 20+ years just to get an education.
I have an MBA and $120,000 in debt. I'm on a 25 year plan where my payments don't come close to covering the interest each month. After 25 years of payments the debt will be forgiven. By that time I'll be 58, my daughter will be 30. Welcome to America.
Who paid for the rest?
It's coming, and probably sooner than I like to think about. 2020's election is going to be a sh*tstorm no matter who wins. If the Cheeto-in-Chief cheats his way to another victory, he'll declare himself emperor next. And if he loses (which he already did the first time), his uneducated, willfully ignorant, bigoted, gun-loving supporters will threaten another civil war. I desperately hope I'm wrong.
You are one sour bitch.
Hear me out. DON'T accumulate student debt. I think everyone can agree that you are perfectly capable of working full-time in the summers starting at the age of 16. Until you go to college you will have 3 full summers to work and save money. The average job will land you $10/hr for students. This gives you $10,000 after taxes and expenses like gas money, fun money, etc. Use this $10,000 to go to community college and get your general classes out of the way debt free. Or if you want an associates degree or trade school, College is paid for! Done. If you want to get a Bachelor's, then take a year off after your first 2 years and work. You can work and make enough money in the 15 months to pay for another year of expensive college debt free. Rinse and repeat. I graduated college in 6 years while working full time zero debt. Now at age 30 I have no car loans, and only $40k left on my mortgage. Meanwhile, idiots in this post signed their adult life away and are still behind me.
It is beautiful that you were able to do this. But this might not work for everyone / all degree desires. And you may have had mentorship or foresight that others did not (and possibly had a place to live and food on your table). The point is - it shouldn't be this way! No one should face lifelong debt to achieve a career. Any career. The student debt crisis is real - you evading it is a blip in the data - you are an outlier. They are not idiots.
@Jennifer Goyette name me 1 scenario where you cant do this
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There are a lot of things screwed up about the system over here, the education system is just over if the many things needing to be fixed despite an obstinate government.
It will happen in a couple decades if things keep going at this rate. People need to feel their stomachs rumble before they get up and fight back. It’s always been that way everywhere.
How about dont take out loans? Dont voluntarily decide to do something foolish and then bitch about how it sucks now. These people are fucking embarrassing.
Nah, not sacrificing my human rights just so you won’t be mildly uncomfortable, wuss.
Maybe see if China could annex the USA and run it like it does with Hong Kong? At least the education will be better.
Wait you realize that China doesnt run hong kong? It was run by Great Britain until 1997 and Hong Kong is independently governed until 2047. They are rioting now because they DONT want Beijing to interfere.
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Nah, we're good here
We NEED a better education system, period! It's beyond upsetting :'(
What you NEED is to stop taking student loans. take time off, save $$$, and THEN go to school.
Please don't forget about trade schools. I went to a 9 month trade program 2 weeks after graduating high school. By 19 I was working in my trade. College is not mandatory!
I so agree with this! Manually skilled jobs have had a "bad" reputation, but plumbers, electricians, carpenters etc...are making loads and are always in demand!! I am actually encouraging my kids NOT to go to uni, because they'll have a better chance at a good life.
I have 2 kids in college now in the US. When they apply for financial aid every year (everyone is required to apply whether you self-finance or not), the financial aid packets lump scholarships, grants, work options and loans all together. It looks like the school is going to give you all this money for free. They don't explain that some of it is loans. In addition, interest rates can go up at any time, even years after the students take out the loans. My kids are fortunate that I can explain this to them, but a lot of people don't understand the system and the colleges don't care who goes into debt, so they don't try to warn students because they want lots of attendees. The whole practice is deceptive if the students are not hyper vigilant.
What law requires you to apply for financial aid? Nobody is required to. If you want federal aid you have to apply but if you don’t want federal aid, there isn’t a law that requires you to apply?
In california the technical or trade schools, for residents of the state, the price is 500 dollars per semester, for those of other states close to 4000 dollars. they leave there after 3 years as builders, nurses, electricians, welders, it is an economic option, and there is even, a lot of financial, private and state aid to pay the semester and study materials.
As someone who is entering college next year this is depressing as hell. At least I'm going to an applied learning school where I'll actually be able to get some paid internships during college. Still crazy I'll already be 20,000 in debt after one year tho. I'm looking into a school in Europe to transfer to after a year or two. I just don't think at 18, I'm ready to move to another country. No school in Canada is noted for my major either.
You’re more ready to move to another country than you are to tackle life long debt. Take it from people who are older than you.
Wait, why are you being downvoted? I'm not being sarcastic, I'm actually wondering what people thought was wrong with your comment
How about you not take out loans? Take a year off, work full time (or more) then go to school the following year with no loans. Think about it. Put it on hold for 1 year and save 10+ years in loan payments.
@Louis Holler no it doesnt. Want me to do the math for you? The ONLY way your claim is true is to go to a private university at $35K per year which is irresponsible as fuck. I did it... it can be done. If you think it cant be done, perhaps you need to go back to school and take a math or personal finance class.
it takes over 2 years of working minimum wage to pay for less than 1 year of college. and thats if you dont spend any of the minimum wage for living expenses. so I guess you could work for 10 years and not eat or pay rent, then go to college ...lol
All of this is just insane. It's like punishing people for wanting an education. My entire bachelor's cost me no more than $900. Ridiculously high tuition fees aside, how is it even legal to have what seems like 50% interest loans? For students?!
This is just absolutely crazy, why even bother?
You may just be the smartest person here.
I didn't bother. I'm glad tbh.
I graduated with a bachelor's degree in 2007, and then there were no jobs. I got a job that paid $12 an hour and was lucky then because unemployment was skyrocketing. I lived with my parents and I would not have made it if I had student loans. I paid my way through college and I graduated with 0 debt. My trick, I went to a cheap school and I only took classes I could pay. I never got student loans. I used a 0 interest credit card when I needed it and paid it off or transferred before it could accrue interest. It took me 6 years to get a 4 year degree. I took half of my classes at a community college and transferred them to a university in the same district. I did not party, I did not attend games, I had no college life. I worked and studied and occasionally slept. This is what it took, it was hard, it was painful but this is the only way you can get a degree without any debt unless you have a sugar daddy or rich parents (sadly I had neither).
I went to all cheap schools too and worked too and started at a community college too and it took me 6 years to graduate too and I still had loans. It's not the tuition that's the problem it's the living expenses that are the problem. Just because you got lucky and managed to graduate with 0 debt doesn't mean anyone can.
After reading all this I had a revelation. My daughter is currently 7. When she graduated high school at 17 I will rent her a condo/apartment in a other country that offers free/low cost tuition. It seems the cost of rent would probably be cheaper than tuition here.
she could also take a part-time job depending on her major in that country
Or she could get a job and work and pay for college in cash... but thats too logical. Lets go with send her across the world instead!
He isnt saying send her away for high school.... we are talking college.
Other countries far surpass American elementary/middle/high school kids by 3-4 years. My neice was adopted from the Ukraine at 15 She had lived in a stark orphanage since she 6. Yet she is trilingual and 3 years ahead of her classmates in Colorado
at this point, I failed to see the merits of capitalism to you American, except to your very rich.
Thats probably because you think the education system is capitalism... its not. Its socialized due to taxpayers subsidies.
This was jarring. I'm thirteen years old, and even though I knew the student loan crusts was bad, I didn't grip the reality until now and it's just like, well, I guess this is my future now.
Is it possible to go to study outside of US? After reading all these I would be very discaraged from studying in US and just take the job instead. Seems to be better deal.
In France a Master's degree is about 250 euros. As a general rule "study abroad" programs in the US are by and large shams trying to make a big buck along the way, be very weary. It became mainstream, but this next generation should change course and is smarter than that. If you want a short-term "study abroad" experience, direct enrollment is the way to go to save unless you're chasing the bells and whistles of a custom-crafted program (maybe created through a cooperation with your own university), granted you may have to take on the task of a little extra bureaucracy. But by direct enrollment and with some extra research and legwork, you'll save a ton.
Dont go to college right away, dont go to a fancy school, consider a trade (which the country is in desperate need for more trades people), take a year off between your 2nd and 3rd year and work and pay for everything in cash. Its simple... but most kids want to party at school. they want the college experience.
Who is going through here and downvoting like crazy???
Conservatives.
Logical people who realize that all these people complaining could have just taken time off before going to college to save money, then pay for college in cash.... and then you have no debt.
How do you save the tens of thousands of dollars required for college while working a job that doesn't require a college degree or trade school? $8 or $10 an hour isn't going to get you very far. You're assuming a lot- that a parent can afford to buy their kid a car to get to work, that it's an option for the kid to live at home. That's not everybody's situation.
Must be very easy for you to say.
Ok, will you pay their bills while they take time off?
@Bob Beltcher, hey Bob you realize that kids who don't go to college right away stay at home? So long as I paid for my gas and insurance and helped out around the house, what asshole parent would not allow their child to be responsible and not dig themselves a 20 ft hole filled with crippling debt? Also, taking time off from school doesnt mean you dont have an income... you have MORE income when you are not in school full time. People like you are why Pop Tarts come with instructions.
Capitalism
Correction: American Capitalism. Other countries have figured out how to balance private and public. The US has not. There are private prison companies for some reason among other crazy things that should not be private in this country.
Nope, just capitalism. Other countries with better living standards balance capitalist and socialist policies, taking the best of both. Capitalism by itself is what is happening in America.
Random Panda, you triggered some fearful people with the mention of socialism (something they benefit from daily here in the US, but don't really understand it, so they are knee jerked over it)
Random Panda that is what I basically said. Private and public are euphemisms for Capitalism and Socialism
Correction... Idiots signing up for debt. Capitalism allows for that same person to take a year off, work, save $$$, then pay for school in cash. But that same person decides that its better to sign up for debt???? I feel no sympathy for those idiots.
Why we need to have student loans dischargeable through bankruptcy. Right now, you can file for bankruptcy and STILL have to pay back student loan debt. So fucking stupid. And never, and I mean never, go to a school like Devry.....they do you NO GOOD and they prey on people desperate for a higher education. It's an all debt, no upside proposition with them.
Sounds like a way for you to skirt the consequences of foolishly signing up for student debt.
Yep, that's America. Pardon, "Murica". Who needs education and health care? *headdesk*
I am an attorney, and graduated law school in 1997 with $97,000 in student loans (undergraduate, grad school & law school). I consolidated for 30 uears at 8% with the federal government, as that was the best deal going, with some of my loans unsubsidized and the subsidized ones at 10%. I am not able to refinance. I have paid &677.63 a month for 20 months (I deferred for 2 years). That is $162,000, and I still owe $50,000. My first 10 years, less than $200 a month went to principal. I will end up paying aboit $250,000 - $275,000 on $100K. It is disheartening.
Oh my god.
That should be $677.63 a month for 20 YEARS
Well that was completely stupid of you to take out student loans instead of taking time off to save for college.
Sure. A year off with a highschool diploma should be plenty of time to get $97,000 in disposable cash!
You dont need 97K in cash at once you fucking idiot! You can get a law degree by taking your first 2 years at a community college (10K total), then transfer to a university (not private) and pay just short of $10K per year. So yeah if you start saving when you get a job at 16 like responsible people, then its entirely doable even with a little fun money spent. Clearly you didnt pass your personal finance class... or even took one.
Canada is just as bad. I was denied admission one year because I missed it by 3 days (I had finally decided what I wanted to go do. Cost for the year of education was $3500. I signed up the following year, cost was $10,000 for the year. Now I see graduates coming into the hospital and the debt they get for it is crushing. I paid off my student loan with a bank loan that I paid back in 2 years. The student loan system is a joke! I've been saving for my kids educations when they come of age, They'll each get $20,000 and I pray to god it's enough to help them get into a good profession
This makes me not regret dropping out of high school & getting a minimum wage (7.25 @ the time in PA dunno bout now maybe 7.50) job at McDonald’s. I now make $9/hr at a local diner. My only debt is around $2,000 I owe on a credit card. This system is straight up INSANE. My poor life decisions ended up being a hell of a lot better than what HS/our parents/boomers were pressuring us all to do. No words for how fucked up this is. Other than fucked up.
In american schools they teach nothing for six digits $ in dept. Hilarious. The web is full of posts proving americans no nothing about biology, anatomy, geography, math, physics, history etc. And to learn that nothing they are in debt for 20-30 years. But they have the biggest churches in the world. Wow. Better leave school, buy books, read em, learn em - no debt and real knowledge. The rest of the world can't comprehend why they have to pay 100 000$ to not know what homo sapiens is and to think women lay eggs when in their period. Ridiculous!
And the USA have the unmitigated gall to claim they are the greatest country in the world. Newsflash, if you cannot give your citizens the basics such as universal healthcare and education for all, you are broken.
No country is the greatest. Some of us were brainwashed to think so...but I certainly see room for improvement.
I am not against Institutions charging fees for the degrees they offer, but it should not crippling to students that they have to take up loans which they are not able to clear for more than a decade. Look at how the Scandinavian countries have changed the education system. The US is increasingly bringing up a generation of high school graduates without access to affordable education. The void is then filled by migrants who are able to afford such an education. Those who are blaming an influx of Asians or South Asians or even others don't realize that the problem can be solved at home. If there are reports that point students turning to sex work to tackle rising tuition fees, not ready to settle down and start a family, then its high time that the country needs to wake up.
My son is 10 mo old and we’re already saving for his college. And I know by the time he goes (if he chooses) it probably won’t be enough.
What law says he has to go at 18? Are you so hypnotized that you cannot see the other options???
While all these stories are heartbreaking, there is another side to this story. The US churns out too many 'college' grads. Colleges are a big business - and the supply of grads badly outweights the demand.
That is one good point. To many colleges have become diploma mills with classes that don't fail anyone. You need a Masters anymore because so many Bachelors are just remediation for a failed High School.
Wow, it's really stressful to read this. I mean that's crazy. I'm from a country in EU, and going to college/university is free in my country, as long as you don't fail a year.
You do pay for it - taxes are 4x higher. Nothing is free.
Try pulling a figure from an other orifice next time, your arse is not very accurate.
Yes, the same in my EU country. If you fail a year, you pay usually still less than 1k for it.
I just graduated college and will start making payments next month. I can only pay at most $100 a month due to the financial hardships my mom and I are currently in. When my dad died less than two years ago, nothing was left behind and we lost a third of our income. It's been hard for us to recover financially, let alone emotionally from that. It's projected for me to finish paying off my loan in just under 30 years
It's very hard to avoid all the news from across the Atlantic Ocean (USA)... But really, I had no idea it was this bad for students. I can't even imagine how I would feel at peace with my daily life if I worked hard for and education and knew I would be in depth for... most of my life? Damn. I feel for you!
Not sure why Millennials think this is exclusively their problem? I know people who have been paying back student loans for 10-15 years.
The oldest millennial is 38 this year.
My 44 year old Aunt just paid off her student loans. Its been a problem for decades
10-15 years... Those are still Millennials.
And this right here is why I didn't finish my Bachelor's.
Could it have something to do with your username? Thats a pretty good indicator. After all, you could have taken a year off and worked and saved money... but Im betting it was more of the laziness that you openly call yourself.
Once again you prove that everything is simply black and white to you. You don't know what this person has gone through, or anyone for that matter. Stop it already.
In the Us, it's eventually better to be a plumber than a lawyer....at least you don't start your career with debts
Ask them all, most of them will be against welfare state. I stopped caring about Americans long time ago.
Move to Canada. Tuition is way cheaper and in many places student loan interest rates are only 2.5%. They have some quality Universities to go to.
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Im so I glad I dropped out of college.
I think we need to educate highschoolers about the reality of student loans. I think we need to work towards free colleges or some way to make paying for collage some percent of minimum wage. I think to big to fail is fucking crap and not part of the free market. Everything on this earths grows and dies, why the fuck wouldn't businesses do that too....
It has reached the point where most Americans would be financially and professionally better off never going to college. They would earn more and probably have a lot less stress just joining the workforce immediately after high school, with no debt.
Here's an idea; if governments made big corporations/CEOs pay the correct amount of taxes, and religious institutions were abolished (Who made the church tax exempt? Idiot...), along with removing other "necessary" payments (TV License, for my fellow Brits), etc, plus a few more tweaks here and there, we could make education entirely free, improve healthcare, and hopefully give more to workers who need it, like farmers. Oh, and sanitary products for ladies hosting Aunt Flo should be significantly cheaper, and more accessible.
A traditional 4 year degree isn't for everyone. I graduated HS in the late 90s where they tried pushing college as a one size fits all. The tech programs in HS were where the troublemakers got sent. Fast forward 20 years and my 3 buddies who got sent there own their own welding shops and are millionares
I went to a private college on a football scholarship, long story short I was injured and could no longer play, so not only was I immediately dropped from the team, I was informed that my scholarships were now null and void. Needless to say, I could no longer afford to attend and dropped out. My debt total for TWO semesters? $29,000. Mind you I could barely walk or stand for long periods of time so they went unpaid for awhile. I dropped out in 2003, I finally made my last payment in 2012, total money I had to pay back? $73,275... That's a big reason why I'm going to be 36 years old this year and I am just now finally in a position to buy our first house and finally own a dependable vehicle that is only 7 years old... I can't imagine how bad it is for those that actually finished a degree and started paying back loans way larger than mine.
2) ALWAYS APPLY FOR FAFSA, even if you don't think you qualify. Always look into grants/scholarships. There are a TON, particularly for underrepresented populations/minorities. 3) research the careers you can get with the degree you want. You might love art, but forking up thousands for art school is almost never practical... I'm not saying it NEVER is, just rarely. Get a degree with a wide skillset... a lot of jobs don't care what your degree is specifically, just that you have one that shows the skillset that they need. 4) finally, you DO NOT have to go to college to be successful! I know people without a degree that do loans and make 80k a year. A degree isnt required as long as you explore your options. Hopefully this gives a little hope to those just getting out of highschool!
While I empathize with those dealing with this, I wanted to let others know that it is NOT inevitable. I got my undergrad at Cal State Fullerton and am a year into my masters with NO student debt. My parents helped me pay for books my first semester, but that's all. Here's how I did it: 1) you do NOT need to go to a super ritzy school unless it directly impacts your career prospects. I am going to go for a doctorate in English, so I learned that the ONLY college that directly impacts my ability to get a tenure-track position after graduation is the one I go to for my Doctorate. I did my first two years at a junior college, which in CA is 100% covered by the BOG fee waiver if you are a CA resident. I did my second at csuf, which is less than 3k a semester. I'm still here for my MAmy
Took out $12.5K in student loans. Have paid $13K over 20 years. Still owe $12.5K in student loans. How is 200-300% interest even legal?!?! For an education?!?!?!
...yet people keep going to college instead of vocational school because they're brainwashed into thinking college means anything.
as a future college student that is fortunate enough that her dad can pay off my college tuition, I feel scared that even if my dad will pay the government will somehow find a way causing me to go in dept
What if you move to another country and just don’t pay it?
No one is talking about the crushing Parent Plus loans that working class parents have to take out to afford their kids to attend college . PP loans also are compounded with interest and reach a amount that you`ll never be able to repay while you are paying as much as you can each month keeping your parents from retiring and having them die at their jobs ~
I give scholarships to and mentor college students and it horrifies me that they have NO idea what they owe until sometimes right before graduation. There is NO college education that is worth a quarter of a million dollars. Being financially literate and gauging what their future income will look like is key. Also, blaming Boomers for being given a shot at auditing classes, paying little, is not going to solve the problem. Those senior citizens are helping to subsidize education, not taking anything away from typical students. There is NO question that loan interest is a curse and that needs to be resolved but personal awareness of what the financial burden will be is crucial.
I keep hearing about the skyrocketing student loan/debt issue - but I've yet to hear ONE reporter or talking head ask the REAL question: HOW do these institutions of further education JUSTIFY these rising costs? All I hear is complaining, anger, and politicians pounding podiums while promising to do "something" about it - and that's it - just lip service. I want to see the deans and heads of these colleges brought into a hearing and have them publicly explain exactly WHY the costs of attending their schools have disproportionately risen over and above practically every other cost of living metric known.
My student loans make me anxious. I tied myself to the whipping post by going to grad school. This is predatory lending. The banks fucked us over and the government bails them out. We can't make our payments and they don't even cut our interest rates or do anything to help us out. U.S. Government = legal mafia.
My son wants to be a professor. I said, well You d better get a scholarship.
Just 1 of those aircraft carriers the chump is banging on about would pay off all USA student debt. Aren't they building 3? just sayin
Is that the same country that came to independence via a riot about tea-tax?
So... why should I keep living again?
Only took me two decades to pay off a defaulted loan on a major I stopped using two years out of school. Still, I use Sallie Mae as an excuse when able-bodied panhandlers ask me for spare change.
I think that this makes me pissed all over again. I hate my loans and wish I had never went to school. Had I known having this debt would affect everything in my life, I would have made a different choice. Horrible idea...the debt isn't worth it.
n
(Continued from below) My icing on the cake and restore fairness to the system: 1) Repeal the Trump tax cut for the corporations and the rich 2) Repeal the G.W. Bush tax cuts for the rich 3) Repeal the Reagan tax cuts for the rich Those repeals will balance the budget and repay the national debt. Last but not least, remove the earnings cap on Social Security Tax on incomes about $125K. That will insure the program will be solvent for the next 75 years and permit the younger generation paying into Social Security will actually collect the benefits they paid for.
I agree that many tax cuts for the rich need rescinded. However, SS is an archaic black hole. Defined Benefits failed - Defined Contributions (401k/HSA) succeeded. SS cap should be lowered to $50k and the welfare cut out of it. Money over $50k is better invested.
So instead of decreasing spending overall, your solution is to remove tax cuts for corps and the wealthy (who have busted their asses to be successful.... punish them for being successful) and magically you think the govt will all of a sudden stop spending irresponsibly? You are a special type of naive to think that would work.
We are headed for a crash, the economy, the dollar, and most everything is going down, If you have debt, hyper inflation is good. You pay off debt with inflated fiat currency. If we have deflation, that is bad. The dollars paid back will be worth more than the value borrowed. Liz Warren has the best solution. Have the top 1% of the top 1% (about 30,000 people) pay a penny on each dollar they make over 50 million a year. Here's the effect: 1) All student loans forgiven 2) Free college education for anyone who desires an education 3) National health insurance for every man, woman, and child in the USA. Most of those 30,000 don't want to pay that penny. We have around 140 million voters and we outnumber them. Unite as Americans and fix this in 2020. It is the only way a generation will be spared a lifetime of grinding poverty. Time for us to vote in our own self interest and not for the benefit of our corporate masters. (To be continued above)
Part of being a Smart Student is to select a school that you can afford. I graduated with no debt.
I've never paid the Australian government back for my education because I don't make enough money to qualify for repayments. Suckers!
Way to live up to your potential
Game shows. Game shows, game shows, game shows, game shows. When everything else fails, of course.
The scary part about student loans is that even if you end up making enough money to afford to pay (years down the line), any missed payments ding your credit score. Since graduating in 2009, I have 7 missed/late payments (because, life), and those have screwed my credit score SO much that I am now in a predatory car loan. Don't have access to a house loan or 1st time home-buyer programs. Only have offers for credit cards with a 36.5% interest. Yes, you read that correct, 36.5%!!!! So yeah... even when you do start crawling out of one financial ass hole, you are stuffed right into another.
Yes welcome to the world of credit scores. If you forget to pay a verizon bill on time it dings your credit score. Thats a YOU problem, not a student loan problem.
These stories are heartbreaking, and make me angry, very angry indeed! We definitely need a revolution in the USA because this country has so many things horribly wrong with it. Let us hope that this revolution will be a peaceful one, and it can be. Get out the youth vote! Get out the progressive vote! Make sure all your progressive kith and kin are registered, back truly progressive candidates running at every level, offer to drive people to the polls, do your homework and VOTE! The 2020 elections may be our last opportunity to turn this country around - by peaceful means.
It's time for America to put a cap on the racket of student loans. This needs to be severely regulated from where it is now. You don't have a chance to get ahead at all.
Its already highly regulated... part of the problem is the regulations and the subsidies that are tied to college education.
Okay, I'm not from the USA and I'm genuinely curious- why is tuition so high? Do you get student housing and food coupons or a canteen out of the deal? What do the universities do with so much money? Why doesn't the state finance at least part of it?
For profit colleges and universities.
One school near me added $5K a year b/c it built new dorms to attract students. Why a dorm would attract students more than academic programs, I don't know, but I'm old....
Because the system isn't set up to benefit students. It's set up to make money.
It's to pay for entertainment to attract more students. Rock climbing walls, ice cream socials, etc.
So rich people will get richer.
Government subsidies for universities
As an international student in Korea, my "entrance exam" was an admission interview (pretty much like a job interview). The professor asking me questions mentioned several times how expensive the tuition fee was going to be and whether I'd be able to pay for it all. All I could do was smile and confirm, "yes, I'll find a way, yes I can do it". But really, when I got out of that room, I was pissed. I mean, it's not like I didn't know what I was applying for. Besides that, the guy who was interviewed with me didn't get such a treatment. Ah well, at least I passed and graduated successfully. Btw, if you're curious, it was HUFS (I'm super satisfied with this university), and the tuition fee would vary each semester, but it was usually more than 3 million KRW, which would roughly translates as 3000 USD per semester.
Whilst Australia is also bad, it certainly isn’t as bad as the US system. My brother went to university and did 3 degrees. He now works but in a field that has absolutely nothing to do with what he studied. He tried for 2 years actively looking for work before he managed to get a job. We have an unemployment crisis and you can’t be picky where you work if you want or need a job. Sometimes a degree is worth nothing but costs the earth.
I feel incredibly fortunate in where I am. Parents let me stay home with them, first year of Uni paid by the govt and in a course that will give me so many career options. I will only need to pay around $14,000 in loans once my bachelor is finished. (This is in New Zealand). This crisis is not acceptable in any way, the status quo needs to change.
What’s the alternative? Government doesn’t have a pot of money, the only money it gets is from you and me. And I don’t want to fund people doing web design degrees, sorry.
What many fail to realize or acknowledge is this: if higher education becomes "free" (and nothing is really "free"), the only schools that will be available for "free" will be state schools and community colleges-meaning that there will be years' long waiting lists to enroll (there already are, at community colleges for popular majors, like nursing), very limited ability to select the major of one's choice, significant increases in class sizes, etc. Comparisons to the Nordic countries (not all of which offer "free" education in any case- along with a 60% public tax rate, in some cases) ring false-as the population sizes of these countries compared to that of the US (and so the population of prospective students) are very small, and so providing a "free" higher education to the masses becomes more feasible and more easily accomplished. Don't think the US government is going to send you to Harvard and foot the bill. "Socialism only works until you run out of someone else's money."
My student loans are hefty, but It made me learn how to manage my money and expenses. It's not easy but I get by.
But trump is #makingamericagreatagain isn't he?
Are you dumb enough to think Trump is the reason college is so fucked up? Stop being a foolish sheep and open your fucking eyes. If your dumb idea was right, those who graduated prior to 2016 wouldnt be in debt.
If I had to pay for my schooling I wouldnt have done it. And unfortunately college was a waste for me. i couldnt apologize to my parents enough for their financial assistance. It should have gone to someone else. Im wanting to earn as much as our family can to pay for their college, I dont need my kids to go through this student loan crap.
I have 40k in student loans and I just finished my masters. I'm 45. I made more money before I went back to school. I went back to school and acquired debt because I wanted to work in this field even though I knew I'd make less money. You don't have to go to college at all and just enter the workforce. You will make as much or more than someone with a degree. You don't have to acquire debt to live well.
You don’t have to, but it’s harder to be taken seriously.
Dearest Cry Babies, If you don't have the money to pay back loans, don't apply for them. Not everyone should go to college. There are plenty of awesome trade schools where, after you graduate, and work really hard, you can lead a successful life. You can always move to another country if you don't like the Great USA. We won't miss you one bit. :)
You make it sound like it's 100% free to move to another country and requires no paperwork or anything. Are you going to pay for everyone who wants to move to a more reasonable country to live a better life? No? Then stop saying that nonsense.
What is this the Boo Hoo generation?! Loans are exactly that, a loan. You take it you pay it back. If you don’t have a look at the job market and think I should get a degree in computer science because that’s where the jobs and money is, instead get a degree in Art history or some other wishy washy degree with little to no prospects of a career at the end of it You only have yourself to Blame! God!
You sound lazy as fuck.
The person who says to get a job in a lucrative field sounds lazy?
Did not a single person do the maths to figure out how much they were going to owe? Or what the payments were? Is everyone that bloody stupid? You went into debt eyes wide open. My son worked through college and law school and got his loans paid off in 3 years.
It is easy and common the blame the government for having so much debt. Why doesn’t anyone look at schools and ask why they had to increase tuition so much through the years? Private nonprofit four-year institution Tuition for 1987-1988: $15,160 Tuition for 1997-1998: $21,020 Tuition for 2007-2008: $27,520 Tuition for 2017-2018: $34,740 Public four-year institution Tuition for 1987-1988: $3,190 Tuition for 1997-1998: $4,740 Tuition for 2007-2008: $7,280 Tuition for 2017-2018: $9,970 https://www.cnbc.com/2017/11/29/how-much-college-tuition-has-increased-from-1988-to-2018.html
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The govt should fund at least part of these schools the same way education for kids gets funding.
why? many private schools have tens to hundreds of millions of dollars in endowments - public universities receive state funding
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I went to 8 years of college in the USA and paid off what I owed the first year working. How? I worked summers, worked some during school, didn't spend much during school, chose a good state university, chose a good major, and managed my debt. My parents couldn't afford to pay anything other than my health insurance. If you're complaining about debt then you're complaining about your own choices - time to own up to your decisions.
You are making up stories to make your failed argument work. You can NOT work through the summer to afford a year of school. Stop lying.
Stop Grumbling and accept that some people make hard working, smart choices that can work out.
You make accusations of lying without anything to back it up. I worked 120 hour weeks digging fire line during the summers. I chose good majors and now make 6 figures. Do some actual research instead of throwing out baseless insults.
You are clueless and privileged.
But you obviously didn’t even get a good education so even after all of that, it wasn’t worth it.
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Part of the problem is useless majors, art appreciation, music, recreation, women's studies. These should not be majors at all. You cannot get decent paying jobs in these fields and yet so many people go into them. People need to focus on majors where there are guaranteed jobs, business management, healthcare, engineering, etc.
If they’re useless then the cost should match the value. Useless things are free or cheap any other time.
What Blowe forgets is that EDUCATION isn't useless. He thinks it's only valuable if it's commercially viable. Sadly we lose a lot when we don't value art, literature, humanities, etc. A real loss. We end up with short sighted people like Joe Blowe.
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Don't take the loan if you cannot afford it. It's that simple. You cannot simultaneously claim to be an adult and that you were taken advantage of for the loan. This was your choice. You could have gone to community college, could have worked your way through college. You could have also obtained a degree that would see you make money, rather than a worthless degree. Oh, and don't forget, the biggest explosion of student debt came when Obamacare put the whole loan system under the control of the federal government.
Oh dear god federal loans have been a thing since the 50's. What kind of delusions are you under trying to blame the Obama administration for the mess this nation is in due to loans???
The whole point of this article is that in the 50's the loans were easy to repay, but in the last few years it's gotten harder and harder so yeah, Obama was in charge for a large chunk of the time it's gotten brutal so even though he's not solely to blame, he did nothing to try to curtail it during his administration.