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30 Americans Share Their Student Loans And The Rest Of The World Can’t Understand How This Can Be Real
Higher education is meant to get you ahead of the competition. But if you study in the US and have to pay tens of thousands of dollars for it, in a way, the diploma also sets you back. While the country remains the world's most popular destination for international students, it's also among the most expensive choices. However, the locals have a pretty hard time paying for it too.
A few days ago, American Twitter user Wee-Yum shared a screenshot of their student debt: $82,649.35. "This is my student loan amount," they wrote. "I don't stress because it ain't ever getting paid off." In order to find solace, Wee-Yum asked others to share their numbers as well.
Since this has been such a hot public topic, it didn't take long before the tweet went viral. Generating over 93.4K likes, it has received plenty of replies with staggering dollar amounts. Sadly, you can feel that some of the people who shared them seem pretty hopeless about it.
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The data on the topic is becoming difficult to comprehend: the total amount of outstanding student loans reached an all-time high in 2020—$1.6 trillion. Based on the current rate of growth, this number can reach $2 trillion by 2024.
About 43% of Americans who went to college took on some form of debt in order to get through their studies. However, when it comes to today's students, the situation is even worse. Roughly 54% of them need to borrow money to cover their educational costs.
Most of this debt is carried by younger adults. Borrowers between the ages of 25 and 34 carried roughly $498 billion in federal student loan debt as of the second quarter of 2019. Adults ages 35-49 carried even more debt, with student loan balances totaling $558 billion. Meanwhile, those who are 50-61 owe about $230 billion in student loans.
Kelley Marie, one of the people who contributed to the thread, was already a mom when she took her student loan. "I knew I needed to do better for myself, for [my kids'] sake as well as mine. I simply could not afford college on my own, so it was a risk that I simply decided to take," she told Bored Panda.
Her total debt at graduation was about $65k. "I have both federal loans and private loans," Kelley said. "When I first graduated the payment was undoable, something like $750+ so I deferred my federal loans and ended up on interest on for my private ones. It piled up for the first several years (my first job out of school only paid about $30k) and at that time I was a single mom to two kids."
The program Kelley wanted was a private university and there wasn't another one in the area where she lived. "I want to say that maybe I would have chosen another field, but that really sucks to be stuck in that situation. I don't know how I could have worked more (I freelanced during college) between full-time classes and being a mother. But that being said, my older girls are now 18 and 16, and I am pushing them to take out as few loans as possible. Me drowning in my own loans kept me from saving for their education. But I can help them navigate the system in a way my parents did not. Searching for jobs that offer grants, and comparing schools."
Another Twitter user who shared the details on their situation was @LBoogie5. They said they wanted to complete their dream of going to and finishing college and also didn't have a way to pay for out of state tuition.
"I took about $80K in federal loans and $50k in private. With compounding daily interest the amount owed ballooned to $195K," they said. "I have since paid off the higher interest (12%) private loans ($70k in total) and some of the federal loans, leaving me with $103K left."
If they were to go back and do it all over again, @LBoogie5 said they would not take out the private loans as they don't have much payment flexibility.
Izeek Onigbiinday said they didn't really think about it when they were applying for their student loan. "I was more focused on school and making sure I had enough money to be able to pay for my classes," Izeek explained.
"I went to a private out of state school so it was pretty expensive, about $40-50k per semester, plus having to borrow to cover my fourth year since it was all rotations which required living in different states and getting an apartment which all had to come out of pocket on top tuition."
"If I could do it again I would borrow [too] just because the reward of my career now is worth it," Izeek said. "As a pharmacist, I make enough to pay for my loans and not have to paycheck-to-paycheck and I am grateful for that. The only thing I would probably change is deciding to go to medical school, only because I would have the opportunity to specialize and make even more money."
For Scott Quenette, another person whose tweet you can see in the thread, a student loan was the only way to go to college so he took it on as a necessary evil. "[My] loan total is around $150k, including interest," Scott told Bored Panda. "I've paid $18k so far and it's all been interest so I just assume I'll be paying it forever. It's all federal so it's manageable. Just an annoying bill every month."
If he were to go back in time and plan his higher education all over again under the same circumstances, however, Scott would probably make the same decisions. "I might try a few things differently so I could actually pay it off but at this point, it's not breaking me."
"My overall point has not been 'get me off the hook for this' but that I could be putting that money into the economy, this is an economic stimulus more than anything," he said.
Yes, the sheer size of student debt weighs not only on the millions of people who owe it but is a burden on the U.S. economy as well. About 92% of student loan debt is backed by the U.S. government, making it a huge political issue.
oh dang! that doesn't say a lot about return on your investment!! :(
Not wise. And more sad is that this will affect her ability to buy a home, a car, and even get a job in the finance industry.
I started repaying my loans (I was 1 class short of finishing my bachelors) in 1997. I never defaulted but I did defer and forbear. I originally took out less than $10K, it's now $26k, I've been paying for over two decades
What the actual fûck. That’s crazy. So why do you still pay on it then?
Load More Replies...Flex tape doesn't work either, seems like we have to get a new one...
Load More Replies...I wanna know what kind of job she has that would pay enough to clear up almost $300K in 2.5 years.
I'm curious where she lives that 60k isn't enough to live on. New York or San Francisco maybe? Or maybe I just live in an area with a way lower cost of living than everywhere else and didn't realize it.
People who always have to one up each other on the dumbest shït
It will go down once you finish that little program. After that, this person should never contact Navient or whoever again.
Bloody hell, if I had to pay that out of my monthly wages I'd have nothing left after all my bills were paid. I mean literally nothing. And I have a decent job as well.
THIS! Be a student your entire life. Put all of your earnings into an irrevocable trust so when you die the money passes to someone other than these pieces of shirt banks.
If you're expecting a CONgress that only gave $1200 one time to help people with COVID to do anything to help you, you are going to be GREATLY disappointed. They couldn't care less about you if they tried.
Note: this post originally had 58 images. It’s been shortened to the top 30 images based on user votes.
They should have answered the most important question, what degree did they pursue with their loans.
Exactly!!! Or what college did they go to. You dont have to go a state school to get your degree in most things.
Load More Replies...education in America is a scam since even with a degee people still can't find job that has a decent wage.
True. Universities should mostly take the blame, since they spread lies about how important a college degree is when the best course for one to go is to enroll in a trade school.
Load More Replies...I still don't get this ... and the entire misconception about freedom. The absence of rules is not equal to maximized freedom, but in reality translates into the right of the stronger. If companies don't have to obey rules regarding how to treat their employees, these employees are free to be disposed of pretty quick. If you have to worry about being broke for the rest of your life because you got sick, you are not free to decide what you do. A lot of similar things come to my mind - I don't get why a company spying on me isn't any of a severe issue, but the state doing so is ... I dislike both ways (and avoid them as far as I can) ... the american definition of freedom is pretty much effed up, and this is one of the worst outcomes of it - you're not free if you have to pay a year's salary each year to go to university, you don't decide what to do then, and a lot of talent is wasted because of this - and a lot of people are made unhappy for decades to come by this shitty system...
My student loan for University degree, 2 post-degree specialisations, 1 Master degree: 0 euros. Education is "almost " free in Italy, by almost I mean I had to pay some 1500 euros a year in taxes. But if you come from a low income family you don't have to pay even for that. And they give you free meals and accommodation, and sometimes a scholarship in money.
LottieH How is university a 'choice' any more when any job that has any career progression at all has a bachelors degree as an entry level requirement?
Load More Replies...When i was young i dreamed about living in States (you know, movies). NY or LA. I was in States 13x in last 10 years, something over half year in total, everytime on vacation. I like to travel there, love NY, love California. But i do not want to live anymore in States. Now i am adult, wisdomed and i will continue only with traveling to States on vacation and enjoy my little European country, where is free school system, realy cheap full healthcare system and you can afford you own house or flat :)
America is overrated, trust me, most of us dream of living in other countries where every town doesn't look the same with the same chain stores and the air is fresher and the food isn't full of corn surup, transfat, and processed sugar, where free healthcare and college education is a human right and not a paid priveledge for predator companies to profit from. We are a still young twisted divided nation that can't agree on any establishment and ironically has the same rich&poor ratio as 1790's France. The America Hollywood portrays doesn't exist, it's all idealistic fantasy filmed in Canada or in a studio created location.
Load More Replies...This makes me mad every time I see it. The rest of the world takes care of their students and the people in their country, why can't the US?? Oh yeah, we have to pay the football coaches ridiculous amounts. I know Alabama's coach Nick Saban gets paid millions every year. Take care of the coach but not the students. Ridiculous.
But we pay our soccer players huge amounts of money in Italy too. I don't think that's the point, although I understand why you said it (the inequality). It's about paying taxes and supporting a welfare state.
Load More Replies...I did 5 years at a state school, completed my undergrad and graduate work in that time. Graduated with $104, 000 in student debt. Roughly $55k in private loans and $49k in federal loans, both have a 5.5 % interest rate. I have been paying the private loans since I graduated my undergrad, since they don't cover grad school. I've only managed to pay off about $5000 of it so far. My federal loans, I'm on income based repayment. My monthly payment doesn't cover the interest my loan gains. My federal loan is now $56k. Luckily (if the next presidency doesn't mess it up) my Federal Loan will be gone in 2025, because of Loan Forgiveness (I have to make 120 payments).
This is what most people don't understand. My son goes to a state school so he can major in engineering. My tuition in 1992 was $700. His is $10,000+. No, he cannot go to community college and transfer into engineering because none of the state university accept transfer credits. No, most universities don't offer engineering degrees. He is stuck with high tuition regardless.
Load More Replies...The cost for Uni is expensive in Australia but whilst the Australian system isn’t perfect, we have a decent program that helps with tertiary education costs. In Australia you don’t start paying the fees until you get a job and start earning over a certain pay threshold and gets taken out through your tax. You can choose to make voluntary payments if you wanted to. The other bonus is that it is interest free, the cost does go up slightly every year to keep up with inflation but that is usually less than a 2% increase. If you never reach the income threshold to pay the HECS debt or you die, then the debt gets wiped clean.
The only similar thing to America is when you die, the debt gets wiped
Load More Replies...Why don't more US Americans study abroad? Even if they have to pay extra for tuition because they are foreigners they would probably get better deals (tuition rates, loan financing and working conditions in student jobs) than in their own country - which would force American unis / loan providers to lower their tuition costs/interest rates. And after their studies those Americans return home with their new knowledge, access positions of power, rebuild the education (and healthcare while you're on it) system so it's accessible to everyone :-)
They don’t know they can or they’re too attached to their lives here. My uncle lives in Europe and tried to get me to go to school there, it was $700 a semester for international students at the time. But I was a dumb idiot teenager who couldn’t possibly leave my little bubble back in America and I didn’t go. Kids aren’t great at making the best choices, and most people don’t even have relatives in other countries who can even let them know that this is an option. It’s definitely not something you learn in school.
Load More Replies...Hear me out before downvoting... Unless you are going to be a doctor or Lawyer... dont take out loans. Work and do the first 2 years of your school (general elective stuff) via community college and programs like Straighterline and CLEP. It saved me over 30K just in the first 2 years. Then for your last 2 years, work full time and go to school online. Its still cheaper than on campus and you still get to earn money. If you cant afford a full semester, then take partial semesters. The biggest lie we have ever told young people is that right after high school you should spend the next 4 years getting your degree or you will be behind. I graduated in 6 years because I paid cash for everything, worked full time. I am an accountant so nothing fancy, but at 32 I own my home outright, I owe nothing on my cars, and my 60K salary gets to be spent on fun stuff instead of loans and debt.
Another political comment here. If America spent less on military, then this could be avoided.
3 days after graduating, I got a bill from Sallie Mae for $2300/month. Wrote them a check for $250, in the memo i wrote full repayment. They cashed it. I tore up the statement and never looked back. I only paid off my private loans and my conscience is clear. F*@#-em! LOL
Same! Why the fück would you pay them when you can essentially scam them and just play their little game and do their little dance and not pay shít. I haven’t paid mine in years and I literally never will, not even if Biden forgives most of my debt. Why would I pay a scammer?
Load More Replies...What is the point ? Many people are not getting a degree because we're the only generation getting paid less than our parents and grandparents anyway yet more qualified and educated.
Please someone help! I'm in community college right now, my classes are half off so it's not that bad but I was hoping to get my basic credentials and transfer to a larger University next year but.. now I don't want to... I'm too young for this, that's too much money. Should I drop out? I have an associates... :(
I never understood how someone smart enough to get into college is too stupid to understand Loans and Interest. If you signed the papers, you've legally agreed to pay it back.
Each time they borrowed - they chose to accept it. Schools are all different prices obviously. And a (for instance) medieval literature degree from Stanford will not get you a great paying job in the end. I wanted to major in dance in FL and my parents said - absolutely! And you can pay for that degree. I chose a finance and got a job within 6 months instead. Still got to dance in college but didn't major in it. (And I know a masters in finance does not guarantee you a job any quicker than dance or women's studies or Greek lit- but the chances sure are much much much better with the finance degree) Choices. And don't ask to forgive $- I'd like to forgive my credit card debt I chose to have but can't. Choose wisely people
I understand what you are saying. The point is we shouldn't HAVE to make those decisions. We should be able to get an education in what we want without it putting us in the poor house.
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Holy crap! Some of these are more than my house loan! I've been out of school for almost 10 years and I thought the 9K that I still owe is a lot for my bachelor's.
Too many schools take advantage of the special status of these loans. The whole younger generation in the USA is getting ripped off with this and it is reprehensible. The for-profit schools are the worst but even our universities are profiteering on them.
Check your interest rate. Can you get a loan at a lower cost to pay off your debt. New loan will be cheaper to pay off.
The lending institutions that subsidized these loans did so with money they borrowed from the US Treasury at less than 3% interest. Money that came from US taxpayers. They bear no risk because the loans are guaranteed by the US government if the students default. They charge, for the servicing of these loans (most of which is done automatically by computers that were programmed decades ago) by charging as much as 10-15 times interest as they pay. Years ago, under Reagan, the Republicans and their neoliberal Democratic allies made student loans the ONLY debt you cannot escape by declaring bankruptcy. Education is a long term investment in the future but in a system that is based on maximizing short term gain with no thought to the consequences they are actively sabotaging America's future.
I know you're just a kid, but credit cards offer protections not provided by debit cards. Use your credit card and pay it off every month.
Load More Replies...And I was shocked I had to pay 400€ for administrative fees at the university in France. And that's the only thing I had to pay!
It's easy to look at this and instantly start bitching about the U.S. post-secondary education system, but that's isn't really very well-informed. Two things: First, if you spend that much on your education than you had better make sure it can give you a career that will pay well enough to play that off. Do your research and don't take out loans you can't repay. Second, don't waste your student loan, don't just put everything (housing, groceries, parties, leisure) on your loan, get a job before or during university or college. Yes, student loans are borderline scams, but they only exist because people are dumb enough to get fooled by them.
And lenders KNOW 18 year olds are dumb enough to borrow to the hilt and become their slaves as a result. Lenders of these loans are predatory by design but, hey, as long as they get their profits and continue paying their CONgressman, who cares, right?
Load More Replies...I owe the german state 4k because they payed the first two years of university for food and rent. I pay 380€ each semester for bureaucracy to the university itself. Thats it.
Murica. Such a great country. My son has zero debts when he finish university. Zero! Because its free!!!!!!!
If you're thinking about going to college in the US, don’t. A lot of people enlist in the military because they’ll help pay for college. And for people who can’t get scholarships or don’t come from money and don’t want their family to pay student loans for the next six generations, military is the best way to do it.
I'm just beyond comprehension to believe anyone in America can afford ANYTHING at all. from what I heard from the internet, who could actually afford good medicine, education, house/property, jobs with security and paid maternal/paternal leave? WHO? how much would that person needed to earn to get all of that?
The rich can get those things and the country is only here to support the rich. The rest of us are just a support infrastructure to give them what they want at any expense. And many of us idiots worship these Kardashian pieces of s**t because we have an education system design to mass produce retards who can't think.
Load More Replies...Most of these people also don’t understand that when your monthly payment is less than the added interest, the debt grows. Seen a lot of stories of people who are confused that they started with 20k debt and have a 40k debt after paying for 10 years. Yeah, they paid less than the interest amount...
I had student loans from undergrad and grad school. Not long after completing the latter, I consolidated my loans via the US government and got a lower interest rate. I finished paying off the consolidated loan 9 years after getting my Masters. Maybe things have changed since then, but I'm wondering if poor money management might not be part of the problem (i.e. taking advantage of loan consolidations, etc.).
It’s definitely part of the problem. That doesn’t change things much though, not in practice anyway.
Load More Replies...I never went to collage, but those that have and still have debt, was it worth it? I think collage is overrated. Every person I know that has went to collage still has debt and does not have a job using their degree. Sounds like a waste of time and money to me. I dont have a "titled" job but I make pretty good money doing what I do without a collage degree. I will not make my children go to collage.
I went to college and dropped out. It was not worth it. I didn’t make any lifelong friends or learn much of what I didn’t already know. My job now is not related to what I studied. I have friends with degrees and no job. I got a real estate license for $600, and I’ve earned at least 2500 times that amount since getting it.
Load More Replies...Education in the US is affordable, people CHOOSE these expensive places, many because of the frills, not the education quality. With Student loan, YOU SIGNED the paper work, fully taking responsibility. I went to a college that was 4500 a year (now 7100 a year), where many students covered their costs by working part time. I know of a well respected private college in NY that a full 30 credit academic year is 16,500 because they offer no frills, just classrooms and teachers (no fancy gyms, pools, dorms, cafeterias with luxury meals, sports teams, etc). People made choices and need to live with them We who made smarter choices shouldnt have to subsidize your stupidity. Also many people who also make those dumb choices for those expensive schools also tend to do useless degrees with no earning potential, so they spent 60K a year for a luxury college experience with a degree that earns 35k a year. I dont feel bad for people who made poor choices on their own, signed legal paper, etc
The federal government, so yeah pretty much.
Load More Replies...I tried to apply for a student loan for the Fall quarter, but it was denied. I only had one class left to take to get my degree, but I failed it, so I had to take it again. But, I also had to have at least 6 credits to qualify for a student loan so I took a second class. The class was relevant to my degree, but wasn't part of the Bachelors program so they said I wasn't eligible for the loan, plus my GPA went down due to me failing a class. So, all through the Associates and Bachelors program I was on the Dean's or Presidents list and had a great GPA, but I failed one class and now they basically are telling me I'm not worth it and to f**k off.
Something like that happened to me too! I fücked up in one class, so they denied my loan. I dropped out lol.
Load More Replies...😱 omg.. this is atrocious 😠 I thought American education system is so good, that the students don't really have much to pay off 😟
It used to be that way. That’s the old America that they still try to sell to people around the world. It’s a lie. America changed in the 70s and 80s and it doesn’t look like we’ll ever get those times back.
Load More Replies...The costs were known before students and parents took out these huge loans. I have no sympathy for them. Junior college was available to them for the first two years. Working for a year or more was also available. There's more than one university to go to, not just the expensive ones. College degrees are no guarantee of a job in a desired field. Telling ME, who borrowed responsibly AND paid off my loan, is unacceptable. I already paid for my education. Why should I pay for yours beyond the 12th grade or JC? You will never know how to manage your budget. Just like the Democrats.
People should get these loans and never intend to pay them back. If nobody paid, ever, it would force the system to change. By paying, you’re playing into the problem. I will never pay mine. I have enough to write a check now and never think about it again and not be affected. But screw that, why would I pay an obvious scammer? There’s plenty of ways to fück them over, and they deserve it.
You know, people have to take responsibility for their choices as well. I get it; the system is loaded against us. But we don't have to take $100,000 loans out to get educated; it can be done for much less. Why in the world would you take out such a tremendous loan unless your sure you can pay it back? Yes, I took out loans too, but between undergrad, masters and a post graduate certificate I borrowed about $40,000 in total. I have paid most of it off in the last 10 years. Yes I do live in United States so it can be done. No argument that the system is flawed and needs to be overhauled, but honestly people take some responsibility for your decisions! That's YOUR name signing the loan agreement!
Having debts is not bad per se. Problem is, many of those who get themselves in student's debt should have made a cost benefit analysis to see if it was worth it, because in many cases the employability and/or the expected earnings are too low for that kind of debt level. I'm also sure that many of the cases shown here just let their debt go up because didn't pay or couldn't pay at the time. Finally, a majority of those who get student's loans are in the upper brackets of income and so student debt relief is unfair if it doesn't take that into account.
What part of student loan dont these people get? Noone forces you to go to college...join the military and college is free....or go to trade school..a plumber can make 80 grand a year.
Awesome, just risk your life and severe mental health issues and you can go to college, if you don’t die before you got your degree. Are you seriously thinking that’s an ok approach? Just imagine you had less military to shoot at your own citizens during protests - education could actually be affordable!
Load More Replies...Where did you get the data that most colleges are run by and staffed by Democrats? I can’t find that information anywhere. Also can’t find anything to back your statement up that the ACA made student loan debt explode? Could you point us to where you’re getting your “facts?” Thanks!
Load More Replies...Because when a loan company decides they want to sell your debt to another loan company or agency, you have no control over that decision and you have no control over what the new collector/agent's interest rate is. You might have started with 1% interest, or even 0% in many cases, but they sold your debt, and the new agent's interest is 15%. There have been many class action lawsuits for this reason alone because the particulars of the variable interest rates is NOT disclosed in the original loan documents. It only states that at any time your loan may be transferred to other agencies at their discretion. This is why someone who has been paying, for example, $500/month on a $30k loan for 2 years now owes $40k. They do it purely for profit and their hope is that you are never able to pay it off in full because they lose revenue. The system is seriously screwed up.
Load More Replies...How is this American bashing? Americans are complaining about their lifelong debt that they had to take on to study, so if anything they’re bashing their own system. Do you think it’s Good that people are in debt their whole life? As Katrin said, you still have to do the work to get your degree here and guess what, in Europe it’s actually mostly free. In Germany, I paid ca. 250€ per semester as an administrative fee and that was it. And if you cannot afford that you can get Bafög, which helps students whose families don’t have enough money to pay. But of course, it makes much more sense to be bankrupt before you start working 😉 really superior system you got there!
Load More Replies...They should have answered the most important question, what degree did they pursue with their loans.
Exactly!!! Or what college did they go to. You dont have to go a state school to get your degree in most things.
Load More Replies...education in America is a scam since even with a degee people still can't find job that has a decent wage.
True. Universities should mostly take the blame, since they spread lies about how important a college degree is when the best course for one to go is to enroll in a trade school.
Load More Replies...I still don't get this ... and the entire misconception about freedom. The absence of rules is not equal to maximized freedom, but in reality translates into the right of the stronger. If companies don't have to obey rules regarding how to treat their employees, these employees are free to be disposed of pretty quick. If you have to worry about being broke for the rest of your life because you got sick, you are not free to decide what you do. A lot of similar things come to my mind - I don't get why a company spying on me isn't any of a severe issue, but the state doing so is ... I dislike both ways (and avoid them as far as I can) ... the american definition of freedom is pretty much effed up, and this is one of the worst outcomes of it - you're not free if you have to pay a year's salary each year to go to university, you don't decide what to do then, and a lot of talent is wasted because of this - and a lot of people are made unhappy for decades to come by this shitty system...
My student loan for University degree, 2 post-degree specialisations, 1 Master degree: 0 euros. Education is "almost " free in Italy, by almost I mean I had to pay some 1500 euros a year in taxes. But if you come from a low income family you don't have to pay even for that. And they give you free meals and accommodation, and sometimes a scholarship in money.
LottieH How is university a 'choice' any more when any job that has any career progression at all has a bachelors degree as an entry level requirement?
Load More Replies...When i was young i dreamed about living in States (you know, movies). NY or LA. I was in States 13x in last 10 years, something over half year in total, everytime on vacation. I like to travel there, love NY, love California. But i do not want to live anymore in States. Now i am adult, wisdomed and i will continue only with traveling to States on vacation and enjoy my little European country, where is free school system, realy cheap full healthcare system and you can afford you own house or flat :)
America is overrated, trust me, most of us dream of living in other countries where every town doesn't look the same with the same chain stores and the air is fresher and the food isn't full of corn surup, transfat, and processed sugar, where free healthcare and college education is a human right and not a paid priveledge for predator companies to profit from. We are a still young twisted divided nation that can't agree on any establishment and ironically has the same rich&poor ratio as 1790's France. The America Hollywood portrays doesn't exist, it's all idealistic fantasy filmed in Canada or in a studio created location.
Load More Replies...This makes me mad every time I see it. The rest of the world takes care of their students and the people in their country, why can't the US?? Oh yeah, we have to pay the football coaches ridiculous amounts. I know Alabama's coach Nick Saban gets paid millions every year. Take care of the coach but not the students. Ridiculous.
But we pay our soccer players huge amounts of money in Italy too. I don't think that's the point, although I understand why you said it (the inequality). It's about paying taxes and supporting a welfare state.
Load More Replies...I did 5 years at a state school, completed my undergrad and graduate work in that time. Graduated with $104, 000 in student debt. Roughly $55k in private loans and $49k in federal loans, both have a 5.5 % interest rate. I have been paying the private loans since I graduated my undergrad, since they don't cover grad school. I've only managed to pay off about $5000 of it so far. My federal loans, I'm on income based repayment. My monthly payment doesn't cover the interest my loan gains. My federal loan is now $56k. Luckily (if the next presidency doesn't mess it up) my Federal Loan will be gone in 2025, because of Loan Forgiveness (I have to make 120 payments).
This is what most people don't understand. My son goes to a state school so he can major in engineering. My tuition in 1992 was $700. His is $10,000+. No, he cannot go to community college and transfer into engineering because none of the state university accept transfer credits. No, most universities don't offer engineering degrees. He is stuck with high tuition regardless.
Load More Replies...The cost for Uni is expensive in Australia but whilst the Australian system isn’t perfect, we have a decent program that helps with tertiary education costs. In Australia you don’t start paying the fees until you get a job and start earning over a certain pay threshold and gets taken out through your tax. You can choose to make voluntary payments if you wanted to. The other bonus is that it is interest free, the cost does go up slightly every year to keep up with inflation but that is usually less than a 2% increase. If you never reach the income threshold to pay the HECS debt or you die, then the debt gets wiped clean.
The only similar thing to America is when you die, the debt gets wiped
Load More Replies...Why don't more US Americans study abroad? Even if they have to pay extra for tuition because they are foreigners they would probably get better deals (tuition rates, loan financing and working conditions in student jobs) than in their own country - which would force American unis / loan providers to lower their tuition costs/interest rates. And after their studies those Americans return home with their new knowledge, access positions of power, rebuild the education (and healthcare while you're on it) system so it's accessible to everyone :-)
They don’t know they can or they’re too attached to their lives here. My uncle lives in Europe and tried to get me to go to school there, it was $700 a semester for international students at the time. But I was a dumb idiot teenager who couldn’t possibly leave my little bubble back in America and I didn’t go. Kids aren’t great at making the best choices, and most people don’t even have relatives in other countries who can even let them know that this is an option. It’s definitely not something you learn in school.
Load More Replies...Hear me out before downvoting... Unless you are going to be a doctor or Lawyer... dont take out loans. Work and do the first 2 years of your school (general elective stuff) via community college and programs like Straighterline and CLEP. It saved me over 30K just in the first 2 years. Then for your last 2 years, work full time and go to school online. Its still cheaper than on campus and you still get to earn money. If you cant afford a full semester, then take partial semesters. The biggest lie we have ever told young people is that right after high school you should spend the next 4 years getting your degree or you will be behind. I graduated in 6 years because I paid cash for everything, worked full time. I am an accountant so nothing fancy, but at 32 I own my home outright, I owe nothing on my cars, and my 60K salary gets to be spent on fun stuff instead of loans and debt.
Another political comment here. If America spent less on military, then this could be avoided.
3 days after graduating, I got a bill from Sallie Mae for $2300/month. Wrote them a check for $250, in the memo i wrote full repayment. They cashed it. I tore up the statement and never looked back. I only paid off my private loans and my conscience is clear. F*@#-em! LOL
Same! Why the fück would you pay them when you can essentially scam them and just play their little game and do their little dance and not pay shít. I haven’t paid mine in years and I literally never will, not even if Biden forgives most of my debt. Why would I pay a scammer?
Load More Replies...What is the point ? Many people are not getting a degree because we're the only generation getting paid less than our parents and grandparents anyway yet more qualified and educated.
Please someone help! I'm in community college right now, my classes are half off so it's not that bad but I was hoping to get my basic credentials and transfer to a larger University next year but.. now I don't want to... I'm too young for this, that's too much money. Should I drop out? I have an associates... :(
I never understood how someone smart enough to get into college is too stupid to understand Loans and Interest. If you signed the papers, you've legally agreed to pay it back.
Each time they borrowed - they chose to accept it. Schools are all different prices obviously. And a (for instance) medieval literature degree from Stanford will not get you a great paying job in the end. I wanted to major in dance in FL and my parents said - absolutely! And you can pay for that degree. I chose a finance and got a job within 6 months instead. Still got to dance in college but didn't major in it. (And I know a masters in finance does not guarantee you a job any quicker than dance or women's studies or Greek lit- but the chances sure are much much much better with the finance degree) Choices. And don't ask to forgive $- I'd like to forgive my credit card debt I chose to have but can't. Choose wisely people
I understand what you are saying. The point is we shouldn't HAVE to make those decisions. We should be able to get an education in what we want without it putting us in the poor house.
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Holy crap! Some of these are more than my house loan! I've been out of school for almost 10 years and I thought the 9K that I still owe is a lot for my bachelor's.
Too many schools take advantage of the special status of these loans. The whole younger generation in the USA is getting ripped off with this and it is reprehensible. The for-profit schools are the worst but even our universities are profiteering on them.
Check your interest rate. Can you get a loan at a lower cost to pay off your debt. New loan will be cheaper to pay off.
The lending institutions that subsidized these loans did so with money they borrowed from the US Treasury at less than 3% interest. Money that came from US taxpayers. They bear no risk because the loans are guaranteed by the US government if the students default. They charge, for the servicing of these loans (most of which is done automatically by computers that were programmed decades ago) by charging as much as 10-15 times interest as they pay. Years ago, under Reagan, the Republicans and their neoliberal Democratic allies made student loans the ONLY debt you cannot escape by declaring bankruptcy. Education is a long term investment in the future but in a system that is based on maximizing short term gain with no thought to the consequences they are actively sabotaging America's future.
I know you're just a kid, but credit cards offer protections not provided by debit cards. Use your credit card and pay it off every month.
Load More Replies...And I was shocked I had to pay 400€ for administrative fees at the university in France. And that's the only thing I had to pay!
It's easy to look at this and instantly start bitching about the U.S. post-secondary education system, but that's isn't really very well-informed. Two things: First, if you spend that much on your education than you had better make sure it can give you a career that will pay well enough to play that off. Do your research and don't take out loans you can't repay. Second, don't waste your student loan, don't just put everything (housing, groceries, parties, leisure) on your loan, get a job before or during university or college. Yes, student loans are borderline scams, but they only exist because people are dumb enough to get fooled by them.
And lenders KNOW 18 year olds are dumb enough to borrow to the hilt and become their slaves as a result. Lenders of these loans are predatory by design but, hey, as long as they get their profits and continue paying their CONgressman, who cares, right?
Load More Replies...I owe the german state 4k because they payed the first two years of university for food and rent. I pay 380€ each semester for bureaucracy to the university itself. Thats it.
Murica. Such a great country. My son has zero debts when he finish university. Zero! Because its free!!!!!!!
If you're thinking about going to college in the US, don’t. A lot of people enlist in the military because they’ll help pay for college. And for people who can’t get scholarships or don’t come from money and don’t want their family to pay student loans for the next six generations, military is the best way to do it.
I'm just beyond comprehension to believe anyone in America can afford ANYTHING at all. from what I heard from the internet, who could actually afford good medicine, education, house/property, jobs with security and paid maternal/paternal leave? WHO? how much would that person needed to earn to get all of that?
The rich can get those things and the country is only here to support the rich. The rest of us are just a support infrastructure to give them what they want at any expense. And many of us idiots worship these Kardashian pieces of s**t because we have an education system design to mass produce retards who can't think.
Load More Replies...Most of these people also don’t understand that when your monthly payment is less than the added interest, the debt grows. Seen a lot of stories of people who are confused that they started with 20k debt and have a 40k debt after paying for 10 years. Yeah, they paid less than the interest amount...
I had student loans from undergrad and grad school. Not long after completing the latter, I consolidated my loans via the US government and got a lower interest rate. I finished paying off the consolidated loan 9 years after getting my Masters. Maybe things have changed since then, but I'm wondering if poor money management might not be part of the problem (i.e. taking advantage of loan consolidations, etc.).
It’s definitely part of the problem. That doesn’t change things much though, not in practice anyway.
Load More Replies...I never went to collage, but those that have and still have debt, was it worth it? I think collage is overrated. Every person I know that has went to collage still has debt and does not have a job using their degree. Sounds like a waste of time and money to me. I dont have a "titled" job but I make pretty good money doing what I do without a collage degree. I will not make my children go to collage.
I went to college and dropped out. It was not worth it. I didn’t make any lifelong friends or learn much of what I didn’t already know. My job now is not related to what I studied. I have friends with degrees and no job. I got a real estate license for $600, and I’ve earned at least 2500 times that amount since getting it.
Load More Replies...Education in the US is affordable, people CHOOSE these expensive places, many because of the frills, not the education quality. With Student loan, YOU SIGNED the paper work, fully taking responsibility. I went to a college that was 4500 a year (now 7100 a year), where many students covered their costs by working part time. I know of a well respected private college in NY that a full 30 credit academic year is 16,500 because they offer no frills, just classrooms and teachers (no fancy gyms, pools, dorms, cafeterias with luxury meals, sports teams, etc). People made choices and need to live with them We who made smarter choices shouldnt have to subsidize your stupidity. Also many people who also make those dumb choices for those expensive schools also tend to do useless degrees with no earning potential, so they spent 60K a year for a luxury college experience with a degree that earns 35k a year. I dont feel bad for people who made poor choices on their own, signed legal paper, etc
The federal government, so yeah pretty much.
Load More Replies...I tried to apply for a student loan for the Fall quarter, but it was denied. I only had one class left to take to get my degree, but I failed it, so I had to take it again. But, I also had to have at least 6 credits to qualify for a student loan so I took a second class. The class was relevant to my degree, but wasn't part of the Bachelors program so they said I wasn't eligible for the loan, plus my GPA went down due to me failing a class. So, all through the Associates and Bachelors program I was on the Dean's or Presidents list and had a great GPA, but I failed one class and now they basically are telling me I'm not worth it and to f**k off.
Something like that happened to me too! I fücked up in one class, so they denied my loan. I dropped out lol.
Load More Replies...😱 omg.. this is atrocious 😠 I thought American education system is so good, that the students don't really have much to pay off 😟
It used to be that way. That’s the old America that they still try to sell to people around the world. It’s a lie. America changed in the 70s and 80s and it doesn’t look like we’ll ever get those times back.
Load More Replies...The costs were known before students and parents took out these huge loans. I have no sympathy for them. Junior college was available to them for the first two years. Working for a year or more was also available. There's more than one university to go to, not just the expensive ones. College degrees are no guarantee of a job in a desired field. Telling ME, who borrowed responsibly AND paid off my loan, is unacceptable. I already paid for my education. Why should I pay for yours beyond the 12th grade or JC? You will never know how to manage your budget. Just like the Democrats.
People should get these loans and never intend to pay them back. If nobody paid, ever, it would force the system to change. By paying, you’re playing into the problem. I will never pay mine. I have enough to write a check now and never think about it again and not be affected. But screw that, why would I pay an obvious scammer? There’s plenty of ways to fück them over, and they deserve it.
You know, people have to take responsibility for their choices as well. I get it; the system is loaded against us. But we don't have to take $100,000 loans out to get educated; it can be done for much less. Why in the world would you take out such a tremendous loan unless your sure you can pay it back? Yes, I took out loans too, but between undergrad, masters and a post graduate certificate I borrowed about $40,000 in total. I have paid most of it off in the last 10 years. Yes I do live in United States so it can be done. No argument that the system is flawed and needs to be overhauled, but honestly people take some responsibility for your decisions! That's YOUR name signing the loan agreement!
Having debts is not bad per se. Problem is, many of those who get themselves in student's debt should have made a cost benefit analysis to see if it was worth it, because in many cases the employability and/or the expected earnings are too low for that kind of debt level. I'm also sure that many of the cases shown here just let their debt go up because didn't pay or couldn't pay at the time. Finally, a majority of those who get student's loans are in the upper brackets of income and so student debt relief is unfair if it doesn't take that into account.
What part of student loan dont these people get? Noone forces you to go to college...join the military and college is free....or go to trade school..a plumber can make 80 grand a year.
Awesome, just risk your life and severe mental health issues and you can go to college, if you don’t die before you got your degree. Are you seriously thinking that’s an ok approach? Just imagine you had less military to shoot at your own citizens during protests - education could actually be affordable!
Load More Replies...Where did you get the data that most colleges are run by and staffed by Democrats? I can’t find that information anywhere. Also can’t find anything to back your statement up that the ACA made student loan debt explode? Could you point us to where you’re getting your “facts?” Thanks!
Load More Replies...Because when a loan company decides they want to sell your debt to another loan company or agency, you have no control over that decision and you have no control over what the new collector/agent's interest rate is. You might have started with 1% interest, or even 0% in many cases, but they sold your debt, and the new agent's interest is 15%. There have been many class action lawsuits for this reason alone because the particulars of the variable interest rates is NOT disclosed in the original loan documents. It only states that at any time your loan may be transferred to other agencies at their discretion. This is why someone who has been paying, for example, $500/month on a $30k loan for 2 years now owes $40k. They do it purely for profit and their hope is that you are never able to pay it off in full because they lose revenue. The system is seriously screwed up.
Load More Replies...How is this American bashing? Americans are complaining about their lifelong debt that they had to take on to study, so if anything they’re bashing their own system. Do you think it’s Good that people are in debt their whole life? As Katrin said, you still have to do the work to get your degree here and guess what, in Europe it’s actually mostly free. In Germany, I paid ca. 250€ per semester as an administrative fee and that was it. And if you cannot afford that you can get Bafög, which helps students whose families don’t have enough money to pay. But of course, it makes much more sense to be bankrupt before you start working 😉 really superior system you got there!
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