Again, current student loan debtors are not the same thing. That's right. Indentured educated citizens - yikes! That's an ole fashioned word, because nowadays we're all just a bunch o' consumers - continue to be ignored when you talk about that other group of potential and current borrowers. Of all people in society, you should be sensitive to rhetoric. Get it straight. Oh, wait . . . maybe you haven't gotten it 'straight' for a reason . . .
I'd tell you to seek that direction, but that doesn't exist for student loan debtors anymore. Thanks to Buuusch!
14 comments:
Taxpayer dollars cover the interest and penalties on the Federally backed loans.
The private entities and banks that make lots of money and profit from these tax dollars don't want to ever give that money up.
And lets face it, the banks control congress.
(I know that sounds cynical and terrible, but it is true.)
I realize that taxpayer dollars do flow into private hands in a lot of other different scenarios, but when Higher Education is involved, that transfer somehow seems very morally wrong.
And for an example of this, I will merely mention Al Lord and his private golf course.
In the meantime the Indentured Educated Class continues to suffer.
What has happened to the America I once knew?
My student loan has broken up my relationship. I'm 90K in the hole (with a great, six figure job too!) but there's no way I can live, provide, *and* get rid of that debt simultaneously. I simply can't incur the costs of an engagement ring, a wedding, then all the stuff that comes after without taking on more debt. I just couldn't pull the trigger, so she's finally had it and is leaving.
I'm moving into a hovel one bedroom in the shit part of town. If I pay $2600/ month for 3 years, I'll be rid of it. After that, at age 36, maybe I can try again.
What I wouldn't give to be 33 again.
To have my youth back, and without all the student debt and suffering that the intervening years have brought.
If I was handed one billion dollars today, it could not compensate me for my lost youth which was indebted and miserable.
Student loans ruined my life.
I have 180k in student loans and I make $8.00/ hour without benefits. Im 29 and am really thinking about killing myself as I have no hope, outside the lottery of ever paying off my debt, getting married, having kids...
Anonymous said... he owes 180k and wants to kill himself because of his student loan.
Thats a big chunk of change, yep it is and so what? You have to work to pay it off, ok then thats what you will do because this is your path..RIGHT NOW; only right now...the truth is your path can and will change. Endurance gives you strength, strength motivates, motivation increases opportunity. Do not believe that you are your debt, it is not what you owe its what you contribute. Be proactive in changing legislation as well, meanwhile try to find work and earn monies under the table, and hide it from the eyes of those who want to steal it from your pockets. They are thieves and you are their victim only. So in order to protect yourself out smart them, be the fox. Your path will change do not wallow, you are much to smart. I believe in you,and I know you can get through this because Im doing it and winning.
@Anonymous 10:21 That is a powerful, powerful response. No one should give up. In fact, this outlet is just one way to deal with being part of the indentured educated class. We're here to fight and help one another, and if you (poster who makes $8/hr and owes 180k) want to get involved to help others, you can. It's not going to be easy, and we might not see changes, but we're not going to be run into the ground by those who created this mess. I hold out a great deal of hope that with our voices - together - we will make a difference, and not just for ourselves but for future generations. I believe in you as well.
For the person with 90K debt and a six figure salary. I am not trying to be mean, but you are lucky.
@Anonymous 10:52 - Keep in mind, you aren't aware of their circumstances. Each person's debt is significant to them. In these cases, I am a relativist.
The biggest problem people have in student loan crisis ( I owe something like $215K+) is they expect to pay it back. You won't.
If you do the math its literally impossible even on the longest plan possible - 30 years. Unless you are extremely wealthy or you invent something like "my pet rock" and make a million dollars, forget it. Short of that happening to any of us - WE WILL NEVER PAY THE STUDENT LOANS BACK IF YOU OWE NORTH OF $90K.
Now don't get me wrong. Its not the PRINCIPLE that is the part we won't be able to pay back. I owe $120K in principle. I could do that in 5 years with the right budget.
$180K + is all interest/fees/ and God knows what else. THAT INTEREST (at 8%+) is what makes paying them back impossible. If you ever take a deferral or forbearance the interest clock is still ticking on you.
I would happily pay back my principle. After all I think it my moral duty to do so. I got help to pay for my education and that $120k is what I spent on it. The end. I do not believe I owe banks or Sallie Mae $180K in interest/fees. For what? They didn't come and give me back rubs everyday.
But in all seriousness, excessive interest does not motivate me to pay. In fact, it is the opposite. How do I manage without suicide? I have been very persistent in making sure they know I will not take bullshit from them. I was able to make my payments low enough that they don't really trouble me much. I have found that the real trick to this is staying out of default. Part of that process is knowing your rights. While simultaneously knowing the rules and regulations that the lenders go by. Those are your best weapons against them. If you sit at home and take what they say to you at face-value without checking for yourself that is a big mistake. They lie and give you misinformation all the time. Make sure you know your rights!
@Anonymous 3:45 PM - you are absolutely right. One of the biggest problems is the excessive interest. It's completely unreasonable, and it's absurd to assume that people who are either unemployed or making entry-level salaries will be able to pay back loans with that sort of accrued interest. And, let's face it, the stats show that wages have not only remained stagnant since the 1970s in the U.S., they have actually gone DOWN. That's why we MUST fight back and demand solutions NOW. To hell with this "winning the future" BS.
Ok, I'll give the person with 90k in debt the benefit of a doubt.
If am lucky enough to get a six figure salary when I am done with school (LOL) I would at least be able to pay the minimum with what I am looking at now. But, the sad reality is not everyone is going to get a good paying job when they finish school.
Damn it, if Norway can offer tuition free universities, why can't we?
@cryn
I absolutely agree. The problem is what to do about it?
People tear their hair out about paying because that is what they were taught. Those good Christan values - always pay your debts to the exclusion of all other concerns. If everyone stops paying that will make a bigger statement than anything else I can think of.
Critick, I agree. The system is set up so that we won't be able to pay it back. The loan sharks make more money when we can't pay them back but keep trying.
What surprises me though is that most people talk about "student loan reform." Few people are suggesting that loans be eliminated altogether. I mean, really, it doesn't make sense to offer loans to poor people seeking financial assistance. We should be given grants or scholarships, or better yet, free tuition. If we taxed the rich appropriately instead of giving tax breaks to big corporations, there would be plenty of money available to provide free college tuition to those in need.
I completely agree with M above. We need to advocate for a system that abolishes loans. The prices will have to drop to accomodate what people can afford.
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