Posted on 06/17/2019 11:13:11 AM PDT by Hojczyk
I have $235,000 of student debt. The first $120,000 came with a bachelor’s degree from my state school. Another $70,000 or so came with my master’s degree. The remainder is accrued interest.
I would have to begin devoting half of my income to debt payment if I cared to pay it off by 2042. I can’t do that because I make just under $4,000 per month. And that income is a fairly new development in my life. Why would I choose to pay down my debt if it meant I wouldn’t be able to afford basic living expenses?
My parents are in their 60s and 70s and will live the rest of their lives with my student debt. Likely so will I. Again – we won’t be alone.
Three million Americans over the age of 60 are paying off student debt. Approximately 40,000 of them are having Social Security or other government payments garnished.
College was supposed to be about getting ahead in life. But it’s become a driver of inequality.
It does not have to be this way.
Some economists say that forgiving student debt would boost GDP by $100 billion per year for ten years and add several million jobs to the economy. It would unlock the capacity of 44 million Americans to buy homes, launch small businesses, and retire with dignity.
Congress could pay for it by repealing the $1.5 trillion tax cut it passed in 2017. Primarily benefiting the wealthy and corporations, even Goldman Sachs says that whatever economic boost the tax cut brought with it has passed.
And to keep future generations from suffering under the burden of student debt, Congress could make public colleges, universities, and trade schools in the United States free.
(Excerpt) Read more at finance.yahoo.com ...
Oh goody! He’s a freelance ‘journalist/activist’ who somehow accrued $235,000 in college debt even though the $120K and the $70K he mentions add up to $190,000. What did he spend the remaining $40,000 on? Roaming the world looking for stories to pitch, sounds like.
IF “the first $120,000 came with a bachelor’s degree from my state school” -— then your state school is NOT a college but a PARASITE designed to suck all the money out of state citizens, and should be abolished immediately!!!
Dear kid:
Your parents were idiots to co sign your loan. This came up during my kids financial aid process. My wife and I explained that we had saved X dollars, and would provide a place to live and transportation for no charge. Anything above that would be on them.
We explained we had already signed and paid student loans without any assistance from our parents. In fact, when I was out of college I got three months free room and board. Then I had to pay them $100 a week (which my mom put into a savings account for me. It was given to me when I got my first apartment...)
Anyone putting themselves further into debt to cover your kids college is a risky proposition if they are no pre-med and really, really dedicated.
This person is a fool. How about we trade 5 5-8 years of infantry duty as a fair trade. $200 a week stipend.
Most of these universities have billions in endowments............CASH..................
Of course, that idiot thinks Congress just prints free money.
When it came to bailing out the bankers in 2008-2010, Congress DID print free money.
When it comes to foreign invasions, occupations, and “nation building”, Congress DOES print free money. As Trump has noted, $7 trillion on the wars in Iraq and Afghanistan. Even to this day, $1 billion a WEEK in Afghanistan.
Meanwhile, debt-burdened young Americans hold back the economy because they can’t buy houses.
Hey, maybe you can have some of my income to help you pay off your student debt. But my income comes without the benefit of a college degree. And I didn’t run up any student debt. I don’t think there even was such a government program back in the 60’s when I would have went to college. I had an older brother and sister who both graduated from state college, but they both worked their way through and didn’t run up any debt and they both got degrees that were useful and landed them well paying lifelong careers. But go ahead, if you wish, and dip into my meager working man’s income if you must. Too bad you wasted your time and our tax dollars getting a worthless degree in Stupid, Helpless & Broke.
This guy is making the case for bringing back Debtor’s Prisons / Work Houses as far as I am concerned.
Your honor is a good reason. You agreed to pay it back when you borrowed that money. Protect your honor, keep your word.
Sounds like the male equivalent of AOC. He’ll probably go into politics any day as a defender of the “victimized class.”
If parents want to help their children go to college, they might consider starting to save money for that purpose when the children are babies.
What’s his major?
“Why did you borrow it?”
Who does this arrogant kid think he is, an executive at a major bank that got TARP bailout? I agree with you, he’s just a little person, not a big shot, and and he should shut up. You tell him!
This guy is a leech on society. No better than a welfare case.
Or doing a lot of doobie-rolling, while they are living in a van down by the river.
How the hell you you amass 30k a year in debt from an in-state public U? Did he never have a job at all?
And who gave him these loans? My kids did decent state schools in PA and it was only $25k a year before they applied scholarships, grants, their own contributions, and work study.
With what their mom and I contributed, they each graduated with useful degrees and less than $20k in loan debt.
I’d love to know what that person’s edumakashun is in.
The Treasury is gonna be on him soon. Like it or not, he will get garnished and will be paying that student loan debt off in-voluntarily. Happened to a buddy of mine
“This loser belongs in debtor’s prison.”
Good point! Only big bankers should be bailed out by Bush/Obama Tarp programs and the like. Everyone else should be thrown in debtors’ prison. You make a GREAT point!
Best advice ever. Chose a one-year accounting course. Finished it. Married, and, then, with spouse, completed four-year degrees.
Wise advice for a lifetime, coming from a father who had completed less than a high school education, because he had sacrificed that in order to work and support younger siblings through their high school careers.
Or, we could abolish the government loan program and give it back to the private sector. I have no problem with a 2 year trade school subsidy for post high school. But for a liberal arts degree? You gotta figure that one out on your own.
I would also favor a tax deductible portion of college tuition for individuals and companies. If your job requires a bachelors, let them help you pay for it. You see, little child, there are plenty of ways to address a problem.
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