I’m a 29-Year-Old With $235k in Student Debt. I’ll Never Pay It Back.

Yahoo Finance ^ | June 17,2019 | Simon Galperin

[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.

[lerker]

ding

[ETCM]

And the writer of this drivel actually went to college! He should seek his refund from the shysters who fleeced him out of $190K, not the tax payers.

[Red Badger]

Political Science, obviously................

[BBQToadRibs]

That Spanish Theater major isn’t paying off, is it?

[mrs. a]

This person AGREED to the terms and conditions. This debt was not foisted upon him/her without his/her knowledge.

I would certainly think twice about hiring someone who didn’t want to adhere to the basic terms and conditions of a contract that they AGREED to.

I’m not even going to get into the whole situation of saddling elderly parents with this debt as well.

[Dilbert San Diego]

Something which never gets discussed, is that “free” college is going to paid for by taxpayers. It won’t be free, it will be paid for another way . Look for massive tax increases if this ever happened.

Also, I’ve never heard anyone discuss the mechanics of how “free” public college would work. Each state runs their own state college and university systems. Numerous localities run the various community colleges around the country.

If the federal government plans to make public college education “free”, doesn’t that imply that the federal government would take over all the state University systems in the nation? Does anyone really want that, has anyone thought through the implications of what is being proposed?

[PistolPaknMama]

Why would I choose to pay down my debt if it meant I wouldn’t be able to afford basic living expenses?

Exactly what are "basic living expenses" on $4k a month? I don't feel sorry for these people at all.

[Still Thinking]

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.

Yes, ASSHOLE, let's punish those who are being taxed at nearly unprecedented levels, and who played no part in your financially illiterate decision making process, when the [finally] got what amounts to a crumb of relief.

Would you be willing to submit your every decision to a board of those people for the rest of your life? If you want them to pick up your stupid-tab, why not? Why should they get accountability with no control? How about having your degree expunged? Would you be OK with that? Or are you sifting the good from the bad when you decide which part of the past you're willing to take responsibility for? ASSHOLE.

[Maceman]

I’m spending my money in a way that invests in my future. Can the country do the same?

All that college and he still hasn't learned the main point - which is that in the vast majority of cases, college is a VERY BAD investment.

The price of a college education has quadrupled since the 1980s

He hasn't even learned that he can thank the federal government for that -- which is one of many reasons why the government shouldn't even be in the tuition funding business.

[lerker]

These people make every wrong decision but still think they know better than the right. Sad.

[Leaning Right]

It’s not entirely the student’s fault.

Colleges will shamelessly lie to you. Want to major in 12th century French poetry? The poetry department will tell you what a great idea that is.

And then the department will give you a list of jobs you can get with that degree. I’m not exaggerating here. I’ve seen this happen.

Some FReeper (sorry, I don’t remember who) had a great idea. Make the colleges co-sign for any student loans over $10,000 per year.

[DannyTN]

He probably paid out of state tuition, and probably went to California.

The highest in-state tuition was $18,192 at University of Pittsburg

Colleges with hightest in-state tuition

[sparklite2]

Goldman Sachs says that whatever economic boost the tax cut brought with it has passed.

---

That’s a dour way of looking at it. Here’s another way.

The tsunami has passed, but the higher tides it brought with it remain, enabling more and more boats to float. It did not just come, then disappear, taking the ongoing benefits of more capital for investment with it.

[fieldmarshaldj]

From Simon's website: "I work with people to identify problems and develop solutions."

Problem: You've racked up $235k debt, Simon. Solution: Pay your effing debt, you a$$hole !

[PGR88]

Hurray. Default on your government-backed debt, vote for Sanders, and stay in your parent’s basement.

Everything will be OK!!

[NorthMountain]

OK

$#!+ForBrains has a

BAchelor of Arts in “Journalism and Media Studies”.

and a

Master of Arts in “Social Journalism”.

He’s qualified to be a blogger.

He looks a little faggy.

Jus’ sayin’ ...

[babble-on]

Aaaaaaaaaaand......

He’s a jihadi.

Shocker there.

[ExSES]

Dumb choices result in very bad consequences!

[BBQToadRibs]

Googled up the author -

“Simon Galperin is the customer success lead at GroundSource. He received his M.A. in Social Journalism from the CUNY Graduate School of Journalism in 2016.”

So, journalism.

[Mr. Rabbit]

Too bad, so sad. Bad life choices should be painful. What’s next? Will I, a taxpayer, also be on the hook when some millenial schmuck marries his trophy whore and then she dumps him and saddles him with just as much or more in child support and alimony? Or maybe the fool who can’t say “no” to the car dealer and buys a new SUV every eight months? Yeah, I know a couple of those idiots, too. Not my damned problem, kid. Sucks to be you. Good day, sir!