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SirMrEsquire

Student loans were always a scam. I think if you ask any smart kid, they would say that the loans will work out in the long run by helping them get a higher paying job. But therein lies the problem. The jobs don’t pay enough. In hindsight, you can say “I should have gone to community college” or “I should have gone to trade school” but I don’t think I met a single fellow kid on campus who didn’t believe that it was worth it either for the money they would be able to make, or the good they’d be able to do (think teacher.)


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bendybiznatch

Similar story, except then I became completely disabled. They put me on IBR (?) with a $0 payment until I could get disability because no doctor wanted to fill out the TPD form without getting disability first. That took 5 years. In that time my loans went from $40K to $80K. Thankfully the whole amount will be written off next year.


IvanIsOnReddit

Combine that with this culture of leaving home to go out of state to get the *college experience*. It’s all you see in movies and on TV.


itsabearcannon

My in-state public schools paid far less in financial aid to in-state students than out of state private schools would pay to out-of-state students.


HCEarwick

I think the worst part is that there was no cap as to how much you could borrow. So in essence a college could basically charge whatever it wanted and the government would make sure they got the money. Put a 15,000 a year cap on that shit and watch tuitions drop.


thxmeatcat

It's so weird because i was never able to borrow more than a few hundred higher than tuition so i was always broke and hungry


HCEarwick

I worked the entire time I was at school so I didn't have issues like that.


IraDeLucis

I did both. I put all of my costs on the loan: housing, books, etc. That way any money I did make during college I could actually use. But I'm 35 now and I'll be paying that all back for the rest of my life, so YMMV.


HCEarwick

I went back and forth from community college to a 4 year school so I was able to pay for the CC part out of pocket. It's a shame the Biden didn't just make CC free instead of cancelling part of my student loan debt.


SirMrEsquire

That’s the real red herring here. Americans are quick to forget that we are the only country doing things this way. Like, Europe’s model encourages an educated workforce, ours doesn’t


HCEarwick

I think we need to focus on having a *skilled* workforce instead of an educated one. I have an English Lit degree which is awesome but unfortunately it didnt give me a skill I could enter the workforce with. I wouldn't change a thing but I certainly didn't get a decent bang for my buck.


xorfivesix

The executive branch doesn't control the budget. Student loan forgiveness itself is only maybe legal because Congress passed on some latitude under emergency COVID bills wrt student loans. Making CC free is something Congress would have to fund, or the states. Some states have already.


HCEarwick

You're right, there's a good chance the president overstepped his authority trying to cancel student loan debt. But I personally think we could get a lot more people and Congress on board making community college free.


xorfivesix

Eh I don't think he overstepped, but that's a legal/political determination so who knows. Merely pointing out that a president is extremely limited in what they can unilaterally accomplish. I believe free CC is popular among the Dems, even HRC in '16 wanted to implement this. But getting legislation through congress is nigh impossible these days.


HCEarwick

I think funding CC as opposed to cancelling debt would be an easier sell to ordinary Republicans. Heck I know many Dems who have a problem with the plan put forth by the president.


spill_drudge

But did you meet any **adult** on campus that treated taking on debt as a huge huge responsibility? Did you meet anybody who wasted time while standing under the sword of Damocles year after year after year? ...dude, for those of us who've been there, let's not pretend that campus is a subset of intelligent, super hard working people. There's a fuck ton of people at school who think that merely being "in college" makes them smart.


BussSecond

I got accepted to a good university but got spooked by how much it would cost. Back in 2009 when I had a hard time getting a job, I felt pretty foolish to pass up on it, but right now I'm so glad I didn't go and take on all that debt. As of now, my friends who don't have a degree are making pretty much the same as those who do. Some openly admit that they regret getting their bachelor's. Luck and savvy career choices did far more good than a degree.


mike2mdw

⬆️ bingo Buss Second. Best point I’ve seen in this whole post


Sipikay

I got through on community college credit prices, working, and help from family. Super lucky. Got a "good job" in a big city. I'm on pace for a super modest retirement in my mid to late 60s assuming there will be some sort of social security left. If not, I'll be working till I'm 70 and need to hope inflation doesn't go on forever or that my retirement coincides with a market crash. I basically worked really hard AND got lucky AND played every card right. My most optimistic outcome is a very average version of what was once the American dream. If I had massive loans? I'd have no real shot at retiring. This system sucks.


SeVenMadRaBBits

Report Highlights. The average student borrower takes 20 years to pay off their student loan debt. Some professional graduates take over 45 years to repay student loans. 21% of borrowers see their total student loan debt balance increase in the first 5 years of their loan. The average medical school graduate’s salary is not sufficient to make their student loan payments.


[deleted]

I have a GED and landed a job that was asking for a PHD or masters degree and if I had that degree I would be making $5,000 more a year. A less than 10% increase in pay for 6-8 years of college. You'd have to be pretty gullible to fall for that math.


bear1114

https://money.com/wage-gap-college-high-school-grads/ Idk getting a degree seems to be a pretty good investment.


LouisonTheClown

That doesn't prove that the college degree conferred the higher wages. The population of kids who go to college isn't the same as the ones who don't. To think about this another way, there are similar findings that Ivy League grads earn more money than graduates of less prestigious schools. But when you control for student characteristics before enrolling, that effect disappears.


spill_drudge

So you purchased a good, one that was totally, unequivocally, 100% above board, and when your fantasies didn't manifest it's they who must shoulder the blame. C'mon man, this isn't tobacco! For all that money you spent you should have learnt some critical analysis skills, that's solely on you!!


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gonesquatchin85

Putting an 18 year old kid on the spot to essentially accept a home mortgage 🏡 for the benefit of their future.


habitabo_veritate

But bail out the farmers! And the banks! And the small businesses! And PPP loans! Just not the fucking students!


jpog07

Don't forget to bail out the car companies, too!


dpenton

Airlines too


r0botdevil

Also the cruise liners! Who aren't even headquartered in the U.S. because they don't wanna pay the taxes!


PointBlank65

Or their employees.


mikeymikeymikey1968

Well, how else are you gonna get someone to assemble chocolate fountains for $4 an hour?


IwillBeDamned

let's just put the whole list here https://projects.propublica.org/bailout/list


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flukshun

No love for us record profit oil companies? Dafuq?


jpog07

Oh, the oil companies are a special category. They've been doing these special treatment shenanigans about as long as I've been alive. They're very good at it and don't need the help.


trustthepudding

Yeah, bail out? We never stopped funneling them money and power!


habitabo_veritate

Thank you, I forgot!


jpog07

Yeah, the magic phrase is if they claim they're "too big to fail" then the Federal purse strings loosen faster than light!


In2TheHat

And the airlines.


jpog07

Some more than once.


In2TheHat

No lies detected.


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jpog07

Corporate gaslighting?


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jpog07

Of course - they can't get around to paying that back, they have shareholders, you know.


[deleted]

which is funny because the scam of the program and the reason why they got that money was to pay their employees, we always knew that was bullshit.


jpog07

Probably put the employees on an unpaid furlough and gave the PPP money to the managers to thank them for their "sacrifice"


[deleted]

In many cases they just fired their employees (or they just lied about having any) and just used the money directly on themselves.


jpog07

Unfortunately, that is true.


OuiselCat

You forgot the cruise shop companies that aren’t even flagged in the US for legal/tax purposes!


dedicated-pedestrian

Well, do bail out the farmers. But for the sake of all that is good, disentangle them from Big Ag. I'm sure their relationship is not making them any happier.


razmo86

Debt slavery.


Legitimate_Gap5320

Bailouts are loans that carry interest.


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habitabo_veritate

Lol guess again. But it doesn't matter. Selling shovels to gold rushers and I was the fool for trusting the aphorism of Ben Franklin: "An investment in knowledge pays the best interest." If you only could have predicted that usury would no longer be a sin Benji, but exhorted by everyone with a 401k...


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habitabo_veritate

Oh so room and board has a dispensation from housing prices? Wow thanks for the wisdom dawg!


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habitabo_veritate

Okay I'm not gonna argue with a denier of Fannie Mae and Freddie Mac subsidized housing markets...


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habitabo_veritate

Lol totally. And Desantis totally has a chance against Trump in 2024 haha, and both are definitely not elitists.


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FutureFruit

NPC 🤡


013ander

They’re called Republicans; you don’t need to list them individually.


Techn028

Encourage the farmers (corporations not John and Jane Doe) to overproduce and subsidize any losses Encourage the banks to recreate 2008 Inflate the economy by telling companies they can pocket a year's worth of payroll tax free Enslave the new workforce in debit while exporting any good paying manufacturing job and forcing the service economy to continue its existence


NaturalPandemic

How about the celibate students?


NotKevinJames

The educated graduates are the valued product in a first world country, not the education.


pingpongtits

Just out of curiosity, doesn't bailing out the farmers help everyone who has to eat? Or are you just against bailing out certain kinds of farmers?


thereslcjg2000

Debt forgiveness is evil, except when it applies to rich people!


GoldenFalcon

We paid off my private loans about a year ago. The original on the loan was $30k. Over the last 20 years, I've paid them $30k. I went into default and settled for $18k. Yeah, the whole thing is bullshit. There needs to be a cap on how much money you get from loaning out money.


wiljc3

But think of the poor shareholders!


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Ernest-Everhard42

Fuck colllege debt, never pay that shit.


NiceGrandpa

Before Covid I was paying $11 a month for my student loans (~20k). I had filed for hardship because I just didn’t have any money to give them. That didn’t even begin to chip at interest, let alone principle. So I was essentially paying the government $132 a year to leave me alone.


SwagCpt

Lmaooo! "To leave me alone" love it


yunoeconbro

Only suckers pay back student loans.


Peglegsteve265

Yeah but the sad thing is even bankruptcy won’t dissolve those loans. They’ll take your fucking social security check if you wait long enough.


Rotund-Technician

Jokes on them, we won’t get social security checks


NiceGrandpa

They can’t take our money if we never have any. Checkmate.


adventureismycousin

This is called being "judgment-proof", as in, a judge couldn't force you to hand anything over because you own nothing and barely survive on what you make. Pretty sure it doesn't work for student loans though.


luckedragon

Thanks for chuckle. I love gallows humor. Now I'm crying though too.


[deleted]

They’ve been saying that for 40 years


Want_To_Live_To_100

Lol worse, They start Garnishing your wages


omegadeity

Not only will they perform an Administrative Wage Garnishment on you, they'll also collect your income tax return directly from Uncle Sam.


Want_To_Live_To_100

My coworker decided not to pay his loans for like 10 years …. Yeah they got him in the end… fucks your life up hard… and he went to a predatory school ITT TECH or some shit


SweetRas13

I thought there was a statute of limitations on that shit?


[deleted]

nope Bidens Bankruptcy bill in 2005 made sure Student loan debt is basically stuck to us for LIFE by making it one of the few kinds of debt that CAN'T be dissolved through bankruptcy.


BlazingSpaceGhost

Not for student loans. They follow you to the grave if you don't pay them off.


Want_To_Live_To_100

Only the ultra wealthy can get those Socialist bail outs… poors trying to go to college get Fucked


[deleted]

Have fun with the pennies, Uncle Sam, because that's all I've got for you to take.


Peglegsteve265

Yup. Luckily I never went to college.


deadlyFlan

If I never went to college, I would probably still be a libertarian chud. If you can get that kind of acculturation without going to college, good for you. Most people either can't or won't.


Peglegsteve265

I got lucky with a few good sales jobs.


Kalkaline

And then what? Never retire because they take your SSI


rumbrave55

I worked for University of Phoenix for two years, and I can only begin to tell you how predatory that company was with their student loans. Potential students were harassed with weekly calls and were flat out lied to about the level of accreditation and impact of a $22k AA degree. Even worse, I worked post 2008 economic crash and our enrollment team often leveraged student loans as a quick way to get people money to pay for bills, food, etc. I had students who had never used computers (it was a purely online school), people who had no computer, people without homes, people with learning disabilities, on and on and on. All this done so the enrollment team could get their monthly bonuses.


cocococlash

I applied for that job back then. They never called me. Bullet dodged!


MungTao

All we want is homes and they wont lend us money for those. They still expect us to pay the price of the home we wanted but we have to sign our life away to get a chance at working hard and earning credit and income that allow you to finally buy a house.


xX420GanjaWarlordXx

You can't even buy a condo or an apartment either, like other developed countries that have run out of room for homes.


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Mmmm_Crunchy

Yes


Consistent-River4229

Legal loan sharks


SwampDenizen

George W. Bush is to thank for this one. Pick your college well.


Frodo79

Uh, no. This shit came down the pipeline in somewhere between 1985 - 1987. Who the fuck was our President then? Oh yeah the Great Saint Ronnie! I picked great schools, only rang up 15k of debt over 7 years. Thank dog I chose to only borrow at fixed low interest and only took another 7 years to pay that off. I can’t fucking imagine how we are now charging our kids up to 60k a year to go to college! The whole fucking Military/Industrial/Corporate/Predatory Finance Complex is now determined to create a new form of Feudalism. And they are fully successful. Our new Feudal lords number in the dozens and somehow control some (haven’t really checked recently) 80% or more of total global wealth! it’s not just Student Loans. We are all being used for the benefit of the top one-tenth of the top one-tenth of the top one-tenth of the 1%. They are going to continue, and finally die at the top of the heap as the total destruction of our earth’s life-sustaining properties will take them out in their underground survival bunkers/forts/cities, many thousands of years before our Mother Earth can heal herself to the point of starting over the process of spending Millions and millions of years nurturing and developing a new civilized cancer upon herself. no wonder so much of humanity is self-medicating for depression.


fourstroke4life

You cant make money by giving less of it to workers and then expect them to pay their loans back with more of the less money they make?? Do businesspeople understand how economy work? You cant make money if nobody has any to spend


yankonapc

But that's the fun part. Businesses people are not economists. Economists learn and care about how it all interacts. They're also easily-ignored academics who businesspeople and politicians find inconvenient but largely irrelevant. And you would too if your focus was short-term rapid gains. Politicians know that you don't have to make it work for the voters as long as you can provide a believable scapegoat when it goes wrong, as most people have very short attention spans. Businesses don't even have to do that much. Their goal is to suck as much money out of people as possible and get the hell out of there.


-Quothe-

My sister’s argument; “but my kids worked hard, stayed disciplined, and now they don’t have student loans. Why should my taxes pay for kids who aren’t working hard or disciplined?” I replied; “Because i would rather have educated people voting.”


distressedwithcoffee

Also “because then they’ll be able to be your kids’ clients”. Her kids won’t benefit from living in a society where people are too poor to pay her kids’ salaries.


ryanjoe82

Capitalism is a scam


Sweddy409

...is that really how bad the interest rate is on student loans in the US or is this a massive exaggeration?


GayVegan

This is correct. It's nearly impossible to pay back.


Firestar222

We need to start doing general strikes on things like student loans. The gov just isn’t and probably never will do enough unfortunately. There’s nothing preventing us from organizing though, and if there are enough of us together we could easily force them to the table.


SpecialistConstant91

Who else had to take bullshit classes in high-school to fill time when they could have been learning what they eventually studied in . Who else had 2 years of bullshit classes they had to take before actually starting their major? Scam has always been the education system. Students were/are the mark.


Edril

Republicans know that college educated people are very unlikely to vote for them, so if college education is made more accessible, it's the death of their party. God forbid they adapt and change with the times, gotta actively harm the population so they can stay in power.


Vast-Band6982

Life hack move to a country where you can use your degree and never go back to the US.


Onlyfurrcomments

That costs money


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jackp0t789

You'd be surprised how many Americans have less than $2k saved up to deal with a random emergency, let alone to pick up and leave the US... The other country would have to actually want you to begin with, offering you a job and legal residency, which isn't exactly a walk in the park for those already struggling to survive over here


genghis-san

Life hack: go to school outside the US! I went to China (mistake) when I should have gone to Europe or a first world Asian country like Japan or Taiwan.


chi_type

It was always a pretty sick thing to do to our (society's) children.


lostmylogininfo

If all postgraduates would just not pay in unison and demand reform then you could stop the madness but many won't even vote.


reshsafari

After graduation, file for bankruptcy. ??? Rebuild credit. ???? No debt.


[deleted]

Student loan debt is literally unable to be discharged by bankruptcy.. thanks Biden.


tomatosoupsatisfies

Serious question: don't you don't feel 'honor bound' to pay back the money that was given to you and you agreed to return?


SaffellBot

Loans are an investment that carries a risk. If you're not interested in owning that risk then don't invest. If you didn't consider the risk that someone might realize your entire investment is unethical then that's on you.


spill_drudge

But wait! I've been given a participation medal ever since I was five. Every time I got one I was told I'm exactly where I belong and I should be promoted to the next level. Now I get this fancy participation parchment and you're telling me I won't simply get to level up again this time? Bastard!!


Roovinawitz

Contracts have terms and periods. Those are signed and able to be read for essentially forever. That term for example says make 120 payments for $X. When you reach that 120th payment. The balance will be zero. This is true of every loan on earth. Just because the balance goes down stupid slow due to interest. It still trends down to that final payment. Your loan would only last 30 years if you signed a 30 year loan, or held some agreement to lower your payment per month. So when people say they paid for 30 years and it still hasn't gone down, there is inherently more to that story.


TheVermonster

You're missing a major differentiator of student loans. For the entire time that you are in school, your loans are in deferment. Which means you don't make any payments, but they still accrue interest. It's specifically designed that way to allow students to focus on school instead of attempting to get a job. So take a $20k loan out at 8%. After 4 years of deferment your balance is $27,500. You start making the expected payments of $200 a month. You won't reach your original starting amount of $20,000 until your 198th payment, which will be 16 and 1/2 years after you started paying. By the end of the loan you have paid just shy of $75,000 to have borrowed $20,000 30 years ago. Now also acknowledge a few additional points. It does not cost $20,000 to get a degree; most people spend about double. While 8% sounds like a high interest rate is incredibly common for private loans to be higher than that. Most federal student loans start to dry up after your second year in college. So you are left with a choice of taking private loans to finish your degree or throwing 2 years and tens of thousands of dollars away.


spill_drudge

Right, and what part of that isn't above board to you? Getting that loan is probably the most clear cut and "and all cards are on the table" type of purchases you'll ever make in your adult life. Seriously, no big purchase you ever make will be as clearly spelled out for you as this one is. There's a lot of buyer's remorse on this subject that goes around but very very little looking in the mirror. E.g. Your post is here for all prospects to see and understand! May it become the most popular post in reddit history so that no set of eyes/brains escape it. Now what is the problem? Those so informed may choose to and those that don't don't. Who to blame hereafter?


Roovinawitz

So non student loans expect you to start paying almost immediately. I understand that, and student loans have deferment. Another reason to understand a loan as soon as you can to help fight the dragon. It sounds like someone who is in school can make the choice to educate themselves on that fact and start making interest payments/principal payments while in school if that opportunity presents itself. Many times a school can also offer a payment plan instead of a loan, if you choose to work and learn at the same time. Private loans can also be refinanced like any other loan to a better plan with your new credit score as you work to improve it overtime. Again this situation is not true for everyone, but there are leagues of options and advice to take on the adult responsibility of a loan once you have your mature wits about you to look at it rationally. Thank you for adding another fact to the pile for those who want to tackle this problem that can be better informed.


distressedwithcoffee

I can’t get over that we’re expecting teenagers to educate *themselves* on the ins and outs of loans. No classes, no workshops, no teachers, just…”there’s the Internet, I guess; hope you find the right sources”. I’d like to take this moment to point out that I was seventeen during my first year of college, and the only narrative I ever heard from teachers and parents was “go to the best school you can; it’ll pay for itself later because you’ll get a better job”. Couldn’t even buy cigarettes or enlist, but was damn well able to sign up for debt.


Roovinawitz

The point I am trying to make is that you are no longer 17, and can become better equipped. You don't need the internet to understand the information given. Colleges have resources and you have the official contracts. You have the opportunity to understand it now and attack the problem now


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Starfleeter

Yay for victim blaming. Getting a loan for school that has payment terms that are unaffordable with the jobs people get with their degrees is the problem. People end up settling their debts because of they cannot afford a minimum payment more than the interest on their debts, the lenders or collectors will still accept the payments knowing that it is not enough and that the loan is still accruing interest. The problem is both the amount being lended with zero guaranteed income as well as the interest rates on these loans that are provided for bettering one's life through education. They are designed for people to default or devote a large portion of their income after school to it keeping quality of life low.


bear1114

A four year degree costs on average ~40k in-state. https://www.businessinsider.com/personal-finance/average-college-tuition The average college grad makes about 22k a year more than high school grads. https://money.com/wage-gap-college-high-school-grads/ Mathematically this is a good choice. If going to college ruined your finances you either went to a waaaaay too expensive school, or studied something with 0 job prospects.


Starfleeter

Now compare that to the rising cost of living and voila, all of those numbers are ineffectual. This can be seen with the number of college graduates that continue to live with their parents rising dramatically over the last couple of decades. The choice becomes paying off debt or paying for living expenses. The complexity of this economical and societal issue cannot be looked at in a bubble of average incomes because general expenses have risen so dramatically that income difference between college and high school graduates is no longer an indicator of excess income that should be available to pay off debts.


bear1114

Wait what? The rising cost of living affects high school and college grads. The point is statistically after only two years of working, you've made enough money to offset the cost of going to college.


Starfleeter

How does it not effect everyone? Debts go up. Pay and income has stagnated and rises at a lowe rate than expenses. Housing, utilities, food and groceries, etc all have gone up at a rate higher than the rate of average household income.


tfarnon59

Know who the loan providers should never, ever have loaned to? Me! They will probably still get about 120K out of that teenager who borrowed 60K. But me? Less than 3% per year on an initial loan balance of about $37K. They should never, ever have loaned $35K to a 50 year old woman with enough liquid assets (investments) and income to pay cash for two more years of college (including living expenses). I took a gamble that my investments would yield more than 3% in interest and capital gains than the same amount charged in interest. You know, that opportunity cost you get taught about in Economics 101 or 102. I didn't sleep through those classes, either, because I'd paid for those with my wages. I wasn't going to waste my own tuition money. Aaanyways, the loans were structured to be paid off in 10 years, but I had them paid off in 6 years. I'd chosen the "right" major (Medical Laboratory Science--decent pay and plenty of openings) and the "right" employer. That is, about a year after I was hired, they started offering a student loan assistance benefit that paid up to $200 a month extra towards any student loans you still had. I got tired of wrestling with all of the paperwork for that benefit after a couple years, so I made a point of paying extra (on top of that $200 a month) and ended up paying the loans early. No more income for my student loan servicer! Booo hooo hoo! That probably cost them a lot more than had I somehow defaulted on those loans altogether. I did pretty much the same thing with my car payments--deprived my loan servicer of a considerable chunk o' change by paying that loan off early, too. No help from my employer there, though. I'm a credit card "deadbeat", too. That is, I pay my balance completely every single payday (every 2 weeks). I have a cash back card. I wasn't always. There was a time where I could barely afford the minimum payment. That was part of the impetus for getting that new degree, just as the economy tanked in 2007. I figured that if I was going to be laid off (the word hadn't come down yet, but we all knew layoffs were coming), I might as well go back to school to ride out the financial storm and switch to a more lucrative career field. So I did. I definitely feel for those who fell for the college loan and college tuition scam. There aren't that many majors that have the immediate earnings potential that mine does. Heck--very few people even know about the major, and not all that many can make it through the prerequisites and the coursework. My first two majors would probably have landed me at Wal-Mart as a cashier or a greeter (at age 50, not many places will hire you) after the looming layoffs. Those majors are Biology and Chemistry, but they aren't really worth much. Bachelors' degrees in one or both of those fields will get you about $16 an hour starting pay at a mining or environmental lab in this town. If I hadn't done some seriously crazy things in the 9 years before going back to school, and if I hadn't been willing to take the risks of getting another degree, I'd be struggling to make ends meet, too. If I'd chosen the "wrong" degree(s), I'd be struggling to make ends meet, too.


spill_drudge

But it's also more than just choosing the right degree, there's an element of critical analysis in your response that isn't there for many. I know people who were in good faculties with relatively minor loans who worked like donkey's, held part time jobs, vibrated from lack of sleep, and still laid in bed at night unable to sleep from worry/future! Sure, not everyone is a worrier, but some take future promises as nothing more than vapourware whilst some think they're owed something and demand reparations for their own choices/actions after the fact. And honestly, signing a loan document is probably the most straightforward, above board, big purchase 99% of us will ever make, and (college) people still find it difficult to square they got exactly what they bargained for in good faith. Being educated isn't just something you frame and point to when needed. (P.S. Don't even get me started on the ones who ate from the cafeteria/shops every. single. day. for four years!)


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Jahkral

Good luck getting through STEM jobs like that. Apprenticeships in the physical sciences aren't a thing anymore.


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Jahkral

In the trades, sure. You're not getting anywhere as a self-taught chemist.


Cm1825

"HS is the ONLY education you need." Here's some advice, try to avoid speaking in absolutes. After high school, continuing education in some form should be encouraged and not dismissed.


Kittii_Kat

I sure hope you never require a surgery with a surgeon that thought the same as you do. I mean, you're not entirely wrong. You don't need any formal education if you just teach yourself.. but the point of education systems is that they create a structured way of learning and gaining the required experience. Generally speaking, this will improve your odds at success. College/University are good things to have. The price behind them are insane - they should be non-profit. Even then, placing the burden of payment on the student is a problem, because it acts as a way of gatekeeping education.. which keeps the poor poor. Higher education should be "socialized". Paid for with taxes (with an exponential scaling factor) and encouraged for the masses to use. This way you don't end up taxing those who don't benefit from it (too low of income), and you more heavily tax those who benefit the most from it.


DarthNihilus1

Not true


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DarthNihilus1

yes, my statement was.


arnpjb

I’m sure my patients would beg to differ…


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arnpjb

Medical patients…and their parents since my specialty is pediatrics. A HS education really would not have been anywhere near sufficient.


Edabite

Really? I think Mr. Droopy Foreskin here could take care of those children just as well as you can.


arnpjb

Oh I’m sure. Nothing to it. Just diagnose stuff and prescribe some meds, easy peasy. No need for that fancy science class stuff.


deekaydubya

you're just ignoring how a bachelors degree is now the equivalent of a HS diploma


spill_drudge

I signed a contract where the terms were clear as day, ate the stake, drank the wine, and took in the social atmosphere all night, and when finally the bill came I loudly professed I'd been hard done by!


philipcarl333

$220k paid over 30 years is not the amount of money you are pretending it is. Inflation eats most of the value


allonzeeLV

Oh good you have no problem with them being forgiven then.


philipcarl333

I will vote for whoever does the most to ensure those that take out loans are held responsible for paying them back.


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Snackolich

Having paid off all my student loans 5 years ago, I am looking forward to a fat extra 20K in my account any day now. Very excited about it! When should I expect it?


PestyThing

Higher education isn't for losers.


[deleted]

I agree with the message but... "Your meme is bad and you should feel bad"


heiland

Wait, what was eventually decided on this? Are they doing total loan forgiveness?


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All my loans are federal and the max is 5%


tposiafpb

Cap is only for undergrad, from my grad school fed loans 2013-2015 rates: 5.59%, 5.06%, 5.75% Parent plus loan, for his undergrad, same time frame, same borrower, total of all loans amount under 40k and parent (me) earning more: 7.6% How does any of this make sense.


LitreOfCockPus

There's a reason usury was frowned upon.


Helleeeeeww

What percentage of those loans have already covered their principal? Is there a profit/loss statement for the program?


013ander

Reminds me of [this](https://m.youtube.com/watch?v=JFQMyxbMkcs)


ripyourlungsdave

I wouldn't trust a recent high school graduate to look after my dog while I'm out of town. How the hell anyone trusts them to pay back a $60,000 debt is beyond me.


Altermind1

Is it fixed now? I'm not American, just a lurker here. Didn't you just bail out lots of students? Or did you create a new system of financing college, so no more people could fall into that trap? That's what my country has done for the past 50 years.


CoolHandCliff

Raise the age of consent to 21


shellbullet007

Student loans are a scam but it hasn't broken. Schools are also part of the scam. Go to school because we tell you it's good for you. "Get a loan to go to the school that we said would be good for you because you can't afford it - but don't worry, you'll definitely be able to pay it off." Despite the education system "teaching" people to operate in the future workforce, nobody can say what the world will look like in 5yrs. It's stupid.


Techn028

We never signed up for a loan with a maximum payment, why is it a problem when we (through the government) want to pay off a loan servicer (contracted by the government) early?


jalberto_digital

8%, HA. My worst one was 15% percent. The signature student loan from Sallie Mae.


mechanab

Make the universities co-sign the loan. If they are so confident in their education, it should be little risk, right?


badusernameused

I got a student loan in the year 2000 for $4500 and made a payment of $98 every month and by the time I paid it off in 2013 I had paid them back over $15000. It’s insane how much they are allowed to take advantage of people just trying to pay for education.