I borrowed $20,000 in the early 80s and owed almost $80,000 in 10 years. I eventually took out a loan to pay my student loan because the commercial loan had lower interest. I’m 61 and I paid it off years ago, but nothing would give me greater pleasure than to know this horrible predatory practice was eliminated!
This is by design, to keep people trapped. Paying from one credit card towards another just to stay "afloat." Then when your cards are maxed out, and you're barely able to survive, the penalties flood in. It NEVER made sense to me how your supposed to graduate from high school, with ZERO debt, but to establish credit, you must IMMEDIATELY get under a mountain of debt to go to college, get a good job, so that you can afford the basics, but barely chipping away at the enormous debt you started out with, because it's mostly only touching the Interest. MAKE IT MAKE SENSE.
I borrowed $40k because my parents, high school counselors, and others were all saying this is the way to move out of low income/poverty. It was all a lie. I had to defer for couple years after graduating when I was making minimum wage, barely scraping by a living. When I was ready to resume paying after getting a promotion, the new principle ballooned to $53k. The student loan business is 100% predatory.
The middleman are in control, taking full advantage of capitalism, making everything we consume for profit! Over the last 40 years, they have whittle away at the laws that protect consumers (so our food is safe and our trains don’t crash). Let’s support what we can before. Biden is out of office. Spread the word for seniors without student debt.
What's predatory is forcing blue collar workers to pay for your bad decision. It sounds like you're one of the people that in prior decades would t have even went.
This times a million. We paid our debts. We paid them in full and then some and we all end up owning more than we can ever, ever pay back ever. It's WRONG!
AoC, for instance, hasn't paid anything into it. She even admitted this. If you don't want student loans, don't take them. They are high interest because they expect you to take them for your doctorate to become a lawyer, doctor or something making lots of money. Unlike others, I worked through college to get my tuition paid. No loans. But I didn't get to go to all the cool parties. I was working.
@@OdinMagnus your experience isn’t representative to the rest of the country. You clearly didn’t go to a top rated school or have an advanced degree. Don’t have a career in STEM. So I will repeat myself. These loans have been paid off and then some. Students loan relief applies to predatory interest that is compounded in such a way the balance doesn’t go down despite how much you pay. Why are we rewarding predatory lenders.
In many of these cases people were told that the degree they'd get would be good enough to land a job that could easily pay for the loans, but then the goalposts got moved higher. Heartbreakingly unfair.
My friend was the most responsible person I know and he got a PhD in Pharmacy. When he went in EVERYONE was clammoring to get pharmacists. When he got out he literally had to go to his old job until a position opened up SOMEWHERE half way across the country :( Not to mention the 1k + a month payments :(
Exactly. Even when I was a new HS graduate in 1999, my bf's mom would have had to return to school for a master's degree to continue teaching 3rd grade. It wasn't worth it. My current bf has a master's degree, but can't find a job in his field that pays more than where he's currently working. I don't have any student debt, but I don't have an education either. I hope these debts are forgiven b/c the math ain't mathin' if people owe 2-3 times what they borrowed after paying for decades. 😢
It's crazy it's almost like dumb people should do research into the degrees they're going to get and think about the loans and the interest on them..... It's almost like people should educate themselves before doing this kind of nonsense instead of getting themselves into trouble and then crying for somebody else to help them. I have a decently well-paying job and I never set foot inside a college and I never took out a loan. There are other avenues and it shouldn't be the taxpayers or responsibility or burden to bail out these people that didn't think through the repercussions of their actions.
@@daffodil1017 they didn't do everything right though. They didn't study their degrees thoroughly enough to understand that it wasn't going to be enough to pay the loans. They didn't actually do research into the loans. They literally just went into it blind and now they are crying for the taxpayers to fix it.
I used to love my country. I served in the military for 10 years. Now I'm just ashamed. I'm ashamed that my fellow citizens defend these corporations that go after poor people who don't have financial education. Our system is broken.
Is not a broken system. It's a corrupted system. This is just "legalized" theft made possible by "legalized" bribery (aka lobbying) Worse than a 3rd world country, because is more unfixable and even the words prevent people from even seeing a problem with it.
They already did that actually. New student loans are not that bad especially if you do income driven repayment. You can even go into forbearance just by telling them you have an economic hardship. The older loans are the biggest problem. They're from the Sallie Mae public-private partnership era. Those loans were designed to be predatory. Those loans (especially the private ones) have terrible terms that haven't changed because it's incredibly difficult to change loan terms. You can either refinance with another lender or consolidate them, but getting rid of them is rather hard. Everyone mistakingly believes there's been no reform. There's been absolutely massive reform. The federal government has done a lot to tackle the problem. They just can't go back in time and fix the problems that have already happened.
@@MrThatGuyYouForgot you bring up very good points but the federal government can do anything at goddamn wants. You're acting like they don't have the power or something to invalidate these old loans. Please wake up and smell the bong water. They could do anything they want. They're on the take from these guys don't you f****king get it!?!!!?!!?? Our enemies are Wall Street and the federal demons who suck their dick for pay. This equally applies to both parties. Both parties are ABSOLUTELY identical behind the scenes. Please tell me you have figured this out already. Please tell me you understand.
@MrThatGuyYouForgot you bring up very good points but the federal government can do anything at goddamn wants. You're acting like they don't have the power to invalidate these old loans. You honestly got to be kidding me. Everytime Washington pretends to do something for the average person there are loopholes the size of a Mack truck and you think that's an accident!?!? All part of the plan, my easily-bamboozled friend. The plan is to never do anything for us to fight and scratch and claw against it until the day they die, and to make sure Wall Street can keep f**king us and killing us until they're dying day. That IS their agenda. If people could just stop drinking the propaganda Kool-Aid for two seconds this would become self-apparent. Please wake up and smell the bong water. They could do anything they want. They're Congress. They claim to have the top authority. But they're on the take from these guys don't you f**king get it!?!!!?!!?? Our enemies are Wall Street and the federal demons who suck their d...k for pay every day. That's the ONLY purpose for Washington. They absolutely couldn't care less for the fate of the average person and seem to take a particular psychotic pleasure in coming up with ever new ways to neglect or abuse us through evil policy, or just none at all. This equally applies to both parties. Both parties are ABSOLUTELY identical behind the scenes insofar as who owns them. Please tell me you have figured this out already.
@MrThatGuyYouForgot you bring up very good points but the federal government can do anything at goddamn wants. You're acting like they don't have the power to invalidate these old loans. You honestly got to be kidding me. Everytime Washington pretends to do something for the average person there are loopholes the size of a Mack truck and you think that's an accident!?!? All part of the plan, my easily-bamboozled friend. The plan is to never do anything for us to fight and scratch and claw against it until the day they die, and to make sure Wall Street can keep f**king us and killing us until they're dying day. That IS their agenda. If people could just stop drinking the propaganda Kool-Aid for two seconds this would become self-apparent. Please wake up and smell the bong water. They could do anything they want. They're Congress. They claim to have the top authority. But they're on the take from these guys don't you f**king get it!?!!!?!!?? Our enemies are Wall Street and the federal demons who suck their d...k for pay every day. That's the ONLY purpose for Washington. They absolutely couldn't care less for the fate of the average person and seem to take a particular psychotic pleasure in coming up with ever new ways to neglect or abuse us through evil policy, or just none at all. This equally applies to both parties. Both parties are ABSOLUTELY identical behind the scenes insofar as who owns them. Please tell me you have figured this out already.
We are cattle. I took out 7g and 3g, but I was tricked into it at my college back in 2006. I've since paid 33,000$ and I still owe 3500. CEOs face no consequence and our politicians, both sides, accept supple gifts.
How were you tricked? I borrowed similar amounts. Read the terms, read up on refinancing and consolidation. Lived well beneath my means. I was making $115k a year but sharing a 4 bedroom@$500 a month and paid off my loans aggressively.
The US is such a crazy place sometimes. In France, I borrowed 20k as a student. I owed less than 22k. I had 10 years to pay it and paid it within 3 years after graduation. Even if I had not paid it back faster than 10 years, it still would have been 22k
Bro, the EU is just the more social and more fair place to live. I didn't accumulate any debt during my studies. I had a 20 hour job on minimum wage and it was enough to even accumulate a small saving (just a few hundred bucks, but it isn't debt). But why was that? Because I didn't have to go into debt in the first place. One full year costs like 200 to 300 € in my mainly socially funded university. And those aren't crap like they are in the US, which is why they need to go to private institutions that want your liver in exchange for a degree...
Even in the UK, which does have pretty high student fees (£9.5k/year), our student loans basically just act like a graduate tax, you only pay 9% of everything you earn over £24k. So even though we accrue huge loans over our lifetimes due to the interest, we only have to pay about £1500/year towards it, which is much more manageable than what goes on in the USA
That's because the UK wants people educated. The US wants people to stay dumb so they can vote in dummies and be scammed by corporations, banks, and rich folks.
@@dans8857 and paying back predatory loans is more important than being able to eat? People on SS income don’t have other income. It’s a fixed income. Everything taken out of that is an assault on an individual’s ability to survive. But you can’t be bothered to understand reality, can you? Keep licking those boots, see what happens
It’s almost like a punishment for trying to rise above working class. They’re making it clear they don’t want certain people to be upwardly mobile. They like the class divide the way it is. 😢
It is insane that student debt isn't capped at 2 or 3%. These debts are secured by the government and you cant discharge them through bankruptcy. There is literally no way for banks to lose money on them.
Interest rates should be 2-3%, but the structure of the loan is more the problem. They didn't used to be impossible to pay off - I can't find when they were restructured, 90s? Student Loan Reform Act 1993 - Clinton?
The government wants money. It's the only debt that doesn't go away through bankruptcy. Corporations are corrupt but the government is the most corrupt.
Between stagnant wages, skyrocketing health insurance costs, rising cost of living, unfair taxes, corporate influence over politicians, and the outrageous cost of education, and crushing student loan debt - does anyone else see a trend?
Posey: Yes, former students are NOT using their lifetime benefits at their Student Placement Services Offices to get the job bank url and password to get the good jobs. Better do in now before Trump lets college deal student files again because of debt. Buy sealed copies of your transcript if in default. Biden ordered them to give copies even if in default. That will likely only last until 1-19.
Read my comment. You may see why there was such an effort to convince you all that all homeless ppl, starting w young men in their prime, w college degrees and no history of mental illness or addictions were finding themselves unable to secure continuous employment of any kind, and being blamed for it. Ppl continued to ignore the plight of fellow citizens from the best of the best to the least of the least, including children, seniors, disabled, ill, injured, unemployed, and anyone who suffered any misfortune, were made to look & be treated, as disgustingly as possible while never shown in a true light. Make as many ppl as possible become worthless enemies to theìr own kind, ǰustify it and let it go on and get worse as decades passed. Another divide. Clever, eh?🫣
I mean they tell you all this going into it. This is why i went to community college and worked a job and paid for mine as i went. I had to make sacrifices because i wasn’t at a big college with my friends and i also went 3 years for a 2 year degree because i couldn’t afford it all at the time. Maybe i was just smarter than you. Ps. I worked in a berry global factory making $14h doing all this. EDIT: i graduated from college 6 years ago. All yall quit being lazy and saying you can’t do it you sound pathetic and thats why ypu are in the situation you’re in. You CAN do it but decide that its too much of an inconvenience to grind they way i did so yall took on debt. STOP CRYING MOMMY AND DAD won’t PAY YOUR DEBT. fools.
@@Youngbl33zyI notice you aren't saying how long ago. My mom just said $7.25 is five as a minimum wage since that's what she made over 50 years ago. You're also completely missing that most people just can't do that. Congrats on being able to but stop assuming others can do what you did!!!!
When I taught Personal Finance to my high school students, I told them the absolute worst possible legal financial decision a person could ever make - was to take out a student loan. I told them that a student loan could never be paid off.
The United States of Corporate slavery. (…& they say they can’t forgive the loans we paid off because Wall Street still needs our interest payments or it will crash. 😂😅)
Nobody ever say that. It is republicans that say that it is unjust for all the wealthy that paid for their kids school... Like Daddy Truuumpp and Daddy Elonia...
Because Us is one of the most capitalist countries in the world. But, listening to a lot of Americans, it seems like this is how they like it since everything else is "commie" according to them 😂😂🤯
Universities should have to pay at least half of the debts with their endowments. Why? Because they raised their prices significantly to take advantage of the fact that these predatory loans were available. They are just as at fault as the lenders.
I borrowed less than 40,000. I've paid somewhere around 25,000 to 30,000. I still owe 60,000. I'm 50, and I've never had a job that paid more than 40,000 a year. And I graduated with honors.
Sunny: The average income in USA is $23 to $27/hour. That is $47,000 to $55,000 yr. Many businesses will not keep employees older than 50. At 50, employer paid health care premiums sky rocket. Nobody ever told you to email the Student Placement Office and request the URL and password of the job bank. They will need your student body number to verify you. You ought to still be able to get your student body number from the Registrar by phone or email. The Registrar needs your name and dates of attendance. Do this immediately because Biden ordered ALL the schools to release holds on account records proving college educations. Nationally, students who use the Student Placement Services Office make lifetime incomes higher than attorneys and physicians. Nobody forced you to stay In a backward State. Nobody forced you to neglect development of your career. Talent is not identical with ambition. What work do you most want to do? Who hires that kind of employee? Spend $20 and buy a used copy of the 2021--2031 Occupational Outlook Handbook online. Read about the 800 kinds of jobs in USA and the mid-career salary for those of interest to you. You DON'T have to reveal your current income in an interview. When they ask, you quote back to them the normal mid-career salary according to Occupational Outlook Handbook from the Bureau of Labor Statistics for the type of work you are applying for. We have already been informed that the USA economy mostly has gaps in mid-career positions that companies can't fill. YOU ARE NEEDED IN BETTER PAYING WORK! Don't tell the interviewers your sob stories. Just tell them you caught the itch of ambition and that somebody told you that you were needed in the more experienced level of the economy. You have an honors education and maturity and experience. You are needed up the career ladder higher than you are. In a modern, industrial State, the average employee earns $60,000 to $65,000/yr. The numbers were reported by Forbes this month online. Put a free news app on your smartphone and open the business news tab daily and read the business headlines. Read 1 or more articles a week. You probably will do better with a skills resume. You will need 3 to 7 skill headings with 3 to 7 skills for each. Examples are stuff like direct customer service, any supervision you have done, any sales you have made, computer skills, account servicing, plus the career skills from whatever jobs you have had. If you have many to pick from, list the skills you want to use, not the stuff you prefer to avoid doing. List skills their job listing says they need. 3 skills headings with 3 skills are enough. 7 with 7 each would be too many. Many companies computer scan resumes for specific vocabulary. Use the vocabulary in the job listing because the computer scan will literally toss out all resumes that lack some certain keyvwords. Include some keywords in a natural way in your resume. Many companies want their staff to have some community activities. If you volunteer for mulch sale fundraisers or donate blood or serve at a county fair booth, or fish or whatever, stuff like that is worth a heading and a line or 2. Read the entire website of companies you interview with. 1) Companies hire interviewees who talk 60% of the interview time. Companies don't want passive interviewees. 2) Your job during the interview is to become memorable in a positive way. The easiest way for a man is wearing a great tie. You want the interviewer to have a way to refer to you as, 'He was the guy who ______.' (Being memorable is easier for a woman because a purse, scarf, or piece of jewelry can be distinctive. It doesn't much matter what you are memorable for. It can be a purple clipboard or an expensive briefcase or a handkerchief in a suit jacket top pocket...something suitable to your field...a red marker to take notes...almost anything positive that no other interviewee had. If they don't remember you, they won't hire you. They will hire from those they do remember for anything positive. Send them a thank you for the interview email. State explicitly that the company made a very favorable impression and that you remain interested in the position they described. When you left the interview, they did not know whether you liked them or not. They were focused on other stuff. They will only know because you send them a follow up email to tell them you are still interested. Yes, obviously, I took the graduate school class in Business and Professional Communications from a leading textbook author. You have now had beginning career development coaching. Go after what you want. Every day 7500 retire in USA. Most are 62. That is over 200,000 a month and about 2,500,000 each year. Almost every one of them needs a replacement. Most of the 52,000,000 who are 18 to 30 don't come near to qualifying. Most if the 30 to 50 year olds who wanted to change did so since summer 2023 when financial analysts first published online that the USA had lots of mid-career level job vacancies. Since summer 2023 almost 4,000,000 more people have retired. You qualify for more of those than you want. Getting moving money is negotiable.
I make over 80k a year, never went to college but yet for some reason I'm paying off student loans? You made a horrible decision. The reality is 80% of people in college shouldn't be there in the first place.
Americans make fun or even demonize socialism. But in a ‘socialist’ (not so much lately) country like the Netherlands, these types of debt-stacking practices are literally impossible. Late-stage capitalism is an absolutely destructive state for any society to be in.
Ryubear, if Europe were nit parasitic on USA, they could not afford their 4 week summer vacations and free college. USA workers work an average ofv2600 hours mute each year than any other developed nation, and USA make life expectancy is 73. That is abysmal.
Well, most of us see how it all came about, 20-20 hindsight, and realize we couldn't have done anything about it, but we still have to decide how we are going to stay alive. So no more gloating and finger pointing. Everyone did what they thought was best or the right thing. You can't do something you never knew existed. None of this would have happened if ppl had known and understood it. Do you think the victims of MK Ultra and CoIntel Pro would have suffered the torture had they known those were government programs? If this is just an attempt by the govt to decrease the population, why not have closed the borders in 1970s? Why not have refused massive amts of foreign kids, once genX had begun the birth dearth? If they want to reduce the population, why did they so quickly pass Gov. Abbott's ban on abortion? Why end Roe v Wade?
This is why forgiving student loans matters. They've paid their debt. They've paid more than their debt. The lender isn't losing anything but an easy source of income, one they wouldn't have if student loans were not allowed to be compounded the way they are. This isn't people trying to avoid paying a debt. This is people who were taken advantage of by a system that was deliberately obfuscated, intended to keep them in debt until they die.
If you take a loan of 70k and 10 years later you had paid 70k you hadn’t paid your debt yet, 70k in the present is not the same as 70k in the past. This is sad but the reality is they have not paid their debt yet. If they not pay the lender is going to lose money
@ Not all lenders are ultra rich people, when people save their money in the bank are lending their money, everyone lend money in different moments. Besides it is a different thing, it doesn’t matter who lend the money, what matters is that if I lend 70k today and pay 70k in 10 years I have not paid my debt yet, the money has a value in the time, it is not the same money today than in ten years. I know there are a lot of injustices in the way the money is lend but the true is this people has not paid the money yet and if they not pay the people is going to paid for them with their taxes, they will be thieves and no better than this ultra rich guy that lends money that lives in your imagination
@ also, if the lender lose its money they will not lend again or is going to want to win more money because is going to lose money with some people, this only make the problem worse
@@dabprodYou mean like all the businesses that got bailed out during COVID? Funny how you have to be a corporation to get sympathy from the US government...
I think people need to remember that these folks were like mostly 18-20 and more unlikely to understand just how much debt they were going to accrue. Many folks cannot get jobs where they want without a degree. I understand that its their responsibility, but no one should have more debt than what they borrowed 50 years later.
It's not just a lack of understanding, it's also the unpredictability of wages over time. Wage stagnation has been a massive issue and the interest rates on loans is predatory.
I'm a disabled desert storm veteran. I took out a loan along with the Montgomery GI Bill (which was a lie and theft). It took me 20 years to apply, appeal, appeal and finally receive a disability from the VA. I used the lump sum back pay to pay off my 17 year old student debt (I was also paying monthly). My home state had a special scholarship for war veterans who lived in the state for ten years consecutively, and I used the scholarship at a state university to receive two master's degrees for free. My state is poor with low ranked universities, but the state is generous with veterans. I'm grateful.
I avoided loans by studying abroad. I know not everyone can do that but I'm grateful I did that. It was cheaper in that my parents can easily pay for both me and my sister's tuition and entire cost of living like its nothing. The entire expense for 1 year was like how much 1 student would pay for 1 semester of community college except both of us took a bachelors degree in a foreign US accredited university (for the degree we took). Affordable.
I would have loved to do this, but my parents wouldn’t have even been able to afford the plane ticket, nor were they willing to. My mother bought me a textbook one semester. That is the only contribution that was made to my education. Everything else was loans and scholarships.
I borrowed 9K twenty years ago. I paid back 20K, yet I owe 70K. I HATE this country and would leave in a heartbeat if I could afford it. Im ashamed and disgusted to be an American.
My two biggest recommendations to kids in high school right now: 1. Don't go to college unless you are 100% sure on what you want to do. Instead, jump into the workforce, find something that you enjoy OR at least wouldn't mind doing, find out what (if any) education you need to climb the ladder, and see if your employer is willing to help pay for you to go to school. 2. IF you do go to school, start at a community college. They are significantly cheaper, and as long as the school is accredited, it's no different than going to a University. You can transfer your credits later. Sometimes community college is so cheap you can pay out of pocket. I was able to pay for my last 3 semesters with a 28hr work week at $10/hr.
O yeahhh it’s bad. I have law school loans that basically doubled. Then they kept changing the servicer… so then i had to go set up my payments multiple times with these new servicers.. meanwhile my balance doubled. Im taking a pay cut working in public service in hopes of getting my loans forgiven through the public service program..it’s a racket
Deez: To bad that you did not take 1 year of accounting and get law school free by TAing in freshman accounting 1 hour a day at Ohio State. Your pay check as a TA would also have been free of income taxes. The more people a freshman knows well who have a graduate degree, the fewer mistake the freshman makes throughout college. There are also professors who only tell professional career secrets to the honor students -- to derail the non-honors students away from professionalizing
Over 95% of the first cohort to complete the PSLF were denied. It's mostly because they didn't follow the instructions: 1. Only direct federal loans qualify. No FFEL. No Perkins. Consolidate to direct if necessary. 2. Only income driven repayment plans. Most of them base it on full household income, i.e. you + spouse so you're better off not filing taxes jointly. 3. Payments only count towards the 120 (which do not need to be consecutive) if being made while working 30+ hours for the right type of employer: nonprofit, tax exempt. Fill out the employer certification forms. Contractors beware, it's not the job worked but the official employing agency that matters. Clergy doesn't qualify possibly because a 1st Amendment issue of paying/endorsing a religion.
@ i went to law school at 30 years old. I was out of school and had a whole 7 year career before I went back to school. TAing wasn’t an option. And would not have created free law school tuition.
I graduated in 2011 and my student loan debt was $58k. Fast fwd to today and it’s $90k due to interest. 😢 I told my kids the only way they r going to college is on a scholarship. Don’t fall for the financial trap to make corporations and government rich, whom complained about student loan forgiveness.
@@Apfle_3.1415 I learned plenty, as have many people who went to college. Including the affects of corporate and government greed and why trolls, troll…🫠
Awesome: Some student loan contracts become immediately due in full if a parent co-signer dies. That assumes there is life insurance money to be had. A surviving spouse can lose a hime that way unless rapidly homesteaded.
I borrowed about $60,000 total between BA and MA programs, much of the federal grants and funding was cut or eliminated while I was in school during the Bush years. I was on IBR repayment, making payments and every single year, I owed MORE than when I started. Then DeVoss took over and played games with my debt relief as a teacher. I now owe $277,000 in student debt and, kicker, because DeVoss' shenanigans, the loan company putting me in the "wrong" program, I have been unable to pay it off at all. Only COVID relief gave me enough breathing room that I wasn't in danger of becoming homeless due to missing rent payments or skipping my disabled wife's medicine and risking her life. I am 55.
That sounds awful. What a horrible trap. I hope you find healthy a way out. Greed is the most despicable trap, and corporations seem to have perfected it.
I went to community college and it was affordable enough that I could pay as I go. I’m anti-loan. I do feel bad for these people tho. The system made them into debt slaves
My first year of college, my total tuition for the year, a full load of courses, was about $25. But that was in a country with (shudder), _socialism._ I paid in cash.
@@AlbatrossWhisper It really was for the first 40 years of my life, but our nation depended on agricultural exports, and both Europe and the USA had very high protectionism levels. It made the economy very difficult to handle.
@@NoSpam1891 i would be glad to pay more taxes to end for profit healthcare, lower education expenses, end private equity, and fund programs to the betterment of all citizens. But so many people want riches for themselves so this will never happen.
@@AlbatrossWhisperIf you want to see if you like it, maybe Venezuela. They had a country Vrty close to ours. Capitalist/ democracy, only they Did have caps on everything. But it was malls, cars, homes, like we were. But the elected pres had to flee due to lots of hired mercs by robbing people, businesses, everything. It is a socialist country for apx 10, 12 yrs now. But its not too far, temperate climate, beautiful place. And 100% Socialist. Guess thats where I'd try. But try then see if you like it. Gvmt hires people. So theres jobs.
Yep. Borrowed under $7,000 almost 20 years ago. Went into default for a bit but with tax garnishment and payments I’ve paid over $12k back and currently owe $11k and growing monthly. Every payment I make is outweighed by the interest that gets added. I’m only 41 now, by the time I’m a “senior” I’ll probably owe $200k, too.
@@dans8857 There you are again. Did you come here just to harass people? They took out loans to go to school. It’s not like they robbed a bank! 🙄 You know, in most first world countries students don’t pay for college.
@dans8857 W wages stagnant for decades??? Yeah......they've been pulling that crap my entire career, too. NOT a viable solution. Make it feasible for ANYONE to pay off. Broken Ass system.
Although I think everybody is responsible for paying back their debt, I do not believe there should be interest on student loan, bills, or hospital bills.
Yikes.... This should not be allowed... It's not that they should be cancelling student debt... It's that they shouldn't allow this kind of predatory banking to be allowed... It's evil and damaging to the economy
I don't see it that way at all. We sent our daughter to college, cheap community college for two years, and them 4 years at a decent, but not name school. All the matters is the degree, and we did not allow out 17 year old to randomly pick a major, it had to be one that paid well. It worked out great.
Honestly this is why I told my 24 year old son at the time he was graduating his options for higher education were the following: 1.) join the military & make sure you take a path that will give you a degree (at the time he was in JROTC & wanted to join on his own accord). 2.) Go to university in Europe (at the time he wanted to live in Köln) and a 4 degree in Germany is free. 3.) Trade school. 4.) DO NOT under any circumstances go to college if you are unsure about what you want to do. If you know for sure, without a doubt, what you want to get a degree in, & that degree has an above average wage, then start at the local community college, transfer to an in state university & we will support you every step of the way.
Quick girl: But wrong. If having a 2.7 or higher undergrad degree GPA overall and a B average or better, he should apply for a teaching assistant position and a masters admission to his major department at Ohio State University. They pay 2 years for a Masters degree and waive in State and out of State fees and tuition for 1 hour of classroom teaching a day or 2 hours of lab supervision a day. During those 2 years, he can take the required courses to take a degree in his major and a 2nd masters in another field. His TA stipend includes 3 summers of free fees and tuition, so he arranges at least one graduation for the summer term. If he applies for a Ph.D. in his major field, it is even easier. In that instance, if they like his teaching, he will probably get Ph. D. admission. That will give him a total of 7 years in graduate school to dirt out what he wants to do. Graduate courses are at the 500 level, and Ph.D. supervising committees van be multidisciplinary, so he would have 5 years beyond BA or BS to explore departments and 2 years to write his dissertation. Whenever another department will hire him as a TA, he can switch degree program of choice. They pay for law school with a freshman accounting TA with 1 classroom hour/day. If he wants a dentistry, medical, or veterinary degree, he will have to inquire of their graduate chairman/chairwoman. The TA assignment would be in biology or chemistry lab supervision and/or "recitation/quiz section" classroom duties in support of a professor lecturing 3 days a week to 300. People supervising studio art, music, p.e. and science labs do 2 hours a day because they don't have to lecture or grade essays. TA positions are defined as 15 hours a week and a half time employee. That includes individual responsibility for teaching 1 class for 5 credits just like a professional lecturer or 2 hours a day supervising some kind of lab in support of regular faculty doing the lecture work. Other universities require a master's degree in hand and assign twice the work load before hiring a TA. Once he has 1 masters degree and TA experience, he can change universities, if he wants and has the grades to do so. But that would be twice as much work. As likely as not, he would get advanced to some sophomore teaching as a Ph.D. student, if they like him. He can write a thesis and a dissertation at a rate of 1/2 page a day. The easiest way is to blend his seminar papers together around some unifying topic. A thesis is 50 pages. Choreography, songwriting, etc. qualify in some major fields. He may have missed the deadline for September 2025 TAs. He would need to contact the department Chair and inquire whether they still want any applications. Accounting, communications, journalism and math might squeeze in his last minute application. All MBA students start as accounting TAs. Master degrees are in 1 field. Ph.D.s can be interdisciplinary. If he has no idea what he wants, I suggest Communications or Accounting. There is a deep shortage in both those fields. He could get a professor position in either with a masters degree. You can verify this on chronicle.com jobs link. The Communications TA and professor jobs are to teach education majors to stand in front of the classroom and talk and how to avoid written plagiarism. That would leave scope for whatever his true favorite subject is. As a communications it accounting beginning professor, he could use staff benefits to get degrees in whatever else interests him. He does NOT have to know what he wants to do. He has to know his bachelor degree field well enough to talk about in with 18 year olds. Many of them are raised rural. The department gives him teaching materials and training. Otherwise he can go to work for any employer who will reimburse his expenses for 1 class a term. He can Uber UPS pays $140,000/year. If nothing better existed, your advice was good as far as it goes. It is just that he already has marketable skills Ohio State will pay him for. They say their freshmen don't like the old, sell published professors. The freshmen are scared of those. The freshmen like the TA. I refuse to inform you that with student Unions serve beer on campus and there are regular dances and lots of one bedroom apartments across the streets and a graduate student dorm. Graduate pharmacy students who are admitted get hired away by pharma companies even before school starts because pharma accept graduate admission as their own screening process. But graduate programs in pharmacy don't want that known, so you did not hear that from me. P.S. His starting at the local community college is fine. Buy him a USED copy of Occupational Outlook Handbook to read at leisure. There is an online version at bls.gov, but it used to be a summary of the longer print version. He can mark up a print copy. There is one argument against community college. If he meets his future wife there, you might prefer a young lady from the college or university where he might attend instead. Would you prefer he meet his future wife on the cheap or at the best school you can afford? Invest in his getting a B average or better from the school you want on his TA application. Then let him earn his way through grad school as a TA. 4 years if undergrad is cheaper for you than 7 years of grad school.
60k to 268k is absolutely wild. Shame on the government for allowing this. So disgusting. No one should be in massive debt over trying to get an education.
@wasteddragon8201 Let's say she's in her 40s, she would have started school in the late 90s or early 00s. Compounding school loans were already endemic in that era.
The BEST thing I did at 17 was give up on the idea of going to college. I was lucky enough to get okay jobs that paid a few dollars above minimum wage for the last 20 years & have been childfree & debt free ever since.
@@dans8857i really doubt they took the loan knowing theyd never pay it down 😂 “so this loan is for 60k but you will pay 600k and never stop making payments until you die, sign here” is not whats happening my man
What pissed me off, the recent overhaul that Biden passed really fixed the messages, awareness, and proper and affordable payment plans and now it’s all gone again cause of the courts. Also, I hope they realize they can have it wiped after a certain amount of years of repayment, especially under the new system and under the revamped PSLF program
Read the comments, you will be surprised at how many people are ONLY upset at someone falling for predatory practices, not being upset at the predatory practices... The conservatives are always of the mindset i avoided/suffered so you have to as well!! The idea of actually fixing something broken is anathema to them.
Be afraid. Be very very afraid. On the one hand, it opened my mind for which I'm grateful. On the other hand, I can't participate at all in the economy except with cash; I can't even get a secured credit card...I can't give somebody $500 and borrow that money back. If I hadn't bought a little house in the ghetto (11k) before the market exploded, my goose would have been cooked for the remainder of my life.
@@DembaiVT It is NOT a scam. A college education can open up the world for you. The financing, however, is a real problem. When I went to school, I paid $170 a quarter, and almost nobody I knew had to go into debt.
Go to your local community college. The biggest mistake people make is choosing a college they can’t afford because their friends are going there or they ‘love’ the campus. Plan on working through college. If you need to take a year between and just work so you can pay for your next two years. Or, look at going into the trades.
It's absolutely insane - the only way I got out from under it was to pay it off during Covid while interest wasn't accruing. Otherwise it was neverending - she is correct, it's predatory. Impossible to pay off. I had to call multiple times to have extra payments I made applied to the principle, kept telling me it was changed but I could tell it was not! If your next payment is lowered by the xtra amt paid then it did NOT go to principle. Even then balance never goes down.
This is sick and should be illegal! Our own government is allowing for this. We warn people all the time about scammers and payday loans. But how can people tell the difference when their own country is fleecing them?
Hold up. When you sign a contract, and don't understand it, that's on you. When you go to school, and chose a major that doesn't pay, that's on you. Not a single person here has mentioned personal responsibility. You'll make the exact same mistake when buying a car.
This is my issue. They constantly call it debt relief. What we need is interest forgiveness. My wife and I have paid our initial student loans a couple of times over. We're now just constantly paying on the interest
@ you're correct. We were both minimum wage/irresponsible kids that had no sense of how to pay off debt. If we'd known it would have been a better outcome. In the end a predatory lending system that feeds on the uninformed is corrupt
@@743d but you both went to college didn’t either of you take a finance course? I get the minimum wage (at least in the beginning) but the whole point is you’re supposed to come out smarter than you when you went in.
@@743d. I am curious how much the interest rate is and how it’s calculated? Is the interest calculated on all the initial debt throughout the life of the loan? Or is it amortized like a house loan? Are there multiple payment options?
For some their social can be garnished up to 15% unless someone has disabilities. The process is called treasuary offset. Private institutions that are defaulted on can sue for a garnish of your income and social security.
@@franknuzzo2576Maybe it shouldn't cost tens of thousands of dollars to learn to weave a basket. The bank's and school's greed is the issue, not the interest of the individual.
@adrienne5872 I wish more people understood this and were willing to do what needs to be done - regardless of what that ends up being!! I prefer it not be violent but I'm not sure anything else will work. To quote the high sparrow - we are the many; they are the few; and when the many stop creating the few.....
@@krn2683reading comprehension is so difficult for you i see. Must be cause you didnt go to college. One of them americans that brung the average reading level down to a 6th grade level.
@@BlueFalcon-fz6tythe accrued interest would be what’s wiped. People are paying their debts and then some. If that is ridiculous to you, you’re unreasonable and myopic.
They're capitalizing the unpaid interest and adding it to your principle and then calculating interest on that higher principle - so you're now paying interest on the interest. It's f>
At minimum you must pay all the interest due each month. Otherwise the debt increases. Then start a savings account and when you have saved up $1,000 apply that to the principal. Keep making those lump sum payments. Don’t pay back little drips and drabs because they lose track of the payments. Stay on top and make sure they credit you each time you make a lump payment. You may need a second job until you get it paid off. If you let it go the way you have the principal will keep increasing and you’ll be one of the scary stories on here of owing over $100,000.
I graduated high school and immediately began working a manual labor job. I have no debts whatsoever. If I knew it was all a giant scam, anyone could have figured it out. Enjoy being a slave. Hope that piece of paper was worth it.
I borrowed $20,000 in the early 80s and owed almost $80,000 in 10 years. I eventually took out a loan to pay my student loan because the commercial loan had lower interest. I’m 61 and I paid it off years ago, but nothing would give me greater pleasure than to know this horrible predatory practice was eliminated!
It was not eliminated. It is the blood of the system... How would Elonia would fine slaves if they are not in perpertual dept...
Maybe the college should have taught you that and you could have done it sooner.
@@pierregravel-primeau702 OP is saying that they *want* it eliminated not that it is.
@@J_D_B4379
Does that make you feel like a whole human being, yet?
@@elleaubry3772 haha. I'm guessing you are one of the suckers that owes a ton. My blue collar only owes my mortgage payment
This is by design, to keep people trapped. Paying from one credit card towards another just to stay "afloat." Then when your cards are maxed out, and you're barely able to survive, the penalties flood in. It NEVER made sense to me how your supposed to graduate from high school, with ZERO debt, but to establish credit, you must IMMEDIATELY get under a mountain of debt to go to college, get a good job, so that you can afford the basics, but barely chipping away at the enormous debt you started out with, because it's mostly only touching the Interest. MAKE IT MAKE SENSE.
Ummm, maybe don't max out your credit cards?
@@tigerlily2941That’s like saying “don’t be homeless” to a homeless person. Also, did you even read the comment? It doesn’t seem like you did.
It doesn’t make sense for us only for them to
@@tigerlily2941 lol tell me youre naive and privileged without saying you're naive and privileged
The failure is on parents not teaching them life skills. The school teaches them to listen to their teachers and most of them are DA’s.
I borrowed $40k because my parents, high school counselors, and others were all saying this is the way to move out of low income/poverty. It was all a lie. I had to defer for couple years after graduating when I was making minimum wage, barely scraping by a living. When I was ready to resume paying after getting a promotion, the new principle ballooned to $53k. The student loan business is 100% predatory.
You dont Owe crap! Thats just what u r being blackmailed for!
Jjn: So is minimum wage.
Maybe you should have got a non woke degree ..something like nursing or business administration..instead of a useless woke gender study degree
The middleman are in control, taking full advantage of capitalism, making everything we consume for profit! Over the last 40 years, they have whittle away at the laws that protect consumers (so our food is safe and our trains don’t crash). Let’s support what we can before. Biden is out of office. Spread the word for seniors without student debt.
What's predatory is forcing blue collar workers to pay for your bad decision. It sounds like you're one of the people that in prior decades would t have even went.
When we say student debt forgiveness we are talking about the predatory interest. These debts have been paid a long time ago.
This times a million. We paid our debts. We paid them in full and then some and we all end up owning more than we can ever, ever pay back ever. It's WRONG!
Some have been. In som3 cases people may not be paying any of it back.
@@DembaiVTcorporate blk ma. il
AoC, for instance, hasn't paid anything into it. She even admitted this.
If you don't want student loans, don't take them. They are high interest because they expect you to take them for your doctorate to become a lawyer, doctor or something making lots of money.
Unlike others, I worked through college to get my tuition paid. No loans. But I didn't get to go to all the cool parties. I was working.
@@OdinMagnus your experience isn’t representative to the rest of the country. You clearly didn’t go to a top rated school or have an advanced degree. Don’t have a career in STEM. So I will repeat myself. These loans have been paid off and then some. Students loan relief applies to predatory interest that is compounded in such a way the balance doesn’t go down despite how much you pay. Why are we rewarding predatory lenders.
In many of these cases people were told that the degree they'd get would be good enough to land a job that could easily pay for the loans, but then the goalposts got moved higher. Heartbreakingly unfair.
My friend was the most responsible person I know and he got a PhD in Pharmacy. When he went in EVERYONE was clammoring to get pharmacists. When he got out he literally had to go to his old job until a position opened up SOMEWHERE half way across the country :(
Not to mention the 1k + a month payments :(
You can literally do everything right, it doesn't matter, get screwed over. It's just wrong.
Exactly. Even when I was a new HS graduate in 1999, my bf's mom would have had to return to school for a master's degree to continue teaching 3rd grade. It wasn't worth it. My current bf has a master's degree, but can't find a job in his field that pays more than where he's currently working. I don't have any student debt, but I don't have an education either. I hope these debts are forgiven b/c the math ain't mathin' if people owe 2-3 times what they borrowed after paying for decades. 😢
It's crazy it's almost like dumb people should do research into the degrees they're going to get and think about the loans and the interest on them..... It's almost like people should educate themselves before doing this kind of nonsense instead of getting themselves into trouble and then crying for somebody else to help them. I have a decently well-paying job and I never set foot inside a college and I never took out a loan. There are other avenues and it shouldn't be the taxpayers or responsibility or burden to bail out these people that didn't think through the repercussions of their actions.
@@daffodil1017 they didn't do everything right though. They didn't study their degrees thoroughly enough to understand that it wasn't going to be enough to pay the loans. They didn't actually do research into the loans. They literally just went into it blind and now they are crying for the taxpayers to fix it.
I used to love my country. I served in the military for 10 years. Now I'm just ashamed. I'm ashamed that my fellow citizens defend these corporations that go after poor people who don't have financial education. Our system is broken.
Is not a broken system.
It's a corrupted system.
This is just "legalized" theft made possible by "legalized" bribery (aka lobbying)
Worse than a 3rd world country, because is more unfixable and even the words prevent people from even seeing a problem with it.
Thank you for your service
Thank you
Our country was hijacked long before any of us were even born, but we were too brainwashed and distracted to notice.
I am starting to abhor our country and how a good chunk of the population cheers when their fellow countrymen hurt and suffer.
Real student loan reform would be capping the interest lenders can charge...
Indeed, this would just be bailing out one bucket of water. You have to stop the leak at the source.
They already did that actually. New student loans are not that bad especially if you do income driven repayment. You can even go into forbearance just by telling them you have an economic hardship. The older loans are the biggest problem. They're from the Sallie Mae public-private partnership era. Those loans were designed to be predatory. Those loans (especially the private ones) have terrible terms that haven't changed because it's incredibly difficult to change loan terms. You can either refinance with another lender or consolidate them, but getting rid of them is rather hard. Everyone mistakingly believes there's been no reform. There's been absolutely massive reform. The federal government has done a lot to tackle the problem. They just can't go back in time and fix the problems that have already happened.
@@MrThatGuyYouForgot you bring up very good points but the federal government can do anything at goddamn wants. You're acting like they don't have the power or something to invalidate these old loans.
Please wake up and smell the bong water. They could do anything they want. They're on the take from these guys don't you f****king get it!?!!!?!!?? Our enemies are Wall Street and the federal demons who suck their dick for pay. This equally applies to both parties. Both parties are ABSOLUTELY identical behind the scenes. Please tell me you have figured this out already.
Please tell me you understand.
@MrThatGuyYouForgot you bring up very good points but the federal government can do anything at goddamn wants. You're acting like they don't have the power to invalidate these old loans. You honestly got to be kidding me.
Everytime Washington pretends to do something for the average person there are loopholes the size of a Mack truck and you think that's an accident!?!? All part of the plan, my easily-bamboozled friend.
The plan is to never do anything for us to fight and scratch and claw against it until the day they die, and to make sure Wall Street can keep f**king us and killing us until they're dying day. That IS their agenda. If people could just stop drinking the propaganda Kool-Aid for two seconds this would become self-apparent.
Please wake up and smell the bong water. They could do anything they want. They're Congress. They claim to have the top authority.
But they're on the take from these guys don't you f**king get it!?!!!?!!?? Our enemies are Wall Street and the federal demons who suck their d...k for pay every day. That's the ONLY purpose for Washington. They absolutely couldn't care less for the fate of the average person and seem to take a particular psychotic pleasure in coming up with ever new ways to neglect or abuse us through evil policy, or just none at all.
This equally applies to both parties. Both parties are ABSOLUTELY identical behind the scenes insofar as who owns them. Please tell me you have figured this out already.
@MrThatGuyYouForgot you bring up very good points but the federal government can do anything at goddamn wants. You're acting like they don't have the power to invalidate these old loans. You honestly got to be kidding me.
Everytime Washington pretends to do something for the average person there are loopholes the size of a Mack truck and you think that's an accident!?!? All part of the plan, my easily-bamboozled friend.
The plan is to never do anything for us to fight and scratch and claw against it until the day they die, and to make sure Wall Street can keep f**king us and killing us until they're dying day. That IS their agenda. If people could just stop drinking the propaganda Kool-Aid for two seconds this would become self-apparent.
Please wake up and smell the bong water. They could do anything they want. They're Congress. They claim to have the top authority.
But they're on the take from these guys don't you f**king get it!?!!!?!!?? Our enemies are Wall Street and the federal demons who suck their d...k for pay every day. That's the ONLY purpose for Washington. They absolutely couldn't care less for the fate of the average person and seem to take a particular psychotic pleasure in coming up with ever new ways to neglect or abuse us through evil policy, or just none at all.
This equally applies to both parties. Both parties are ABSOLUTELY identical behind the scenes insofar as who owns them. Please tell me you have figured this out already.
We are cattle. I took out 7g and 3g, but I was tricked into it at my college back in 2006. I've since paid 33,000$ and I still owe 3500. CEOs face no consequence and our politicians, both sides, accept supple gifts.
How about where parents sign off on loans and pass on to their kids? (I was 17 when I entered college)
EXACTLY!!! 🔥🔥
"I was tricked"........ STFU. You took out a loan for education. YOU applied for it. Own it, have accountability.
Pay it back
How were you tricked? I borrowed similar amounts. Read the terms, read up on refinancing and consolidation. Lived well beneath my means. I was making $115k a year but sharing a 4 bedroom@$500 a month and paid off my loans aggressively.
My story almost exactly
The US is such a crazy place sometimes.
In France, I borrowed 20k as a student. I owed less than 22k.
I had 10 years to pay it and paid it within 3 years after graduation. Even if I had not paid it back faster than 10 years, it still would have been 22k
Bro, the EU is just the more social and more fair place to live. I didn't accumulate any debt during my studies. I had a 20 hour job on minimum wage and it was enough to even accumulate a small saving (just a few hundred bucks, but it isn't debt).
But why was that? Because I didn't have to go into debt in the first place. One full year costs like 200 to 300 € in my mainly socially funded university. And those aren't crap like they are in the US, which is why they need to go to private institutions that want your liver in exchange for a degree...
Even in the UK, which does have pretty high student fees (£9.5k/year), our student loans basically just act like a graduate tax, you only pay 9% of everything you earn over £24k. So even though we accrue huge loans over our lifetimes due to the interest, we only have to pay about £1500/year towards it, which is much more manageable than what goes on in the USA
That's because the UK wants people educated. The US wants people to stay dumb so they can vote in dummies and be scammed by corporations, banks, and rich folks.
US politicians are corrupt. It's the American Way
France did well after World War II not accepting 🇮🇱
Garnished Social Security is just another way of taking away Social Security.
And social security, for most of us, amounts to living in poverty. It is *not* enough to have basic needs met.
@@justahumanbeing5735 good, they need to pay it back
@@dans8857it takes more energy to be a hateful person than it does to just shut up and keep the thought to yourself.
@@dans8857 and paying back predatory loans is more important than being able to eat? People on SS income don’t have other income. It’s a fixed income. Everything taken out of that is an assault on an individual’s ability to survive. But you can’t be bothered to understand reality, can you? Keep licking those boots, see what happens
@@dans8857But you're OK with congress worrying off their debt from PPP loans aren't you. Class war NOT culture war!!! 🐑🤡
How come the big banks keep getting bailed out while honest working American people are denied basic pursuit of life liberty and happiness
Hear, hear!!
We keep voting for politicians that are bribed by CEOs
you know the reason why. And you know how to stop it.
The banks bribe their politicians.
Because the banks are in the hands of the 'small hats' just like the govt is
It’s almost like a punishment for trying to rise above working class. They’re making it clear they don’t want certain people to be upwardly mobile. They like the class divide the way it is. 😢
That's *exactly* what it is. And we need to see through it.
Trying to rise above working class, by getting a degree for a working class job?
Exactly.
@@Wishkeyn Famously working class job, the legal profession, which requires a degree. Don't be obtuse.
@@Wishkeynshe means min wage.
It is insane that student debt isn't capped at 2 or 3%. These debts are secured by the government and you cant discharge them through bankruptcy. There is literally no way for banks to lose money on them.
There is no risk for the banks. Why doesn't the competition among the banks drive down this interest rate?
Standard 10-year repayment plan is 30%-50% interest, lol!
Interest rates should be 2-3%, but the structure of the loan is more the problem. They didn't used to be impossible to pay off - I can't find when they were restructured, 90s? Student Loan Reform Act 1993 - Clinton?
My loan is 3.8%. Anything exceeding 6% is dangerous
The government wants money. It's the only debt that doesn't go away through bankruptcy. Corporations are corrupt but the government is the most corrupt.
It's a huge scam, I've been saying this for almost two decades now.
It isn’t a scam at all. Read the fine print, learn what you can pay back, evaluate where you want to go in life. Be responsible.
"Its a big club, and you ain't in it."
- George Carlin
Nah fr I love that video and hate how true it stands today.
Seek Truth
Between stagnant wages, skyrocketing health insurance costs, rising cost of living, unfair taxes, corporate influence over politicians, and the outrageous cost of education, and crushing student loan debt - does anyone else see a trend?
Posey: Yes, former students are NOT using their lifetime benefits at their Student Placement Services Offices to get the job bank url and password to get the good jobs. Better do in now before Trump lets college deal student files again because of debt. Buy sealed copies of your transcript if in default. Biden ordered them to give copies even if in default. That will likely only last until 1-19.
Read my comment. You may see why there was such an effort to convince you all that all homeless ppl, starting w young men in their prime, w college degrees and no history of mental illness or addictions were finding themselves unable to secure continuous employment of any kind, and being blamed for it.
Ppl continued to ignore the plight of fellow citizens from the best of the best to the least of the least, including children, seniors, disabled, ill, injured, unemployed, and anyone who suffered any misfortune, were made to look & be treated, as disgustingly as possible while never shown in a true light. Make as many ppl as possible become worthless enemies to theìr own kind, ǰustify it and let it go on and get worse as decades passed. Another divide.
Clever, eh?🫣
I'm feeling this hard. 10k over borrowed amount after paying almost the amount of my principal back.
Yeah, surprise that's how interest works.
I mean they tell you all this going into it. This is why i went to community college and worked a job and paid for mine as i went. I had to make sacrifices because i wasn’t at a big college with my friends and i also went 3 years for a 2 year degree because i couldn’t afford it all at the time. Maybe i was just smarter than you. Ps. I worked in a berry global factory making $14h doing all this. EDIT: i graduated from college 6 years ago. All yall quit being lazy and saying you can’t do it you sound pathetic and thats why ypu are in the situation you’re in. You CAN do it but decide that its too much of an inconvenience to grind they way i did so yall took on debt. STOP CRYING MOMMY AND DAD won’t PAY YOUR DEBT. fools.
@@Youngbl33zyI notice you aren't saying how long ago. My mom just said $7.25 is five as a minimum wage since that's what she made over 50 years ago. You're also completely missing that most people just can't do that. Congrats on being able to but stop assuming others can do what you did!!!!
@@dans8857if you think thats how interest works you mustve only worked with the mafia for your loans. This is called loan sharking
@@Youngbl33zyno they do not. People expect to pay some interest, they dont expect to pay infinitely till they die
Predatory banking/financial system.
Don't forget colleges, they are part of the problem too.
💯💯
Cassius: Well, get @$*/ B.S. in Finance then!
When I taught Personal Finance to my high school students, I told them the absolute worst possible legal financial decision a person could ever make - was to take out a student loan. I told them that a student loan could never be paid off.
I bet the teacher probably argued with you, thought you were a bad kid, or even threatened to send you out of the class as you were being disruptive.
I was the teacher.
The United States of Corporate slavery. (…& they say they can’t forgive the loans we paid off because Wall Street still needs our interest payments or it will crash. 😂😅)
This is a good honest logo for America
Which is BS. If they have all those funds for stock buybacks they have more than enough profits. Just another FU to the working class.
Nobody ever say that. It is republicans that say that it is unjust for all the wealthy that paid for their kids school... Like Daddy Truuumpp and Daddy Elonia...
they call it the land of the free, but it seems like everybody is in prison or in lifetime debt. Hmm.
Because Us is one of the most capitalist countries in the world. But, listening to a lot of Americans, it seems like this is how they like it since everything else is "commie" according to them 😂😂🤯
Universities should have to pay at least half of the debts with their endowments. Why? Because they raised their prices significantly to take advantage of the fact that these predatory loans were available.
They are just as at fault as the lenders.
I borrowed less than 40,000. I've paid somewhere around 25,000 to 30,000. I still owe 60,000. I'm 50, and I've never had a job that paid more than 40,000 a year. And I graduated with honors.
Sunny: The average income in USA is $23 to $27/hour. That is $47,000 to $55,000 yr.
Many businesses will not keep employees older than 50. At 50, employer paid health care premiums sky rocket.
Nobody ever told you to email the Student Placement Office and request the URL and password of the job bank. They will need your student body number to verify you. You ought to still be able to get your student body number from the Registrar by phone or email. The Registrar needs your name and dates of attendance.
Do this immediately because Biden ordered ALL the schools to release holds on account records proving college educations.
Nationally, students who use the Student Placement Services Office make lifetime incomes higher than attorneys and physicians.
Nobody forced you to stay In a backward State. Nobody forced you to neglect development of your career.
Talent is not identical with ambition.
What work do you most want to do? Who hires that kind of employee? Spend $20 and buy a used copy of the 2021--2031 Occupational Outlook Handbook online. Read about the 800 kinds of jobs in USA and the mid-career salary for those of interest to you.
You DON'T have to reveal your current income in an interview. When they ask, you quote back to them the normal mid-career salary according to Occupational Outlook Handbook from the Bureau of Labor Statistics for the type of work you are applying for.
We have already been informed that the USA economy mostly has gaps in mid-career positions that companies can't fill.
YOU ARE NEEDED IN BETTER PAYING WORK!
Don't tell the interviewers your sob stories. Just tell them you caught the itch of ambition and that somebody told you that you were needed in the more experienced level of the economy.
You have an honors education and maturity and experience. You are needed up the career ladder higher than you are.
In a modern, industrial State, the average employee earns $60,000 to $65,000/yr. The numbers were reported by Forbes this month online.
Put a free news app on your smartphone and open the business news tab daily and read the business headlines. Read 1 or more articles a week.
You probably will do better with a skills resume. You will need 3 to 7 skill headings with 3 to 7 skills for each.
Examples are stuff like direct customer service, any supervision you have done, any sales you have made, computer skills, account servicing, plus the career skills from whatever jobs you have had. If you have many to pick from, list the skills you want to use, not the stuff you prefer to avoid doing. List skills their job listing says they need. 3 skills headings with 3 skills are enough. 7 with 7 each would be too many.
Many companies computer scan resumes for specific vocabulary. Use the vocabulary in the job listing because the computer scan will literally toss out all resumes that lack some certain keyvwords. Include some keywords in a natural way in your resume.
Many companies want their staff to have some community activities. If you volunteer for mulch sale fundraisers or donate blood or serve at a county fair booth, or fish or whatever, stuff like that is worth a heading and a line or 2.
Read the entire website of companies you interview with.
1) Companies hire interviewees who talk 60% of the interview time. Companies don't want passive interviewees.
2) Your job during the interview is to become memorable in a positive way. The easiest way for a man is wearing a great tie. You want the interviewer to have a way to refer to you as, 'He was the guy who ______.' (Being memorable is easier for a woman because a purse, scarf, or piece of jewelry can be distinctive.
It doesn't much matter what you are memorable for. It can be a purple clipboard or an expensive briefcase or a handkerchief in a suit jacket top pocket...something suitable to your field...a red marker to take notes...almost anything positive that no other interviewee had.
If they don't remember you, they won't hire you. They will hire from those they do remember for anything positive.
Send them a thank you for the interview email. State explicitly that the company made a very favorable impression and that you remain interested in the position they described.
When you left the interview, they did not know whether you liked them or not. They were focused on other stuff. They will only know because you send them a follow up email to tell them you are still interested.
Yes, obviously, I took the graduate school class in Business and Professional Communications from a leading textbook author.
You have now had beginning career development coaching. Go after what you want.
Every day 7500 retire in USA. Most are 62. That is over 200,000 a month and about 2,500,000 each year. Almost every one of them needs a replacement. Most of the 52,000,000 who are 18 to 30 don't come near to qualifying. Most if the 30 to 50 year olds who wanted to change did so since summer 2023 when financial analysts first published online that the USA had lots of mid-career level job vacancies. Since summer 2023 almost 4,000,000 more people have retired. You qualify for more of those than you want.
Getting moving money is negotiable.
I make over 80k a year, never went to college but yet for some reason I'm paying off student loans? You made a horrible decision. The reality is 80% of people in college shouldn't be there in the first place.
@@smelltheglove2038 everyone should be in college. It should just be for a fair price.
@@smelltheglove2038YOUR PAYING? elaborate!! Makes no sense!!
Sounds like someone stopped trying after they graduated
Americans make fun or even demonize socialism. But in a ‘socialist’ (not so much lately) country like the Netherlands, these types of debt-stacking practices are literally impossible.
Late-stage capitalism is an absolutely destructive state for any society to be in.
Ryubear, if Europe were nit parasitic on USA, they could not afford their 4 week summer vacations and free college. USA workers work an average ofv2600 hours mute each year than any other developed nation, and USA make life expectancy is 73. That is abysmal.
Well, most of us see how it all came about, 20-20 hindsight, and realize we couldn't have done anything about it, but we still have to decide how we are going to stay alive.
So no more gloating and finger pointing. Everyone did what they thought was best or the right thing. You can't do something you never knew existed.
None of this would have happened if ppl had known and understood it. Do you think the victims of MK Ultra and CoIntel Pro would have suffered the torture had they known those were government programs?
If this is just an attempt by the govt to decrease the population, why not have closed the borders in 1970s? Why not have refused massive amts of foreign kids, once genX had begun the birth dearth?
If they want to reduce the population, why did they so quickly pass Gov. Abbott's ban on abortion? Why end Roe v Wade?
This is why forgiving student loans matters.
They've paid their debt. They've paid more than their debt. The lender isn't losing anything but an easy source of income, one they wouldn't have if student loans were not allowed to be compounded the way they are.
This isn't people trying to avoid paying a debt.
This is people who were taken advantage of by a system that was deliberately obfuscated, intended to keep them in debt until they die.
Yeah, but Republicans just want you in the hole forever, Because the only policy that matters to them is the one that ruins your life.
If you take a loan of 70k and 10 years later you had paid 70k you hadn’t paid your debt yet, 70k in the present is not the same as 70k in the past. This is sad but the reality is they have not paid their debt yet. If they not pay the lender is going to lose money
@@DavidCanoTobonOh no not the poor lender. How will they prey off of people?
@ Not all lenders are ultra rich people, when people save their money in the bank are lending their money, everyone lend money in different moments. Besides it is a different thing, it doesn’t matter who lend the money, what matters is that if I lend 70k today and pay 70k in 10 years I have not paid my debt yet, the money has a value in the time, it is not the same money today than in ten years. I know there are a lot of injustices in the way the money is lend but the true is this people has not paid the money yet and if they not pay the people is going to paid for them with their taxes, they will be thieves and no better than this ultra rich guy that lends money that lives in your imagination
@ also, if the lender lose its money they will not lend again or is going to want to win more money because is going to lose money with some people, this only make the problem worse
That's insane. You borrow $70k, pay them $60k and they go "nah you still owe us $75k because of the interest"
Can you read? You signed a contract, and it spells it all out. Now you're responsible for the repayment. Grow up.
@TIENxSHINHAN yeah the concept of interest is "insane" lol 😆 we're doomed
@@dabprodYou mean like all the businesses that got bailed out during COVID?
Funny how you have to be a corporation to get sympathy from the US government...
@@dabprod You are so naive
@@dabprod How do those rich boots taste, sheep?
I think people need to remember that these folks were like mostly 18-20 and more unlikely to understand just how much debt they were going to accrue.
Many folks cannot get jobs where they want without a degree. I understand that its their responsibility, but no one should have more debt than what they borrowed 50 years later.
Thank you.
They were adults! Stop treating them like children.
@@oneupper7602 why are you so angry that someone wants to try and better their life?
You sound jealous.
Even someone perfecly informe could not predict that wage will not grow when everything exploded.... It is a perfect storm of hate...
It's not just a lack of understanding, it's also the unpredictability of wages over time. Wage stagnation has been a massive issue and the interest rates on loans is predatory.
People are defending this when this ONLY happens in America
The problem is the interest doesn’t stop accumulating. So you keep getting buried. You take a loan for $60,000 and end up paying $$200,000.
Yes, and Republicans have stopped Biden's bills for student loan forgiveness. Put the money back in circulation!!
Sounds like these people will be paying much much more than that. If the number doesnt go down you arent ever going to stop paying
You are not good at math. If you take a 1$ loan and don't pay it back, you are then indepted of infinit money...
Interest accrues daily. I think people would actually be able to do this if it were not set up in such a punishing way
@pierregravel-primeau702 Maybe try arguing in good faith next time
I'm a disabled desert storm veteran. I took out a loan along with the Montgomery GI Bill (which was a lie and theft). It took me 20 years to apply, appeal, appeal and finally receive a disability from the VA. I used the lump sum back pay to pay off my 17 year old student debt (I was also paying monthly). My home state had a special scholarship for war veterans who lived in the state for ten years consecutively, and I used the scholarship at a state university to receive two master's degrees for free. My state is poor with low ranked universities, but the state is generous with veterans. I'm grateful.
That does sound like predatory lending. How dare our government sanction or support such barbaric interest rates!?!?
I avoided loans by studying abroad. I know not everyone can do that but I'm grateful I did that. It was cheaper in that my parents can easily pay for both me and my sister's tuition and entire cost of living like its nothing. The entire expense for 1 year was like how much 1 student would pay for 1 semester of community college except both of us took a bachelors degree in a foreign US accredited university (for the degree we took). Affordable.
My daughter is currently doing the same. I’m so happy she won’t be strapped with debt
Most young people can’t afford an apartment. My parents could never pay for my tuition. You’re very lucky, and I’m glad you’re grateful.
I would have loved to do this, but my parents wouldn’t have even been able to afford the plane ticket, nor were they willing to. My mother bought me a textbook one semester. That is the only contribution that was made to my education. Everything else was loans and scholarships.
I borrowed 9K twenty years ago. I paid back 20K, yet I owe 70K. I HATE this country and would leave in a heartbeat if I could afford it. Im ashamed and disgusted to be an American.
Ill be your husband.
My two biggest recommendations to kids in high school right now:
1. Don't go to college unless you are 100% sure on what you want to do. Instead, jump into the workforce, find something that you enjoy OR at least wouldn't mind doing, find out what (if any) education you need to climb the ladder, and see if your employer is willing to help pay for you to go to school.
2. IF you do go to school, start at a community college. They are significantly cheaper, and as long as the school is accredited, it's no different than going to a University. You can transfer your credits later. Sometimes community college is so cheap you can pay out of pocket. I was able to pay for my last 3 semesters with a 28hr work week at $10/hr.
O yeahhh it’s bad. I have law school loans that basically doubled. Then they kept changing the servicer… so then i had to go set up my payments multiple times with these new servicers.. meanwhile my balance doubled. Im taking a pay cut working in public service in hopes of getting my loans forgiven through the public service program..it’s a racket
That’s exactly what happened to me!
Deez: To bad that you did not take 1 year of accounting and get law school free by TAing in freshman accounting 1 hour a day at Ohio State. Your pay check as a TA would also have been free of income taxes.
The more people a freshman knows well who have a graduate degree, the fewer mistake the freshman makes throughout college.
There are also professors who only tell professional career secrets to the honor students -- to derail the non-honors students away from professionalizing
Over 95% of the first cohort to complete the PSLF were denied. It's mostly because they didn't follow the instructions:
1. Only direct federal loans qualify. No FFEL. No Perkins. Consolidate to direct if necessary.
2. Only income driven repayment plans. Most of them base it on full household income, i.e. you + spouse so you're better off not filing taxes jointly.
3. Payments only count towards the 120 (which do not need to be consecutive) if being made while working 30+ hours for the right type of employer: nonprofit, tax exempt. Fill out the employer certification forms.
Contractors beware, it's not the job worked but the official employing agency that matters. Clergy doesn't qualify possibly because a 1st Amendment issue of paying/endorsing a religion.
@ i went to law school at 30 years old. I was out of school and had a whole 7 year career before I went back to school. TAing wasn’t an option. And would not have created free law school tuition.
So you got in bed with the devil and are now complaining about the heat?
I graduated in 2011 and my student loan debt was $58k. Fast fwd to today and it’s $90k due to interest. 😢 I told my kids the only way they r going to college is on a scholarship. Don’t fall for the financial trap to make corporations and government rich, whom complained about student loan forgiveness.
What kind of payment and interest rate did you have?
Did they teach you about compound interest or was that something that surprised you while your balance grew?
@@Apfle_3.1415 I learned plenty, as have many people who went to college. Including the affects of corporate and government greed and why trolls, troll…🫠
I paid off my loans working double shifts on minimum wage jobs(over $70k) and screwed my credit up
Your fault
“Cashing in life insurance policies just to pay student debt”
“YEAH, WTF IS THAT!?!”
Perfect response👌😂
Some policies have ROI riders.
Awesome: Some student loan contracts become immediately due in full if a parent co-signer dies. That assumes there is life insurance money to be had. A surviving spouse can lose a hime that way unless rapidly homesteaded.
I was a dumb 18 year old but something told me not to get crazy with college loan debt so glad I listened.
It's by design, y'all...
Yep, how dare the permanent working class want to be upwardly mobile?!
The same way the bank glitch was by design to get people in debt 😂
I borrowed about $60,000 total between BA and MA programs, much of the federal grants and funding was cut or eliminated while I was in school during the Bush years. I was on IBR repayment, making payments and every single year, I owed MORE than when I started. Then DeVoss took over and played games with my debt relief as a teacher. I now owe $277,000 in student debt and, kicker, because DeVoss' shenanigans, the loan company putting me in the "wrong" program, I have been unable to pay it off at all. Only COVID relief gave me enough breathing room that I wasn't in danger of becoming homeless due to missing rent payments or skipping my disabled wife's medicine and risking her life. I am 55.
That sounds awful. What a horrible trap. I hope you find healthy a way out. Greed is the most despicable trap, and corporations seem to have perfected it.
I went to community college and it was affordable enough that I could pay as I go. I’m anti-loan. I do feel bad for these people tho. The system made them into debt slaves
Hate to see broke ass people simping for millionaires. These loans have been paid off - many times over.
You can say the quite part out loud : back them community college were good and affordable.
There was no place for me to make a comment on this post 🤔
@@pierregravel-primeau702I went to community college 10 years ago
@@veronicadhawkinsmy comments keep getting deleted, just saying what my plan was to keep education costs low but the powers that be keep deleting it
They got you just where they want you.
925
My first year of college, my total tuition for the year, a full load of courses, was about $25.
But that was in a country with (shudder), _socialism._
I paid in cash.
Exactly, when people hate that word and love Billionaires.... Just a shame that it works
Socialism sounds great
@@AlbatrossWhisper It really was for the first 40 years of my life, but our nation depended on agricultural exports, and both Europe and the USA had very high protectionism levels. It made the economy very difficult to handle.
@@NoSpam1891 i would be glad to pay more taxes to end for profit healthcare, lower education expenses, end private equity, and fund programs to the betterment of all citizens. But so many people want riches for themselves so this will never happen.
@@AlbatrossWhisperIf you want to see if you like it, maybe Venezuela. They had a country Vrty close to ours. Capitalist/ democracy, only they Did have caps on everything. But it was malls, cars, homes, like we were. But the elected pres had to flee due to lots of hired mercs by robbing people, businesses, everything. It is a socialist country for apx 10, 12 yrs now. But its not too far, temperate climate, beautiful place. And 100% Socialist. Guess thats where I'd try. But try then see if you like it. Gvmt hires people. So theres jobs.
Yep. Borrowed under $7,000 almost 20 years ago. Went into default for a bit but with tax garnishment and payments I’ve paid over $12k back and currently owe $11k and growing monthly. Every payment I make is outweighed by the interest that gets added. I’m only 41 now, by the time I’m a “senior” I’ll probably owe $200k, too.
Pay it back faster
Isn't the interest only 6% or less?
@@dans8857 There you are again. Did you come here just to harass people? They took out loans to go to school. It’s not like they robbed a bank! 🙄 You know, in most first world countries students don’t pay for college.
@dans8857
W wages stagnant for decades???
Yeah......they've been pulling that crap my entire career, too.
NOT a viable solution.
Make it feasible for ANYONE to pay off.
Broken Ass system.
@@dans8857 Provide better pay.
It's a real crime taking money from elders it's literally stealing when they paid original debt & still paying compound interest
Don’t forget the zombie student debt. Colleges close but still want that money. Some will w/hold your diploma for years,
With proper documentation you can have student loans from closed institutions discharged. Please look into it!
When my school closed, I didn't owe anything..... does it depend on what state you're in?
The same thing happens here in Australia. It's a debt trap. It's called HECS, HELP fee with compounded interest. It won't go away.
Although I think everybody is responsible for paying back their debt, I do not believe there should be interest on student loan, bills, or hospital bills.
The interest rate at the very least should be capped. The interest rates on these loans are criminal.
I thought I was the only one with $240,000 in debt
Yikes.... This should not be allowed... It's not that they should be cancelling student debt... It's that they shouldn't allow this kind of predatory banking to be allowed... It's evil and damaging to the economy
Iit is truly amazing just how bad the American system is at providing essential services
Fabled: Except USA has plenty of foreign aid to prop up socialist Europe.
@BoatPotomac someone is missing out on education
I don't see it that way at all. We sent our daughter to college, cheap community college for two years, and them 4 years at a decent, but not name school. All the matters is the degree, and we did not allow out 17 year old to randomly pick a major, it had to be one that paid well. It worked out great.
@@BoatPotomac As if Europe wasn't a mess, LOL.
My mom finished paying off her loans the same month she retired. I borrowed 40,000 and it's around 300,000 now. It's insane!
Send out a prayer to St.Luigi. May his message reach those who can help
Love that.. St Luigi hear our prayers 🙏🏽
"We are slaves" would've been sufficient enough of a statement.
Your problem not mine! You signed up for the loan! Your issue 😂😂😂
Crimes against humanity
LOL.
Honestly this is why I told my 24 year old son at the time he was graduating his options for higher education were the following:
1.) join the military & make sure you take a path that will give you a degree (at the time he was in JROTC & wanted to join on his own accord).
2.) Go to university in Europe (at the time he wanted to live in Köln) and a 4 degree in Germany is free.
3.) Trade school.
4.) DO NOT under any circumstances go to college if you are unsure about what you want to do. If you know for sure, without a doubt, what you want to get a degree in, & that degree has an above average wage, then start at the local community college, transfer to an in state university & we will support you every step of the way.
Quick girl: But wrong.
If having a 2.7 or higher undergrad degree GPA overall and a B average or better, he should apply for a teaching assistant position and a masters admission to his major department at Ohio State University.
They pay 2 years for a Masters degree and waive in State and out of State fees and tuition for 1 hour of classroom teaching a day or 2 hours of lab supervision a day.
During those 2 years, he can take the required courses to take a degree in his major and a 2nd masters in another field.
His TA stipend includes 3 summers of free fees and tuition, so he arranges at least one graduation for the summer term.
If he applies for a Ph.D. in his major field, it is even easier.
In that instance, if they like his teaching, he will probably get Ph. D. admission. That will give him a total of 7 years in graduate school to dirt out what he wants to do. Graduate courses are at the 500 level, and Ph.D. supervising committees van be multidisciplinary, so he would have 5 years beyond BA or BS to explore departments and 2 years to write his dissertation.
Whenever another department will hire him as a TA, he can switch degree program of choice.
They pay for law school with a freshman accounting TA with 1 classroom hour/day.
If he wants a dentistry, medical, or veterinary degree, he will have to inquire of their graduate chairman/chairwoman. The TA assignment would be in biology or chemistry lab supervision and/or "recitation/quiz section" classroom duties in support of a professor lecturing 3 days a week to 300. People supervising studio art, music, p.e. and science labs do 2 hours a day because they don't have to lecture or grade essays.
TA positions are defined as 15 hours a week and a half time employee. That includes individual responsibility for teaching 1 class for 5 credits just like a professional lecturer or 2 hours a day supervising some kind of lab in support of regular faculty doing the lecture work.
Other universities require a master's degree in hand and assign twice the work load before hiring a TA.
Once he has 1 masters degree and TA experience, he can change universities, if he wants and has the grades to do so. But that would be twice as much work.
As likely as not, he would get advanced to some sophomore teaching as a Ph.D. student, if they like him.
He can write a thesis and a dissertation at a rate of 1/2 page a day. The easiest way is to blend his seminar papers together around some unifying topic. A thesis is 50 pages. Choreography, songwriting, etc. qualify in some major fields.
He may have missed the deadline for September 2025 TAs. He would need to contact the department Chair and inquire whether they still want any applications. Accounting, communications, journalism and math might squeeze in his last minute application. All MBA students start as accounting TAs.
Master degrees are in 1 field. Ph.D.s can be interdisciplinary.
If he has no idea what he wants, I suggest Communications or Accounting. There is a deep shortage in both those fields. He could get a professor position in either with a masters degree. You can verify this on chronicle.com jobs link.
The Communications TA and professor jobs are to teach education majors to stand in front of the classroom and talk and how to avoid written plagiarism.
That would leave scope for whatever his true favorite subject is.
As a communications it accounting beginning professor, he could use staff benefits to get degrees in whatever else interests him.
He does NOT have to know what he wants to do. He has to know his bachelor degree field well enough to talk about in with 18 year olds. Many of them are raised rural.
The department gives him teaching materials and training.
Otherwise he can go to work for any employer who will reimburse his expenses for 1 class a term.
He can Uber
UPS pays $140,000/year.
If nothing better existed, your advice was good as far as it goes. It is just that he already has marketable skills Ohio State will pay him for. They say their freshmen don't like the old, sell published professors. The freshmen are scared of those. The freshmen like the TA.
I refuse to inform you that with student Unions serve beer on campus and there are regular dances and lots of one bedroom apartments across the streets and a graduate student dorm.
Graduate pharmacy students who are admitted get hired away by pharma companies even before school starts because pharma accept graduate admission as their own screening process. But graduate programs in pharmacy don't want that known, so you did not hear that from me.
P.S.
His starting at the local community college is fine. Buy him a USED copy of Occupational Outlook Handbook to read at leisure. There is an online version at bls.gov, but it used to be a summary of the longer print version. He can mark up a print copy.
There is one argument against community college. If he meets his future wife there, you might prefer a young lady from the college or university where he might attend instead.
Would you prefer he meet his future wife on the cheap or at the best school you can afford?
Invest in his getting a B average or better from the school you want on his TA application. Then let him earn his way through grad school as a TA. 4 years if undergrad is cheaper for you than 7 years of grad school.
60k to 268k is absolutely wild. Shame on the government for allowing this. So disgusting. No one should be in massive debt over trying to get an education.
She doesn't look like she left college yesterday. I mean the interest rate must have been quite low.
@wasteddragon8201 Let's say she's in her 40s, she would have started school in the late 90s or early 00s. Compounding school loans were already endemic in that era.
The BEST thing I did at 17 was give up on the idea of going to college. I was lucky enough to get okay jobs that paid a few dollars above minimum wage for the last 20 years & have been childfree & debt free ever since.
If people are in debt how the hell they will work for the society.
OH MY LORD THE ONE WOMAN WHO PAID 60 THOUSAND.
What the hell 😢😢😢😮😮😮 I didn’t know the interest was that high
They did so too bad. We shouldn't all pay for their irresponsibility.
@@dans8857they should be allowed bankruptcy to discharge the bad debt, only criminal debt is similarly non dischargeable.
@@dans8857Irresponsibility??? You’re what’s wrong with this country, Dan. 🙄
@@dans8857
You will pay if you don't help them. They won't spend and you will lose your job or have a pay cut. Nice try boy.
@@dans8857i really doubt they took the loan knowing theyd never pay it down 😂 “so this loan is for 60k but you will pay 600k and never stop making payments until you die, sign here” is not whats happening my man
What pissed me off, the recent overhaul that Biden passed really fixed the messages, awareness, and proper and affordable payment plans and now it’s all gone again cause of the courts.
Also, I hope they realize they can have it wiped after a certain amount of years of repayment, especially under the new system and under the revamped PSLF program
The PSLF program is only for those working in public service. If you work for a for-profit company, you don't have that option.
UNIVERSAL HEALTHCARE AND EDUCATION FOR ALL !!!!
Khan Academy and heres two Tylenol. You are good to go!
This is the American drea-nightmare
Read the comments, you will be surprised at how many people are ONLY upset at someone falling for predatory practices, not being upset at the predatory practices... The conservatives are always of the mindset i avoided/suffered so you have to as well!! The idea of actually fixing something broken is anathema to them.
fr. it's the same victim blaming mentality that applies to so many of these conversations
This is why I’m scared to go to college. I’m scared of that debt! 😅
Be afraid. Be very very afraid. On the one hand, it opened my mind for which I'm grateful. On the other hand, I can't participate at all in the economy except with cash; I can't even get a secured credit card...I can't give somebody $500 and borrow that money back. If I hadn't bought a little house in the ghetto (11k) before the market exploded, my goose would have been cooked for the remainder of my life.
Don't go. Be terrified. Go find a job you like, any trade if you can do one. Avoid college. It's a scam on every level
Learn a trade. One that's not common in your area if you can
@@DembaiVT It is NOT a scam. A college education can open up the world for you. The financing, however, is a real problem. When I went to school, I paid $170 a quarter, and almost nobody I knew had to go into debt.
Go to your local community college. The biggest mistake people make is choosing a college they can’t afford because their friends are going there or they ‘love’ the campus. Plan on working through college. If you need to take a year between and just work so you can pay for your next two years. Or, look at going into the trades.
The only country that does this.
Nop. British have the same scam. 2 country out of a smidge less than 200...
Someone said Australia does too.
Ironically, I was smart enough not to go into debt to an institution that would have likely rejected me for a job that I miiiiight get.
This would honestly be cheaper to study abroad...
Young folks should definitely look into German college. Very cheap. Cheaper than American community college
Thats terribly high interest. Crazy! Educated people are the health and wealth the country needs to invest in.
It's absolutely insane - the only way I got out from under it was to pay it off during Covid while interest wasn't accruing. Otherwise it was neverending - she is correct, it's predatory. Impossible to pay off. I had to call multiple times to have extra payments I made applied to the principle, kept telling me it was changed but I could tell it was not! If your next payment is lowered by the xtra amt paid then it did NOT go to principle. Even then balance never goes down.
This is why I've been trying my damnedest not to borrow anymore. I only have $7k in debt and I don't want any more.
This is sick and should be illegal! Our own government is allowing for this. We warn people all the time about scammers and payday loans. But how can people tell the difference when their own country is fleecing them?
The gov and banks are st ealing from pe o ple everyday
Hold up. When you sign a contract, and don't understand it, that's on you. When you go to school, and chose a major that doesn't pay, that's on you. Not a single person here has mentioned personal responsibility. You'll make the exact same mistake when buying a car.
Higher education doesn’t seem to be worth it anymore. That’s why college applications are down and trades are up. People are catching on.
They should just abolish interest lol
Don’t depend on the government to fix this. The student loan creditors are the problem. 😢
This is my issue. They constantly call it debt relief. What we need is interest forgiveness. My wife and I have paid our initial student loans a couple of times over. We're now just constantly paying on the interest
If you’ve paid it a couple times over I gotta ask how little were you paying off at a time to allow it to get out of control.
@ you're correct. We were both minimum wage/irresponsible kids that had no sense of how to pay off debt. If we'd known it would have been a better outcome. In the end a predatory lending system that feeds on the uninformed is corrupt
@@743d but you both went to college didn’t either of you take a finance course? I get the minimum wage (at least in the beginning) but the whole point is you’re supposed to come out smarter than you when you went in.
@ again, I agree. Mistakes were made. I question at what point the punishment for said mistake should be fulfilled
@@743d. I am curious how much the interest rate is and how it’s calculated? Is the interest calculated on all the initial debt throughout the life of the loan? Or is it amortized like a house loan? Are there multiple payment options?
He can’t and he won’t!
Modern slavery
In Canada we have no interest on student loans
❤
Stop borrowing money if you can't pay it back
This is a horrible system .
Slaves? LOL. These people signed a contract, and most majored in subjects that don't pay. This is self inflicted.
For some their social can be garnished up to 15% unless someone has disabilities. The process is called treasuary offset. Private institutions that are defaulted on can sue for a garnish of your income and social security.
Imagine not having free education. 🤦🏼♀️
The sheeple are waking up. ✨️
Maybe people will stop borrowing money to get an underwater basket weaving degree.
@@franknuzzo2576Maybe it shouldn't cost tens of thousands of dollars to learn to weave a basket. The bank's and school's greed is the issue, not the interest of the individual.
I didn’t take out the loan. For that kind of student loan you should have been able to find a job that pays enough to pay them off
Student debt CEOs should start worrying. This racket has gone on long enough
It won't be long when a huge number of people have nothing left to lose. And when that happens.....
@@pagandragon830 When a solution cannot be peacefully resolved for the people, there's only one alternative...
@Icewind007 EXACTLY my point. They're ignoring the building rage. And doing so many things to rush to the only way forward that they're leaving us.
They can't survive a day without us and *our* collective labor and money
@adrienne5872 I wish more people understood this and were willing to do what needs to be done - regardless of what that ends up being!! I prefer it not be violent but I'm not sure anything else will work. To quote the high sparrow - we are the many; they are the few; and when the many stop creating the few.....
Setting up college funds is critical.
Borrowed 7.7k, paid over 20k, still owe 3k
Student loans are huge scams
It's not that hard to pay off $7k. 😂
@@krn2683reading comprehension is so difficult for you i see. Must be cause you didnt go to college. One of them americans that brung the average reading level down to a 6th grade level.
@@krn2683 But he's not paying off 7k, he's paying off over 23k.
Sounds like you have zero accountability for the bad decisions you made. Now you want everyone around you to pay for YOUR bad decision.
Ironic that it was the loans for school that gave these folks the biggest education.
What do you mean?
No irony.
Why is that ironic
@@dancinginfernalbecause they had no financial education prior to taking out these loans or they wouldn’t have taken them out. Now they know.
And if people quit using student loans they would force the cost of education of the schools to go down, as young people don't have that kind of money
Jeez that's insane 😢. The system needs changing.
Stop spending money you don't have.
He could wipe it all today, and there's nothing the next administration could do about it.
And that would be wrong they chose to take the loan
@@BlueFalcon-fz6ty no. The interest is the problem. They've paid back the *original* loan. Their debt should be over and done with already
@@BlueFalcon-fz6tythe accrued interest would be what’s wiped. People are paying their debts and then some. If that is ridiculous to you, you’re unreasonable and myopic.
They are the ones who decided to apply for the loans in the first place. I paid mine, they can pay theirs.
🙄
I borrewed about $20k but now I somehow owe $36k. Make this make sense
They're capitalizing the unpaid interest and adding it to your principle and then calculating interest on that higher principle - so you're now paying interest on the interest. It's f>
At minimum you must pay all the interest due each month. Otherwise the debt increases. Then start a savings account and when you have saved up $1,000 apply that to the principal. Keep making those lump sum payments. Don’t pay back little drips and drabs because they lose track of the payments. Stay on top and make sure they credit you each time you make a lump payment. You may need a second job until you get it paid off. If you let it go the way you have the principal will keep increasing and you’ll be one of the scary stories on here of owing over $100,000.
I graduated high school and immediately began working a manual labor job.
I have no debts whatsoever.
If I knew it was all a giant scam, anyone could have figured it out.
Enjoy being a slave. Hope that piece of paper was worth it.
What a nightmare. How did this happen?
because corporations are allowed to have money in politics and those in power want to keep it.
@@d.rabbitwhite Yep. What a mess.
Marsha: Every Republican administration made the terms worse. Let the USA do without a professional class. See how that works.
@@BoatPotomac What is the relationship to student debt and the professional class?