As a society we need to change how we view trade schools and community college. I can't count the number of times I was told to not go to community college because "It's a second rate education". I got my associate degree at a community college, then I transfered to a University to get my Bachelor's degree. In the end it was the degree with half the debt attached.
Everyone does that though. Many high schools even offer gifted , motivated students the opportunity to attend community college part of the day while in high school. They graduate high school with an A.A. degree and enter university as juniors. Trade schools are costly as well. Yes, lots of boomers are retiring leaving some openings in the trades. The wage stagnation is REAL. The system is so against doing anything to benefit the majority of the people.
@RUclips Censors yeah and trade school prices are free or subsides is some states and the price tends to be more worth it than a degree because no ones wants to work in trades so it’s easier to get a job and now you can barely get a job with a degree unless you have a masters in some cases
@RUclips Censors Absolutely! And college just isn't for everyone but people act like it is. Unless you're going for something that can actually pay for those loans (there's little realism in people's heads here, too - no, Stacy, you're not going to get a great job with your history degree. You'll just have to keep going so you can eventually teach others and that's about the best you can hope for 🙄) you might as well not go. Half my class got kicked out for plagiarism. In their stupid message board responses. They shouldn't have been there in the first place. This was a pre-law program. 😆
How about making colleges lower the cost of tuition, that is the problem. College cost $5k a year 20 years ago and now $40k a year, thats the problem, the price is unrealistic and rising
Not just that but throw in a direct guarantee that what you are currently learning will get you job that same time you're learning the necessary skills and have a law requiring businesses to hire because of this. The way it is now, it doesn't work at all.
If public money is going to pay for college the cost needs to come down dramatically. It's artificially inflated, paying thousands for one class is just silly whether it's public or private money paying for it. Specially the free resources online are often better. 🤷🏽
It’s also a lot of the administrators who keep costs up. At my school the administrator to faculty ratio is 4:1. All administrations make 200,000 or more a year as well
@RUclips Censors for the level of work they do based on faculty. It’s because they are the ones in position to negotiate pay with the state and other administrators. Having a ruling position helps
@RUclips Censors you have to remember this is the state’s money. I went to a state university. I’m not sure how administrators to faculty get paid in private colleges but I know the admin to faculty ratio and the pay have been brought up by California legislators
I was about to take a $50000 to come from india to US to do my master's . last month I got an accepted letter . Last week I rejected on not going . I decided to start my own business
Facts. I know one person in particular that would be and amazing engineer, architect, mechanic, contractor or even a physicist. But he is the best handy man I have ever known. I hope he comes up with an amazing patent or something so he can make what he is worth.
The colleges should be on the hook for selling faulty products. Let them be the cosigners. Bet they would prepare students to make money better if they had to pay the money back
In my opinion and from my perspective, college is a capitalist notion. It does not make you a better morally or psychologically. It makes you more effective as a worker-either for yourself or for someone or something else; similar to the notion of a horse to a farmer in the goal of yielding a good crop. Another element of being effective is building professional networks. A college graduate with average grades needs a professional network to market their talents. A college graduate with superior grades maybe sought out by companies-like an athlete. In both cases, being professionally attractive is critical to effectiveness in the pursuit of a suitable job. Most of us don’t quite have it together as a package. Universally, we might be talented but not socially astute. As much as we are talented, we must also be socially confident and talented. So many folk are able to massage their way into social groups and work their way up the ladder of success without any real talent or skill, no more than what they learn along the way. However, when times get tough, the weak fail to perform- resulting in a toxic effect on any one associated. Like a basket of apples, one bad apple can spoil the bunch. As I escape from the rabbit hole of thought on the topic-the quality of education is what might be the point here. The quality of education has declined as a whole. Historically, having a college degree upgraded you socially, economically, professionally and culturally. Now, it only guarantees a bill to pay in the future. On the topic of college loan repayment, you determine your rate of return. How you live your personal life mimics how you govern your professional life. The decline in one aspect often is reflected in the other. Some people want thecake and eat it too. If you borrow the money, you must pay it back. You may have to sacrifice on some level in terms of your lifestyle but if it means driving a new car verses a used car, you make that sacrifice the day you initiate the loan. There are many financial tools that if you apply them, you can ease the burden like extra payments are to a mortgage. In closing my thoughts, regardless we have to take responsibility for our financial health. It is difficult. The marketing monkey is a King Kong of foes but at the end of the day, they banks want your money as bad as you might want that fancy car or that awesome job. We can’t become victims of impulsive spending. As a communications grad-marketing to the consumer is a science. Companies invest big dollars into understanding human behavior just to have the upper hand. Once we as citizens accept and operate in the enlightenment, we can travail the opposing foe no matter the mask presented. I am not a conspiracist, just a realist with a deep appreciation of the power of human nature. The key to understanding the world is understanding ourselves.
Or is it the student at fault for choosing the wrong product, not researching job market, not being proactive, or not having a goal. Are people going to college not prepared to become adults borrowing money for the first time, and would paying their debt not teach them anything about finances and borrowing money. This is not teaching anyone to make better choices, and not solving the next generation that will do this again.
The problem is most colleges don't prepare you for work, they prepare you to go up the university funnel from bachelors to masters to phd, that's their main objective. Why do you think that so many people who have degrees have almost no idea how to do jobs that pertain to those degrees?
The cost of higher education is criminally expensive! Why is this ok?🤔 Higher education is a flimsy hope for the future & often feels like a false promise, but the debit is an iron clad yoke attached to a ball & chain for Americans!
It is not expensive, I went to community college and then cheap state school. Atop lying to people, just be uase u went to super expensive private school and can't pay loans now, its ur fault
I went to a state university in the late 90's and got multiple advanced degrees. I worked two jobs while grants and scholarships took care of the rest. I graduated debt-free. This is about fiscal responsibility and common sense. If you don't have either, good luck in your future.
I don't regret my degree. Ive always wanted to get my degree and master my craft, but I don't think its fair that they basically make you take out a mortgage at 18 years old 👎👎👎 I dont think education is a scam, but it IS WAY TOO EXPENSIVE for what you get nowadays
Since 2007, there is no guarantee that a college education will ever get you a job in your chosen field, yet parents, companies, and society pressure HS grads to go there. Reality has proven that the US has more educated people than we can use and we should push more people into the trades or entrepreneurship.
If people did actual research and educated themselves for jobs that are available then they could pay back their loans. Degrees in music, liberal arts, and other hobbies are a waste of money. Just having a degree doesn't guarantee a job, having the right degree does and you have to be willing to move if necessary.
There was *never* any guarantee of "if you get X degree, you will get a job in Y". Never existed, not even in the 70s, 80s, or 90s. College gives you (1) an education, (2) access to resources & networking, (3) the ability/agility to navigate the ups & downs of the job market, come what may. Ideally you go for as broad a wealth of experiences & education as possible (liberal arts + some technical + internships/jobs), so that when you emerge you have a lot of practical skills & multi-domain knowledge to prepare you for whatever jobs/careers you seek/find. But nothing is guaranteed in this life - anyone who believes differently is just naive.
A high school diploma and an honorable discharge from the military doesn’t guarantee you a good paying job! At least with a college degree, you have a better chance not to be replaced by insourcing labor
Cancel the interest. I'll be happy if they stop adding interest. Can't get it down with all that interest. Please do not get student loans unless you are becoming a doctor. Warn others to stay away. I wish I knew better. I wished someone would have warned me.😔
There are broke doctors too. Lots of debt coming out of medical school. I'm not a doctor but i did have student loans. Due to interest I paid more than twice what I borrowed. I only paid them off last January. Took 17 years and I only paid it off due to some luck. Otherwise I'd still be paying. No reason for this interest. Should be amount borrowed and a reasonable service fee only. My daughter graduates hs in June. I am hoping we don't need to get loans for her.
I wanted to go to college for a particular subject all my life. And im glad I did, and my education isn't worthless so far. But I totally agree 👀👀 like I feel like id have a chance of paying it back without all the interest. Its the worst part because you're paying more than the education was worth in the first place 🙃🙃🙃
@@kamilareeder1493 agreed. I thankfully went into the career my degree was earned for. So the preparation for my career is appreciated but perpetual debt, no thank you.
The problem starts with universities over charging for their degrees which are mostly pointless majors. in addition, they try to prolong your time there by adding bunch of additional pointless classes onto your requirement list for pretty much every major, a 4 year degree should really be finished in 2 years but why not make it a 4 year to double their money since its federally insured loans. A pretty profitable scam if you ask me.
@@vlydenknox Oh trust me they'll figure a way to stretch it out into a 5-6 year degree for ya by requiring you to take psychology & history classes or a communication class that has nothing to do with communication let alone your major. they call it "general education" or what I would like to call it bs time & money wasting garbage that we have already went through in high school consecutively for over a decade and have forgotten. Plus Keep in mind more than half the math they will teach you under their "requirement" will have nothing to do with you actual job as an engineer.
The problem is not with "pointless majors". What kind of society would we have without writers, artists, thinkers, etc.? The problem is that the cost of education and interest rates have gone through the roof. A couple of decades ago, it's unheard of that interest is above 4-5%, now people are paying alot more, which makes it impossible to pay off their principals.
No the problem is two fold. 1 the constant conditioning of the education system that instills the belief that college is required when it’s not. Guidance counselors consistently push the option of college when it’s not the only one. There are other options such as trades that people can go to develop skills and find work. College is not for everyone nor should it be. 2. The government’s involvement in the student loan process. Because Universities know that the government will pay anything they inflate their prices.
When she said she paid $9k on interest and only $97 on principal in all those years.... 🤯. I had to replay that part because I thought I heard wrong. I wish I had heard wrong.... This is terrible!
It is no joke, the interest alone is killing the kids with stupid student loans. They are on the hook maybe for 30 years or more. Student loans are not designed to pay off. It for the rich investment and investors to drain money for out of the children before they can get started in life they are on the hook and if they don’t pay they will mess up their credit
It's legitimately cruel and predatory. Whether people believe in student loan forgiveness or not, I think just about everyone can agree that the interest rates are out of control.
@@hermanrogers1325 what’s interesting is the income driven repayment plans right now say they will forgive in 20-years. The problem I foresee if the program lasts that long is the income tax consequences individuals will face when they have a massive loan forgiven.
Unfortunately, this is all too common. I have been paying on my loans for 10 years and I owe more now than when I started. If any other loans (car, mortgage) worked this way, they public would be outraged and the government would be stepping in quite quickly.
Well if you look at her home she's definitely not on the bottom in living standards. Sacrifice yields results, excuses keep the hamster wheel of pity turning.
It's interesting to me that excessive tuition costs are justified by amenities like gyms, dining halls, and pools, but when all of those things shut down during the pandemic we had to pay the same tuition for zoom classes... yet the administration and President of many schools (including mine) took no pay cuts to their six figure salaries. The President of my college is literally a millionaire. Faculty were laid off, including student employees like me who needed those jobs to afford the absurd tuition costs. Very convenient how things worked out for those top few who run the colleges...
This actually made me cry. I have so many years ahead of me paying off my student loan debt. And as a commuter student, I didn't even get to experience much of student life. I was too busy working.
boo hoo. lotta people sacrificed more than that to get a degree. i don't feel one bit of sympathy. some of us slept in cars and skipped meals to pay for school.
@@laturista1000 Someone always has it tougher, that doesn't mean their experiences shouldn't be validated. As already stated, you did not learn how to be a functioning adult in college if you cannot realize how ignorant you sound.
I'll give you hope assuming you're young. I'm 61 and have 19 years until forgiveness. I will never experience life without debt and most likely will die with it. Keep moving forward and someday you will be debt free.
@@TippyPuddles Not only one. My grad loans were $75k when I first got them. Now, they are $300k+. $2500/month in interest. I gave up and just quit paying. Advising others to do same. I'm 51, and I am just gonna quit paying. Not worth paying that much per month. By the way, how much debt do you have and interest rates?
We need to teach financial literacy in high schools. 17-18 year olds need to understand what it means to take on debt and alternatives to 4 year universities like community college or vocational schools.
The only way to stop this BS is stop going into debt and boycott these schools until they bring down their tuition. The prices are absolutely ridiculous. Force them to bring prices down or they go out of business. That's how it works with any other business in the real world.
The tuition went up as soon as the government started guaranteeing the loans. Whenever the government is on the hook for a bill, people jack up the price.
@@celestialarmor695, that's what the schools are planning and that's why tuition continues to go up. Everyone is brainwashed into thinking the only way to succeed is to bury yourself in student loans. What angers me is people bury themselves in debt but then try to blame the rich for their mess.
@@Josh-vv9sz They also made student loan debt almost virtually impossible to discharge, in bankruptcy or even death (they take it from your estate.) The government gave them that GIFT, no other debt is like that.
The problem is not the loan, the problem is the tuition rate and interest which mean industrialized education system + expensive credit squared by inflation = national financial kapoot
"the problem is the tuition rate and interest" ACTUALLY, the problem is people who KNOW they can't pay the money back applying for loans ANYWAY. College has never been a guarantee of or a requirement for success.
@@shaitanlavey that’s not true and that’s not what they have told us for years. They always told us that college is the key to success. That’s why so many people go
@@mssha1980 "that’s not true" Not one word of what I said is untrue. "They always told us that college is the key to success" Mark Zuckerberg is worth over $105 billion and is a college DROPOUT. Maybe you should have paid more attention to the world around you instead of listening to those folks who lied to you. "That’s why so many people go" People go to college because they are ignorant to how the real world works. If you aren't going to be a surgeon or rocket engineer, the only reason to be in college is STATUS. A degree in liberal arts isn't going to get you a job OR pay back the loan.
The cost of a higher education is the very reason I didn't go beyond a Bachelors degree. I'm still paying undergraduate student loans off and to boot couldn't get a job in my chosen field without starving.
I want to get my Master’s SO bad because my Bachelor’s in my field doesn’t pay at all, but I have no idea how I will pay for the loans if I decide to go further. I don’t even know how I’m going to pay for the loans I have already with what jobs are offering in my field, let alone survive. It’s not fair.
@Ron Gosling I know exactly what I wrote. I have a B.S. in Psychology. A Master’s in that field is not worthless, and there is a significant difference in pay and value when you have your Master’s (or higher) in Psychology. At least know what my degree is next time before making assumptions.
Why did society lie to me for my entire life telling me if I just got an education and applied myself I would get a good job and prosper? Why did my college make me take labs that they knew I would never use that quadrupled my debt balance? Why did they tell me that interest charges would be low?
Noone lied to u, smart people got engineering degree,s and u lied to urself thinking easy useless degree will get u high paying job. U put zero effort in college and thats why u are where u are.
@@edgehodl4832 My grandniece attended West Point and majored in Philosophy but she graduated with a CAREER lined up and paid while at school going for free. The Army deemed her degree important so am fine but what is it good for for any joe or jane to learn considering the cost?
Colleges are a business. More students = more money. More students taking out $15k-$50k a semester the government will blindly give you, and thereby give to the schools. Who cares if you fail out or if the degree never equals financial success? It doesn’t affect them.
@@clerickolter philosophy is a very useful degree. It's just not useful when the subsidized industries are oil and gas. Even the military industrial complex is almost entirely about oil and gas.
I got out of high school and started out as a laborer on a construction site. I later got a job with the electrical contractors on site. I got my electrical contractors license and started my own business. 25 years later I’m still in business doing well. I paid my sons 80k under grad off and now he’s in grad school for 2 years costing him another 80k. Absolutely ridiculous!
If you don't mind me asking, if your path took you where it did, why did your son rack up the cost of a small house when he's barely even been out in the working world?
@@Tigersfan829 Me and his mother are divorced and neither of them listen to my advice soooo. His mother filed bankruptcy so that explains how she is with money. He decided to go to one of the most expensive schools in NY when he got excepted in other less expensive schools. He could of went to a school that cost half the price but noooo he wanted to go to NY. Now he’s going to learn the hard way. Most likely I’ll end up helping him out some later in life but I want him to learn. His mother pays for all his groceries, rent and spending money. He’s 22 years old and had never worked. To be honest it really pisses me off
@@dawnbestgirl17yearsago98 Ty that was very kind. I battle with myself for being harsh wanting him to work to pay his own expenses, etc but he needs to chip in and not expect mom and dad to cover everything. One of many reasons me & his mom are divorced.
No one talks about financing housing as part of that which can be 12-30K per year for dorms and campus meal plans. A good amount of the debt isn't tuition but housing.
@@courtney1427 That's really what's making up a lot of the loans. One way or another people need to live the issue is on campus with no income you have to finance your basic living expenses.
It would be helpful if students only had to take courses that pertained to their degree, instead of taking out loans and paying for classes that have absolutely nothing to do with their major/degree. People would get out faster and not end up spending so much.
Get a trade out of high school. Make cash in your 20's. If you still want a degree or multiple degrees then get them when you're grown up in your 30's. You won't "fall behind your peers". In the end you'll still have a shot at the white collar job you want but you'll also have an actual skill that you honed when you were young.
I had a chance to go into debt for college but it didn't feel right so I joined the army instead. Now I'm debt free about to get my mechanical engineering degree, getting paid to actually attend college. Best decision I ever made to not sign up for loans
It's very likely, fir the average person, that they'll make more money in their lifetime if they just stick with the trade. In your thirties and don't like working for someone else? At that point, if you've successfully apprenticed with someone, you're probably in a decent position to start working for yourself and build a business. Or not. Either way, not taking on the expense of college at all is a valid and sometimes very wise decision.
I worked as an aircraft mechanic making 26 an hour without benefits (pretty good for the field). I went to a massively overpriced school for it (~30k for 18 months). Paid off my loans (in large part due to my parents and grants, only had 6k to pay myself). People act like trades require no school or certification. Sure some are very cheap to do but others have the same predatory system where you pay 30k to make 30-50k for years. People like you trash talked university. Well now I'm in my 3rd year transferring from a CC and my entire 4 years will cost about 20-25k and I have more than that in investments/savings currently thanks to working as a mechanic and now a software engineer during school. TLDR DO NOT GO TO FOR-PROFIT SCHOOLS. In the vast majority of states a CC to uni track with pell grant gives you a 4 year degree for 20-30k and allows you to work over your breaks. That's really not that bad if your salary out of school is 50-60k+. I would say pick trades or pick STEM, or don't go to college. Plenty or artists out there making way more than I ever will but college for them is useless.
Let this be a warning to people to please for love of everything stop listening to your parents, your "friends", and the rest of society who keeps saying you need a degree to get ahead in life. Clearly there's a huge problem here and you can learn to mitigate your risks by simply learning skills online or have someone else pay for your training in a trade. These companies are predatory, wake up.
This was the trap my husband was pushed into with his first degree. He and he is youngest brother both have two degrees as they decided to go to nursing school after graduating as there are NOT many jobs that even care or require a degree, or pay more for one. It’s one thing to graduate with a specific degree for a specific line of work that you know will make good money starting out, but that’s not the case for most degrees. I made more in my job with a high school education than my husband could with a degree. We were so young and I know it was demoralizing for him as he was told “Go to collage”, but for what?
I almost made this same mistake. I almost took up an offer for college for a loan of $40k. I end up with only a GED and started from the bottom. But learning from my father for auto mechanic that has helped me gain the experience I needed. I am part of a generation(millennial) that take a lot of things for granted. I am saddened of my generation but at the same time grew up the old way of discipline and respect for elders. I prefer blue collar jobs as I love working with my hands such as car's, locomotive and now electrical. I have loved all of my past jobs as I always gained knowledge from the older generation that taught me and will always appreciate it. Because I know that blue collar jobs will always be the back bone of society. Now I just need to get into plumbing as I'm just learning electrical from a very knowledgeable guy.
If you need a student loan your freshmen year, go to a community college for the first two years. You'll save a lot of money while having easier access to instructors.
I remember back when I was in the US studying bachelor degree, one of my classmates asked me if I ever wanted to go back to my country and I said of course, she was shocked because most international students wanted to stay and live the “American dream”. She understood the reason for my response when I told her that my country (Saudi Arabia 🇸🇦) pays for my college fee and gave me a salary on top of that to cover the cost of living. She was more shocked when she realized that all of that money wasn’t a debt and it was for any Saudi who’s willing to pursue an education in a foreign country. I love my country 🇸🇦💯
I love your country too lol. I was privileged to visit a college friend in Saudi Arabia and its beautiful ? 👀 and people are really kind, and soooooo many women are doctors ?! Very eye opening to spend time there :) America is lacking
Look into the financial crisis of 2008. Comparing that to student loan debt is just another rationalizing tactic for people to stop taking responsibility for their choices.
Absolutely. Employers don't care about degrees, they want work experience. They start seeing you as over qualified. As a kid I thought a degree would opne doors for me. It never did.
The real problem in many cases is the cost of tuition and room and board. These students are sometimes paying for 1 year of college the equivalent price of a little modest home. The schools jack up the price for books that would only sell in the free market for 1/4 the price. They change the edition of a book like we change clothes so students can’t resell the books. Also up til 2017, I worked at a state community college and a university for 15 years and the tuition was very affordable for in state residence but I’ve counseled students who took out excessive loan debt beyond the cost of tuition so they can have money to live on and some did it to have money they can live large and ball on. There’s many ways to tackle this issue but it definitely needs to start with the over inflated cost of tuition and room and board.
This doesn’t fix the student loan issue, only puts a band aid on the real issue. They need to put together a plan that corrects the student loan and higher education system on a fundamental level, so people borrowing in the future won’t end up paying for our mistakes
Perhaps most people would pay it off if they were lucky to get the jobs they worked so hard to get. You find that people form their own networks and people are brought overseas to take more jobs. Also, the red tape to get a job is demoralizing. Not only that, but employers' trends are to underemploy their work force. Seriously, a solution has to be more than just the loans.
I have a degree from one of the best universities in my state. I'm lucky if I can find a job paying more than $20 an hour. Low wages are the main thing. My college told me I would make $47k a year as a recent college grad. I've never made that 10 years out
Agreed. I wanted to go to college from a young age and I dont feel entitled to a job and bebefits because of my degree. However I don't think its fair for your degree to cripple you financially for life 👎👎
My mom graduating high school and college in the 1980s, started grad school in the late 80s or early 90s. It’s really awful to know she’s one of those victims they discuss around 16:10 who really had more issues than their predecessors with paying for college. My mom was stressed out for YEARS on paying her student loans off. She and my dad didn’t get married and start a family until their mid to late thirties bc they were too concerned about student debt and financial security. Ugh. They didn’t deserve that. They were just smart middle class kids who wanted a quality education and a career
Something has to be done. It should not cost so much to be educated and become a contributor to our own society. The department of education should be ashamed.
The second I saw teachers I instantly had empathy, my mom is a teacher, really had an impact on me when on my way back from school she had to stop to pay off some of her debt, she was in her forties at the time, she just recently fully paid it off and she’s pretty much earning less than minimum wage because of the money she spends on her students, for teachers to afford living they have to have a well earning partner, teachers are very much underpaid, and there’s not even a low demand when my mom was trying to switch to working at another school because the new principal was getting on her nerves she got hired the same day, teachers aren’t appreciated enough
If you’re a Gen Z’er or younger, I urge you this advice: 1) It is completely possible to pay for school out of pocket. How do you do that? 2) Easy. Rather than going to school full time and rushing to get your degree, just be a part time student, and take your time going to school, while you pay for your schooling out-of-pocket. 3) Does it suck? Yes. It sucks, because it’s gonna feel like forever, but that’s the only way if you don’t have a scholarship or rich parents to pay for school for you. What’s your rush on getting your degree if you can’t afford it? Slow down, and take your time obtaining your degree. But whatever you do, DON’T TAKE OUT STUDENT LOANS!
That will work unless you need a Master's or Doctorate for your field. Try telling someone who wants to be a Master's level Therapist to take two classes at a time. You'd be in school for a decade.
Forgiving student loans is a temporary fix. In order to stop the bleeding tuition prices have to go down. The reason tuition prices are so high is because of government student loans. Schools know they can charge whatever they want and they will still get paid. It is insane that kids who have no credit or proof they can pay something back get approved for loans $100K+.
there is no reason that student loans should be at 7, 8, or 9 percent interest. car loans & mortgages are far less. credit people back for the interest paid!
Go to community college and then an in-state university. You can also work while going to school and find employers that offer tuition assistance, there are lots of them out there. This is how I went to school without any debt and without help from my parents.
This! Community college is the best value option for the first 2 years of post high school education. People can have more room to adjust their work/school balance. There is also no unit ceilings so you can explore more major to determine what you are good at. There also vets or people who have a gap in schooling to catch up again. The up side is just countless when it comes to CC, but people just fail to recognize it
I worked in a public high school, signing up graduating seniors for two years of free community college. Guess how many took me up on it. If I had to guess, less than 10%. The other 90% would rather take out a student loan to go to a fancy university, even though they could transfer later from community college. Students don't want free college. They want free luxury college.
@@TheeSamuelNelson students want the college experience and when education should be the focus. The community college you went to isn’t printed on your university degree. I don’t want my tax dollars to cover someone that could have saved themselves thousands by going to the local college but chose not to.
You are so right, Claudia. I tried to make this point so many times in the comment sections of other RUclips videos, but no one would listen. They all just want to be bailed out even though it was their choice to go to a fancier school and major in an economically worthless subject.
I'd also say that one issue that contributes to this problem is that the kids think they need to have the so-called 'college experience" because they were brainwashed to believe it is extremely desirable. Many aspects of the "college experience" can also be replicated by binge drinking at bars or living with roommates in your 20s. You don't need to go into massive amounts of debt for it.
I am on social security the reason is when I had my children the women stayed home and raise their children they did not work and when my husband died I had to finish raising my children and I had to get a job I couldn't worry about getting an education and then when they were grown I just kept working to keep a roof over my head
Let's do something similar to the Australian system. A certain % of your income is garnished to pay for your student loan until A) it is paid off or B) X years have passed. This way people aren't punished indefinitely for being "underemployed"
All I know is I graduated with my BSN in 2006 and I’m STILL paying 300 per month and STILL 50,000 in debt!! The balance NEVER goes down!!! Shoot. Don’t forgive the debt... but PLEASE stop the fees and interest! Ugh 😩
Nursing? During a major nursing shortage? Y'all are definitely underpaid for what you do, but still, $300/mo shouldn't be that strenuous, especially with tax deductions. As for decreasing the debt, not gonna happen unless you're able to pay double the interest every month. Try calling your servicer and see if you can get some kind of forgiveness plan - being a nurse probably qualifies you for Public Service Loan Forgiveness.
You have to start paying more per month if you owe $50k. $300 isn't going to cut it. That's only $3600 per year so even if interest rate is cut to 0% permanently, you're looking at like 14 years to pay off $50k. If you're a nurse you should be making enough to pay more than $300. A lot more, especially because that's a field where you can usually boost your income quickly by working more hours. It sucks but if you dig deep you can get out from under this in a few years and permanently alter the trajectory of your life for the better.
@@melissak3621 Yup, like @Linda C. said, PSLF is for anyone in public or non-profit service fields. Most hospitals, as well as clinics, EMTs, home care / visiting nurse svces, etc certainly qualify.
Student loan forgiveness is only addressing the symptom of the problem. If the government wanted to tackle this issue, they need to go directly to the cost of attending these schools and their rapid growth
I must have grown up near the first story’s gentleman in Mississippi. My mother attended Delta State University in the 70’s. Her working class parents could afford her tuition outright in those days. I just paid off over $200K in student loans, after paying relentlessly against them for 17 years. No kids. How could I have afforded them? It’s a real problem that has so many facets and no easy solutions.
I live in the wrong country...when I was going to college I've met some exchange students from Europe and they didn't pay a dime for college and health care. We even had a debate in class about it and the pros and cons of our countries and it made me see that the USA supposed to be the greatest country of the world was and has been ruined by greed. Sad I don't want to debate on this form...so I'm just expressing my opinion
The thing no one is talking about is the interest on these loans. They take the interest and roll it into the principal then apply the interest into the new principal until it snowballs out of control. I had over 60,000 dollars worth of interest applied before I even finished school, which I now have to pay interest on that interest. The interest rates have also more than doubled since I originally took the loans, upwards of 8%. They will defer the loans over nothing, which interest just keeps rolling. It's insanity and makes it nearly impossible to pay off.
I'm 50. My student loans went into default when the school I was attending did not forward my medical leave to financial aid which instantly defaulted me. They garnished my wages to pay it back. I continue to be harassed by debt collectors. They say I still owe them, yet no-one can access my account including myself. Tell me how I still owe.
Call the department of Education. The only way your student loan defaults is when you don’t pay them, you don’t respond to payment request and you are not currently enrolled for six months or longer.
@@ET-ey2hc Yeah, defaults don't just happen instantaneously. And going on medical leave typically doesn't forgive your debt - if classes already started / tuition was charged, and you didn't pay back the loans, then you still owe that money.
I now owe $58k in student loan debt. Was it worth it, absolutely! I learned how to critically think and opened many doors that would not be possible without my degree. Is the cost ridiculously high, yes. Does the debt feel overbearing, yes. I recommend making the monthly interest payment and then another payment towards principle each month. It is hard to do financially, but I should pay this off in 5 years. Make the sacrifices now to pay off your debt and don’t let it ruin your life by simply paying interest for the rest of your life. Good luck!
@@moriahgonzales4054 Nurses should be eligible for loan forgiveness, either due to low household income (if underpaid), or as public workers. Call up your loan servicer and see what they can do for you.
Right there with you buddy. I got what my family affectionately called a "million-dollar white boy education" from an elite school for only about $28K all told, and no credit card debt - worked part-time through college. Now many years later, I'm getting my [second] Masters on my employer's dime, and hopefully working towards public service loan forgiveness (Biden might make it happen even faster). You have to be smart about college, smart about money, and run the numbers to make it work - but it does work.
It should not be assumed that students under 24 years of age can financially depend on their parents to pay for college, and there should be much more flexibility in whatever formula is used to calculate EFC for students aged 18-24. We can't simply cancel existing debt without adjusting the roots of the cause, we need a combination of solutions.
My husband needed job retraining after his industry was eliminated. He was 45. He will now be paying his student loans until he dies. All the arguments against assume people are 20 and have time to pay off 60k+ debt.
That’s amazing he did that. Adaptation is part of survival, and creating value in this economy. It should not be an indirect punishment. Prayers up to both of you.
So it’s, retraining and with a little leftover versus, no retraining and no income. You may argue that the choice made you, rather than you making the choice, but this also proves the importance and also the lack thereof of financial planning. It’s unfortunate that your husband had to undergo that transition, but I believe that its what was necessary for survival. And he has my respect for doing what’s necessary for putting food on the table. My prayers go out to you and your family and hope that things turn for the better, however, personally I feel that the debt forgiveness of should not be one of them, due to the overall impact that it would pose and the situation of future generations would be severely jeopardised.
Why should taxpayers pay your husband's debt? My sister didn't go to college and she is a high exec and works for the government! My son never went to college and he's 25 owns his own home making 80k a year.
@@rynnykitty6945 Sounds like you hit a lottery with your kids. 1 in a zillion. Count your blessings Bec most won't even make it there! Our tax dollars are used so unwisely . No one fought went tuition fees went up same year as in England. They stood up. We didn't. We have Bail out for Banks, Cars, Airlines . All big huge companies but not the citizens ?
I have 2 sons who graduated college with so much debt, it'll take years and years to pay off. The cost of them going, and me going years ago, have more than doubled! There has to be a way to help these young people who have unimaginable debt.
@@conniealford1020 Do you feel that we put too much emphasis on secondary education? For me, having been through the military and am now in grad school, I get this feeling that I’m just there getting a paper that says I’ve paid my entry fee. Of course that’s not the whole case, but there’s no way getting an education will enhance the lives of every person imo. I think we push it too much and it places people in a position where they feel that’s the only way to live their lives. Looking back, I would’ve went with a trade and entered the work force.(too deep in now lol) Glad your boys are making use of their degrees and efforts.
@@conniealford1020 Well if that piece of paper has been successful for your sons they shouldn't have any problems paying off their student loans at all.
@mikedavison1466 they don't. What I'm complaining about is the debt one incurs at the beginning of their lives. Why not a grace period?? This way they can find a job, get their own place, possibly get married, gosh so many problems early in life. No room to breathe. A taxi driver could afford a nice house, raise a family on their salaries and live a good life not but 30-40 years ago!! Our parent's and grandparents. Now, rent is 2k, electric is outrages and don't start with me about food!! Young people just don't have those opportunities we once had. I'm in my 60's. I remember. Now, colleges are getting enriched on the backs of our kids. And the education is not a good with all these book bans!! WTF??? A place of learning taking away books. My university bills have been paid off years ago but was cheap bc the interest was practically nothing. It's not the same any more. How sad.
The millennials paid twice the price of gen x, even when you account for inflation. Then gen Xer's are mad that they paid it back, and we don't want to... Well let me pay what you paid, and I will gladly pay it back. You complain about us getting help you didn't get, but you also didn't pay nearly the same price we did. If you don't include inflation, the cost of college is more than 50x from gen-x to millennials. We need help, or we won't be able to buy cars, buy houses, start families, start businesses, ect. That will cause a financial collapse as baby boomers need to downsize, and there's not enough millennials who can afford to buy.
I'm 69 years old on Social Security. If I don't pay it will be taken out of my check. There's plenty of$$ for Large corporations like Lockheed to pay$0
@@MrTmenzo you my friend doesn't understand interest... the reason why it's not being paid back is because student loans have compounding interest it doesn't stop so minimum payment aren't enough to make a dent because as soon as you pay it you owe more its a scam thats frustrating that also didn't pay off for millions of Americans.... on top of student loans most of us graduated in a Era with no jobs so you can't even take care of yourself while you go to school while owing money... the scammed a bunch of pre mature adults with hopes of creating a better life for themselves by pinning them in unbearable debt before they can even get a job
@@aubreebey1SD of course I do, I recently paid my loans off after a decade, once I realized making the minimum payments wasn't doing much I made the struggle to pay more than the minimum. Some folks don't have that luxury but if you budget there's always some room to play with.
@@gmk91005 Agreed and thank you for stating the obvious that no one seems to get. Likewise, lenders not charging interest make zero money... where's the incentive for them to give out the loans in the first place?
@@shaitanlavey you do to be a RN. While I don’t have a collage degree, my husband has two. Before Obama took office, it was nearly impossible to find decent student loans for someone who already had a collage degree. He graduated with an English degree, but could only find minimum wage jobs, which was about $7.50 or so back in 2004, and was less than I made. We did work to pay off the highest interest private loans, but it’ll be another two decades before we can pay off the rest. We used to park outside a coffee shop in order to have WiFi and lived in the crappiest part of town for cheap rent. We were well below the poverty line, but it never occurred to us to get on any kind of assistance so used loans to get by. We’ve come a long way, but it still feels like an insurmountable burden.
People need to stop jumping to college like it's the only option. Get your HS education, get some work experience and earn your stability, then once you find a career or path and identify the courses and degrees required, THEN go apply and get your degree.
I paid back all of my student loans since college, and that with less than a $40,000 a year income. It took discipline but that's what you do when you take on debt. Also, my parents gave me no financial assistance while in college nor after college. It would make me upset that someone else in the same situation as me gets away with not paying their student loans back. I haven't been able to rent nice places like the school teacher from Califorrnia. If I had, my student loans wouldn't have gotten paid.
I have a University Degree, thankfully I did not have to get a loan to get my education; I can confirm that my University Degree has not helped at all in the betterment of my career or financial reward, I could have easily achieved everything I achieved today without a University Degree. Going to college is feasible if you need to be certified, for example, to become a doctor, a lawyer, an engineer, nurse and such. The rest of us have a set of skills and talent with which we can become whoever we want to become through effort, dedication and passion without having get into debt for a worthless piece of paper. Mine is in a drawer in my Mother's house, once I got it, I never had had the necessity or the requirement to show it again, basically means nothing in the real work world.
Been paying on my student loans on income-based repayment since 2013. I borrowed $23,000 and currently owe $26,000. Sure, I'd like debt forgiveness, but also there's no point for these loans to have interest like this.
Yes, the "income based repayment" plans allow you to self-inflict that kind of wound. If you stayed on the standard repayment plan, you would be about 2 years away from having paid it all back. Increase your monthly payment, either by changing your repayment plan or by just manually paying extra every month (or whenever you can via windfalls like tax refunds, bonuses, raises, etc.). Otherwise all you are paying for is the ability to not pay your actual debt. And of course, take advantage of the fact that interest has been eliminated until October. Payments made now go directly to principle. You can make a lot of progress on your loans right now if you have the discipline and ability to keep paying even though you don't have to.
Do your own math. If it were a car it would have already been paid off. You have to pay more than the interest to get it paid off. You can’t burry your head in the sand. Look at your statements. It’s compound interest that’s hurting you. Simple math says at 10% interest, 2300 a year is going towards interest. If you pay 200 a month, at the end of the year you’ve only paid $100 towards principle. Get roommates if you have to. Suck it up for two years and get out of debt.
The thing is, you need a highly educated citizenry, and education at all levels needs to be socialized. This is how we will be able to compete at the global levels of the future. It is essential that we understand and realize this key point.
K-12 is free. Community college is cheap. Public universities are subsidized. It is socialized. You have people who have false income from loans and act traumatized when they have to pay it back. You have the stigma of trade schools. Electricians, plumbers and truck drivers make more than teachers but teachers still push college degrees
You can always take out student loans to cover the cost of your tuition, fees, and books. Sounds like he was using student loans to pay for living expenses that were too high and didn’t prioritize buying his books. He needed to go to a cheaper school with lower tuition to allow him to take out smaller student loans and actually pay for the required books for the courses. Then he could have finished his degree and he would be in a much better position than he has now.
Yeah, a CPA is a guaranteed-profession, that can work at any level from HR Block to corporate clients. I feel like more students need financial literacy courses from the get-go, so they don't make dumb decisions like that.
my school currently charges 45k a year and is planning to go back to in person and get rid of the online option next semester when the online option saved me 3k this year. they r getting rid of it because it’s not in par with the ‘college experience’ the school has to offer. i cant wait to get out of this school but unfortunately i have no choice but to get a masters because u cant do anything w a psych degree with out a masters or phd
When you took the job remote wasn’t a thing. Get back in class. You’re there for the students and they learn better in person. You chose your psych degree.
True , but the tax credits are often of lower value (I think 1000 or 1500 dollars) The student loans on the other hand are more expensive. It's like saying hey if they are giving free water , why cant they give free wine . Moreover most students will earn more in their lifetimes vs non college goers . Also if it wasnt for these loans a lot of students won't be able to go to college . You are basically paying for the opportunity of a better life. With child tax credits you get nothing extra
@@johnsamuel1999 The child tax credit was recently increased to around $3600 per child and the age limit was also increased - expanding the amount of people eligible. Also, those with student loans AND college degrees are essentially being double taxed through higher wage tax brackets and ridiculous interest rates on student loans. Tell me again how those with student loans are “paying for a better life”...?
@@Omidan Most students and their parents wouldn't be able to afford college. The loans give them an opportunity to attend it and improve their life. But ofcourse life is full of risk. You have to choose a good university, a good field with easy entry for recent graduates and decent starting pay . For example let's say you borrow money to start a business, there is a chance that you will go bankrupt.buy you get a chance to own a profitable business. Life is full of risk . Also the interest rate could definitely be lower. However you need to know why it's so high. If you borrow money for a home , the bank can take the home if you fail to pay . Because of this the interest is lower since the risk is lower. But in the case of student loans there is no assets given as collateral hence the higher interest. Also statistics dont lie, college graduate earn far more than normal graduates throughout their life. More earning means a higher quality of life
If they, hypothetically, managed to cancel everyone's student loans, then they should also reimburse all those who have paid off their student loans as well. It's only fair.
What is missing in the documentary is the breakdown by study fields. With my master in finance I hit six figures in my third year working. I very much doubt that this would have been possible with a degree in drama, history or similar. Another possible solution to the problem could be to force the colleges to extend the loans without passing on the risks of default - that way they would not entice students to take on loans that they can never repay.
The snobbery towards community college and in-state universities is ridiculous. You can get the same degree for half the cost and pay off the debt in a few years if you live at home.
From 45k in student loans In 2010 to 17k in 2021 And some ok savings, with two jobs, I feel a bit more relieved now 😌 And hoping to have a family, a house and a car in the next 2 or 3 years. I can’t keep on waiting for the government come save my life ! 🤷🏽♂️ or to forgive my loans!... and yes I signed those loans knowing very little at age 17 🙂🤷🏽♂️
@@patgnz3690 Then why do college children want tax payers to pay for their college? Why don't they fight the problem where the problem starts. Stop signing up for college. Force them to come down with their prices and interest. Until they do that, don't go. Go to a tech school. If it is not the tax payers fault stop begging for the tax payers to pay.
Student loan compounding interest + inability to pay down principal in conjunction with interest should be illegal. I don’t know any other loans that are allowed to do this. In addition to paying min. $1,500.00 per month in student loans, I pay over $30k in taxes per year, so don’t tell me that student loan “forgiveness” only helps the wealthy. I can’t pay towards retirement because I have to pay my student loans, which I can’t default on because we live in a society where your credit score is everything.
exactly these morons that are against student loan debt relief or even a 0 % interest are sad because they think because suffered everybody else should.
When I have kids ill tell them that blue collar work is a good field dont let others shame you for choosing that path. Also ill tell them find a job you don't mind doing that pays the bills and lets you survive and keep your hobbies and passions as hobbies and passions. If you want to go, i have 5k index funds and etfs that will grow over the next decade or so and by the time you are 18 it should be enough to pay for full tuition but I recommend going to community college for a year or 2.
The problem is that increasing the amount of money students could borrow unavoidably led to education becoming even more expensive. Prices did increase dramatically, cost of colleges sky-rocketed and as a result students are now even deeper in debt than before. There is only one solution. Education must become affordable. Every young person with intelligence and ambition should have the opportunity to study. There's nothing to say against a debt of a few thousands of dollars, but it shouldn't exceed $10,000 to $15,000. That's the upper limit.
Instead of penalizing these students, consider a different route. If a student can make the first year of payments, the interest drops down by half. After another year, drop it to 1%. After another year, it goes to zero interest. As long as he is current it stays there. This will allow the student to pay off what he owes, without allowing him to get too far behind. Another suggestion is limit the loans to the amount of money he can make for a full year salary. Too many of these students are choosing poorly paying professions and/or going to schools they can’t afford.
The cost of education needs to come down. I had to take out loans for grad school and i only applied to the cheapest school. I was very lucky to have been accepted. Thankfully i live in nyc so i had some good affordable by comparison public schools in my area. To the people who say go to a public school and live with parents yo save money seriously underscore the fact that many areas do not have access to good education and people need to live close to campus. Also, great for people like me who had the choice to stay with family but that also doesn't take into account the fact that other students don't always have that option. Like people seriously don't realize the luck they've had that they say live with family, go to public school, work during school, sacrifice now for tomorrow... Also love how right after the women who talked about IBR they showed the women who is enrolled in IBR. A real nice what i think it is vs what it actually is.
The government should only give financial aid for trades that are in a shortage. Doctors, engineers... universities will have to lower cost and hopefully people will think twice about getting useless degrees. Most current trade schools are a scam, we need quality trade schools.
I went to community college after a trade in high school. I lived at home, took longer but, graduated with no school debt. I paid my tuition quarter in full. Plus books. Take out a trade in high school. I worked full time. My rent at home was taking care of my parents home as such.
Thank you. It took me 7 years to get my degree because I worked my way through college, chose to commute and never had the ‘college experience’ that everybody talks of. Additionally I went to a lesser college than I could have because I chose based on price. Graduated with no loans/no debt.
Or people who don't have a college degree. Will they get it for free if they want to? Or forgiving $50,000 student loan debt for someone who has a career with the earning potential of $80,000/year or more. Is that really fair? Not it's not
@@dappyfull all good points. Even on top of that where do they live? Say they get paid more then 80k they don't get it. But what if they live somewhere that pays less? For $50k people might move or live somewhere that pays less. Get it forgiven then just move somewhere higher income and make 80k+.
That is not fair to everyone that worked and paid for it, plus nobody forced them to take on that much debt for pointless degrees and now can't find a job.
For the people advocating for community college, let me explain why--aside from the generally cheaper cost--it may not have as much of an impact on borrowing and the national student loan debt. I've worked in financial aid at a community college for about 10 years. Plenty of my colleagues, both at my current institution and others, have noticed similar borrowing trends. For the federal direct loan program, the federal government dictates how much a student can receive per year in student loans. Or rather, what a student's maximum loan amount can be. It's up to the financial aid office, at least in my school, to determine what the overall cost of attendance calculation is for students receiving federal financial aid. For institutions with a relatively low cost of attendance, like many community colleges, many students can receive enough federal financial aid (from both grants and loans) to cover all semester charges, which results in a refund. My point: because the Federal Department of Education dictates a student's maximum loan entitlement, a student is within their right to receive that full amount (assuming they meet other criteria and are registered for enough classes), even if all of their institutional charges for the semester are paid. If the student qualifies for the loan, the institution generally cannot deny them. Like I said, I've worked in financial aid for over 10 years, and the number of students who borrow the maximum amount in loans per year just to get a refund is staggering. I'm not saying these students are blowing the money on vacations on designer bags, but the federal government is definitely incentivizing them by telling professionals like me to "offer" them the maximum loan amounts. The college can advocate for sensible borrowing (and I certainly do), but at the end of the day, if the student wants it and they're entitled to it, they can have it.
Not all professions have the same earnings potential or earnings guarantee. In my own experience, many allied health professions, specifically chiropractic, acupuncture and exercise science majors, rack up significant debt and then have a very high professional failure rate. Acupuncturists have a failure rate of over 85%. Failure rate is defined as your educational path being your primary source of earnings after five years. The problem with educational paths like chiropractic and acupuncture, as opposed to physical therapy, is that training is only available high cost private institutions.
One of the many issues is the structure of the interest and how the payments are allocated. Some are not trying to avoid paying all together. If there was a program that was structured to help pay the principal, a lot of borrowers would sign up.
You nailed it , the interest process is worst than any other loans you have taken in your life. How come buying a car 🚗 is way easier than funding your education!
The majority of this debt is held by a small percentage of borrowers who have advanced degrees and are making over 100,000 a year, if not 200/250K Dentists, lawyers, doctors, MBA’s .. that is a fact, seen the study’s on numerous occasions. As many mentioned below, maybe an interest freeze, or large rate reduction is a better idea, pay back principal only.
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As a society we need to change how we view trade schools and community college. I can't count the number of times I was told to not go to community college because "It's a second rate education".
I got my associate degree at a community college, then I transfered to a University to get my Bachelor's degree. In the end it was the degree with half the debt attached.
Everyone does that though. Many high schools even offer gifted , motivated students the opportunity to attend community college part of the day while in high school. They graduate high school with an A.A. degree and enter university as juniors.
Trade schools are costly as well. Yes, lots of boomers are retiring leaving some openings in the trades. The wage stagnation is REAL. The system is so against doing anything to benefit the majority of the people.
@RUclips Censors yeah and trade school prices are free or subsides is some states and the price tends to be more worth it than a degree because no ones wants to work in trades so it’s easier to get a job and now you can barely get a job with a degree unless you have a masters in some cases
Same. Some community colleges are damn good, too. Mine was awesome.
@@JuanGarcia-dj2tt Sometimes employers will even pay for it. There are lots of options. My associates cost me a whopping 3k. Anyone can do that.
@RUclips Censors Absolutely! And college just isn't for everyone but people act like it is. Unless you're going for something that can actually pay for those loans (there's little realism in people's heads here, too - no, Stacy, you're not going to get a great job with your history degree. You'll just have to keep going so you can eventually teach others and that's about the best you can hope for 🙄) you might as well not go.
Half my class got kicked out for plagiarism. In their stupid message board responses. They shouldn't have been there in the first place. This was a pre-law program. 😆
How about making colleges lower the cost of tuition, that is the problem. College cost $5k a year 20 years ago and now $40k a year, thats the problem, the price is unrealistic and rising
This country is about GREED
Because universities know that the government will loan whatever amount of student loans therefore they can rack up the price to whatever they want.
Not just that but throw in a direct guarantee that what you are currently learning will get you job that same time you're learning the necessary skills and have a law requiring businesses to hire because of this. The way it is now, it doesn't work at all.
It’s a racquet
You got that right.
If public money is going to pay for college the cost needs to come down dramatically. It's artificially inflated, paying thousands for one class is just silly whether it's public or private money paying for it. Specially the free resources online are often better. 🤷🏽
It’s also a lot of the administrators who keep costs up. At my school the administrator to faculty ratio is 4:1. All administrations make 200,000 or more a year as well
@RUclips Censors we had an administrator at my school that makes more than the president of the US a year
@RUclips Censors for the level of work they do based on faculty. It’s because they are the ones in position to negotiate pay with the state and other administrators. Having a ruling position helps
@RUclips Censors you have to remember this is the state’s money. I went to a state university. I’m not sure how administrators to faculty get paid in private colleges but I know the admin to faculty ratio and the pay have been brought up by California legislators
@RUclips Censors good for you
I was about to take a $50000 to come from india to US to do my master's . last month I got an accepted letter . Last week I rejected on not going . I decided to start my own business
You made a very wise decision! Good luck to you and your business Pradyumn!
Yes wise decision
Great job sir
Unless you are physician, mathematician engineer, accountant, physicist, biologist or geologist master degree don't mean much in the field
You have a brain. You will only receive profits from now on. good luck.
I'm sure the US missed a lot of brilliant minds just because they can't afford to continue studying.
Yeah all 4 out of 5 of my engineering professors right now are foreign. The one white American guy is like falling asleep in the chair old!
Facts. I know one person in particular that would be and amazing engineer, architect, mechanic, contractor or even a physicist. But he is the best handy man I have ever known. I hope he comes up with an amazing patent or something so he can make what he is worth.
@@Love1nOther he can already make what he’s worth if he specializes in something exotic like ammonia refrigeration.
Not sure. If they are brilliant enough, they’ll find a way to shine
@@vvolfbelorven7084 lol don't be sure. Companies go out of there way to steal good ideas from workers.
The colleges should be on the hook for selling faulty products. Let them be the cosigners. Bet they would prepare students to make money better if they had to pay the money back
In my opinion and from my perspective, college is a capitalist notion. It does not make you a better morally or psychologically. It makes you more effective as a worker-either for yourself or for someone or something else; similar to the notion of a horse to a farmer in the goal of yielding a good crop. Another element of being effective is building professional networks. A college graduate with average grades needs a professional network to market their talents. A college graduate with superior grades maybe sought out by companies-like an athlete. In both cases, being professionally attractive is critical to effectiveness in the pursuit of a suitable job. Most of us don’t quite have it together as a package. Universally, we might be talented but not socially astute. As much as we are talented, we must also be socially confident and talented. So many folk are able to massage their way into social groups and work their way up the ladder of success without any real talent or skill, no more than what they learn along the way. However, when times get tough, the weak fail to perform- resulting in a toxic effect on any one associated. Like a basket of apples, one bad apple can spoil the bunch. As I escape from the rabbit hole of thought on the topic-the quality of education is what might be the point here. The quality of education has declined as a whole. Historically, having a college degree upgraded you socially, economically, professionally and culturally. Now, it only guarantees a bill to pay in the future. On the topic of college loan repayment, you determine your rate of return. How you live your personal life mimics how you govern your professional life. The decline in one aspect often is reflected in the other. Some people want thecake and eat it too. If you borrow the money, you must pay it back. You may have to sacrifice on some level in terms of your lifestyle but if it means driving a new car verses a used car, you make that sacrifice the day you initiate the loan. There are many financial tools that if you apply them, you can ease the burden like extra payments are to a mortgage. In closing my thoughts, regardless we have to take responsibility for our financial health. It is difficult. The marketing monkey is a King Kong of foes but at the end of the day, they banks want your money as bad as you might want that fancy car or that awesome job. We can’t become victims of impulsive spending. As a communications grad-marketing to the consumer is a science. Companies invest big dollars into understanding human behavior just to have the upper hand. Once we as citizens accept and operate in the enlightenment, we can travail the opposing foe no matter the mask presented. I am not a conspiracist, just a realist with a deep appreciation of the power of human nature. The key to understanding the world is understanding ourselves.
Or is it the student at fault for choosing the wrong product, not researching job market, not being proactive, or not having a goal. Are people going to college not prepared to become adults borrowing money for the first time, and would paying their debt not teach them anything about finances and borrowing money.
This is not teaching anyone to make better choices, and not solving the next generation that will do this again.
@@wassupnetwork5058 I enjoyed reading your comment more than most of the books I have read. Very well articulated!!!
The problem is most colleges don't prepare you for work, they prepare you to go up the university funnel from bachelors to masters to phd, that's their main objective. Why do you think that so many people who have degrees have almost no idea how to do jobs that pertain to those degrees?
😀
1-2 semesters can be slashed anyway because they are a repeat of high school plus state-madated classes irrelevant to your major.
French society only heads to uni for maybe 3 years and leaves with a degree.
I think in the UK, degrees are done in 3 years.
Its a corruption the longer you stay the more they get. Whats crazy thet got the government to back the loan. Talk about a scam.
That’s why I’m saying. You can graduate from uni in 2 years
@@CJ-fh5xq yup. Nearly entirely in your subject matter. If you want to switch concentration, most of the time you'd go back to start.
The cost of higher education is criminally expensive! Why is this ok?🤔
Higher education is a flimsy hope for the future & often feels like a false promise, but the debit is an iron clad yoke attached to a ball & chain for Americans!
It is not expensive, I went to community college and then cheap state school. Atop lying to people, just be uase u went to super expensive private school and can't pay loans now, its ur fault
I went to a state university in the late 90's and got multiple advanced degrees. I worked two jobs while grants and scholarships took care of the rest. I graduated debt-free. This is about fiscal responsibility and common sense. If you don't have either, good luck in your future.
Education is expensive to keep out the undesirables.
I don't regret my degree. Ive always wanted to get my degree and master my craft, but I don't think its fair that they basically make you take out a mortgage at 18 years old 👎👎👎
I dont think education is a scam, but it IS WAY TOO EXPENSIVE for what you get nowadays
@@edgehodl4832 No, we all were forced at gunpoint
Since 2007, there is no guarantee that a college education will ever get you a job in your chosen field, yet parents, companies, and society pressure HS grads to go there. Reality has proven that the US has more educated people than we can use and we should push more people into the trades or entrepreneurship.
If people did actual research and educated themselves for jobs that are available then they could pay back their loans. Degrees in music, liberal arts, and other hobbies are a waste of money. Just having a degree doesn't guarantee a job, having the right degree does and you have to be willing to move if necessary.
There was *never* any guarantee of "if you get X degree, you will get a job in Y". Never existed, not even in the 70s, 80s, or 90s. College gives you (1) an education, (2) access to resources & networking, (3) the ability/agility to navigate the ups & downs of the job market, come what may. Ideally you go for as broad a wealth of experiences & education as possible (liberal arts + some technical + internships/jobs), so that when you emerge you have a lot of practical skills & multi-domain knowledge to prepare you for whatever jobs/careers you seek/find.
But nothing is guaranteed in this life - anyone who believes differently is just naive.
Certain degrees did guarantee employment.
A high school diploma and an honorable discharge from the military doesn’t guarantee you a good paying job! At least with a college degree, you have a better chance not to be replaced by insourcing labor
@@mssha1980 there is no guarantee unless your employer is paying for it
Cancel the interest. I'll be happy if they stop adding interest. Can't get it down with all that interest. Please do not get student loans unless you are becoming a doctor. Warn others to stay away. I wish I knew better. I wished someone would have warned me.😔
There are broke doctors too. Lots of debt coming out of medical school.
I'm not a doctor but i did have student loans. Due to interest I paid more than twice what I borrowed. I only paid them off last January. Took 17 years and I only paid it off due to some luck. Otherwise I'd still be paying.
No reason for this interest. Should be amount borrowed and a reasonable service fee only.
My daughter graduates hs in June. I am hoping we don't need to get loans for her.
I wanted to go to college for a particular subject all my life. And im glad I did, and my education isn't worthless so far. But I totally agree 👀👀 like I feel like id have a chance of paying it back without all the interest. Its the worst part because you're paying more than the education was worth in the first place 🙃🙃🙃
I agree with this. I've seen some insane interest amounts. It's wicked.
@@kamilareeder1493 agreed. I thankfully went into the career my degree was earned for. So the preparation for my career is appreciated but perpetual debt, no thank you.
@@emcanet yeah its like saying that you need to take out a damn mortgage at 18 😂😂😭
The problem starts with universities over charging for their degrees which are mostly pointless majors. in addition, they try to prolong your time there by adding bunch of additional pointless classes onto your requirement list for pretty much every major, a 4 year degree should really be finished in 2 years but why not make it a 4 year to double their money since its federally insured loans. A pretty profitable scam if you ask me.
Sorry but Engineering should definitely be 4 years imo...
Agreed !
@@vlydenknox Oh trust me they'll figure a way to stretch it out into a 5-6 year degree for ya by requiring you to take psychology & history classes or a communication class that has nothing to do with communication let alone your major. they call it "general education" or what I would like to call it bs time & money wasting garbage that we have already went through in high school consecutively for over a decade and have forgotten. Plus Keep in mind more than half the math they will teach you under their "requirement" will have nothing to do with you actual job as an engineer.
The problem is not with "pointless majors". What kind of society would we have without writers, artists, thinkers, etc.? The problem is that the cost of education and interest rates have gone through the roof. A couple of decades ago, it's unheard of that interest is above 4-5%, now people are paying alot more, which makes it impossible to pay off their principals.
No the problem is two fold. 1 the constant conditioning of the education system that instills the belief that college is required when it’s not. Guidance counselors consistently push the option of college when it’s not the only one. There are other options such as trades that people can go to develop skills and find work. College is not for everyone nor should it be.
2. The government’s involvement in the student loan process. Because Universities know that the government will pay anything they inflate their prices.
Just cut the interest rate indefinitely if the government is unwilling to provide complete forgiveness.
Literally I feel like i might have a chance of paying it back if it weren't for the daily interest.
@@kamilareeder1493 I'm working on it! I wiped off 1; 2 more to go! Do what you can until October. Stay focused friend.
@@steelfist9994 good job :) !!!
I wonder why more ppl don’t talk about it. I think cutting the Inretest rate and maybe a partial debt forgiveness would be enough
@@theengineered1949 heck I'd be satisfied if they did zero interest for Biden's term. It would force people to come up with a plan to get out of debt
When she said she paid $9k on interest and only $97 on principal in all those years.... 🤯. I had to replay that part because I thought I heard wrong. I wish I had heard wrong.... This is terrible!
It is no joke, the interest alone is killing the kids with stupid student loans. They are on the hook maybe for 30 years or more. Student loans are not designed to pay off. It for the rich investment and investors to drain money for out of the children before they can get started in life they are on the hook and if they don’t pay they will mess up their credit
It's legitimately cruel and predatory. Whether people believe in student loan forgiveness or not, I think just about everyone can agree that the interest rates are out of control.
There are going to be a lot of people on the income driven plan who’s balance actually grows.
@@hermanrogers1325 what’s interesting is the income driven repayment plans right now say they will forgive in 20-years. The problem I foresee if the program lasts that long is the income tax consequences individuals will face when they have a massive loan forgiven.
Unfortunately, this is all too common. I have been paying on my loans for 10 years and I owe more now than when I started. If any other loans (car, mortgage) worked this way, they public would be outraged and the government would be stepping in quite quickly.
She paid $9,621.96 and only $97 hit the principal... that is so crazy to me
Well if you look at her home she's definitely not on the bottom in living standards. Sacrifice yields results, excuses keep the hamster wheel of pity turning.
😂
@@marksasoldier i mean....lets be honest shes not trying to pay that off. Just make those minimum payments.
It's interesting to me that excessive tuition costs are justified by amenities like gyms, dining halls, and pools, but when all of those things shut down during the pandemic we had to pay the same tuition for zoom classes... yet the administration and President of many schools (including mine) took no pay cuts to their six figure salaries. The President of my college is literally a millionaire. Faculty were laid off, including student employees like me who needed those jobs to afford the absurd tuition costs. Very convenient how things worked out for those top few who run the colleges...
Why did you choose the school that you chose?
This actually made me cry. I have so many years ahead of me paying off my student loan debt. And as a commuter student, I didn't even get to experience much of student life. I was too busy working.
boo hoo. lotta people sacrificed more than that to get a degree. i don't feel one bit of sympathy. some of us slept in cars and skipped meals to pay for school.
@@laturista1000 This isn't a competition, and your comment was unnecessary. Clearly you didn't learn how to be a functioning adult in college.
@@laturista1000 Someone always has it tougher, that doesn't mean their experiences shouldn't be validated. As already stated, you did not learn how to be a functioning adult in college if you cannot realize how ignorant you sound.
I'll give you hope assuming you're young. I'm 61 and have 19 years until forgiveness. I will never experience life without debt and most likely will die with it. Keep moving forward and someday you will be debt free.
@@TippyPuddles Not only one. My grad loans were $75k when I first got them. Now, they are $300k+. $2500/month in interest. I gave up and just quit paying. Advising others to do same. I'm 51, and I am just gonna quit paying. Not worth paying that much per month. By the way, how much debt do you have and interest rates?
We need to teach financial literacy in high schools. 17-18 year olds need to understand what it means to take on debt and alternatives to 4 year universities like community college or vocational schools.
I think as early as 12
The only way to stop this BS is stop going into debt and boycott these schools until they bring down their tuition. The prices are absolutely ridiculous. Force them to bring prices down or they go out of business. That's how it works with any other business in the real world.
You don't need college to get a good job.
The tuition went up as soon as the government started guaranteeing the loans. Whenever the government is on the hook for a bill, people jack up the price.
Nobody will do that the masses are to docile and simple they will keep going and complaining
@@celestialarmor695, that's what the schools are planning and that's why tuition continues to go up. Everyone is brainwashed into thinking the only way to succeed is to bury yourself in student loans. What angers me is people bury themselves in debt but then try to blame the rich for their mess.
@@Josh-vv9sz They also made student loan debt almost virtually impossible to discharge, in bankruptcy or even death (they take it from your estate.) The government gave them that GIFT, no other debt is like that.
The problem is not the loan, the problem is the tuition rate and interest which mean industrialized education system + expensive credit squared by inflation = national financial kapoot
Seems like the interest is the biggest part. If they want to loan, the government should just make 0%APR. this seems to be the fairest solution.
"the problem is the tuition rate and interest"
ACTUALLY, the problem is people who KNOW they can't pay the money back applying for loans ANYWAY. College has never been a guarantee of or a requirement for success.
@@shaitanlavey that’s not true and that’s not what they have told us for years. They always told us that college is the key to success. That’s why so many people go
@@shaitanlavey It's called being optimistic, sometimes naive but the other option probably just roll over and die.
@@mssha1980 "that’s not true"
Not one word of what I said is untrue.
"They always told us that college is the key to success"
Mark Zuckerberg is worth over $105 billion and is a college DROPOUT. Maybe you should have paid more attention to the world around you instead of listening to those folks who lied to you.
"That’s why so many people go"
People go to college because they are ignorant to how the real world works. If you aren't going to be a surgeon or rocket engineer, the only reason to be in college is STATUS. A degree in liberal arts isn't going to get you a job OR pay back the loan.
Treat debt like you would a loaded gun, misuse can ruin your life.
And student loan debt is a gun that is damaged and occasionally shoots backward.
Your gun in the case of student loans is a Winchester Widowmaker
The cost of a higher education is the very reason I didn't go beyond a Bachelors degree. I'm still paying undergraduate student loans off and to boot couldn't get a job in my chosen field without starving.
I want to get my Master’s SO bad because my Bachelor’s in my field doesn’t pay at all, but I have no idea how I will pay for the loans if I decide to go further. I don’t even know how I’m going to pay for the loans I have already with what jobs are offering in my field, let alone survive. It’s not fair.
This, I decided not to go to Optometry or Dental school because I can not afford it. Maybe in the future.
I’m so thankful to be making 80k with my Associates.
I’m never going back to school
@Ron Gosling I know exactly what I wrote. I have a B.S. in Psychology. A Master’s in that field is not worthless, and there is a significant difference in pay and value when you have your Master’s (or higher) in Psychology. At least know what my degree is next time before making assumptions.
Why did society lie to me for my entire life telling me if I just got an education and applied myself I would get a good job and prosper? Why did my college make me take labs that they knew I would never use that quadrupled my debt balance? Why did they tell me that interest charges would be low?
Because society is greedy
Noone lied to u, smart people got engineering degree,s and u lied to urself thinking easy useless degree will get u high paying job. U put zero effort in college and thats why u are where u are.
@@edgehodl4832 My grandniece attended West Point and majored in Philosophy but she graduated with a CAREER lined up and paid while at school going for free. The Army deemed her degree important so am fine but what is it good for for any joe or jane to learn considering the cost?
Colleges are a business. More students = more money. More students taking out $15k-$50k a semester the government will blindly give you, and thereby give to the schools. Who cares if you fail out or if the degree never equals financial success? It doesn’t affect them.
@@clerickolter philosophy is a very useful degree. It's just not useful when the subsidized industries are oil and gas. Even the military industrial complex is almost entirely about oil and gas.
I got out of high school and started out as a laborer on a construction site. I later got a job with the electrical contractors on site. I got my electrical contractors license and started my own business. 25 years later I’m still in business doing well. I paid my sons 80k under grad off and now he’s in grad school for 2 years costing him another 80k. Absolutely ridiculous!
If you don't mind me asking, if your path took you where it did, why did your son rack up the cost of a small house when he's barely even been out in the working world?
@@Tigersfan829 Me and his mother are divorced and neither of them listen to my advice soooo. His mother filed bankruptcy so that explains how she is with money. He decided to go to one of the most expensive schools in NY when he got excepted in other less expensive schools. He could of went to a school that cost half the price but noooo he wanted to go to NY. Now he’s going to learn the hard way. Most likely I’ll end up helping him out some later in life but I want him to learn. His mother pays for all his groceries, rent and spending money. He’s 22 years old and had never worked. To be honest it really pisses me off
@@defender7624 if I were you I would also be mad as well like smh I feel bad
@@dawnbestgirl17yearsago98 Ty that was very kind. I battle with myself for being harsh wanting him to work to pay his own expenses, etc but he needs to chip in and not expect mom and dad to cover everything. One of many reasons me & his mom are divorced.
@John Doe That’s probably the best thing they could of ever done! My parents didn’t pay for my car and they wouldn’t of paid for college if I went.
No one talks about financing housing as part of that which can be 12-30K per year for dorms and campus meal plans. A good amount of the debt isn't tuition but housing.
This!!!!!!
The majority loans came from paying 8,000 for on campus housing and 3k for the food plan
@@courtney1427 That's really what's making up a lot of the loans. One way or another people need to live the issue is on campus with no income you have to finance your basic living expenses.
Yup those dorm prices are out of this world
Don’t live on campus and or move off campus
@@Eccentric-YURR i lived off campus and i still have a 70k Bill. So it’s obviously not that simple.
It would be helpful if students only had to take courses that pertained to their degree, instead of taking out loans and paying for classes that have absolutely nothing to do with their major/degree. People would get out faster and not end up spending so much.
Yes, a trade school would fix that. Much less epensive too.
Get a trade out of high school. Make cash in your 20's. If you still want a degree or multiple degrees then get them when you're grown up in your 30's. You won't "fall behind your peers". In the end you'll still have a shot at the white collar job you want but you'll also have an actual skill that you honed when you were young.
I had a chance to go into debt for college but it didn't feel right so I joined the army instead. Now I'm debt free about to get my mechanical engineering degree, getting paid to actually attend college. Best decision I ever made to not sign up for loans
It's very likely, fir the average person, that they'll make more money in their lifetime if they just stick with the trade. In your thirties and don't like working for someone else? At that point, if you've successfully apprenticed with someone, you're probably in a decent position to start working for yourself and build a business.
Or not. Either way, not taking on the expense of college at all is a valid and sometimes very wise decision.
Where would society be if everybody pursued trades?
I worked as an aircraft mechanic making 26 an hour without benefits (pretty good for the field). I went to a massively overpriced school for it (~30k for 18 months). Paid off my loans (in large part due to my parents and grants, only had 6k to pay myself). People act like trades require no school or certification. Sure some are very cheap to do but others have the same predatory system where you pay 30k to make 30-50k for years. People like you trash talked university. Well now I'm in my 3rd year transferring from a CC and my entire 4 years will cost about 20-25k and I have more than that in investments/savings currently thanks to working as a mechanic and now a software engineer during school. TLDR DO NOT GO TO FOR-PROFIT SCHOOLS. In the vast majority of states a CC to uni track with pell grant gives you a 4 year degree for 20-30k and allows you to work over your breaks. That's really not that bad if your salary out of school is 50-60k+. I would say pick trades or pick STEM, or don't go to college. Plenty or artists out there making way more than I ever will but college for them is useless.
Absolutely!
Let this be a warning to people to please for love of everything stop listening to your parents, your "friends", and the rest of society who keeps saying you need a degree to get ahead in life. Clearly there's a huge problem here and you can learn to mitigate your risks by simply learning skills online or have someone else pay for your training in a trade. These companies are predatory, wake up.
Exactly.
Yes people understand that now but didnt 10-20 years ago
This was the trap my husband was pushed into with his first degree. He and he is youngest brother both have two degrees as they decided to go to nursing school after graduating as there are NOT many jobs that even care or require a degree, or pay more for one. It’s one thing to graduate with a specific degree for a specific line of work that you know will make good money starting out, but that’s not the case for most degrees. I made more in my job with a high school education than my husband could with a degree. We were so young and I know it was demoralizing for him as he was told “Go to collage”, but for what?
I almost made this same mistake. I almost took up an offer for college for a loan of $40k. I end up with only a GED and started from the bottom. But learning from my father for auto mechanic that has helped me gain the experience I needed. I am part of a generation(millennial) that take a lot of things for granted. I am saddened of my generation but at the same time grew up the old way of discipline and respect for elders. I prefer blue collar jobs as I love working with my hands such as car's, locomotive and now electrical. I have loved all of my past jobs as I always gained knowledge from the older generation that taught me and will always appreciate it. Because I know that blue collar jobs will always be the back bone of society. Now I just need to get into plumbing as I'm just learning electrical from a very knowledgeable guy.
Too bad this doesn't apply to professions in health care
If you need a student loan your freshmen year, go to a community college for the first two years. You'll save a lot of money while having easier access to instructors.
I remember back when I was in the US studying bachelor degree, one of my classmates asked me if I ever wanted to go back to my country and I said of course, she was shocked because most international students wanted to stay and live the “American dream”. She understood the reason for my response when I told her that my country (Saudi Arabia 🇸🇦) pays for my college fee and gave me a salary on top of that to cover the cost of living. She was more shocked when she realized that all of that money wasn’t a debt and it was for any Saudi who’s willing to pursue an education in a foreign country.
I love my country 🇸🇦💯
I love your country too lol. I was privileged to visit a college friend in Saudi Arabia and its beautiful ? 👀 and people are really kind, and soooooo many women are doctors ?!
Very eye opening to spend time there :) America is lacking
Lies
Does your country give citizenship to children born in Saudi Arabia of migrant workers?
@@cutthechicken194 No, they get the benefit of free education and free healthcare but no citizenship.
@@skys10 okay
And yet we get corporations saying that they are too big to fail....
Cope
Colleges say the exact same thing, even when they have billion dollar endowments
Look into the financial crisis of 2008. Comparing that to student loan debt is just another rationalizing tactic for people to stop taking responsibility for their choices.
If you can’t make it in life without a degree, what makes you think having one will make any difference?
Brilliant!
Absolutely. Employers don't care about degrees, they want work experience. They start seeing you as over qualified. As a kid I thought a degree would opne doors for me. It never did.
The real problem in many cases is the cost of tuition and room and board. These students are sometimes paying for 1 year of college the equivalent price of a little modest home. The schools jack up the price for books that would only sell in the free market for 1/4 the price. They change the edition of a book like we change clothes so students can’t resell the books. Also up til 2017, I worked at a state community college and a university for 15 years and the tuition was very affordable for in state residence but I’ve counseled students who took out excessive loan debt beyond the cost of tuition so they can have money to live on and some did it to have money they can live large and ball on. There’s many ways to tackle this issue but it definitely needs to start with the over inflated cost of tuition and room and board.
Yea, I had a professor that required us to buy the books he wrote....
Then live at home and go to college. Too many entitled teens think they deserve to live there. If you can't afford it then you don't deserve it.
@@kickeddog1 buy the book the teacher wrote and complete homework on the page in the book, tear it out and turn it in.
This doesn’t fix the student loan issue, only puts a band aid on the real issue. They need to put together a plan that corrects the student loan and higher education system on a fundamental level, so people borrowing in the future won’t end up paying for our mistakes
Perhaps most people would pay it off if they were lucky to get the jobs they worked so hard to get. You find that people form their own networks and people are brought overseas to take more jobs. Also, the red tape to get a job is demoralizing. Not only that, but employers' trends are to underemploy their work force. Seriously, a solution has to be more than just the loans.
Don't sign away your life for a longshot chance at a job?
The system needs to be reworked for top to bottom
I have a degree from one of the best universities in my state. I'm lucky if I can find a job paying more than $20 an hour. Low wages are the main thing. My college told me I would make $47k a year as a recent college grad. I've never made that 10 years out
@@grod805 There are Uber drivers that make $40k a year.
Agreed. I wanted to go to college from a young age and I dont feel entitled to a job and bebefits because of my degree. However I don't think its fair for your degree to cripple you financially for life 👎👎
My mom graduating high school and college in the 1980s, started grad school in the late 80s or early 90s. It’s really awful to know she’s one of those victims they discuss around 16:10 who really had more issues than their predecessors with paying for college. My mom was stressed out for YEARS on paying her student loans off. She and my dad didn’t get married and start a family until their mid to late thirties bc they were too concerned about student debt and financial security. Ugh. They didn’t deserve that. They were just smart middle class kids who wanted a quality education and a career
Something has to be done. It should not cost so much to be educated and become a contributor to our own society. The department of education should be ashamed.
Don't forget tht colleges are making billions off everyone being told that you must get a degree
The second I saw teachers I instantly had empathy, my mom is a teacher, really had an impact on me when on my way back from school she had to stop to pay off some of her debt, she was in her forties at the time, she just recently fully paid it off and she’s pretty much earning less than minimum wage because of the money she spends on her students, for teachers to afford living they have to have a well earning partner, teachers are very much underpaid, and there’s not even a low demand when my mom was trying to switch to working at another school because the new principal was getting on her nerves she got hired the same day, teachers aren’t appreciated enough
Who here graduated during the recession era!??......... I'm never gonna pay my loan back,,smdh
Why not have a low interest rate or no interest rate. Paying what you owe is ok, but paying beyond that isn’t.
If you’re a Gen Z’er or younger, I urge you this advice:
1) It is completely possible to pay for school out of pocket. How do you do that?
2) Easy. Rather than going to school full time and rushing to get your degree, just be a part time student, and take your time going to school, while you pay for your schooling out-of-pocket.
3) Does it suck? Yes. It sucks, because it’s gonna feel like forever, but that’s the only way if you don’t have a scholarship or rich parents to pay for school for you.
What’s your rush on getting your degree if you can’t afford it? Slow down, and take your time obtaining your degree. But whatever you do, DON’T TAKE OUT STUDENT LOANS!
That will work unless you need a Master's or Doctorate for your field. Try telling someone who wants to be a Master's level Therapist to take two classes at a time. You'd be in school for a decade.
Or we could just provide tuition free college like a modern developed country.
This is Good advice
@@Dead_pixelz_ I wish that was the case, and have the student loans forgiven. I’d go back to school in a heartbeat.
It’s way harder if you want to become a veterinarian...
Forgiving student loans is a temporary fix. In order to stop the bleeding tuition prices have to go down. The reason tuition prices are so high is because of government student loans. Schools know they can charge whatever they want and they will still get paid. It is insane that kids who have no credit or proof they can pay something back get approved for loans $100K+.
there is no reason that student loans should be at 7, 8, or 9 percent interest. car loans & mortgages are far less. credit people back for the interest paid!
Dude’s an accountant and can’t pay off $30000 with two incomes? I know who I’m not going to for financial advice..
Yeah, that's a little suspicious. I wonder what the financials were
Bought a new car. Got a house. Got married. Probably owns silly clothes.
Didn’t he drop out over cost ??
Go to community college and then an in-state university. You can also work while going to school and find employers that offer tuition assistance, there are lots of them out there. This is how I went to school without any debt and without help from my parents.
This! Community college is the best value option for the first 2 years of post high school education. People can have more room to adjust their work/school balance. There is also no unit ceilings so you can explore more major to determine what you are good at. There also vets or people who have a gap in schooling to catch up again. The up side is just countless when it comes to CC, but people just fail to recognize it
Great advice. I am completing my Master's through my employer that offers tuition reimbursement.
I worked in a public high school, signing up graduating seniors for two years of free community college. Guess how many took me up on it. If I had to guess, less than 10%. The other 90% would rather take out a student loan to go to a fancy university, even though they could transfer later from community college. Students don't want free college. They want free luxury college.
Because let’s be real. 2 years living away on campus is way better than living with your parents going to community college
@@TheeSamuelNelson students want the college experience and when education should be the focus. The community college you went to isn’t printed on your university degree. I don’t want my tax dollars to cover someone that could have saved themselves thousands by going to the local college but chose not to.
You are so right, Claudia. I tried to make this point so many times in the comment sections of other RUclips videos, but no one would listen. They all just want to be bailed out even though it was their choice to go to a fancier school and major in an economically worthless subject.
I'd also say that one issue that contributes to this problem is that the kids think they need to have the so-called 'college experience" because they were brainwashed to believe it is extremely desirable. Many aspects of the "college experience" can also be replicated by binge drinking at bars or living with roommates in your 20s. You don't need to go into massive amounts of debt for it.
When they go to college on campus, it won’t live up to the hype.
I am on social security the reason is when I had my children the women stayed home and raise their children they did not work and when my husband died I had to finish raising my children and I had to get a job I couldn't worry about getting an education and then when they were grown I just kept working to keep a roof over my head
I was rejected for a loan back in 2017 when I was a junior in high school.
Best decision and moment that ever happened to me 😂
Let's do something similar to the Australian system. A certain % of your income is garnished to pay for your student loan until A) it is paid off or B) X years have passed. This way people aren't punished indefinitely for being "underemployed"
I have a Post doc in my lab who said yall got free school?
All I know is I graduated with my BSN in 2006 and I’m STILL paying 300 per month and STILL 50,000 in debt!! The balance NEVER goes down!!! Shoot. Don’t forgive the debt... but PLEASE stop the fees and interest! Ugh 😩
Nursing? During a major nursing shortage? Y'all are definitely underpaid for what you do, but still, $300/mo shouldn't be that strenuous, especially with tax deductions. As for decreasing the debt, not gonna happen unless you're able to pay double the interest every month. Try calling your servicer and see if you can get some kind of forgiveness plan - being a nurse probably qualifies you for Public Service Loan Forgiveness.
@@mandisaw being a nurse does not qualify you for Public Service Loan Forgiveness unless you work for the government, which is unlikely.
@@melissak3621 in the video they showed you that most people are not getting forgiveness
You have to start paying more per month if you owe $50k. $300 isn't going to cut it. That's only $3600 per year so even if interest rate is cut to 0% permanently, you're looking at like 14 years to pay off $50k.
If you're a nurse you should be making enough to pay more than $300. A lot more, especially because that's a field where you can usually boost your income quickly by working more hours. It sucks but if you dig deep you can get out from under this in a few years and permanently alter the trajectory of your life for the better.
@@melissak3621 Yup, like @Linda C. said, PSLF is for anyone in public or non-profit service fields. Most hospitals, as well as clinics, EMTs, home care / visiting nurse svces, etc certainly qualify.
Student loan forgiveness is only addressing the symptom of the problem. If the government wanted to tackle this issue, they need to go directly to the cost of attending these schools and their rapid growth
I must have grown up near the first story’s gentleman in Mississippi. My mother attended Delta State University in the 70’s. Her working class parents could afford her tuition outright in those days. I just paid off over $200K in student loans, after paying relentlessly against them for 17 years. No kids. How could I have afforded them? It’s a real problem that has so many facets and no easy solutions.
I live in the wrong country...when I was going to college I've met some exchange students from Europe and they didn't pay a dime for college and health care. We even had a debate in class about it and the pros and cons of our countries and it made me see that the USA supposed to be the greatest country of the world was and has been ruined by greed. Sad I don't want to debate on this form...so I'm just expressing my opinion
considered renouncing your American citizenship and moving?
European college degrees aren’t worth much in America.
The thing no one is talking about is the interest on these loans. They take the interest and roll it into the principal then apply the interest into the new principal until it snowballs out of control. I had over 60,000 dollars worth of interest applied before I even finished school, which I now have to pay interest on that interest. The interest rates have also more than doubled since I originally took the loans, upwards of 8%. They will defer the loans over nothing, which interest just keeps rolling. It's insanity and makes it nearly impossible to pay off.
Absolutely criminal.
I'm 50. My student loans went into default when the school I was attending did not forward my medical leave to financial aid which instantly defaulted me. They garnished my wages to pay it back. I continue to be harassed by debt collectors. They say I still owe them, yet no-one can access my account including myself. Tell me how I still owe.
The government can access your account you can ask for proof how much you are owed and if they dont provide it then you can file a lawsuit
Call the department of Education. The only way your student loan defaults is when you don’t pay them, you don’t respond to payment request and you are not currently enrolled for six months or longer.
@@ET-ey2hc Yeah, defaults don't just happen instantaneously. And going on medical leave typically doesn't forgive your debt - if classes already started / tuition was charged, and you didn't pay back the loans, then you still owe that money.
It’s ovER
I now owe $58k in student loan debt. Was it worth it, absolutely! I learned how to critically think and opened many doors that would not be possible without my degree. Is the cost ridiculously high, yes. Does the debt feel overbearing, yes. I recommend making the monthly interest payment and then another payment towards principle each month. It is hard to do financially, but I should pay this off in 5 years. Make the sacrifices now to pay off your debt and don’t let it ruin your life by simply paying interest for the rest of your life. Good luck!
That's all sweet and nice until medical bills and high cost of living prevent you from saving even a dime. I'm a Registered Nurse with a bachelor's.
@@moriahgonzales4054 Nurses should be eligible for loan forgiveness, either due to low household income (if underpaid), or as public workers. Call up your loan servicer and see what they can do for you.
Right there with you buddy. I got what my family affectionately called a "million-dollar white boy education" from an elite school for only about $28K all told, and no credit card debt - worked part-time through college. Now many years later, I'm getting my [second] Masters on my employer's dime, and hopefully working towards public service loan forgiveness (Biden might make it happen even faster). You have to be smart about college, smart about money, and run the numbers to make it work - but it does work.
It should not be assumed that students under 24 years of age can financially depend on their parents to pay for college, and there should be much more flexibility in whatever formula is used to calculate EFC for students aged 18-24. We can't simply cancel existing debt without adjusting the roots of the cause, we need a combination of solutions.
My husband needed job retraining after his industry was eliminated. He was 45. He will now be paying his student loans until he dies. All the arguments against assume people are 20 and have time to pay off 60k+ debt.
That’s amazing he did that. Adaptation is part of survival, and creating value in this economy. It should not be an indirect punishment. Prayers up to both of you.
So it’s, retraining and with a little leftover versus, no retraining and no income. You may argue that the choice made you, rather than you making the choice, but this also proves the importance and also the lack thereof of financial planning.
It’s unfortunate that your husband had to undergo that transition, but I believe that its what was necessary for survival. And he has my respect for doing what’s necessary for putting food on the table. My prayers go out to you and your family and hope that things turn for the better, however, personally I feel that the debt forgiveness of should not be one of them, due to the overall impact that it would pose and the situation of future generations would be severely jeopardised.
Why should taxpayers pay your husband's debt? My sister didn't go to college and she is a high exec and works for the government! My son never went to college and he's 25 owns his own home making 80k a year.
@@rynnykitty6945 Sounds like you hit a lottery with your kids. 1 in a zillion. Count your blessings Bec most won't even make it there!
Our tax dollars are used so unwisely .
No one fought went tuition fees went up same year as in England. They stood up. We didn't.
We have Bail out for Banks, Cars, Airlines . All big huge companies but not the citizens ?
I'd rather not pay off your financial choice.
I have 2 sons who graduated college with so much debt, it'll take years and years to pay off. The cost of them going, and me going years ago, have more than doubled! There has to be a way to help these young people who have unimaginable debt.
Maybe choosing a different route in life that doesn’t involve having to borrow money and paying what you chose to borrow just to get a piece of paper.
@@jaredmackey4511 that paper has already been successful for them. Regardless of the debt, it's still worth it.
@@conniealford1020 Do you feel that we put too much emphasis on secondary education? For me, having been through the military and am now in grad school, I get this feeling that I’m just there getting a paper that says I’ve paid my entry fee. Of course that’s not the whole case, but there’s no way getting an education will enhance the lives of every person imo. I think we push it too much and it places people in a position where they feel that’s the only way to live their lives. Looking back, I would’ve went with a trade and entered the work force.(too deep in now lol) Glad your boys are making use of their degrees and efforts.
@@conniealford1020 Well if that piece of paper has been successful for your sons they shouldn't have any problems paying off their student loans at all.
@mikedavison1466 they don't. What I'm complaining about is the debt one incurs at the beginning of their lives. Why not a grace period?? This way they can find a job, get their own place, possibly get married, gosh so many problems early in life. No room to breathe. A taxi driver could afford a nice house, raise a family on their salaries and live a good life not but 30-40 years ago!! Our parent's and grandparents. Now, rent is 2k, electric is outrages and don't start with me about food!! Young people just don't have those opportunities we once had. I'm in my 60's. I remember. Now, colleges are getting enriched on the backs of our kids. And the education is not a good with all these book bans!! WTF??? A place of learning taking away books. My university bills have been paid off years ago but was cheap bc the interest was practically nothing. It's not the same any more. How sad.
End the federal student loan program.
The millennials paid twice the price of gen x, even when you account for inflation. Then gen Xer's are mad that they paid it back, and we don't want to... Well let me pay what you paid, and I will gladly pay it back. You complain about us getting help you didn't get, but you also didn't pay nearly the same price we did. If you don't include inflation, the cost of college is more than 50x from gen-x to millennials. We need help, or we won't be able to buy cars, buy houses, start families, start businesses, ect. That will cause a financial collapse as baby boomers need to downsize, and there's not enough millennials who can afford to buy.
@RUclips Censors signing a student loan is not like signing a car or mortgage loan.
I'm 69 years old on Social Security. If I don't pay it will be taken out of my check. There's plenty of$$ for Large corporations like Lockheed to pay$0
There is two ways to become wealthy. One is by gaining more and the other is by needing less.
Why haven't you paid it off? Just making minimal payments up until today?
@@MrTmenzo you my friend doesn't understand interest... the reason why it's not being paid back is because student loans have compounding interest it doesn't stop so minimum payment aren't enough to make a dent because as soon as you pay it you owe more its a scam thats frustrating that also didn't pay off for millions of Americans.... on top of student loans most of us graduated in a Era with no jobs so you can't even take care of yourself while you go to school while owing money... the scammed a bunch of pre mature adults with hopes of creating a better life for themselves by pinning them in unbearable debt before they can even get a job
@@112jungle what lovely delusion... but it sounds good. Unfortunately that advise is unhelpful in this case.😧
@@aubreebey1SD of course I do, I recently paid my loans off after a decade, once I realized making the minimum payments wasn't doing much I made the struggle to pay more than the minimum. Some folks don't have that luxury but if you budget there's always some room to play with.
How about even interest-free loans? We keep paying year after year, over a decade now, yet the balance barely goes down because of the interest.
If they just got rid of the interests that would make a world of difference. You could actually see progress when you're paying your loans off.
@@gmk91005 Agreed and thank you for stating the obvious that no one seems to get. Likewise, lenders not charging interest make zero money... where's the incentive for them to give out the loans in the first place?
Crystelle Marie Photography
You don't need a degree to be a photographer.
@@shaitanlavey you do to be a RN. While I don’t have a collage degree, my husband has two. Before Obama took office, it was nearly impossible to find decent student loans for someone who already had a collage degree. He graduated with an English degree, but could only find minimum wage jobs, which was about $7.50 or so back in 2004, and was less than I made. We did work to pay off the highest interest private loans, but it’ll be another two decades before we can pay off the rest. We used to park outside a coffee shop in order to have WiFi and lived in the crappiest part of town for cheap rent. We were well below the poverty line, but it never occurred to us to get on any kind of assistance so used loans to get by. We’ve come a long way, but it still feels like an insurmountable burden.
@@gmk91005 it’s reported on your credit so your statement is completely illogical.
People need to stop jumping to college like it's the only option. Get your HS education, get some work experience and earn your stability, then once you find a career or path and identify the courses and degrees required, THEN go apply and get your degree.
I paid back all of my student loans since college, and that with less than a $40,000 a year income. It took discipline but that's what you do when you take on debt. Also, my parents gave me no financial assistance while in college nor after college. It would make me upset that someone else in the same situation as me gets away with not paying their student loans back. I haven't been able to rent nice places like the school teacher from Califorrnia. If I had, my student loans wouldn't have gotten paid.
I have a University Degree, thankfully I did not have to get a loan to get my education; I can confirm that my University Degree has not helped at all in the betterment of my career or financial reward, I could have easily achieved everything I achieved today without a University Degree. Going to college is feasible if you need to be certified, for example, to become a doctor, a lawyer, an engineer, nurse and such. The rest of us have a set of skills and talent with which we can become whoever we want to become through effort, dedication and passion without having get into debt for a worthless piece of paper. Mine is in a drawer in my Mother's house, once I got it, I never had had the necessity or the requirement to show it again, basically means nothing in the real work world.
Stop going to college, just for the sake of going to college and stop going to colleges away from home unless it's the only one that has the course.
These are the stories I love hearing about as a young adult barely starting out my life
Been paying on my student loans on income-based repayment since 2013. I borrowed $23,000 and currently owe $26,000. Sure, I'd like debt forgiveness, but also there's no point for these loans to have interest like this.
Yes, the "income based repayment" plans allow you to self-inflict that kind of wound. If you stayed on the standard repayment plan, you would be about 2 years away from having paid it all back. Increase your monthly payment, either by changing your repayment plan or by just manually paying extra every month (or whenever you can via windfalls like tax refunds, bonuses, raises, etc.). Otherwise all you are paying for is the ability to not pay your actual debt.
And of course, take advantage of the fact that interest has been eliminated until October. Payments made now go directly to principle. You can make a lot of progress on your loans right now if you have the discipline and ability to keep paying even though you don't have to.
Do your own math. If it were a car it would have already been paid off. You have to pay more than the interest to get it paid off. You can’t burry your head in the sand. Look at your statements. It’s compound interest that’s hurting you. Simple math says at 10% interest, 2300 a year is going towards interest. If you pay 200 a month, at the end of the year you’ve only paid $100 towards principle. Get roommates if you have to. Suck it up for two years and get out of debt.
Take responsibility, Pay your loans. Build wealth.
You aren’t a victim, you’re a victor!
Once our government stop giving out loans then colleges will start paying us to attend classes.
Colleges already does that
The thing is, you need a highly educated citizenry, and education at all levels needs to be socialized. This is how we will be able to compete at the global levels of the future. It is essential that we understand and realize this key point.
K-12 is free. Community college is cheap. Public universities are subsidized. It is socialized. You have people who have false income from loans and act traumatized when they have to pay it back. You have the stigma of trade schools. Electricians, plumbers and truck drivers make more than teachers but teachers still push college degrees
You can always take out student loans to cover the cost of your tuition, fees, and books. Sounds like he was using student loans to pay for living expenses that were too high and didn’t prioritize buying his books. He needed to go to a cheaper school with lower tuition to allow him to take out smaller student loans and actually pay for the required books for the courses. Then he could have finished his degree and he would be in a much better position than he has now.
Yeah, a CPA is a guaranteed-profession, that can work at any level from HR Block to corporate clients. I feel like more students need financial literacy courses from the get-go, so they don't make dumb decisions like that.
my school currently charges 45k a year and is planning to go back to in person and get rid of the online option next semester when the online option saved me 3k this year. they r getting rid of it because it’s not in par with the ‘college experience’ the school has to offer. i cant wait to get out of this school but unfortunately i have no choice but to get a masters because u cant do anything w a psych degree with out a masters or phd
Just curious were you aware of how much individuals with a Masters in Psychology make before you went to school for it?
When you took the job remote wasn’t a thing. Get back in class. You’re there for the students and they learn better in person. You chose your psych degree.
@@matt19wk im not a teacher i am a student lol
@@bjk837 no i was not- but also i am currently 4 months away from graduating with a masters in social work. just an update.
7:48 yeah well it also seems "deeply unfair" that those without kids have to pay for child tax credits for those who do have kids. Yet here we are?
It's divide n conquer strategy
True , but the tax credits are often of lower value (I think 1000 or 1500 dollars)
The student loans on the other hand are more expensive. It's like saying hey if they are giving free water , why cant they give free wine .
Moreover most students will earn more in their lifetimes vs non college goers .
Also if it wasnt for these loans a lot of students won't be able to go to college . You are basically paying for the opportunity of a better life. With child tax credits you get nothing extra
@@johnsamuel1999 The child tax credit was recently increased to around $3600 per child and the age limit was also increased - expanding the amount of people eligible. Also, those with student loans AND college degrees are essentially being double taxed through higher wage tax brackets and ridiculous interest rates on student loans. Tell me again how those with student loans are “paying for a better life”...?
@@Omidan Most students and their parents wouldn't be able to afford college. The loans give them an opportunity to attend it and improve their life. But ofcourse life is full of risk. You have to choose a good university, a good field with easy entry for recent graduates and decent starting pay .
For example let's say you borrow money to start a business, there is a chance that you will go bankrupt.buy you get a chance to own a profitable business. Life is full of risk .
Also the interest rate could definitely be lower. However you need to know why it's so high.
If you borrow money for a home , the bank can take the home if you fail to pay . Because of this the interest is lower since the risk is lower.
But in the case of student loans there is no assets given as collateral hence the higher interest.
Also statistics dont lie, college graduate earn far more than normal graduates throughout their life. More earning means a higher quality of life
@@Omidan also if you take a loan its you're responsibility to pay it back. Just like a mortgage, car loan , medical loan, phone emi etc
If they, hypothetically, managed to cancel everyone's student loans, then they should also reimburse all those who have paid off their student loans as well. It's only fair.
What is missing in the documentary is the breakdown by study fields. With my master in finance I hit six figures in my third year working. I very much doubt that this would have been possible with a degree in drama, history or similar.
Another possible solution to the problem could be to force the colleges to extend the loans without passing on the risks of default - that way they would not entice students to take on loans that they can never repay.
The snobbery towards community college and in-state universities is ridiculous. You can get the same degree for half the cost and pay off the debt in a few years if you live at home.
Yup! I went to cc first and then transferred to an in-state school. Graduated with a little over $11k in student loans.
@@ajh.4131 Awesome! Kudos to you.
From 45k in student loans In 2010 to 17k in 2021
And some ok savings, with two jobs, I feel a bit more relieved now 😌
And hoping to have a family, a house and a car in the next 2 or 3 years. I can’t keep on waiting for the government come save my life ! 🤷🏽♂️ or to forgive my loans!... and yes I signed those loans knowing very little at age 17 🙂🤷🏽♂️
Your fault, not mine. This has been going on for years. High prices, high interest yet children contiinue to fall for it. Your bill, you pay.
@@laurens.2503 no one says it’s your fault 🤔
@@patgnz3690 Then why do college children want tax payers to pay for their college? Why don't they fight the problem where the problem starts. Stop signing up for college. Force them to come down with their prices and interest. Until they do that, don't go. Go to a tech school. If it is not the tax payers fault stop begging for the tax payers to pay.
I’m not saying tax payers should pay for this crap. I’m just stating that it is possible to pay it off ourselves 🤷🏽♂️ period!
Use your savings to pay off the debt and then build up your savings again 3-6 months. When that is done contribute 15% to retirement.
Student loan compounding interest + inability to pay down principal in conjunction with interest should be illegal. I don’t know any other loans that are allowed to do this. In addition to paying min. $1,500.00 per month in student loans, I pay over $30k in taxes per year, so don’t tell me that student loan “forgiveness” only helps the wealthy. I can’t pay towards retirement because I have to pay my student loans, which I can’t default on because we live in a society where your credit score is everything.
exactly these morons that are against student loan debt relief or even a 0 % interest are sad because they think because suffered everybody else should.
When I have kids ill tell them that blue collar work is a good field dont let others shame you for choosing that path. Also ill tell them find a job you don't mind doing that pays the bills and lets you survive and keep your hobbies and passions as hobbies and passions. If you want to go, i have 5k index funds and etfs that will grow over the next decade or so and by the time you are 18 it should be enough to pay for full tuition but I recommend going to community college for a year or 2.
The problem is that increasing the amount of money students could borrow unavoidably led to education becoming even more expensive. Prices did increase dramatically, cost of colleges sky-rocketed and as a result students are now even deeper in debt than before.
There is only one solution. Education must become affordable. Every young person with intelligence and ambition should have the opportunity to study. There's nothing to say against a debt of a few thousands of dollars, but it shouldn't exceed $10,000 to $15,000. That's the upper limit.
Teach kids about investing, ETF, index funds, real estate properties. Passive income is the goal that we should all reach to be free.
Instead of penalizing these students, consider a different route. If a student can make the first year of payments, the interest drops down by half. After another year, drop it to 1%. After another year, it goes to zero interest. As long as he is current it stays there. This will allow the student to pay off what he owes, without allowing him to get too far behind. Another suggestion is limit the loans to the amount of money he can make for a full year salary. Too many of these students are choosing poorly paying professions and/or going to schools they can’t afford.
What a ripoff!! That teacher only paid $97 in principal, the rest of her payments went to interest. That is wrong.
Maybe her ability to do simple math?
They presented both sides well, aside from this haven’t heard much in terms of the alternatives to tackling student loan debt, besides canceling it.
The cost of education needs to come down. I had to take out loans for grad school and i only applied to the cheapest school. I was very lucky to have been accepted. Thankfully i live in nyc so i had some good affordable by comparison public schools in my area. To the people who say go to a public school and live with parents yo save money seriously underscore the fact that many areas do not have access to good education and people need to live close to campus. Also, great for people like me who had the choice to stay with family but that also doesn't take into account the fact that other students don't always have that option. Like people seriously don't realize the luck they've had that they say live with family, go to public school, work during school, sacrifice now for tomorrow...
Also love how right after the women who talked about IBR they showed the women who is enrolled in IBR. A real nice what i think it is vs what it actually is.
They don’t need to live close. Education is virtual.
@@soonahero yes but for how long? And this fact hasn't done anything for the cost.
No dilemma, you borrowed the $, man up & pay your own debt.
The government should only give financial aid for trades that are in a shortage. Doctors, engineers... universities will have to lower cost and hopefully people will think twice about getting useless degrees. Most current trade schools are a scam, we need quality trade schools.
I went to community college after a trade in high school. I lived at home, took longer but, graduated with no school debt. I paid my tuition quarter in full. Plus books. Take out a trade in high school. I worked full time. My rent at home was taking care of my parents home as such.
What about students who struggled to pay off their loans but finally did? Or the students who will be taking future student loans?
Thank you. It took me 7 years to get my degree because I worked my way through college, chose to commute and never had the ‘college experience’ that everybody talks of. Additionally I went to a lesser college than I could have because I chose based on price. Graduated with no loans/no debt.
Or people who don't have a college degree. Will they get it for free if they want to? Or forgiving $50,000 student loan debt for someone who has a career with the earning potential of $80,000/year or more. Is that really fair? Not it's not
@@dappyfull all good points. Even on top of that where do they live? Say they get paid more then 80k they don't get it. But what if they live somewhere that pays less? For $50k people might move or live somewhere that pays less. Get it forgiven then just move somewhere higher income and make 80k+.
Truth be told. We all just got sold on the “Idea” of a better future via an college education.
Anyone who uses the the term “latinx” should have their degree rescinded and opinion discarded.
As a American Latino I agree with you 100%.
Why? As a Latino I don't really understand why.
Nice to see Lauren Quinn again. The original Lonely Girl Travels blog was awesome! Glad she became a teacher!
That is not fair to everyone that worked and paid for it, plus nobody forced them to take on that much debt for pointless degrees and now can't find a job.
For the people advocating for community college, let me explain why--aside from the generally cheaper cost--it may not have as much of an impact on borrowing and the national student loan debt. I've worked in financial aid at a community college for about 10 years. Plenty of my colleagues, both at my current institution and others, have noticed similar borrowing trends.
For the federal direct loan program, the federal government dictates how much a student can receive per year in student loans. Or rather, what a student's maximum loan amount can be. It's up to the financial aid office, at least in my school, to determine what the overall cost of attendance calculation is for students receiving federal financial aid.
For institutions with a relatively low cost of attendance, like many community colleges, many students can receive enough federal financial aid (from both grants and loans) to cover all semester charges, which results in a refund.
My point: because the Federal Department of Education dictates a student's maximum loan entitlement, a student is within their right to receive that full amount (assuming they meet other criteria and are registered for enough classes), even if all of their institutional charges for the semester are paid. If the student qualifies for the loan, the institution generally cannot deny them.
Like I said, I've worked in financial aid for over 10 years, and the number of students who borrow the maximum amount in loans per year just to get a refund is staggering. I'm not saying these students are blowing the money on vacations on designer bags, but the federal government is definitely incentivizing them by telling professionals like me to "offer" them the maximum loan amounts. The college can advocate for sensible borrowing (and I certainly do), but at the end of the day, if the student wants it and they're entitled to it, they can have it.
Not all professions have the same earnings potential or earnings guarantee. In my own experience, many allied health professions, specifically chiropractic, acupuncture and exercise science majors, rack up significant debt and then have a very high professional failure rate. Acupuncturists have a failure rate of over 85%. Failure rate is defined as your educational path being your primary source of earnings after five years. The problem with educational paths like chiropractic and acupuncture, as opposed to physical therapy, is that training is only available high cost private institutions.
One of the many issues is the structure of the interest and how the payments are allocated. Some are not trying to avoid paying all together. If there was a program that was structured to help pay the principal, a lot of borrowers would sign up.
You nailed it , the interest process is worst than any other loans you have taken in your life. How come buying a car 🚗 is way easier than funding your education!
And these are the people we elect in office why is this even a debate how do you want to be the best country when mass majority is in debt
The majority of this debt is held by a small percentage of borrowers who have advanced degrees and are making over 100,000 a year, if not 200/250K
Dentists, lawyers, doctors, MBA’s .. that is a fact, seen the study’s on numerous occasions.
As many mentioned below, maybe an interest freeze, or large rate reduction is a better idea, pay back principal only.