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Student Debt Means Fewer Public Servants — and More Bankers


#1

Student Debt Means Fewer Public Servants — and More Bankers

Alyssa Aquino

Cum laude, my diploma reads — “with honor.” But cum debitum, “with debt,” is a bit more accurate.

Collectively, America’s student borrowers owe $1.7 trillion. On average, each graduating senior this year is beginning their life around $37,000 in the hole.

That looks like a lot, but when you’re living with student debt, you look at that number and don’t even flinch. The debt is so normal it’s like an inside joke for pretty much everyone in my generation. Except we’re the punch line.


#2

Education is the best investment a society can make. Societies that do make that investment are richer, not just economically, but culturally. But education doesn't have an immediate payoff -- it requires a commitment to the greater good, a recognition that no one is an island unto themselves.

This commitment and recognition are precisely what the American ruling class lacks. The want it, and they want it now. If the brawn costs too much here, export the jobs or replace them with robots. If the brain costs too much here, import it from poorer countries that are still committed to educating their young. And if the society falls apart as a result move to one of your other houses in another country.


#3

This started en masse when I was entering college, 1980 to be exact. Bottom line is the banks should never have been allowed to get near the Stafford Loan Program. In order for the loan programs to be fair and just the government should have TOTAL CONTROL over them. No private banks.
Don't think for a minute that during the Reagan years the GOP did not think this through on some level--the more and higher level of debt undergrads held on graduation the less incentive they would have to enter jobs in the public sector, non profits and the like Voila, another means to reduce the government connected, not for profit workforce; It IS all the big con it seems to be.....


#4

That's correct. The last one is the latest and not so greatest trend--just move somewhere else to one of your homes you bought for nothing in some beautiful, poor country. Then you don't have to read about poisoned water in Flint. You are the ultimate Libertarian.


#5

You chose to attend a private college. You chose to go into a low paying field. Pay your bills and don't expect others to bail you out for the choices you freely made.

Other people are not responsible for your financially irresponsible decisions. You are. Deal with it.


#6

In 1966, tuition for a BA from SUNY cost $1935.

Minimum Wage was $1.25/hr.

1548 hrs work at Minimum Wage bought a BA.

At today's rate that would be $11,223, Total Tuition for a BA.

America is not shooting itself in the foot, the Owners of Our Government are shooting America in a Much More Vital Spot.

Military gets 60 cents on a dollar of Our Tax Money, that we KNOW of.


#7

And what did YOU do oh high and mighty one, and what do you do NOW?


#8

You are stupid. The student loan system is a fraud, a massive crime, totaling one of the grandest schemes in history in dollar amounts. Deal with it.

Please let me know, what changed? When i enrolled, tuition was $250/quarter at the community college, and $500/quarter at the local university. What has changed since then? Did the "value" of an education really skyrocket by over a thousand percent? Or did the looters successfully implement their grand scam?


#9

Bingo...

The government started doling out "free" loans left and right, and, as with any other money that does not belong to anyone people were spending ti indiscriminately, colleges were jacking up tuition as "free" money was rolling in. Plus, a lot of students got useless degrees that are not really sought after.

A bit of advice i heard a long time ago was "don't do something you dream of doing, do something you're good at." It did help me out a lot.


#10

I'm employed and debt free, and didn't make someone else pay for it.


#11

What has changed is that colleges have jacked up their tuitions at more than 2x the rate of inflation. They've layered on countless administrators who create no value for their students. They've overpaid professors by amazing amounts (e.g., Liz Warren got $300,000 to teach one class).

One still needs to do the basic math. If you're going to rack up tons of debt going to a private college, make sure you learn some skills that are going to allow you to pay off that debt. Otherwise, go to a (cheaper) state school, and/or learn a skill that can support you.

No one is owed a college education, and no one is owed the job of their choice.


#12

You totally misunderstood what the author wrote here.
I suppose you attended a "more affordable" community college.