There is a serious issue at play here: The value of a college degree and the selling of this idea to millions of Americans, while financing that dream at 8% interest, un-collateralized.
What's that worth to you?
A college degree is a tool, like any other, to help you succeed in life. You need to make a calculation as to the value of that degree in the field you wish to enter after you graduate. And that's not always easy, given the fluid nature of the job market, the rising costs of tuition, and the fickle nature of compensation.
Sociology, Minor in Art History
And then there's the simple fact that not everyone needs a college degree. Many people are sold the dream of achievement in life through higher education, while in fact it's not a guarantee. But we in America treat it as such when we value it at much more than we can afford and make hasty decisions to incur debt. While at the same time there are many out there, including the federal government, that are more than happy to provide seemingly free money to anyone with a pulse (we hope) that wants to go to school...
Who can afford to repay your loans?
And now there are millions of young adults finding it more and more difficult to keep up with their payments in a fragile economy. This squeeze is going to continue for quite some time, and there's probably little that can be done in the short term.
I signed for what?
Call in the Politicians! What better way to win votes and skew the mores of an entire generation than through free money and a government sponsored opportunity to shirk responsibility! After all, it's lack of responsibility that got us in the whole mess, so why not bail out another group that the big bad world got the best of and that's just not fair...
Maybe if I complain enough...
Stop Whining. You signed the paper, right? You're college material, right? Remember math class? Borrowing money means interest. Interest means you will owe more than you borrowed. It looks like this:
Although during college it probably felt a lot more like this:
But going on in the background was this:
And that's what you ultimately wanted to happen to your opportunities when you got out of college, right? They would grow and you could be a member of the economy, making money and living a better life? Well, that's what the people that lent you the money want, too. Not the banks, but the people that put their money in banks so that you can borrow it. You know these people, they're your neighbors. Every dime you don't repay is money out of their pockets too. And food off their tables. And some have kids, like you, that want to go to college. We're all in this together, right? Stop whining and live up to your promise.
But it's not fair, you say. I had no idea what I was dong when I was 18, and now there's no jobs. I want to be able to live a normal life, and now I have too much debt to buy a car or a nice house.
You're right: Maybe it's not fair if you had this guy sign for it.
Crippling Debt? Sign me up!
But you're an adult, right? You make big boy decisions and can live on your own. I mean: God, mom, leave me alone. This is all your fault. You and your generation needs to pay for this. And some spending money. I can't be expected to o to work with this free degree and then not be able to have fun too. This is stupid.
Baby I was born this way!
You wouldn't buy a house with borrowed money and the, as soon as you have issues with payments, just walk away, would you? Oh yeah--there's a government program for that...
Look Mom: No responsibility!
I'll forgive the debt if you forgive the education. Give back your degree--or sell it to me? It's worth something, or at least the bank thought so. I'll get you some cash to help in the short term.
Get the point? You have a college degree and food on the table. You don't need a handout.
Pay the fucking bill.
