With the costs (tuition, books, etc.) of college skyrocketing, and less "financial aid", more and more college students are relying on "student loans" to pay for college. There are many sad cases, I'm one of them, of people who leave college or graduate school with $50,000-$100,000 in student loan debt they cannot pay back. Student Loan debt CANNOT be forgiven or wiped out, even in bankruptcy, except under very specific circumstances (teaching in certain areas, military service, etc.) and Congress just recently passed some help that will forgive student loans if you work in "public service" (teaching, police, non-profit, etc.) for 10 years.
Ever had a waiter with a Ph.D. in Philosophy? I have. I know people with Ph.D's who CANNOT FIND A JOB! And they have more education and loan debt than most lawyers and doctors!
Most programs (e.g., AmeriCorp) to pay off student loans are geared to undergraduates and don't even apply to graduate students, and cannot be used to pay off debt after the fact.
So where is the "bailout" for those who are slaves to student loan debt they cannot pay?
Why do Americans rely on student loans to pay for college? In most Western European countries, public college tuition is FREE (like our public schools). In France, Germany, etc. you don't need student loans to go to college or graduate school! It's all paid!
Why aren't U.S. political leaders even discussing this problem?
College Loan Slavery: Student Loan Debt Out of Hand
Going to College or Grad School Looks Like A Disaster
If you want to read the sad stories check out:
Student Loan Justice
Project on Student Loan Debt
Those with student loan debts will probably have to get in line behind the bankers, Wall Street financiers, and others begging for government handouts...
UPDATE--NYT: College May Become Unaffordable for Most in the U.S.
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3 comments:
It is indeed a nightmare! Students after having completed their education, now enter the job hunting phase, even before they are settled in a say, basic job, notices of repayment shake them up...
:)
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