The Hidden Educational Quicksand/Exorbitant Student Loans

studentloan2studentloan3studentloan4studentloanstudent-loan-protestParents today seem more obsessed than ever with the need to get their children on the educational treadmill…It starts even as early as preschool, when parents actually stand in line and jockey for position to get their children accepted at just the right preschool, so they can go to just the right kindergarten and grade school, so they can go to just the right high school and take all the proper college prep courses to apply to and be accepted by just the right colleges…At which point, their life should be a bowl of cherries, right?

Not necessarily! Even though a college degree has always been like a rite of passage for the upwardly mobile bound young person, and their parents dream, in today’s world a lot of people are questioning the true value of a college education…I mean, nobody is standing in line to hand you a job the minute you walk down that aisle and receive your degree….

That is where the hard part starts, actually finding a job, and all the frenzied prep work done to get you to that point often leaves recent graduates frustrated and disillusioned….

Not to mention the shocking reality that for most students, college is way more expensive than it was even 20 years ago…The biggest slap in the face of the new college graduate is the fact that, more likely than not, they were forced to take out student loans to even begin to finance their pursuit of a degree, and these student loans are onerous and often excessively expensive…

According to my Google sources: “In 2010, recent college graduates left school owing an average of $25,250 in student loans–the highest amount ever. Frustration with the economy and high unemployment rates is consistently shaping public opinion as college degrees, traditionally thought of as safeguards against unemployment, no longer guarantee gainful positions. According to the College Board, going to college costs between three and four times as much as it did 20 years ago.” (That average figure has risen to $30,000 now)…

About a year ago, the nation’s cumulative student debt surpassed credit card debt for the first time, and it could grow to $1 trillion by the end of this year. While college-educated people do stand a better chance of landing a job than those who don’t go to secondary school, the time it takes to pay back the money laid out for a degree is growing, causing many to question the efficacy of attending college.”

This first brutal slap in the face, that the student loan people want their money back, as soon as a typical grace period of from 6-9 months has expired, shocks many young people still looking to join the labor force… After that you are expected to make regular payments…

Although there has been some movement towards forgiveness of some part of these student loans, most specifically the recent President Obama announcement in June of an expansion of the Pay as You Earn Repayment Plan, which is geared to borrowers with low incomes relative to their overall federal student-loan debt…. The program lowers borrowers’ monthly payments and provides an opportunity for forgiveness on part of the debt after many years of payments…..

Not everybody can qualify for this program, and it is a shock to most recent college graduates struggling to establish themselves as adults after years of living in sheltered academia….The average student loan has risen since 2010 to approximately $30,000 of debt now, and the recipient of these loans will find themselves badgered unmercifully by the lenders they originally borrowed the money from…

In the old days, you could always file bankruptcy to get out from under the crushing weight of these loans, but now the greedy lenders, aided by their congressional allies, have closed that loophole…And make no mistake about it, these lenders will pursue you sometime even past middle age!…

I have even heard horror stories of people living on social security having their meager incomes garnished! This is pure and unadulterated greed on the part of the money lenders, and I shudder to think what will happen once Obama leaves office if a Republican is elected president, as the Republicans have already announced they will seek to undo most of his much needed reforms, especially in the health care industry…

I am sure the Republicans and their well heeled backers will not let the student loans programs slide either, because it was the sheer rapacity of these lenders, in some case using tactics that smacked of loan sharks and the mafia…Their resort to bullying, frightening and threatening in their extreme excesses of frenzied collection proceedings, that led to some at least partial relief just recently on student loan repayments….

students-loans2studentloan4

Some students are so overwhelmed by it all that they sign up for even more student loans to go to graduate school, just to stave off the financial ruin that faced them….STOP! What is the point of this, other than sheer greed? Why can’t we agree on a bi partisan solution to this ever mounting student loan program, and stop turning these student dreams into a nightmare?….

Many people can get by just fine without a college degree if they are proficient in the tech world. Many of the tech world innovators and entrepreneurs like Bill Gates (Microsoft), Steve Jobs (Apple) and Mark Zuckerberg (Face Book) were all college dropouts.

In addition, many of the tech workers who work for these giant Silicon Valley firms are not college graduates but self educated….S.T.E.M. jobs, which stand for Science/Technology/Engineering/Mathematics/ …These are specific jobs that are increasingly available, now more than ever in our ever evolving technological work place…

So if you DO decide to pursue a traditional 4 year college degree, make it as specific and tailored to the realities of today’s job market as possible…A 4 year BA degree is no longer a magic wand to a job, happiness and wealth, and repaying those student loans can be a real back breaker….

So it’s time to rethink the traditional thought process of the upward educational spiral always leading to the pot of gold at the end of the rainbow….These days, it’s not necessarily true…In fact , unless they clean up this student loan mess, getting a traditional college education might just not be economically feasible for many people….So explore your options carefully, nobody want to start life out saddled with debt….
Besides, if worst comes to worst, you can always fall back on the old American truism: “”It’s not WHAT you know, it’s WHO you know that counts,” and that applies equally to college grads and non grads…

Always has, always will….

4 thoughts on “The Hidden Educational Quicksand/Exorbitant Student Loans

    1. Hi Jostes, thank you for your comment about ” The Hidden Educational Quicksand/Exorbitant Student Loans”…I realize it is hard to find time to comment, but nice to know you liked it…I try to post a new blog every day….Sincerely, john whye

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    1. Hi Robert! I can assure you that I am NOT your cousin, ha ha! I just think it’s a shame what they are doing, as I posted in my blog “The Hidden Educational Quicksand/Exorbitant Student Loans” because I have younger friends with the exact same problem…It is shameful and wrong! I can easily be found on johnwhye@wordpress.com, please feel free to share this or any of my blogs (I have well over a hundred posted there on word press) with your friends…Good luck and thank you for your kind words….Sincerely, john whye

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