Why Student Loans are TOTALLY Killin’ My Vibe

Seriously I KNOW I am preaching to the choir here- but I just paid my student loans for the month and of course the usual depression and anger ensued. Four times a year I have to pay BOTH loans (which amount to nearly $600). The other 8 months it’s about half that.
That’s a lot of dough!

The cost of education is OUT OF CONTROL (can I get an AMEN?). Honestly, at the tender young age of 18 you are supposed to sign up for a down payment on a house worth of debt (or maybe the whole damn thing depending on where you go!). For a degree that in this day and age is worth about as much as a high school diploma- and that is, if- yes if you can even find a job! And if you decide that whatever you chose to study back when you were 18 is still interesting to you, and if it is a valid field with job openings, and if  you don’t have to go back for more school before you start making any money. You know…IF.

Once said job is found, you are probably starting pretty low on the totem pole because, well- you don’t have a Masters, and/or lack experience- so you’re making somewhere around $30-50k.  This doesn’t seem too bad…until- you subtract taxes, health insurance, social security, etc. After  ALL THAT you have to pay your student loans. So at the end of the day, we’re probably making somewhere near minimum wage. Tricky how they fool us like that!

Nationally, there are somewhere around 37.1 million people with student loan debt, of that 37 mil the average debt (per student) was $26,600. Also of that 37 million people, a quarter owed more than $28,000. Student loan debt totals between $902 billion and 1 TRILLION DOLLARS. Just for a frame of reference- one trillion is a thousand billions. If you still can’t wrap your brain around that (don’t worry it took me a minute) this website can help or this one (sorry I couldn’t chose which to go with!). The 400 richest Americans total worth (all 400 billionaires) is just over 2 trillion (Forbes). So let all that sink in.

NOW- my first questions is why the HELLLL is education so expensive?
Did you know non-profit universities don’t pay taxes? And yes, to answer your question there are for profit schools (a la University of Phoenix).  So I’m just wondering where the frick my $34,000 a year went…and don’t even get me started on textbooks! 

And then can we talk about how the government decides to bail out banks (I know this is old news, but its still hurts every time I pay my student loans and think of it)? BANKS- you know those people who make 32 billion dollars a year just in overdraft fees. Yea, back in ’08 they decided they needed a little extra help.

A “bailout” is defined by wikipedia as: “A bailout is a colloquial term for giving a loan to a company or country which faces serious financial difficulty or bankruptcy. It may also be used to allow a failing entity to fail gracefully without spreading contagion.”

One of those bailout banks was Citigroup, whose CEO sold his shares in the company for $61 million before the bailout/Chase takeover. Seems like they weren’t failing gracefully enough…

I think the government put their money in the wrong spot. I think me and the other 37.1 MILLION in debt college grads would agree.

Because I would like to fail gracefully with a stack of cashola from Uncle Sam!  Because I would take said cash and pay those icky, overdraft fee sucking banks their damn money for my “education” which looked something like this….
unicycle

This is me, in college doing an assignment.
Please explain to me how this relates to a college level education (besides clown school of course)- or Clinical Psychology and I’ll give you a hug.

Please tell me you relate?

 

 

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