I pay $200 per month, I've paid about $6,000 so far, and I've only paid off $2,500 of my principal balance, which was only $27,000 to begin with, because I was part of the most generous government program I've seen for poor people like myself, EOP.
So let me get this straight, I'm paying double?!?! These assholes Own me.
There was no question in my mind about going to college, and living in Buffalo I'm glad I did. A lot of my friends have a high school diploma or less, and it is a real pain in the ass for them to find a job. My one friend went back to Boces for a trade, he's still only making $10 per hour, and he's driving all over the county in his own truck.
If you're in the lower middle class in this country, they basically grab onto your nuts and squeeze. Your part of the Worker class, and they Own you. Same for women, they're squeezing your nuts too.
Let's compare my situation to my fiance, who was born a little above my class. her parents could afford to pay her college in full, no loans. She went to a SUNY school with me, not too expensive, if you call $50,000 a bargain. But still, no loans, that means she can keep her money. I had to sell my body to start making more than $10 per hour.
Here's the kicker, She puts $200 into her retirement account each month. I take that same $200, and flush it down to toilet. Or to be more specific, I give it to my masters at the student loan company.
Meanwhile, you know what the government is trying to do with my retirement account? You know Social Security? They want to give it away to the same blood-sucking companies that are already squeezing my nuts. They're trying to convince me that Social security is going to run out, and all that money I already paid into the system since I started working at 15, belongs to them, not me.
Ironic, they call this the "Ownership Society" all I own is hand-me-down furniture and a bunch of electronics. but THEY own ME.
Here's a pleasant thought, I don't have health insurance either. I had Healthy NY, that super affordable government program which costs $270 per month, and is somehow tied to the SCHIP federal program which the Republicans refused to expand a couple months back. Yea, I had that for about 4 months, and I still had to pay $40 for a doctor to look in my ear and tell me to take claritin D. that probably would have cost about $80 without my budget ass Healthy NY.
No health insurance. That means I'm one broken arm away from being better off in jail. Isn't that a peachy little thought. Maybe that's why we have more violent crime than any other nation in the world, besides some of those that are in a state of civil war. People are so fucked, that jail doesen't seem much worse than 'freedom'.
Yes, America, this is what we have become. We have betrayed our country. FDR is rolling over in his grave.
You know... I didn't learn much in my social studies classes growing up. But there's one thing that sunk in, they told me this is a land of opportunity. You can't control what class you're born into, but if you're smart, and you work hard, you can have a good life, and maybe even become the president.
They also told me I'd be better off if I went to college. They didn't mention the fact that I'd be paying double, because I was born in the lower middle class.
What happened? When did we become a nation of Masters and Workers? This doesn't look like the America they told me about.
But this isn't about my story. This is the story of America. I don't even have credit card debt, and I have 4 times more savings than my mother. How many Americans have $2,000 in the bank, and are making minimum payments on over $10,000 worth of credit card debt?
You know that the top 1% of Americans own 40% of the wealth? and the bottom 80% of people own a pitiful 8%.

We have been fooled.
How long will it take for us to realize that they lied to us about opportunity, they lied about freedom, lied about equality, lied about fairness, lied about justice, and they lied about America being a society of upward mobility, withouth classes. They lied about the American Dream. They made us thankfull to live in the most just, fair and democratic society on earth. And it is all bullshit.
I'll tell you how we can get our country back. I hate leaving people pissed off, without a solution. That ultra rich 1% is buying more than just resort homes, helicopters and private islands.
They have bought our government. Our representatives care more about money, than they do about the public. Because it takes so much money to get elected, donations are more important than votes. Elections must be free and fair. When I say free, I mean no cash.
I don't care how we do it, but the bottom line is that money has corrupted our political system. That is the one issue that is more important than everything else. We are divided... global warming, war, security, national debt, health care, these are real issues. Why aren't politicians addressing them, when they talk about them in campaigns all the time? Because if they act, it will change the system, and the system is making some people a lot of money, they don't want change, they don't want uncertainty. Change won't hurt the economy, but it could hurt individuals who are making a lot of money in the current system. That's why we get such minor changes in policy, they're trying to appease us, and obey their masters, our masters.
Here's to having a debate about campaign finance in 2008, instead of flag burning.
I consolidated in... 04? 05? when loans were at a "record low". i THINK it's like 2.85 but i'd have to double check... So now I just have one monster loan, which makes it a little simpler.
ok, i checked- 2.875.
but the current total is 180K not 150. makes me want to cry.
I just got all uppity about people having 3% interest rates and called around. They told me that the interest rates on student loans have gone up over the past 4 years to 7.5% !! So if I were able to consolidate or refinance, I'd probably have a higher rate than I did before. That's messed up, over the past 4 years the need to go to college has gone up, These loan companies must be making a killing.
Mine is about 5%, how do you get yours down to 3?
Mine are, too. I am paying them back as slowly as possible.
my loans are <3%... what are everyone elses?!
Student loans are a racket.
Heck, ripping students off is an industry in this country.
When I was in India, student textbooks used to be significantly cheaper than other books. Heck, even today, you can buy the same version of a textbook from Amazon UK for much less than what it costs here.
Student loans are basically the vultures preying on the weak. There is _no_ reason why students can't be given very-low-interest loans (like 3% or something). It is in this country's interest to have an educated pool of people. We can subsidize the 100000-acre factory farms, but we can't offer cheap loans to students? I was lucky to do my undergrad in India, where the tuition was $100/semester; room was $1/semester (yes, you read that right); meals were $50/month.
I agree with you, (e:dcoffee) . We are headed back to the middle ages, with fiefdoms (corporations), serfs (you and me), etc.
First of all everyone makes a lot of great points and Dcoffe I agree with pretty much all of your post. The thing that I want to add is about student loans. First of all you can go to school with out them. You only take classes you can pay for. Yeah It might take you ten years to finish but that might be better then paying loans off for 30 years. Some jobs have programs where you pay for school then based on how you do they reimburse you. You would be surprised how many people don't use that program. Back in the old days (wish I would have thought of this) Credit card companies where allways at schools. Why not pull education version of what Kevin smith did with clerks and pay for it all on credit cards. Then when you can't pay one of the bills for 6 months and they send a bill collector after you file for Bankrupcy. If people where to think of ways to pay for school before hand than things would be more manageable. But that is hard when the press gotta go to colloege at ya in High School.
Paying off the school loan: One reason why people owe so much is the way things happen. Your first year most people get grants and schoolerships so the loan isn't that much. But by at least the 2nd or 3rd year those aren't around anymore. Also Tution goes up every year so what started out (depending on shcool) at say $3000 loan is up to around $10,000. As long as you are a fulltime student you don't have to pay your loan back or pay anything on it. But maybe it would be a good idea to start paying on some of it in that last year to start getting it down some. The people I had my loan through don't care if you pay just the interest every month. In fact if you do that they make out like bandits because you will never get it paid back. The key thing to look at is how much in interest are you paying a month. If you take that amount away from your payment then you can tell how much money is beeing taking of your principal. The student loan people aren't as bad as the credit card people but it is the same idea really. You take so much money and each month they charge you interest well that interest is counted as money you owe so it gets put on top of the money you owe and then if you don't pay all the interest when they go and do the interest the next month that money is counted to, I think that is called compond interest so that is why it is good to pay them as much money as you can so you can get the prinicpal balance down.
Seems like I struck a nerve with this loan thing. It just bugs me that I shop at Aldi and the Salvation Army, I don't use credit cards, I don't buy anything until I absolutely have to, and still my savings account creeps upward. Then I get something like car repair, or insurance payment, or damn, if I get a cold. And everything I saved that month is gone. And I live in Buffalo! The least expensive city in the country. That extra $200 per month would help, especially since I realized I am paying back double what I borrowed, that just bugs me.
And I am budgeting for our wedding, not to mention the honeymoon. Hey honey let's go to Italy and Croatia, sweet, oh wait, what the hell happened to the US dollar? it's going to cost $250 for a cheap hotel room? So we'll probably fly to some tourist trap cause it's cheap, and try to escape as quick as possible.
The wedding industry is crap too, trust me, I've been to about 150 of them. There's no point to all the expenses, it distracts you from the people, the family and the humanity of the whole thing. And I didn't buy a diamond either.
James is right, some of these jobs shouldn't require a 50k degree. I wonder what year the government started providing High School education, probably during the depression. If everyone needs college to get a job maybe we should fund it like other countries do.
Jason, I hear you on the new car, I have a 93 Camry, and the rust is starting to bug me. And I really wish more people realized election financing is the biggest source of corruption in our system, and that's why politicians don't listen to us.
Paul, my degree is Political Science. also not a practical degree, doesn't qualify you for anything. unlike nursing, or something.
Suddenly you Need a degree to get a job, so those who don't have 50k lying around, become property of the lenders.
For a while I had epeeps keep a tally of their student loans here. This is the only link I could still find (e:news,30113) - it went over 1 million dollars in no time. I own about $70,000 still which seems totally ridiculous considering my worthless MFA is what really caused it. On the other hand it got me into what I am doing now and it will pay off someday? I hope at least.
Like, you I paid for it all myself.
oh yeah and janelle- I am soooo with you on the diamond industry. Those ads make me want to puke.
Ugh. Loans. I am in major denial about mine. I think my principal is $150. They're in deferment right now, so they're just accumulating interest and not being paid. I got a statement a while ago- I'm on (or will be once I get into repayment) some "income sensitive" plan that lets me just pay interest for the first few years, and then it goes up to like $750/month- until the year 2037. I wanted to cry.
And that's just med school loans! thank god I don't have any undergrad/credit card debt!
Tru dat (e:James). In my field, people slave away gaining experiencing in direct care positions and some of these individuals have the skills and abiities to move up in the chain but can't because they don't have a degree. So, they have to go into debt to get the AA or BA to move up the chain. But the pay increase is probably offset by the student loan expense!
$10,000 for a ring, that's ridiculous imo. That's what our entire wedding cost when all was said and done and if we had less money, we would have pulled it off with less money(not including honeymoon). We spent no more than $1,000 on my engagement ring and wedding ring combined and both are quite lovely. The engagement ring, btw, is a pearl...don't get me started on the diamond industry and the whole diamond engagement ring scam! If some chick tells you that you need to buy her a $10,000 engagement ring, run the other way. And that bs about an expensive ring being proof that a man can provide...well, the chick better pony up $10,000 to prove she can provide too, imo.
Okay, I totally sidetracked but the whole wedding industry pisses me off and when Christians buy into the wedding industry it pisses me off more. It's just another example of how fucked up finances are in this country which goes back to (e:Dcoffee)'s point that we need change.
School and student loans are such a racket. Way too many people are going to college. College is great and good and all that, but so many people go just so they can get a job, a job that really shouldn't require a Bachelors or Associates degree. Most people aren't in school for the education, they are in it for the job. Just cut out the expensive 50k middle man I say. I am sure the paralegal will be able to look up a file without that anthropology class.
And, PS, Janelle, shoot. Think about if you're single and in our generation. I'll never be able to afford to get married. I'll never be able to afford some $10,000 ring, or even probably one half that amount. And the costs of the wedding itself? UGH.
But you're so right on about the Student Loans. I'm absolutely dying here. I don't have as much as grad students but it still hurts. I want a new car.
I completely agree that elections should be pubicly funded.
This is totally off topic of the substance of your actual post, but if you pay a little extra each month, that'll go straight to principal and shave a bunch of interest off over the years.
College loans are definitely the economic monkey of our generation that will make a large impact on our economy. Our generation can't afford to buy homes, afford health insurance or start families. It's part of the whole middle class crunch.
Harvard and a few other Ivy League schools are really making interesting strides in college tuition. Students whose parents make under $60,000, I believe go for free and students whose parents make between $60,000 to $120,000 pay a percentage of their income. I hope other universities hold them up as an example, because just Harvard and a handful of others isn't enough to solve the problem.
Personally, I prefer the German model of placement into different types of educational settings via testing with a strong philosophy of not everyone has to go to college and one can make a good living from learning a trade. And not just a trade as in plumbing, but also jobs that often in the US you would have to have a college degree to do. Of course, there are problems with that model too.