Forgive Student Loans, Stimulate The Economy
“The National Association of Colleges and Employers says that average starting salaries for the Class of 2002 range from $27,000 for political science majors to $51,000 for computer programmers. Around $35,000 is the national norm.”
“After taxes, that works out to about $2,000 a month–the rent on a tiny apartment in a borderline neighborhood in New York or San Francisco. When a fifth of your paycheck goes to student loans, it’s hard to afford a car, much less purchase a first home. Economists looking for explanations for declining sales of big-ticket items might start here.“
“College tuition is free or nominal in most industrialized, and many Third World, countries. The United States’ insistence that students assume huge debts to pay for their college education is unusual enough that the Chinese government included it in its 2001 report of American human rights violations.”
Excerpted from “Student Loans Are For Suckers” by Ted Rall.
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This entry was posted on March 19, 2009 at 7:22 am and is filed under Economy, Higher Education, Sallie Mae, Student Debt, Student Loan Default, Student Loans with tags american students, applying to college, china, college, democrats, economic stimulus, economics, economy recovery, human rights, obamanomics, republicans, student loan bailout, student loan defaults, student loan scam, student loans are for suckers, ted rall, university. You can follow any responses to this entry through the RSS 2.0 feed You can leave a response, or trackback from your own site.
April 28, 2009 at 7:05 am
OMG I have been suffering under this nightmare for 20 years. I’m so depressed right now knowing I can never pay my school loans back and live the American dream that I’ve contemplated moving to Ireland where i can wipe the slate clean. I can’t even discharge them in a bankruptcy.
The sad thing is…I even joined the Army Reserves to get $20,000 loan repayment and instead of paying off my loans they allowed the interest to accrue by dribbling it over 6 years and it never made a dent.
I have been pissed off for years over this but feel completely helpless as to what to do about it. No one seems to care or want to help out, either.
Well that’s my rant. I’m thinking of contacting Senator Finegold or someone like that and seeing if something can’t be done when I move from lame old MI over to WI.
Thanks for the Rant!
L