Many decades ago I went to college full time during the day and worked full time at night. I drove a beat up VW Bug and I lived in a shotgun shack on the wrong side of the tracks. My spare time was spent studying and working on paintings. I was not a ‘partier’ and I didn’t have much of a social life. Still, I was able to live on my own and pay the tuition and assorted bills that went with attending a university. I bought used textbooks at the University bookstore at a reasonable price. This cannot be done today. Young people can’t afford rent by working low-paying jobs, let alone afford skyrocketing tuition costs. Textbooks can now cost hundreds of dollars apiece. Students today must procure massive loans in order to get a degree.
How did this happen? It seems as if somewhere along the line the Federal Government, the big banks, and the big universities all got together and colluded to raise college costs and snap debt slavery shackles on millions of young people. Nearly 48 million borrowers now own $1.75 trillion in student loan debt! Too many are enslaved by their debt and many have no hope of paying it off. They have become marginalized and are cut out of the American dream while conservatives denounce them as lazy and ‘woke.’ Why not instead criticize the universities who are gouging those who want a degree? Harvard has built up nearly $50 billion in endowments, yet have they dropped their tuition costs? I think not.
The system has made it extremely difficult for student loan debtors to declare bankruptcy, so many simply do not pay. No wonder so many millennials have moved back in their parents. Life has become way too difficult. Millennials complain that we boomers had it easy compared to what they must face, and they’re right. It was a lot easier for us Boomers.
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Article URL : https://grrrgraphics.com/college-debt-burden/