Bottom-line up-front: Student loan debt equals time when calculated against your potential lifespan. When life is being delayed [up to] 10 years after graduation for some college students (because of debt). When debt transfers away years of potential wealth accumulation from the accounts of the many – into the accounts of the few. Maybe its time to rethink debt, college and life.
Move Over Fake News Student Loan Debt is Real
Against the backdrop of ever-increasing fake news (propaganda) of imaginary sources, books based on weaponized innuendo, paid protesters caught on camera, and circus-like antics at confirmation hearings, some real news was actually being reported behind the scenes. In particular, the news involving student loan debt was downright disastrous for the well-being of many Americans.
Of particular note is a story carried by Fox News and re-posted across the internet discussing how students and families are struggling to repay billions of dollars of onerous student loan debt.
Student Loan Debt Restricts Life Options
This is a subject I have discussed at regular intervals over the years. It hasn’t gone away. In fact, its ramifications are intensifying as more individuals and families become aware of just how injurious crushing student loan debt can be when it comes to getting on with your life after college or grad school.
Many are just beginning to realize what a ball and chain student loan debt can be. And, if you get into financial trouble after college – like not finding a job in your area of expertise – or you do find a job, but it doesn’t pay enough to adequately service your student loan debt and start a life – you find you’re living inside a conundrum. And instead of putting wind in your sail – all that debt is an anchor on your tail. Especially when you realize your student loan can not be discharged in bankruptcy.
Student Loan Debt Facts
Some of the first-hand examples and observations cited in the article mentioned:
- Average student debt for the Class of 2017 was $39,400, an increase of six percent over the previous year.
- Americans owe more than $1.48 Trillion in student loan debt, which is $620 Billion more than the total U.S. credit card debt.
- The average monthly student loan payment is now $351, and currently over 11 percent of borrowers are 90 days behind in their payment (or are in default).
- College-related debt carried by 43 Million Americans — has resulted in more than one in three of those debtors to postpone buying a house; one in seven to postpone marriage; one in four to live with their parents; and 47 percent to put off buying a car.
Student Loan Debt Examples
- One student commented: “I think it’s a systemic issue. High schools push kids to go to college, kids feel they won’t be successful unless they go, they pick a degree that doesn’t have a good job at the end of it, or they bumble around for a few years in college without really knowing what they want.” And all the while, racking up debt.
- One graduate said: “I lie awake in bed trying to figure out how I will ever get out of this debt. It’s causing a lot of stress.”
- Another said: “We cannot save for a house, we cannot save for a family, and could barely afford to buy a three year old car. I went to school, studied hard, and got a great job. And yet I really can’t start my life for another 10 years because my financial situation is completely run by my debt.”
- Another said: “knowing what I know now, I would have approached my education differently by applying to a community college. Perhaps taking a step back and thinking that college isn’t right for me at this moment in time.”
Father Time Takes No Prisoners
This moment in time. Do you think about your time? The future quality of your life? Consider the implications of accruing what is (in all likelihood) uneconomical debt? Debt that may involve unspecified future gains? Supports a bloated system of higher education? Or benefits lenders and educators – at the expense of your future energy and health?
Bottom-line: Student loan debt equals time when calculated against your potential lifespan. When life is being delayed [up to] 10 years after graduation for some college students (because of debt). When debt transfers away years of potential wealth accumulation from the accounts of the many – into the accounts of the few. Maybe its time to rethink debt, college and life.