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Many Senior Citizens Expect To Die With College Loan Debts.
(portside.org)
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this post was submitted on 12 Sep 2023
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Dear God this is saddening to read. What just system saddles people with a debt they have no choice but to take on in order to hopefully get a decent enough education to repay the loan, but then fails to account for situations where the borrower's income is not sufficient to be able to afford more than the minimum payments? All the while applying compounding interest on the principal to make sure it'll never be repaid?
And to make it truly evil, makes it so that they can garnish both your wages and pension in case of a default?
Seriously, student loans and medical debt should both be interest free and prorated to the person's income in terms of minimum payments. It's ridiculous to force people into a life of debt slavery just for the shot at a decent education or the right to be healthy.
You have a choice to not take student loans or take an amount you can pay back. Many to most people actually do this.
I'm not sure the statistics agree with your assessment of it being "many to most". For many people there simply is no choice. You either take out a loan, or you'll be stuck working minimum wage for the rest of your life. And even for those that do take on an amount of debt that seems reasonable based on their prospective career path - that's still a BIG gamble that can spell financial ruination if, for whatever reason, said career fails to materialize.
https://www.aplu.org/our-work/4-policy-and-advocacy/publicuvalues/student-debt/
42% graduate with no debt and 23% with less than $20k. It's about 80% that have less than $30k in student loans. 30k is definitely expensive, but manageable.
I am sorry, but your proof invalidates your argument. Look at the story we're responding to - she had 5k in debt that spawned into multitudes due to her inability to pay it back as a result of living paycheck to paycheck. 20k or 30k is not a small amount of money for people living a minimum wage existence.
If you don't pay your loan it goes up that's not surprising. What is surprising is that she could get that loan in the first place. She could have bought lottery tickets with that loan and it would have the same effect, but people actually recognize that as stupid.
Did you read the article? Unexpected health complications with her partner used up all their money. The only stupid thing here is that a person working a full time job to afford healthcare and education realistically can't do so.