Capitalism in a nutshell

I totally understand. We started with nothing, but you are starting in a huge hole. Universities have priced themselves out. They are too expensive. We should offer more apprenticeship programs so you either pay nothing or get paid while learning your job.

There are plenty of careers that don't involve all the college debt people are getting themselves into. Many trades will pay for your schooling and training. They chose poorly grasshopper.

Wow, I only started out with 25k in debt in 1986, it sucked and I ate a lot of caned beans. But then I'm a Gen X so not a boomer!

You are not the only one that walked out with a large debt. I left college in '98 at 35 with a debt of around $40,000. Due to tons of deferments, that no explains the repercussions of, I currently owe enough to go to a top tier law school. I accept full responsibility for not finding out what was going on. Now every time they increase the interest, which is constantly, it lowers my credit score. I had a score of over 800 now it's in the 700s. Don't get me wrong, I feel for the kids right now but the are not the only ones that are getting screwed.

My high intelligent daughter (147 IQ) refused to go to college. I was disappointed. She s been cleaning houses since high school. Her also highly intelligent husband auto details. Close to six figures. Their only debt is a regular car payment, and a credit card they charge and pay off a fill up of gas each month for credit rating purposes. Not counting housing, insurance, etc.They are not concerned about whether there will be social security. I wish I had been as wise.

Truth!!!

We need to remember, when baby boomers graduated from college life was simpler. You didn't see people graduating and going immediately to a $100,000 a year job. I graduated in 1974. There were often 2000 job applications for 1 position in my field. The going salary in most states was 18,000 a year. Of course I didn't go to a ritzy private college that cost an arm and a leg. I qualified for a grant, a work study program, a governmental loan, and may parents could barely pay for a quarter of my tuition each semester even though both parents worked. I had a huge amount to pay in that time period. It took me almost 10 years to pay off my student loan. I worked my behind off to pay for my loan, but I did not complaiin and whine about how much money I had to pay off. Too many young people today want designer clothes, sit down restaurants, party every weekend , but complain because they owe money for their education. Get a grip and join the rest of the working world.

We taxpayers are funding Wall Street monopolies when our governments -- city, county, state, and natl -- deposit our taxes in Wall Street banks. Moreover, these banks presently own the Powers of Credit Creation -- the phenomenal power to create money from nothing -- when they issue loans. This is precisely why nothing ever gets done for the public good -- our money goes to the Big Banks (JPMC, BOA, CITI, WF, and 8 others) to be leveraged by them 10 fold in a 'fractional reserve' finance scheme, funding all the monopolies in every sector of the economy. We need public banking if we are ever to end this system of perpetual debt that is destroying people and the planet.

I'm 58 and I'm a boomer. I most definitely had a student loan and no way to pay it while supporting myself in the 1980s. It's crazy to expect anyone to get an entry-level job and pay a student loan, rent, food, insurance and where I live, you also need a car because there was next to no public transportation. I paid mine off eventually, and my daughter paid hers off, but the whole system is not built for production or success. I'm in Canada, so the loans are smaller, but it's still a ridiculous notion that you need a degree now to wait tables for min. wage and are somehow supposed to live your life and become successful under these circumstances. Oh, and then you're bombarded by "financial consultants" telling you to invest 10% of every pay. That was pretty funny, considering I was checking under the sofa cushions for gas money. If you don't start out with family money, you're stuck in that rut.

You borrow money...you pay it back.

Also, if a Boomer had to take out a loan for college, they got a better interest rate. And they didn't need to take out as large of a loan because college was much cheaper relative to both inflation and the buying power of minimum wage. And the best part...Boomers who experienced some unforeseen situation (unexpected massive medical bills, for example, or job loss) and had to go bankrupt could discharge their student loans at the same time. That's no longer the case thanks the W's administration in the early oughts.

That is about right. It's called negative amortization

OK, "starting with nothing" and a premium college education is better than most folks. It was your choice to borrow the money, you thought you would be an instant millionaire. Quit whining and pay your bills.

I'm glad I didn't go to college. Hell cosmetology school was $8000!

Everyone makes the choice-or not-to attend expensive schools. If you choose in the affirmative, is there a reason why the world should then be responsible for your debt?

Don't forget about the national debt on top of that student loan, which now exceeds $180k per tax payer.

Well, one thing this baby boomer did not do was to join every club, wear the latest fashions and use college for a social time. I wore hand-me-downs, walked a lot and did not own an automobile until I obtained my first Bachelor Degree. This baby boomer cleaned toilets, mopped floors, washed dishes, washed clothes and EVERYTHING ELSE I could do to pay my way so I did not have to borrow more than I could pay back. I took as many as sometimes 25 to 27 semester hours while working....NOT PARTYING! I also did not continue if I knew I did not have the reasonable amount of money to pay for it.

Exactly!!

This should be criminal, I don't understand why the politicians can't meet us half way on this. Why can't student loans be zero to super low interest rates. You pay back the $250k and call it settled (which is still alot' of money btw).

The problem in a nutshell.

I'm fourteen, and I really want to be a special education teacher when I'm an adult, which requires college. I want to have a job that I love, but I can't imagine being that much in debt. Any time I bring it up to an adult, I'm told that I'll "figure it out" or that "I shouldn't be worrying about that yet". But considering the situation my country is in, I probably should have started saving for college two years ago :(

What kind of crazy interest rates are being charged on these loans?!

I'm Gen X. We hae ALL inherited the debts racked up by Boomers and the gutless politicians catering to them. They didn't pay it forward. They loaned it forward, with compound interest....

As a retired professor, I strongly agree with this statement. It is terribly broken, from pre-K up to PhD. The American education system is completely broken.

That's really f****d up, a 17-yo isn't mature enough to take such a huge loan and to understand the ramifications a loan like that has on your life. In my county you could never get that much student loan

What is the ad for?

Can’t even start to believe the blame is being put on the victims...

Must be nice to be one of the lucky ones. I went to college after raising my children and still ended up with $40,000+ in loans. Now my salary isn't enough to live and pay loans. Their "programs" do not help. Wish I had never gone to college. My Masters is worthless.

As a swede with mostly free schools and low cost state loans to cover other expenses it is so horrifying to read all these tragedies :'(

You should stop spoiling yourself and demanding luxuries. If you don't have the money to eat, just don't. It's as simple as that. *sarcasm - just to make sure*

In Australia university was free until 1988, but now it is paid for by Government loans - but repaymemts don't start until your income is over a certain threshold. If you never reach that threshold, you never repay the debt.

Oh yeah, good old Navient.

I just can't understand why AT LEAST the loans couldn't be without interest. I believe that is how the UK has it (correct me if I'm wrong, please).

Just wow.. I only pay 25 USD each month during 4 year of college.. Then (because I work while studying) another 50 USD each year for 2 year of extention.. Totally I spend around 20 Million IDR (around 1.500 USD) till graduate.. #asian

With interest it could become that much and the sucky thing is our children will probably be responsible for some of it

120k is like solitary confinement

What in the entire f**k. The pettiness. Pettiness of this level can only come from the mega rich.

That is a rare accomplishment.

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There are 2 types of people who are wronged those that say never again to noone else and those who stop progress because it does not help them personally

OMFG I'm surprised boomers aren't being slaughtered en masse in the USA. Pro Tip: Start with the politicians...

It's terryfing that someone has reason to write "i did a terrible thing" because he studied for a job he wanted to do. Not everyone likes to be doctor/lawyer/whatever just to pay off his or hers loans.

I officially paid off my student loans four years ago. Want to know how? My husband died.

If your payments are income based, your (compounded) interest will continue to accrue, which means your loan amount will be more when it's forgiven than when it was initiated. The government could have saved money by just paying for the tuition in the first place.

From malawi a third world country. Paid of my university degree debt in 1 month after getting a job.

That's supposed to be a joke, right? She didn't pay it off, her mother basically did!