Student loans have become a college graduate’s nightmare. These loans were designed to help a student pay for their college courses and majors, yet, also designed to keep them in a life-long debt. A student loan is nothing like a mortgage, car, or personal loan.
Most loans have a term life, meaning they last for a certain amount of years. Mortgages are usually twenty-thirty, car loans are typically five-seven years, and personal loans are determined between the borrower and the lender, but student loans can go on endlessly. Its institutionalized robbery.
Jackie Krowen of Portland, Oregon says that student loans ruined her life and she wishes she never went to college. She’s paying $1,200 a month in payments to clear her debt with no end in sight.
A retired US Naval Officer co-signed for his daughter, Vanessa McClurg’s, student loan. After falling sick and no longer able to finish school, the loan department threatened to take away her father’s retirement pension.
Many students have been burden with this robbery. One student reported that they call “eight times a day, at least.” Another stated that any plans they had for the future such as buying a home or having a family is destroyed because as a youth counselor, he cannot afford anything but paying back the loan at $730 a month.
While Bernie Sanders, Senator Warren, and others promise “free education,” that is not the way to go. Student loans can have a role in our society and our financial institutions, but there should better grounds than what we have now.
What Bernie Sanders, Elizabeth Warren, and others negate to tell us is that “Free, is not so free.” Taxes would have to be increased for the working class to pay off the student debts for others to make them free. We’re being taxed enough as it is.
I believe if we create the debt, we should be held responsible for our debts. However, I firmly believe the situation of this institutionalized robbery could be resolved with giving term limits to the life of the loan with exceptionally low interest of perhaps 1-3% and not ARPs or institutional fees and percentages. They need to be grounded.
The banks or financial institutions would still make a profit from the loan, and the student would see a light at the end of the tunnel. Otherwise, unless a student receives a scholarship, or their family is paying out of pocket, the only option left to avoid student loans is the military.
Although, the military is an awesome way to earn a career and it should be held with the highest honor to be able to serve our county, the truth of that matter is, not everyone can serve. Saul Newton of Wisconsin stated, “I shouldn’t have to serve to be able to pay for a college education,” (Saul took out a $10,000 student loan and his remaining balance to date is $23,000).
I strongly advocate for better conditions for our future college graduates. I don’t want them to regret a higher education. I want them to succeed and excel in life. As a Real People’s Candidate, I want to see lower interest rates for our students with better term limits on the lives of their loans; I want them to live their dreams, not suffer in financial nightmares.