A reader sent me the link to this page:
Student loan debt in the United States has grown to over $1 trillion dollars – that’s more than the GDP of more than half of the countries on earth. But how did it get this far? The biggest factor in play is the increasing cost of tuition. Tuition is at an all time high and naturally students are taking out larger loans. The rising cost of tuition coupled with a weak job market is going to mean trouble for many graduates. As the amount of debt continues to pile up and as graduates continue to have difficulty finding a job, many are forced to work jobs that will not allow them to even make minimum payments on their loans. As a current student or a prospective student, you should know the ins and outs on the terms of your school loans and know exactly what the cost of your education will really be. This infographic will explain to you how student debt in America has become a burden to many families across the nation.
This info graphic sure makes it clear how the American government ensures that its people become slaves to the bankers.
Until Reagan became president, America’s middle class and its assets grew. Ever since, and it makes no difference which party dominated congress or who was president, the working people and the middle class had to work harder to earn less.
NAFTA, CAFTA, deregulation for international corporations and the bankers along with huge tax breaks, tax credits and bailouts made the headlines.
The destructive impact of student loan debt and UNFAIR credit reporting and credit scoring have been mostly ignored.
- Student loans keep young people from traveling for a year or two before starting a family to discover our beautiful planet and the many people who live very different lives.
- Student loans ensure that young people become wage slaves instead of activists.
I’ve noticed that many people believe that the purpose of life is to work and pay debt.
The occupy movement failed. There is essentially no resistance.
America turned into a people of wage slaves, druggies, gang bangers … and of course the 1% and wannabe 1%.
I’ve spent (wasted???) the last 18 years documenting systemic fraud such as defective FICO scoring formulas and a credit reporting system that does not allow for MEANINGFUL assessment of someone’s credit worthiness.
While we finally have legislators looking at student loan forgiveness, NOBODY bothers to mention the fact that merely having an unpaid student loan on the credit reports can significantly lower your FICO scores even if you’ve never been late on ANY account!
The credit system is DESIGNED to ensure that the working people pay HIGHER INTEREST RATES to ensure that the wealthy get wealthier.
It all comes down to the BANKERS ruling the planet and if you have not yet watched THE MONEY MASTERS, please set 3.5 hours aside to watch this free documentary. The Money Masters should be part of the curriculum in every history class.
Unfortunately, I don’t know how to change this corrupt system.
My personal solution was to default on my credit cards after Washington Mutual almost tripled my interest rate to 26% in 2007 despite my perfect credit reports without a single late payment or any derogatory item on my credit reports.
I decided not discharge my debts through bankruptcy and I’ve been fighting creditors, collectors and debt buyers since 2008. As I work with clients with chargeoffs and collections, some personal experience can only be helpful.
It worked out well that the house I was building with credit card money wasn’t finished and that after the market collapsed I could not get a mortgage to pay my credit cards as I had planned. I’m happy in the Arizona high desert, with a greenhouse, hoophouse and gardens and NO mortgage. We have some great food, good water (no fluoride or chlorine) and shelter. It will be a long time until our house is finished because we’re focused on the gardens, but I enjoy living in the unfinished house.
You can not discharge student loans through bankruptcy, there is no statute of limitation as for credit cards and other loans and they can take your tax refunds and otherwise protected assets. But they can’t take protected assets and they can’t put you in jail.
If you’re not one of the lucky few with high paying jobs after graduation, you may want to consider dropping out of this system, joining a community of people who grow food and/or raise animals and enjoy a different lifestyle.
It does NOT take a lot of money to be happy.
And they can’t take your happiness to pay your student loans. It takes some planning to leave this corrupt system, especially if you have a family, but unless you really like your current employment, you might want to consider doing something DIFFERENT. I met a woman who walked from Oregon to Santa Barbara last year and many people are moving to the country.
I haven’t entirely left the system and I just filed my tax return. But I don’t have enough taxable income to pay income tax and I don’t expect to ever pay income tax again. When President Clinton was elected I was actually looking forward to paying income tax because I thought we’d finally reverse the trend of distributing assets from the working people to the wealthy. And then came the big let-down.
In 2008 Webster Tarpley predicted that Obama would be worse than Bush. Unfortunately, Tarpley was right. Obama started more wars than Bush. Obama issued one executive order after the other, bringing us closer to martial law and a police state. Obama allowed or required BP to use Corexit and the pollution of the Gulf. Obama does NOTHING to help the Japanese do “something” about Fukushima and there’s a very real possibility of America and the entire northern hemisphere becoming uninhabitable after the next 6.5 or so earthquake near Fukushima. Obama is Wall Street’s puppet.
Have you noticed that every country invaded by the US and Europe immediately gets a CENTRAL BANK?
That the military and/or radicals now rule those countries is irrelevant to the western (CIA et al) organizers of the Arab Spring — what’s important is that primarily American and European bankers CONTROL those countries just like they control the EU and America.
Sometimes it’s difficult to be happy when I consider how horrible life is for so many people and that the entire planet is in jeopardy, but it also puts our financial problems in perspective. I know what it’s like when you can’t pay your bills, but I also know that it’s possible to live ok on $600/month or less in MANY areas of the US.
Remember that we don’t have a debtor’s prison and even non dischargeable student loans do not HAVE to be paid if you just change your lifestyle.
If you’re considering going to college and financing your education with student loans, think long and hard before you assign your soul to the bankers. Everything I want to learn is NOT taught in any university that I know of.
Focus on USEFUL skills like food production, carpentry and other trades, alternative medicine, etc.
Learn SEVERAL trades and live free instead of under the thumb of some corporate moron.
I designed and installed my own off grid solar and wind generator system and I did most of the plumbing and electrical work in my house. I know how to frame, hang sheetrock, tile, etc. I didn’t need a $50k college education, I just used the brain I already own and I bought a few books, did some research on the web and got some hands on training over the years. I saved tens of thousands of dollars and I could even supplement my income doing repairs for others if I wasn’t so busy working and learning so much more. We are gardening organically and it takes time to research various methods and cutting edge technology such as aerated compost tea. BTW, I’m 53 years old and I expect to learn new skills for the rest of my life.
Don’t believe for a second that a college degree will ensure that you’ll get a decent job.