How Is This Even Possible?

[FunInTheSunParticipant 8283]

I don’t understand how college students are allowed to borrow this much money w/o some sort of collateral or guarantee that the loan will be paid in full.

https://www.youtube.com/watch?v=F3qjug9N5BQ

"I saw that there comes a point, in the defeat of any man of virtue, when his own consent is needed for evil to win-and that no manner of injury done to him by others can succeed if he chooses to withhold his consent. I saw that I could put an end to your outrages by pronouncing a single word in my mind. I pronounced it. The word was ‘No.’" (Atlas Shrugged)

[Anonymous 7]

FunInTheSun wrote:

I don’t understand how college students are allowed to borrow this much money w/o some sort of collateral or guarantee that the loan will be paid in full.

Ah, but there is a guarantee. Student loans are Federally guaranteed.

When loans became Fed guaranteed is when College tuition skyrocketed. I suspect this is also why Uni’s are offering more and more useless (easy) degrees, to keep snowflake enrolled and borrowing.

[BeerParticipant 11832]

It sounds ridiculous…but at least they’re both doctors and will be making some bank. Even if they’re both in the 150-200k range…their debt is equal to about two years gross for them. If they wanted they could hammer it out and still live comfortably in 4 years, then they’d be crushing it. Two of them could live off 50k a year and just crush those loans with everything else they had.

Its a lot worse for people with 80k+ in debt who are making 40k a year with a useless degree because even if you live a fairly simple lifestyle you aren’t going to have a whole lot extra left over to pay the loans down early.

I’ve got two people in my family with medical degrees…got done with about 250k and 180k in loans…neither one of them is struggling. I know a s~~~load of people with useless degrees like early childhood education, social work, English, liberal arts, etc, that have loans ranging from 30k to north of 100k and almost every one of them is struggling.(to be fair though a good amount of them would be struggling without the student loans because they want to live a 100k a year lifestyle on less than half of that income)

[Anonymous 42]

They have youth and become lifetime debt slaves, I’m surprised the banks don’t loan money to infants!

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