what to say when people say "you took out a loan and you should just have to pay it back"
(fuck them and fuck SCOTUS too)
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As you probably know, SCOTUS blocked Biden’s student loan relief plan last week. In celebration, my shitty aunt (ahem, by marriage) posted this:
You might have people in your life saying garbage like this too! So here’s some info to remember/share with them (only if you *really want to* - you are under no obligation to engage with this kind of bullshit).
Student loan debt is the second highest consumer debt category (larger than both credit card and auto debt), at a collective $1.6 trillion.
And the breakdown of that debt isn’t equal. A 2013 study from a sociology professor at Dartmouth found that students from families making $40,000-$59,000/year accumulated $13,000 more debt than those from wealthier families who make $150,000 or more/year. According to a 2016 Brookings report, Black graduates leave school with on average $7,400 more in student debt than white graduates. And this gap widens further over time - four years after graduation Black graduates have nearly $25,000 more student debt than white graduates: $52,726 on average, compared to $28,006 for the typical white graduate.
The price of college has literally tripled over the last 40 years (300%). And wages have gone up an average of…17%. The math doesn’t make sense.
The debt hurts the economy. People are doing their best to repay. Interest rates make that impossible for many, as does the lack of wage increases seen with our hyper-capitalistic society.
Canceling student debt allows people to start businesses, buy homes, handle unexpected expenses (for example: exorbitant medical bills, car breakdowns), take care of their families, and fucking breathe easier.
“But how would we pay for that?” - By taxing the super wealthy, next question. “But I had to pay off my debt it’s not fair.” - That really sucks! That should make you very familiar with why this is necessary and life changing! “You should have made better choices/You knew what you were getting into/It’s your debt.” - Education is for everyone. Getting an education is a good choice.
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Another problem with student loan debt is the the rules keep changing. My lawyer child took out a loan for law school. They spent two years working at a not for profit (which would have allowed the loan to be forgiven had they kept it up for 10 years) but their boss was horrible and the pay was worse. AND it was clear that the federal government was inconsistent in how they applied the loan forgiveness program , making it entirely unclear they’d even get the forgiveness. So they started working at a firm that was for profit. I’m the meantime, they’d been incurring interest on that debt. They now owe more in interest than they ever borrowed. They’re happy to pay back the loan but the interest will mean it will take a lot longer.
Let’s not forget that OTHER types of debt are forgivable through bankruptcy-student debt is not.