FINALLY! Student Loan Forgiveness.
This is a great thing and will help up to 43m Americans!
I finished paying off my student loans 9 years after graduating college. That day was a celebration and a relief.
Thankfully (and due to Florida’s Bright Futures and other scholarships), I only borrowed less than $10k but ended up paying back well over $15k — and no one had ever taught me about capital gains being added on during the 6-month “grace period.” All I was told was: “You don’t have to start paying them until 6 months after graduation!”
I paid double the minimum for 2 years and it STILL took me 9 years to pay off. My loans were sold to other vendors, the interest rate seemed indecipherable, and I was one of the LUCKY ones who didn’t have to borrow that much.
I am SO HAPPY that so many people are getting some loan forgiveness!!! I am GLAD they don’t have to suffer and worry as much. That they finally get some relief. For one thing, them getting help doesn’t affect me at all — I paid mine off because I had a contract with the bank and had no choice.
We’ve been told our whole lives that we need a college degree to amount to anything and get a good job and be able to buy a house — by the people who could afford college on a part-time job salary and buy a home for 4 on one income.
In 1968, the year my mom graduated high school, the annual college tuition at a public university in the US was $321 per YEAR. In 2020, the average in-state public university tuition was $10,560 per YEAR. That is a $2580% increase. How much has the minimum wage increased in that time?
“Between 1970 and 2020, the federal minimum wage rose from $1.60 per hour to $7.25 per hour, representing a more modest increase of 353%.” Source.
Before getting upset at a higher minimum wage or student loan forgiveness, try having a look at the data and a little compassion for your fellow humans.