Department of Education resumes collecting student loans, including those in default.
(www.cnn.com)
🏫 STUDENT PANIC 🏦
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I went to private college from 93 to 97. I was fully aware of what I was signing and graduated and spent 10 years paying back 300 a month. I don't understand what changed except the victim mentality and the inability to read the paper you signed showing what you had to pay back.
Bet you signed up for your loans using a pen and paper and probably with an advisor. In the near future of 2006-2010 we were ushered into a computer lab where we were asked yes or no questions and could have a loan where terms were not completely disclosed at the literal click of a button and put into our checking accounts within days. Absolutely no victim mentality here and I can say that for most of us in my age bracket. My age group plays a huge part in this awakening in response to the introduction of technology during the middle of our formative educational years.
Pretty much. People commonly took the bait without first working out the numbers on these bigger loans to go to these 4/5 year universities. A lot of marketing was pushed towards our parents too, since their generation mentality of "get a degree and get a career" was basically what you were expected to do.
I can't really relate though, i just took out FASFA and a few scholarship grants and went to a local community college and was covered based off my grades alone. An AS degree alone was worth it. But i also took several different career paths, which was looked down on by many of our parents, where they expected you to stay with a company for a long time. I think regardless of the pressure, we all came out better in our own individual ways, and progressed much further than our previous generations.
Lol $300/mo. Fren, that's not even scratching the surface of what kids are paying today. Welcome to inflation where costs go sky-high but your income doesn't!
I graduated and made 28k a year in 1997. And split an apartment with two friends for 300 a month. The point is, either you knew what you were getting into and signed anyway or you were scammed and signed a blank loan form and had no idea you'd graduate and owe $1000 a month or more.