It’s of no surprise that I am someone who carries student loan debt. I’m 29-years-old, went to a private college, graduated in 2010 right after the financial crash, and moved to New York City eight months after I graduated because that was the only place that was hiring at the time. It’s extremely difficult to explain to people that you understood you were taking out student loans, but you hadn’t fully understood the concept that these lending institutions make huge profits off of your education.
When you look at the transaction statement, the majority of your payment goes to paying the institution, which means there are minimal effects to your loans outstanding balance.
I watched this video the other day and I think it does a great job of explaining what my generation is going through with the United States’ Student Loan Debt Crisis. I never thought that even with the great job I have now, I might not be able to own a home in the near future or barely make an impact on retirement and savings accounts.
I can only hope that our government takes a look at the country as a whole and not spend so much time trying to make the obnoxiously rich men in our country happy. I hope they understand the overall effect this could have on our economy in the future. I hope they see this as a real issue; I’m not asking for a hand out. I understand that I need to back pay my loans and I have no problem doing so. But I think there should be a reform to ensure that lending institutions do not profit off of 17 to 24 year old kids without fully explaining the ramifications those loans will have on their future.