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this post was submitted on 01 May 2024
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A Boring Dystopia
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One of the best things my country did was interest free student loans while you remained in the country.
Debt is alot more manageable without interest
Canada now has interest free student loans and very generous, flexible repayment schedules.
We also directly transfer a lot of money to our colleges and universities that helps keep tuition lower.
Ours are % of income above a threshold. Technically if you make less than that and stay in the country it goes up like $5 a year in fees.
My wife finished studying while we had our first kid and only worked 4 hours a week - student loan wasn't touched till she went back to full time a few years ago.
In Norway, student loans are interest-free until you're out of college. Crazy that a "first world" country wouldn't have something like that.
Most Federal loans in the US are the same (at least they were when I took them out nearly 20 years ago, problem is you are only in school for 4 years.
Then you get a shit paying job for at least 5 or 10 years after that—maybe you’re motivated enough to seek a masters or PHD after that but most aren’t (for the implied benefit of higher earnings, nothing else). Coupled with the fact that the cost to attend any higher ed in the US is outrageously overpriced to begin with, wages are stagnant, cost of living is beyond unaffordable pretty much everywhere in the states…
It’s just another facet of the capitalist hell system we’ve saddled ourselves with and continue to just shrug off as if there’s no other way to do things.
I took out a 31k loan, I've currently paid 40k against it and still owe 20k. Exact scenario. Turns out 17yo me didn't know what major I wanted and I had to defer until I had a new plan. The current system is predatory.
But this way companies make soo much interest
Your country damaged it's economy by doing that.
You probably have college educated citizens who can work less the older they get because of the higher income they earned getting out of college. This means they're less productive than the college educated Americans whose extra income is siphoned away through the interest from their loans, keeping them perpetually on the edge of poverty, and thus at peak productivity.
Oh no, not the economy!
Also your whole argument is that older people aren’t being held at gunpoint, and younger people are having to do more work to earn far less than they did.
Your argument is that we should starve the dogs to keep them obedient.
Fuck right off
I'm guessing this is sarcasm, but it's uncomfortably close to how actual neoliberals think
I'm absolutely certain that there way student loans were set up in the US was a concerted effort by the ruling class to keep the working people who went to college from accumulating wealth for themselves.