The Student Loan Scheme or The Trillion Dollar Bomb

I was very lucky to go to college in the 1980’s, when costs were a fraction of what they are now. I also lucked out that my dad, in his continuous efforts to screw-up my mom, had made it a condition in their divorce that if our family home was ever sold, the proceeds were to be divided evenly between all five of us kids and mom. the house sold while on my 2nd year in college, and my part of the proceeds were enough to cover tuition and books; I student-worked to cover living expenses. thus I was able to finish college without any student loan debt.

things have changed since then. a lot. this infographic from College Scholarships explains:

Student Loans Scheme.

Infographic by College Scholarships.org

source

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6 thoughts on “The Student Loan Scheme or The Trillion Dollar Bomb

  1. Very interesting, frustrating and scary stuff. I love Elizabeth Warren.

  2. Yikes. In my neck of the woods, student loans are the cheapest, safest loans avaliable, with a ton of safety catches should you find yourself unable to meet your obligations once you graduate. Plus, universities are virtually free, the tution at my uni is less than $100 per semester….

  3. It’s ridiculous how much college costs to begin with. and how many graduates get work in their field of study anyway? It’s all such a scam.

  4. It’s hard not to feel depressed reading this. My kids are neck-deep in debt, and I have my own loans to pay off, with no hope of ever doing so at this point of my life.

    Colleges are also responsible for this, in that financial aid officers are always telling students that they can “get help” by taking out loans for tuition, books, and housing. What they don’t tell you is that you may not be able to find a job right after graduation and the interest starts to accumulate within weeks of leaving school. Some kids try to postpone payment by going to grad school, but it just piles up the debt even higher, and you still might not be able to find a job once you’ve gotten your law school diploma or PhD. It’s almost as bad as borrowing from a loan shark, except that the government has made it legal.

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