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
this post was submitted on 01 May 2024
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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
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Not sure why they report on one person doing this.... isn't this the norm nowdays? Work two jobs to pay a debt that ought never have existed?
Me, I got the 100k debt but I just pretend it doesn't exist and I'm fine!! We'll pay the minimums til I die....
This is CNBC. This series exists to gaslight people about their finances and the economy. In this article they have normalization of hustle culture and admonishment of her getting a degree based on passion instead of ROI.
In the past it's been used to gaslight readers into thinking their budget problems are solely due to their own inadequacy. They do this by highlighting people who are usually in marginal areas, like disabled people, and show how they make their budget work. Every single article has something like, "lives rent free with parents" somewhere in there. Others have straight up given ridiculous numbers for rent and utilities.
It's absolutely the norm. I work with loads of people who jumped ship on their degree because they couldn't find good enough pay in the field. I'd say maybe 40% of my team is in this situation most of them over 35. One of the younglings gave up after his first semester after researching his FOS and learning he didn't stand a fincial chance. It's pretty fucking sad honestly. Great kid with nothing but ambition and hard work to give.
As a near 40 year old with the same amount of student loan debt, I have absolutely considered a part-time gig to help pay down the loans. But the amount seems so enormous, and the repayment would be so comparatively small, that the little free time with my family is far more valuable.
I thought no one wants to work anymore? /s
Education is for becoming more and more just for the rich