Student Debt Relief

No one is born with the knowledge of financial expertise; college students rarely account for the interest rates of private student loans. Essentially, it’s a Catch 22. In order to make money, (which is no longer guaranteed after graduation) you need to spend money (this is a guarantee).

College in this country is overpriced. The political system hammers the idea of “education for all” into our heads, but the fact remains that college is a privilege for the wealthy. In an ideal society, the opportunity to experience higher education should be available to anyone willing to learn. I’m going to call this universal learning.

Some of you may think that I’m ruminating over some obscure fantasy educational system, but it does exist. In Canada, the average college tuition is approximately $1,500. On the other hand, America’s tuition for an in-state four year university averaged a $6,185 a semester in 2007.

Taking into consideration those numbers and the recession that’s haunting us now, student costs are even more unmanageable. Following Canada’s example, it doesn’t have to be this way.

As stated in one of my previous articles, universities are an active participant in wasteful spending. Our tuitions should not be this costly; it’s as if we are being punished for wanting a good education. Here’s a diploma; but make sure you make all of your student loan payments on time for the next twenty years!

In my eyes, there is no such thing as the American dream; if someone does happen to rise from poverty to riches, they are the exception. I’ve commonly heard the idealistic stories of the young student that got a student loan, got into a fairly expensive private college and lived happily ever after.

This is a fairy tale; our society does not work like that. The poverty-stricken student does not realize that they are signing a contract to make high payments for the majority of their lives.

They graduate and are stuck making monthly payments while juggling car insurance, rent and utility bills. I realize that I am consistently cynical, but that’s just the truth behind student loans.

My advice is to avoid private student loans. Private universities may sound great on your resume, but it’s just not worth it. Federal consolidation loans are a bit more manageable, having lower interest rates then private student loans. If community college is the path you must take to avoid a black hole of debt, then I suggest going down that road.

At least for your first two years of college, you don’t need to waste money on general education classes. It may seem impossible to gather enough money for college, but it would be even more unsettling to declare bankruptcy years from now.