student loans

6

Need to save money on college? 3 clever ways Gen Z is managing high tuition and other costs

  • Headlines about crushing student loan debt seem to have made a pretty strong impression on college-bound students in Generation Z, defined as the more-than 70 million teens and young adults born after 1996.
  • A new report from Sallie Mae and Ipsos shows families of Gen Zers are finding more innovative ways to pay for college.
  • The study points to parents and students becoming craftier and more defensive when it comes to financing education — learning from the plight of deeply indebted millennials. Read more (7/21/17)

There’s all these stories of famous mathematicians, physicists, and other scientists, who were poor but by chance got lucky and found, and vastly improved the world of science and mathematics, because they got lucky.

This doesn’t mean that other poor people didn’t just rise up for the community because they weren’t smart enough. No. Capitalist has hindered our scientific and mathematical advancements, everyone poor who vastly contributed to our world all acknowledge how lucky they got, and so many are not afforded this luck.

There are just as many people passionated, dedicated, and clever enough to make further advancements in our society who will never be given the chance to add to our society. That’s what capitalism has done to us. It has made education a thing for the rich and lucky, not for all. If education was for all and failure wasn’t penalized we would move so much further as a society.

2

Nicki Minaj may start a charity to pay off her fans’ student loans

  • Nicki Minaj now officially has beef with student loans.
  • After offering to pay some of her Twitter followers’ tuition bills, Minaj posted to Instagram receipts of what she paid and signaled to others that their days of student loan tyranny may soon be over, as well.
  • “This makes me so happy,” she wrote on Instagram. “I’ll do another impromptu payment spree in a month or two but please know that I’m launching my official charity for student loans/tuition payments very soon! You’ll be able to officially sign up! I’ll keep you posted.” Read more. (5/13/17, 11:40 AM)

Int the “company towns” of old days, workers bought the tools and goods they needed on credit, then were trapped indefinitely working to pay off their debts. Today this story outrages people-but what if the same scam were perpetrated by a class rather than a single corporation? Student loans ensnare young workers more effectively than any general store could have. Likewise, the only difference between debt and old fashioned indentured servitude is that now the servitude is owed to the economy in general rather than a particular individual or institution.

If we look at debt as a form of obligation, it  starts to sound suspiciously familiar. Some are born with little, and can only get what they need on the condition that they pledge themselves to service; others start out with plenty and are so generous as to loan some of it out to the needy in return for this pledge. This is simply a new incarnation of the duty the poor have owed the rich since feudal times, updated to appear voluntary.

—  Crimethinc, Work

Student loan lenders lost key paperwork, and debts may soon be wiped away

  • Who would have thought that the bureaucratic hellscape that makes student loans such a nightmare to navigate would eventually work in your favor?According to a new report by the New York Times, thousands of student loan recipients may be off the hook when it comes to paying back their debts, thanks to some critical missing paperwork on the part of the lenders.
  • The report claims that creditors have hit a snag when it comes to collecting the affected debts in court, as a result of insufficient ownership records and other missing documentation.
  • The filing errors mean that tens of thousands of people who took out private loans to pay for college — and who have been fighting their debtors in court over not being able to keep up with payments — might have their debts wiped clean. Read more. (7/18/2017 10:45 AM)
2

Betsy DeVos may roll back protections for students  scammed by for-profit colleges

  • Rules that protect student borrowers victimized by fraudulent for-profit colleges — policies created under President Barack Obama — may be the target of a new regulatory rollback. 
  • In a statement released Wednesday, Secretary of Education Betsy DeVos described the Obama-era rules as creating a “muddled process that’s unfair to students and schools.”
  • While details are still being hashed out, the news is worrisome for those concerned about getting stuck with crushing student loans after completing all or part of an educational program that may turn out to be less valuable than promised. Read more (6/15/17)

Recent college graduates who borrow are leaving school with an average of $34,000 in student loans. That’s up from $20,000 just 10 years ago, according to a new analysis from the Federal Reserve Bank of New York.

In that report, out this week, the New York Fed took a careful look at the relationship between debt and homeownership. For people aged 30 to 36, the analysis shows having any student debt significantly hurts your chances of buying a home, compared to college graduates with no debt. The cliche of “good debt” notwithstanding, the consequences of borrowing are real, and they are lasting.

A New Look At The Lasting Consequences Of Student Debt

Illustration: Jon Marchione for NPR 

2

The government helps you pay back student debt if you take a public service job — Trump’s budget would end all that

  • The federal government’s Public Service Loan Forgiveness program promises public servants their federal loans would be forgiven after 10 years of consistent repayment. 
  • Since the program began under President George W. Bush in 2007, people who took up jobs including teaching, working as doctors in rural communities, providing legal aid and working for nonprofits could enroll to have their loans forgiven.
  • That program now faces an existential threat: President Donald Trump
  • The president’s first budget, unveiled Tuesday, would end loan forgiveness in exchange for public service. 
  • That would save $859 million — about 7% of what the federal government spends in one day. Without a change to the program, the first loans would be forgiven in October. Read more (5/23/17)
Millennial College Grads, Reblog if you:

Are unemployed

Underemployed (working less than part time or working on-call or seasonally)

Can’t find a job in your field

Are not working full-time but have been seeking full time employment for a long time

Are not financially stable or are struggling financially

Are drowning in student loans that you can barely afford to pay off

Have seldom received call-backs for jobs you applied for

Are under-qualified for nearly every job that you find (especially entry level jobs wanting multiple years of professional experience and skills with software you’ve never heard of)

Come from a low-income or poor background and only have financial support from your parents or parent 

Still live at home

Want to go back to school to pursue another major or earn your master’s degree but you don’t have the money

You know exactly what you want to do as a career but can’t get a foot in the door

If any of these apply to you, please reblog. I’m currently going through an existential crisis and I just want to know that I’m not alone. I have friends who are in similar situations but they are always somehow able to find jobs or some kind of help before I do and I have been stuck in the same situation since I graduated from college. I’ve been applying for jobs for 2 years and have yet to find anything permanent. I haven’t found a summer job and I only have one more month until summer if over and I am pretty much out of money. My mom has been helping me out, though. And my job as a teacher’s assistant during the fall and spring are usually 4-8 hours a week since I work after-school only. And I can’t survive on what they pay me. In the midsts of constantly hearing from older generations that millennials are lazy and that we have character flaws that are causing us these problems, I guess I need to be reminded that these problems still affects a lot of people in our generation. We’ve worked our asses off and we still are and we’re not getting the same opportunities and job security that the many non-college educated generation X and Baby Boomers have had.