Elizabeth Barrette (ysabetwordsmith) wrote,
Elizabeth Barrette
ysabetwordsmith
  • Mood: busy

Swimming with the Student Loan Sharks

Tags: activism, economics, education
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  • 17 comments
the_vulture

the_vulture

September 7 2010, 07:51:08 UTC 10 years ago

This is kind of a trigger for me. I went to England to teach and put myself through hell, eventually destroying any desire I had to teach... all to try and keep up with the payments... and then failing at that.

I am 40 years old with no house, no car, or any other major assets, as I live in perpetual fear that these could be taken from me at any given moment. My career is dead before it really got to begin. My future is destroyed, ironically by the very thing that was supposed to help me build it.

In a way, perhaps, I am somewhat fortunate: Canadian laws regarding Student Loans are not quite as draconian as American and there IS an end in sight for me. Still, I have to say that I completely and utterly regret having ever signed on that damnable line.

If any of you reading this are considering taking out a student loan, FOR THE LOVE OF ALL THINGS HOLY, DON'T! There are NO guarantees in life. There are NO guarantees that an education will help you build a life. But if you find yourself in the grim circumstance of having to default on a student loan, you ARE guaranteed to go through hell for it. Whatever you think you will get from your education, it's not worth the risk. Save up, do summer work, move in with your folks if you have to, to afford your education, but DO NOT take out a student loan!

ysabetwordsmith

Yes...

ysabetwordsmith

September 7 2010, 16:28:06 UTC 10 years ago

>>This is kind of a trigger for me. I went to England to teach and put myself through hell, eventually destroying any desire I had to teach... all to try and keep up with the payments... and then failing at that.<<

I'm sorry to hear that. It's not uncommon, though. This problem doesn't just wreck individual lives; it's a far-flung channel trap that drives people out of the middle class.

>>There are NO guarantees that an education will help you build a life. <<

What makes this such an effective trap is: It's almost impossible to make a sufficient living without a college degree. Almost all jobs require one now, even if it is irrelevant to the work, even if one has relevant experience. More and more, even the menial jobs that don't pay enough to live on require it. A college degree has become the equivalent of what a high school diploma used to be, except that it costs a huge amount of money rather than being provided free through public schools.

Damned if you do, damned if you don't.
the_vulture

Re: Yes...

the_vulture

September 7 2010, 18:23:12 UTC 10 years ago

Ya wanna know what's REALLY sad? The job I'm doing now doesn't require a university degree. Both of my freakin' bachelor's degrees have little bearing on how I'm keeping bread on the table. And, frankly, I've got a higher standard of living than when I was teaching. Heck, my brother is making over $60k a year as corporate sales support for wireless networks... WITHOUT a college or university degree. So, at least in Canada, if you can't earn or save enough money for higher education, there are still options out there. I know, however, the US job situation is a bit more dire.
ysabetwordsmith

Re: Yes...

ysabetwordsmith

September 7 2010, 18:46:26 UTC 10 years ago

I'm glad that Canada still has some decent job prospects for people without a college degree. Such is really not necessary for all types of job.