JD'S Memes

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A Student Loan Story From The Student

I just saw another friend post something and feel compelled to educate my friends about the state of our country’s federal student loan program. This is in no way showing support for any political party. It is about the facts surrounding the current state of a very large portion of our country.

I have been paying my student loans on time, for over 10 years, since the day I graduated from grad school in 2012. The numbers in the image below are exact numbers taken from my 3rd set of student loan providers (they have been transferred twice in the past 3 years because loan companies keep buying eachother out).

If you think that people should “pay for the loans they took out” - WE ARE. WE HAVE BEEN. I have paid over $130,000 to be more specific, and I now owe $8.58 MORE than I did 10 years ago.

Our country and its student loan companies have been robbing people for years, and blaming it on young adults who went to school to better themselves, making them look like lazy kids who don’t want to pay back what they borrowed. We have been TRYING to. Student loan interest rates are not federally regulated. Student loan companies are not federally regulated. Their repayment plans have been grossly mismanaged for over a decade, which has been proven through federal investigations over the last few years.

Many people are on income-based repayment plans, which are made up of payments based on their previous year’s taxable income. These payments are calculated and decided upon by the student loan company, and rarely cover the interest due. The amount left over gets compounded and added to the principal, which adds to the total value of the loan. The next month that person is paying the same “income based” payment, on a loan that is now valued higher than the month before, which in turn has a higher amount of interest, which is again not covered by the income based payment, and is compounded onto the value of the loan… and so on.

NO part of student loan repayment in our country is as cut and dry as those who are complaining about forgiveness, make it to be. I’m actually happy that you appear not to know, because that means you aren’t stuck in the nearly impossible situation that so many of us are stuck in. People are paying. The loan companies just pocket that money. Student loans are a business, when they should be an asset to our youth.

Oh, and by the way... The same population of “lazy kids” are also federally mandated to pay into social security that they will never be able to collect because it will be dried up before they’re old enough, school taxes for children many of them will not have because they can’t afford them due to student loan debt, Medicaid and food stamps for a vast majority of people the same age who are ACTUALLY living off of the system, and rent for apartments they they will never own because they can’t afford to buy their own homes. Oh, and most of them have no 401k to take care of them when they are old and social security is drained, because they live paycheck to paycheck just to pay their student loan interest.

Believe me when I say that this is the furthest thing from a handout for lazy kids who don’t want to pay what they owe.
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