Given the recent Supreme Court Decision, it seems like a good time to repost my original post about student loans, review the most pertinent facts, and add a few more comments.
Here we go!
First, read the entire original post. It’s important:
Student Loans Forgiveness: Is it out to get you?
Here’s the big hitters from the post:
1. Student loans were just a massive shift of wealth from Students, their parents, and Government (so all of us) to universities.
2. Between 1960 and 2015 tuition increased 171.5 % more than inflation during the same time that salaries for Bachelor’s Degree Graduates only increased by 5.9% (adjusted for inflation).
3. College students and their parents were coerced and lied to about the benefits of a college degree. They were told that you must have a college degree to be successful and earn a decent living. Companies started requiring a degree to even apply for jobs. It was presented as the only way to get ahead, or even get by.
4. Big Colleges are just another form of Big Business. In fact, they trained them.
Now, in the previous piece, I pointed out that the root cause of this scam is the Colleges and Universities. But I think I missed a couple of other perps in this process. Here’s all the players:
1. Colleges and Universities
2. Student Loan Companies
3. Big Government
4. Politicians
5. Big Corporations
6. Main Stream Media
I don’t think I really need to add commentary on each one. I think you get it.
Basically, a college education is a giant Ponzi Scheme. The perpetrators of this crime (Colleges and Student Loan Companies) should be paying damages to the victims (college students and their parents).
They should do this by paying off the balance of open student loans so that innocent taxpayers are not on the hook for this giant scam.
And they’ll still have money left over. Universities, including the “Non-profit” ones, make ungodly amounts of money.
If you don’t believe me, look up the latest Form 990 of your favorite Non-Profit University.