“Every single year, millions of young adults head off to colleges and universities all over America full of hopes and dreams. But what most of those fresh-faced youngsters do not realize is that by taking on student loan debt they are signing up for a life of debt slavery. Student loan debt has become a trillion dollar bubble which has shattered the financial lives of tens of millions of young college graduates. When you are just starting out and you are not making a lot of money, having to make payments on tens of thousands of dollars of student loan debt can be absolutely crippling. The total amount of student loan debt in the United States has now surpassed the total amount of credit card debt, and student loan debt is much harder to get rid of. Many young people view college as a “five year party“, but when the party is over millions of those young people basically end up as modern day serfs as they struggle to pay off all of the debt that they have accumulated during their party years. Bankruptcy laws have been changed to make it incredibly difficult to get rid of student loan debt, so once you have it you are basically faced with two choices: either you are going to pay it or you are going to die with it.
“But we don’t warn kids about this before they go to school. We just endlessly preach to them that they need a college degree in order to get a “good job”, and that after they graduate they will easily be able to pay off their student loans with the “good job” that they will certainly be able to find.
“Sadly, tens of millions of young Americans have left college in recent years only to find out that they were lied to all along.
“As I have written about previously, college has become a giant money making scam and the victims of the scam are our young people. …”
This is not only predatory, it’s counterproductive to the economy. A nation which does not support higher education will not long be part of the first world. This is yet another example of how huge masses of dead assets, whose only function is to grow, is sucking the blood out of the country. And it’s all completely unnecessary. We need to ditch debt-based money NOW. We the people can bail out ourselves if we throw off the bankster’s chains. (monetary.org)