It has been quite amazing to witness, personally and through friends and media, the student debt crisis that is slowly but surely moving toward one of the biggest bubble bursts in history.
It is VERY daunting: the amount of debt I currently owe (and will continue to owe for the remainder of my life due to insane interest rates that keep the debt way above what I originally borrowed) PLUS the lack of a stable( well-paid or better yet, PAID) job PLUS the fact that the courts/legislators seemingly punish students that are facing a debt-and-job crisis due to the bad economy (given that students can’t seek debt-relief unlike consumers who blow $90k on things like clothes, furniture, cars, vacations and yet can get the debt dismissed in bankruptcy court) EQUATES to a really up-hill start for my generation.
I mean, I consider myself a “hustler” and recognize this is the run run run type of economy, where we have to duke it out for the meager resources we have available (low-or-no-pay jobs, no health insurance/benefits, no student loan relief, no prospect of the baby-boomers retiring to leave jobs for us- to then get ready to pay for the unrealisitic demand in social security benefits that are to come)- I mean, really…where is there a break?But yet- there is a little light that shines:
That is why, when I see these great StartUp Companies, and these ‘boy CEOs’ taking over the world- I jump for joy, because those are instances where I see HOPE for our generation. I truly believe that my generation will not be looking to the government to ‘bail-us-out’ because we will stay waiting for a very long time. I think that this generation is about ENTREPRENEURS, STARTUPS, TEAM-WORK, A move back to the organic, un-inflated, un-realistic, entitlement-prone reality that we currently find ourselves in but are desperately seeking to get out of!!
So, yes, I have insane debt, and yes it will lead to a debt bubble crisis that the government will only help with AFTER it explodes (like it does for everything else)- but at least I have had my reality check (and thankfully, due to the support of my One-Percenter) I will continue to hustle until I catch up to where I know I want to be, one day at a time.
- A Look at the New Student Loan Forgiveness Act of 2012: HR4170 (loans.org)
- Rep. Introduces Legislation to Forgive Student Loan Debt | Common Dreams (2012indyinfo.com)
- Student Loan Debt Delinquency Is Much Worse Than We Thought [Bubbles] (gawker.com)
- Private Student Loans Should be Dischargeable in Bankruptcy Courts, Senator Says (legaltimes.typepad.com)
- Is a student loan debt crisis brewing? (mnn.com)
- HIGHER EDUCATION BUBBLE UPDATE: “The total outstanding student-loan balance in the U.S. being great… (pjmedia.com)
- Support The Student Loan Forgiveness Act of 2012 (dukooth.wordpress.com)
- The $100 Billion Student Debt Bubble May Finally Blow (businessinsider.com)
- Public Service Loan Forgiveness: How to Maximize the Benefits and Minimize the Risks (usnavyjagcorps.wordpress.com)
- Skillshare Is Giving Away $5,000 To Help Students Pay Their College Debt (businessinsider.com)
- 80 Percent Of Bankruptcy Lawyers Report A ‘Substantial Increase’ In Clients Buried By Student Loan Debt (thinkprogress.org)
- Student Loan Debt: Massive and Past Due (pubcit.typepad.com)
- Why You Should Pay The IRS First – And Who to Pay Next (turbotax.intuit.com)