No SilverSpoon For You

As parents or grandparents, for the most part, we strive to ensure our children and our grandchildren have a better live than we did. Perhaps that special sibling or young relative that we feel shows promise of greatness. Or dear we say ourselves, a career change or to find a higher paying job to better provide for our families.

Find the buoyancy to allow breathing as an option.

Countless years as the tail of life spin around and around, as young youth we are told that college, named brand universities and good-paying jobs along with hard work will pave its way to a better and stable life.

College graduate
Receiving the Diploma

In a recent article by HOW TO $TUFF YOUR PIG titled, IN THE NEWS: SHOULD STUDENT LOAN DEBT BE FORGIVEN? resonated with me for several reasons. One, I used to be a student myself of higher learning, the first in my generation to obtain that piece of paper that I thought would lead to doors opening up and the phone ringing off the hook. That was one of the proudest days besides seeing my sons’ birth. The second reason is I used to be one of those so called specialist on the phones in a large corporate bank approving and most of the times denying student loans. I crushed many dreams during my five years as a Student Loan specialist. But then I rather see them denied than go into a debt. Third, while, in that industry, I have seen many fall prey to Salle Mae with hopes of landing that one job that would become a career.

After a few department consolidations, those that could not escape by finding other suitable jobs were lead to the land of Private Student Loans. A few of us were parents ourselves and we had a moral dilemma. we were in the aftermath of what would become known as 2007-2008 financial credit crises lead by the Bush Administration. A pretty package wrapped in gold lace and flowers scented with Rose water left for the Obama Administration that took office in 2009 to only find a tangled mess of spaghetti wires once the package was opened. Many banks having to take a handout to stay open. giant car manufacturers taking the handout as well to keep their doors open. The land of finding those great jobs were lost to students and others.

If you were not born with that silver spoon, that cushion to soften the harsh blow of an economy crisis, you found yourself fighting an uphill battle.

Students wanting to become doctors have accumulated student loan debt closing in the million dollar range. Students that wanted to become pilots did not have it easy either.

The student Loan Crisis.

A publication by Sophie Quinton from the national Journal wrote an article with a publish date of April 20, 2015, titled, The Five Things You Might Not Know About Student-Loan Debt.

The eco­nom­ists found par­tic­u­larly stark dif­fer­ences for the group that entered re­pay­ment in 2009, dur­ing the depths of the Great Re­ces­sion. In the ag­greg­ate, bor­row­ers from neigh­bor­hoods where in­comes av­er­age less than $40,000 a year have paid down just 3 per­cent of their debt. Nearly 60 per­cent have either fallen be­hind on pay­ments or de­faul­ted on their loans.
Mean­while, people from neigh­bor­hoods where in­comes av­er­age $80,000 or more have paid off nearly 30 per­cent of their total debt. Only 20 per­cent of those bor­row­ers have had trouble mak­ing pay­ments.

A reporter by the name of Jillian Berman from MarketWatch, Watch America’s student-loan debt grow $2,726 every second Published: Nov 10, 2015, 11:14 a.m. ET

This burden is likely preventing many of these Americans from buying houses and cars and fueling economic growth in other ways, according to research from the New York Federal Reserve and others. And only 37% of borrowers are actually paying down this debt.

“We have gained an increasing understanding that how we finance post-secondary education has significant effects on a variety of critical economic outcomes, including economic growth and inequality,” William C. Dudley, the president and CEO of the Federal Reserve Bank of New York said at a student loan data conference earlier this year, according to prepared remarks.

Modeled on the famous National Debt Clock, the student loan clock offers an alarming portrait of the problem in aggregate, but certain types of borrowers are suffering more under the weight of student loan debt than others. For many, taking out student loans is a worthwhile investment that helps to increase their earning potential. But borrowers who never reap the benefits of the education they went into debt to obtain are more likely to struggle to pay off their loans. Sixteen percent of borrowers who never finished their program are behind on their payments, according to data released last month. By contrast, just 4% of bachelor’s degree recipients and 3% of borrowers with graduate degrees report being behind on their payments.

Hers is a thought!

I do believe it is the time our states offered the first two years of college free, the graduate Professor on a program could work off his or her debt by instructing these young great minds of the future. Deans could forgo that Porch of luxury.  Those that on working on their Master to become teachers could also instruct while in a special program themselves from their debt. This is not unlike what already is in place for Doctors or Teachers to work in areas of the underprivileged. Those programs have been in place for some time now. This would just be an extension of said programs. The only problem is that those that graduate have dreams of their own having already put in many years of schooling and do not want to put another two years in, but it would ease their debt.

Speaking of debt, Danny wrote a wonderful article today providing ways to get out of debt. Financial Freedom and Living the Life of Your Dreams

5 thoughts on “No SilverSpoon For You

Add yours

  1. Good piece, Michael. I benefited in the 1060’s from the government loan fo those training to be teachers. I had it paid off in about five years. It was great. They really needed teachers because of the baby boom that still wasn’t over. Of course, the city college I graduated from wasn’t as expensive as colleges are now. I also was living at home.


  2. Reblogged this on How to $tuff Your Pig and commented:
    Yesterday I asked the question “Should student loan debt be forgiven?”. I know many of you have had some strong opinions on the issue and where it’s political in nature, I have chosen to simply bring you the facts because I strongly believe it’s up to the reader to decide the answer for themselves.

    Today, Michael from Michael’s Origins (excellent blog by the way!) answered my question by sharing his point of view in a post called “No Silver Spoon For You”. I highly suggest you give it a read and share your thoughts!

    Liked by 1 person

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