×
People Are Sharing Their Stories To Show How Unfair And Cruel Student Loans Are. What's Yours?

People Are Sharing Their Stories To Show How Unfair And Cruel Student Loans Are. What's Yours?

While education loans were made available, the cost of education shot up and shifted more money to banks and the rich.

The American dream is being weighed down by student debt, stifling the future of the country. A Twitter thread by Sports Illustrated editor Sarah Kelly highlighted the problem of student debt in the country and showed how richer people got access to education at a lower cost when compared to those with lesser means when it should be working the other way around. Kelly wrote: I borrowed $38,876 for school from one private lender. Since graduating, I’ve paid that lender $31,501. How much do I still owe them? $47,023. She then points out that those who with lesser means ended up being stuck in a vicious cycle of debt. She wrote: These are not my only loans, just the dumbest and highest-interest loans. The *current* cost of tuition at the University of Kansas is $10,092 a year so wealthier families will actually pay a tiny fraction of what I will have paid for the same education.



 

Kelly made the thread to also remind those burdened by student debt that it was a "structural" problem. While education is often touted as an escape route from poverty, the system was clearly designed to obstruct those with lesser means to climb up the financial ladder. Millennials have for long been labeled irresponsible by boomers but a rigged financial system and the economy is fighting tooth and nail to make it harder for them to buy a house and live a debt-free life.



 

Bernie Sanders and Elizabeth Warren were among the Presidential candidates who promised to cancel student debt, so millennials could get a decent start in their career. "We are going to forgive student debt in this country. We have for the first time in the modern history of this country a younger generation that if we don't change it, and we intend to change it, will have a lower standard of living than their parents, more in debt, lower wages than their parents, unable to buy the house that they desire," said Bernie Sanders at the time.

LOS ANGELES, CA - NOVEMBER 19: University of California Los Angeles (UCLA) student Andrea Flores challenges campus police as students and supporters protest after the UC Board of Regents voted to approve a 32 percent tuition hike next year on November 19, 2009 in Los Angeles, California. Undergraduate fees for students at the California university system would be increasing by about $2,500. It is the second day that demonstrators, including students from other UC campuses, have gathered to try to dissuade the board from approving the proposed increase. Massive cuts to balance the state budget have squeezed education funds in California. (Photo by David McNew/Getty Images)

Sanders had intended to tax Wall Street to pay off the student debt. The Vermont senator pointed out that the taxpayers bailed out Wall Street during the 2008 financial crisis and now it was time for Wall Street to repay the American people. “Congress voted to bail out the crooks on Wall Street, do you remember that? They provided seven hundred billion in federal loans and in addition trillions of dollars in zero or very low-interest loans. So I think the time is now for Wall Street to repay that obligation to the American people. If we could bail out Wall Street, we sure as hell can reduce student debt in this country,” said the senator. Unfortunately, Democrats sidelined Sanders and Warren and opted for Biden, while Republicans nominated Trump for reelection. Donald Trump actively worked to gut the existing student loan forgiveness program. 



 

After Kelly shared the tweet about her loan, countless others shared similar tweets revealing what Kelly had claimed — a structural problem. One twitter user wrote: My law school loans been over $200k since I graduated 8 years ago lol. I pay between $1-2k every month. principal hasn't been touched. love it.

LOS ANGELES, CA - NOVEMBER 19: University of California Los Angeles (UCLA) students Andrea Flores (L) and Kendall Brown (R) and other UCLA students and supporters demonstrate outside the UC Board of Regents meeting where members voted to approve a 32 percent tuition hike next year on November 19, 2009 in Los Angeles, California. Undergraduate fees for students at the California university system would be increasing by about $2,500. It is the second day that demonstrators, including students from other UC campuses, have gathered to try to dissuade the board from approving the proposed increase. Massive cuts to balance the state budget have squeezed education funds in California. (Photo by David McNew/Getty Images)


 



 



 



 

LOS ANGELES, CA - SEPTEMBER 22: Students protest the rising costs of student loans for higher education on Hollywood Boulevard on September 22, 2012 in the Hollywood section of Los Angeles, California. Citing bank bailouts, the protesters called for student debt cancelations. (Photo by David McNew/Getty Images)


 



 

Recommended for you