North Texas Daily

Loans are scams

Loans are scams

Loans are scams
September 23
13:00 2020

The capitalistic greed of the United States has continued to force people to decide their financial success at the age of 18. As college rolls in on millions of students, loans sneak up and debilitate plenty of students who just want an education. The longer you remain in college, the deeper the pockets of America get, building upon a frustration that was already too much to handle. 

College is difficult as it is, we go into it with wide eyes, ready to start a new chapter of our lives. We meet new people, learn new things and serves as an instantaneous preparation for the real world. Part of this preparation is the massive amounts of loans we accrue during our undergrad years. On top of that is the interest amounts that can supercharge your original loans and make it seem as if you are stuck in a world of debt. It’s hard for one to not question when it ends. And for many, it takes decades. 

On average, it takes 18.5 years to pay off student loans. Nineteen years is a very long time. If you graduate and decide to have children, you will be paying your student loan amount as they grow up and go onto college themselves. Most people graduate from university with their bachelor’s at around the age of 25 and will not be finished paying their loans off until about the age of 40. This is just regarding student loans though, as most Americans also need to take out loans for their car and mortgage. Who knows how long it takes to get rid of those? 

I am a first-generation student. Before going to school, I wasn’t really well-versed in loans, so when I did accept my first loan, I was, for lack of a better word, dumbfounded for multiple reasons. I was concerned because I knew what I was going to school to pursue. While I absolutely love journalism, I will not be swimming in the moolah when I graduate. Entry-level Journalists make about $22,000-$26,000 per year. Without pursuing any other degree, I will owe in loans very close to that salary amount. It is very daunting to think about and I cannot even imagine the amount of stress for people who owe even more. 

Another reason I was concerned was because of the time period loan companies give you to start paying back your loan. Six months does not feel like a very long time to get my stuff together after I graduate. Six months to start figuring out where I need to live, how to budget my spending and become an official adult. Six months before loan companies start to breathe down my neck about money that I really didn’t want to take out in the first place.  It just feels like one big trap.

Loans are scams because paying an insane amount just to put that work back into corporate America is redundant. They are giving us paychecks just for it to go back into their pockets through loan collectors. There are little to no opportunities for loan forgiveness and many of us cannot even afford the monthly payments after we graduate. 

I am glad I was afforded the opportunity to have an education, but why are so many strings attached? Is there a real reason they need to add interest to an amount that already haunts me in any financial situation I have? The amount of stress and frustration that comes from it makes one question if going to college is even worth it.

Featured Illustration by Olivia Varnell

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Jordan Allen

Jordan Allen

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