I remember the good old days growing up taking high school shop classes which taught practical skills, along with professional level trade skills. The school system, at least here in Ca, went from an education system that provided those that desired, to gain these skills. It also provided these opportunities to students that did not excel in academics. In doing this, the education system provided those student that did not excel academically with an avenue of not only self value, but also an avenue to a career; opening up doors to trades that provided a living wage that would support a family. Our education system abandoned that system, for a system of one size fits all and everyone is college bound, i.e., looking at a professional career. Those that did not excel academically had no options at the high school level; sending the message of worthlessness to those not college bound. However, the option of adult trade schools was available to those privy to them, because the option was not widely known of at the time. However, back then, affording to go to a trade school was not on the table for many, and despite student loans being available, this was not commonly known to those that were unable to afford this route.
In short, the lower middle class and below, were left with few known options and at this time, these class level people often had the belief that college was for rich people, thus above them. This inculcated a limited life for the vast majority of this portion of the population. It also inculcated failure to many, and turned those not academically inclined to drugs, gangs and crime.
Years went buy before this lower middle class and below became aware of student loan program, through government funded programs to raise awareness. But the one size fits all remained fixed in our K-12 education system; continuing the limited and failure life (dare I say model). Awareness of the student loan program grew. Subsequently so did the number of graduates. With this grew the competition model of universities increasing their capacity and putting out more and more graduates. Subsequently feeding the one size fits all model (everyone is college bound). This put out a glut of graduates competing for jobs, and thus driving down wages and the value of a college education, making it common place in our society.
While the value of a college education was taking a decline in its perceived value, so was the associated pay. Along with this, the cost of living in cities, (this is where the jobs are located) was rising, in many cases dramatically. This situation has reached a stage that makes it difficult or impossible for many to afford to pay their student loan debt. Subsequently, the interest associated with such debt increases, along with the amount owed. In short, while many are paying what they can afford, based on the student loan income level payment program, their balance is growing, instead of getting smaller. Do I even need to say this: so the result is that it is putting people that cannot afford to pay down their student in greater debt. Clearly this is a failed method, but still continuing to this day. To complicate things, many that planned on utilizing government programs of loan forgiveness, in which they were told they would qualify for, and in fact do qualify for, go denied for such programs. For example, teachers and social workers working in disadvantaged areas. This simply instills resentment in the student loan program. These issues have still not been addressed.
So do feel for some borrowers, absolutely I do. For all, a resounding no. But those that can not afford their student do have an option that is built into the student loan program. In short, they can indefinitely have their student loans in deferment by simply taking 6 units per semester or quarter. It does not matter the level of the class, or if they continually take the same class. They can do this at any college or university. So they could do this at a community college. If they do this until they die, they can go without ever paying a penny back tot he student loan program, and they get a fully funded education paid for by the tax payers. So in short, there is an option for those that are in the unfortunate situation of not being able to afford they student loan payments, as long as they remained enrolled and pass even the most basic courses.
This is a politician created crisis, just as the bank bailout was. Remember, "To big to fail" I recall a time when such monopolies were not permitted under law and in practice. I recall bell, our telephone company being broken up into several smaller independent companies. That is just one example. If one of the smaller companies failed, it was allowed to fail and another company would simply take over, stabilize the company, and then separate again. Considering the trend of our elected politicians having the tax payer absorb the costs of their failure, unfortunately my money (literally) is on us taxpayers absorbing the burden of the failure of our politicians to act prior to their failure in regards to the inevitable collapse of the student loan program. In short, despite the exceptional opinions previously provided, and the evidence of self responsibility and appropriate parenting being in the toilet, in many cases; the real blame belong with our elected officials, and their failure to act, on many levels.
