Communism has warped more minds than Capitalism ever has.
Let's look at some facts.
- The typical bachelor’s degree holder who borrowed owed between $20,000 and $24,999.
- Among borrowers with a postgraduate degree the median owed was between $40,000 and $49,999
Most loans are paid off in 10 years. So, you are saying the average college graduate can't pay off $25K over 10 years? God forbid they want to buy a car, they will never make it.
Young college graduates with student loans still tend to have higher household incomes than their counterparts who haven’t completed college.
- 52.7% of indebted borrowers owe $20,000 or less in student loans.
- 32.1% of indebted student borrowers owe $10,000 or less in federal student loans.
- 15.0% of borrowers owe less than $5,000.
- 20.6% of borrowers owe between $10,000 and $20,000 in student loans.
- 18.1% owe $40,000 to $100,000.
- 7.5% owe $100,000 or more.
These are all reasonable loan amounts that a college graduate can pay back. They have tons of ways of extending financing if they need to but they should be able to pay this. In fact, they likely have an easier time paying this loan payment than a blue collar worker has paying his taxes to pay off the other guys debt.
Of course, there are about 25% of loans over $40K and up over $100K. Bu those are almost all doctors, lawyers etc.
Instead of having someone else pay the debt they took on themselves, can we all agree they should get a free copy of Dave Ramsey's books and we can call it a day?
