The Next Bailout: Cancel U.S. Student Loans

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Yes this is a vicious net that is purposefully designed to keep you ensnared for life.
It is a guarantee to get money from you! My question is why is even a simple liberal arts degree so expensive here? I understand if the degree is in advance engineering where there is a lot of resource expense, but a degree in english? Our country is based on money! everything about the United States is about spending money.

Andrew Rai of NY 8:09PM October 14, 2011

It's unfortunate that we went to school to get degrees to help contribtue to society...I would have been better off being a stripper or getting an associates degree as a xray tech. At least I'd have less loans, steller credit, and more opportunities to get business loans etc to open a business or buy a house. The whole thing is a scam.

Theresa of GA 2:14PM August 10, 2011

I feel the promise of a better life with a college degree was a lie to me. I don't even make 9.00 an hour, I have a worthless degree. I don't think I should have been allowed to go to college because I really am not that smart. I really didn't learn any useful job skills. It was a waste of expenses and a disappointment to my family who thought education was a way if better our lives. Instead it has made life very difficult for all of us. Most of my friends who did not go to college are doing better than me without all the debt.

jay of WV 10:28PM April 17, 2011

I have about $280,000 in student loans after I got my dental school education, my monthly payments are around $2,000 or little more and the amount of money I make on paper sounds good but after taxes and all other costs to practice I only have $4,500 left for rent and all other expenses. I know it sounds like a lot but living in souther california where a one bedroom apartment in an okay part of town rents for $1500 plus utilities it isnt much. I live paycheck to paycheck and I'm at the point where I had to defer my student loans because i cant afford to make the payments on them. This "bailout" would be a great relief

H of CA 12:39PM September 03, 2010

Let's make this happen!

kristina of MO 1:31PM July 14, 2010

I have $20,000 from undergrad and $140,000 from private student loans. I have a doctorate degree and can't afford to rent a studio apt for more than $300. My interest is about $800 a month. I'll be paying $1500 a month for the next 25 years.....it's not fair. I would love to invest in a home, but I can't afford it. I can't start a family or travel, or do anything because I have to pay off my loans and that takes half my monthly income.
I wish there was relief for people that actually graduate with degrees.
I have no savings...and won't until I get rid of my loans....when I'm 51.

of 1:46PM June 08, 2010

Its the interest. People get roped into paying the interest and never actually make the progress on the loan.
The government can bailout students by buying every loan, not charging interest, and allowing people the opportunity to pay the fund.
They could also incorporate a plan where your payments are income based, and if you still arent able to pay your debt in 10 years, forgive 50% of the debt...then come 25 years, forgive the remaining balance. People that have paid their debt wont get pissy because they didnt receive a hand out, and people that are truly working hard trying to pay their debt, have a chance to still have less stressful life.
I have 160k of student loan debt, and im looking at 1500 or more a month repayment...this is in no way possible with my other expenses making less than 40k a year gross income. I dont want my debt to be forgiven, I want to pay off my debt...but thats just it, I want to PAY it. Not pay interest for the rest of my life

Steven of WA 7:02PM June 04, 2010

My interest only payments to sallie mae alone are $389/month; Not including perkins and stafford. I would spend so much money on other things, and would finally be free to do the things I want to in life. I would do anything to lose my student loan debt!!

pete of MA 6:54PM May 13, 2010

My boyfriend of 4 1/2 years and I, if we ever consolidate when we get married, will total in the six digits. We only attend a public university, but to manage housing and tuition, we have to take out a little over $10,000/YEAR. I think this is insane. There are many things we can do to change the situation of student loans. Schools are stuck in a tough position now too because of lower funds to even operate.
Many measures could be taken. Perhaps no interest on these loans at all (or very, very low). My $15,000 loan only paid for $10,000 of my education. A simple bailout of student loans, considering billions are no matter anymore. There are many ways to reduce the amount that students owe, and we need to find a way FAST! When more people my age end up graduating, there will be a whole generation of us who will never see our savings account reach over $100.

InDebtForever of OH 2:30PM April 29, 2010

I paid my student loans for 8 years at $150 a month and my balacne only went up. I moved to another state where I had to take a job with less pay and could not make the $150 month payment. I asked for a deferment until I could get back on my feet and was denied. I worked full-time while I went to college and only took out loans to cover my tuition and books. The interest is crazy. I know owe almost twice as much as when I graduated college. I am in default and my loan has been sent to collections. I need help. If I knew that I would not receive a paycheck with more money as a college graduate, I never would have busted my butt to get my degree. College and the loans have made no difference in my life, except a horrible credit rating.
Please help us.

Margo of NC 10:30AM March 27, 2010