cross-posted from: https://lemmy.ml/post/21841560
this post was submitted on 27 Oct 2024
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Late Stage Capitalism
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Windows DevOps Engineering. It's way easier on my body, and I never have to stalk a builder to get them to pay.
I was just one tiny company in a tiny city. I'd be willing to bet that there's a 5-10 year gap in the ages of people in the trades. There are a lot of stories like mine. People that were early to mid skill when 2008 happened and had to reskill.
Frequently, student loans were the only way to survive. We went back to school because there was no work. In my area you had to work or volunteer to stay on food stamps. The places that were approved to volunteer at were only allowing people with kids to volunteer.
I took $38,000 in student loans. I've paid $52,000 back on those loans. I still owe $54,000 on those loans. Both in 2002 and 2008 the mantra from the financial aid offices was "take the loans, deffer, consolidate, then deffer again, by then you'll be making enough money to pay them." They didn't explain how compounding all of that interest would mean that every $1 you signed for would actually be $3 in money you have to pay back.
That's another part I don't think people are talking about. Frequently, all that's being forgiven is fees and interest. No actual money is being lost, just potential money. If they retroactively set a 10% cap of profit from student loans, a huge number of people's balances would disappear.
Thanks for taking the time to write all that. It was good to read. I'm sorry you had to deal with all that. Glad you have your feet under you.
I'm a bit appalled by the lean repayments and you've given me something to think about.
Thank you.