Has the Federal Government become the real American Gangsters when it comes to Student Loans? A Blog on how College can be most Young Adults Downfall.

If you live in America, than you have probably heard about the "American Dream". You know: the white picket fence, two kids, and a piece of property which you can call yours. If you have been blessed enough to reach adulthood in America, then you also know that this "American Dream" that we are taught about at such a young age, does not really exist. Am I saying that no one can never acquire these things? Of course not, but it is very difficult to get these things when there is inflation, jobs not paying more to make up for the inflation, and having a bill that can equate to more than your future home like student loan debt. On top of all of those real life scenarios that I just gave, if you are Black or Hispanic, the "American Dream" just became a bit more difficult due to discrimination, redlining, lack of education, resources, and access to generational wealth. Most African Americans and Hispanics are literally starting from ground zero, and working their way up. Despite these sad realities, student loan debt just adds more turmoil to an already daunting situation. In this blog, I will be discussing how the Federal Government when it comes to student loans, is one of biggest hustlers that most people in their lifetime will come across, and how going to college can become very problematic when you have to take out loans. 

Why College?

    As a Black woman with an M.Ed (Masters in Education), I am not saying that people should not go to college. College can be a wonderful growing experience, and if you decide that you want to be an employee for someone else one day, you will find it very difficult to find higher paying jobs without a degree. Unfortunately, when you obtain this degree, you also obtain all of the debt that comes along with the piece of paper you will get after doing your semesters in college. The best way to go to college is simply to have someone else pay for it. This could be a parent, scholarships, grants, or a college fund that your parent may have set up since you were a baby. Even with these suggestions, opportunities like these are a lot more difficult to come by for African Americans and Hispanics. The major reasons behind this is simply the lack of resources,  lack of knowledge, or even education, (especially for urban children receiving a not so great urban education) which would knock out a lot of African Americans and Hispanics from receiving academic achievement scholarships. The education system has never been equal, and it has been statistically proven time and time again that White children, despite their social economic status, are still receiving better educations than their Black and Hispanic counterparts. With all of these disparities, it makes it more difficult for certain races to get their piece of the American Dream.

Let's get to the Facts about Student Loan Debt 

    Student loan debt is literally killing us slowly. Americans owe a whopping 1.77 trillion dollars in student loan debt as of 2022, and many consumers will never be able to pay off their debt due to the interest rates that are attached to each loan. In the article, "The Great Ameri-con Dream: Our Generation is Drowning in Student Debt Christopher Rivas states, "America is the original pyramid scheme. The dream says, “Work long and hard, and you will be free,” just like the slaves put on the frontline who were promised that if they fought, they would gain their freedom – along with land. But we all know how easily this country takes back its promises". This quote speaks volumes, because is America really the land of the free? How can it be the land of the free, when we are signing up young adults, fresh out of high school, to make crucial financial decisions on debt. It literally is absurb, and shows that the federal government are the true hustlers of our time. Young adults going to college will pay more than double the amount of their loans if they are not paying down on the interest rates immediately when they start. Blacks and Hispanics typically owe out more than their White counterparts, but get paid less, which is an disadvantage all the way around. We are pretty much stuck as a society to run on a never ending hamster wheel that goes absolutely nowhere. This simply can't be life!

Solutions?

    Making solutions for this situation is very difficult, because due to America already being in so much debt from giving people loans for college, they could never decide to just cancel debt altogether, because the same question remains: Who would pay it back? This is one of the major reasons why Biden was not successful at his student loan relief plan he was trying to implement. I would say the solutions start at home. Parents should create college funds for their children when their born to at least ensure they owe less in loans. There needs to be conversations about financial literacy, and is college the right decision for your child. If your child is going for a liberal arts degree that will not generate the money that they are putting out for school, maybe look at other venues. People are making money out here, and do not necessarily have a degree. The mindset that has been pushed for years by society that college is the only way to be successful is simply not true, and when you think of the debt that your child could come out of college with, you may reconsider greatly!