One of the main complaints of the Occupy Wall Street movement is the high cost of student debt for higher education. It is a major problem. This year for the first time the total student debt of the USA superseded that of credit card debt and the total student debt number will soon be 1 trillion dollars.
College is unbelievably fucking expensive these days. Look at this list of the top 10 most expensive colleges for 2010-11, from campusgrotto.com.
What the fuck? Sarah Lawrence College? $59,170? What for? I don’t hear much about alumni from Sarah Lawrence College going on to make a bunch of money as CEO of GE or some other criminal organization like Goldman Sachs. No, Sarah Lawrence is just another one of many of America’s snooty overpriced liberal arts colleges mainly composed of girls (73% of the school is female) who think they’re sensitive and gifted and special and smart and major in Women’s Studies, Victorian Literature, Environmental Policy or some other equally useless bullshit.
A quick perusal of a list of alumni of Sarah Lawrence on Wikipedia reveals very little in the way of business leaders, political figures other than that scumbag Rahm Emanuel, any good musician other than Carly Simon or any A-List actor of today except for Kyra Sedwick. There’s a couple of sort of well-known authors but nobody major except Alice Walker. Really it’s an unimpressive list, especially from the most expensive college in America.
$59,170 a year buys these girls and their little neutered male counterparts a close 6-1 faculty relationship where they are taught to turn into snobby little Rebecca Watsons or perhaps lesbians (at least while they are there and it is fashionable) and reinforces the lovely American girl entitlement complex that is what sends me as far away from these shores as possible whenever I have the opportunity. Then after they graduate they have no real marketable skills and have to get jobs completely unrelated to their theater major with a minor in transgender poetry. I wonder how many have to resort to the pole eventually.
Many of these kids are kids with rich parents who just pay cash for their education. I say don’t worry about them, the cost is high but if they want to waste their money on a useless bullshit education so be it – a fool and his money are soon parted. Then they usually live off their trust funds, pretend to be a writer and live in a SoHo apartment that Daddy pays the rent for.
But the problem is there is another girl there. Maybe you remember her from high school. Let’s call her Mary. She was the girl who was really smart and nice and actually really cute too, but she wasn’t ho-ing it up at the high school drinking parties and dating one douchebag after another. She was in the school play, the orchestra, the student council, and she volunteered for charity after school sometimes.
What a nice girl she was back then. If we hadn’t been too busy drooling over the slutty dressing future gold-digger rich girls at school she would have made a great high school girlfriend. And today I bet she’s doing great, she was so smart and talented. Where did she go to school again?
Oh right, Sarah Lawrence. But her parents weren’t that rich! She couldn’t really afford it, but everyone says where you go to college will mean the difference between success and failure in life so she did what she had to do to go to a great college, the best liberal arts college in America. Sarah Lawrence College. How did she afford it? Oh, right.
They seemed like such a good deal at the time. The interest rates are so low and you don’t have to pay them off until after you graduate. So she signed up for them, they gave the loan to her even though she had no job or any guarantee of any income after graduation. She was so busy studying for her English and Environmental Studies double major that she couldn’t really get a job so she just put her groceries on a credit card (there’s a funny thing about that, she signed up for a Visa card on campus and they let her list her student loan as income when she applied) and after four years she graduated with $250,000 of debt.
That’s when it really started to get tough. She couldn’t get a job in her field so after a while she had to get a job as a secretary to pay her bills. It will take her 25 years to pay off her debt at this rate. She works way too much for low pay and gets hit on by her married bosses all the time who are half as smart as she is.
Poor Mary. What a tragedy. She is one of the many victims of the college debt scam. With the government interfering with the interest rates and subsidizing/guaranteeing student loans, it’s created a lot of free money in education. That means since money is so cheap for college, colleges can raise their tuition across the board and create a whole generation of debt servants. This is the state of higher education in America. Check out the chart for lending per year this decade, adjusted for inflation.
It’s the new subprime housing bubble. And you better believe those scumbags on Wall Street have been buying up, securitizing and leveraging the shit out of these college loans, just like the banks bundled together shitty subprime mortgages and sold them as AAA investments before 2008.
Sorry Mary. They sold you the blue pill. And now your choice of college and your choice to borrow to go there has ruined your life. Soon it will ruin everyone else’s life when the taxpayer has to foot the bill for it. That is except for the people who got rich off the American Higher Education Scam.