If you don’t think there’s anything wrong with the cost of education and student debt, think about this:
I would have to earn $170,000 to have the same payment for income-based as I would for standard repayment. Let’s just say I’m not quite there yet.
I would also have paid over twice as much as I took out in that instance. Unless I get loan forgiveness, I will be paying back well over twice as much as I took out in my current (and any reasonably expected) payment plan.
Not saying I didn’t understand what I was getting into when I started school, and I’m working on taking care of my student debt. However, it is the only option for many students to obtain higher education, and the interest rates are far above many other types of loans when this is an investment in our country’s future.
This shouldn’t be a source of profit for our government. The profit comes when we help students succeed, create more high paying jobs, and get people out of the debt circle.
I do not know the answer to this problem, but it is a problem our nation faces. I believe that if enough smart empathetic people care about finding a solution, we can create a way that makes college more affordable and create millions of better high paying jobs for Americans.
Feel free to ask questions or comment, but keep all attacks off of here.