This week, 5ivebruhs, a blog that presents views from 5 college friends from different backgrounds, posted about the impact of student loans on borrowers, the economy, and the nation as a whole. This blog has been running strong for 4 years now and is definitely a quality read if you’re looking to question societal norms. But I digress. Below is an exceprt from the piece relating to finances. Since it’s #FinancialFriday and all. For the entire post, click here.
The demographics of the readers of this blog probably varies, but I’m sure most of us have a few things in common. We will all have to pay taxes, we will all die in a blaze of glory, and most of us have student loans. This has become a point of contention between my parents and myself, but I won’t go into detail. Jonny Casanova and myself even had a lengthy discussion about the validity of J. Cole as a lyricist as he always seems to mention Sallie Mae. This @#!*% , and her cousins at other financial institutions, are raking a generation over the coals.
Student loans are a means of control, and the way in which student aide is given is a farce. The control comes in the form of socioeconomic status. The best way to describe this is an American version of the caste system in India. This is how the rich stay rich and the middle class continues to struggle with their “American Dream”. The FAFSA bases my level of financial need on my parents income, but at the age of 18 I am considered an adult right? So why is my level of future debt based on people who are soon to have no legal ties or responsibilities to me anymore? Our fate is decided before we even get to college. Debt-free and at liberty to chase our dreams or destined to a life of debt. …(cont.)