Student Loan Debt and the Government Slave



Posted: Friday, April 01, 2011

by TeamAfro
AfroDaddy.com

When I was a young kid growing up my parents used to tell me to “go to school and get good grades so you can attend college and get a good job”.  I’m sure many of you have heard the same speech as college certainly was a stepping stone to good employment in America.  Unfortunately the last 10 to 20 years has brought on a dramatic shift related to how one becomes successful or even comfortable in America.  With unemployment on the rise, corporations laying off people by the thousands, and jobs being shipped overseas by the droves, getting a good job in America is no longer guaranteed just because you have a college degree.  In fact going to college could end up being the worst financial move you make in your life if you spend too much money on your education.  Today there is a new breed of college graduate who leaves school with $30 to $100,000 in student loan debt, minimal job prospects and a major financial responsibility to the toughest creditor on the planet.  This new breed of college graduate has become one of the growing legions of “Government Slaves”.

The term “Government Slave” refers to a person who owes thousands of dollars in student loan debt to the government and is forced to work to pay it back.  The student loan term is usually 15 years or longer and the graduate MUST pay this money back.  Even bankruptcy cannot remove this debt so a person must carry these financial shackles for life.  If the person tries to “defer” the debt, the shackles only tighten as the debt increases via interest.  The former student who may or may not be able to find a job in his or her chosen profession must nevertheless take any job or run the risk of immediately having their credit ruined, which (according to the new rules of corporate-run America) is the ultimate killer of your financial future.

Being forced to work doing what you don’t want to do for fear of punishment or retribution is the essence of slavery.  The master makes all the profit and the slave gets no benefit from his or her labor (remember the student has already received his education).  The private sector has seen the rise of this profit machine and today there is a growing number of private financial companies entering the student loan market.  I guess they figure – why should the government be the only one making this easy money?  In addition, many trade schools have joined the party by accepting unqualified and financially unprepared students; offering them “guaranteed loans” for college in exchange for “a guaranteed job” when they graduate.   Of course no one can guarantee a job in today’s environment so little Johnny gets his welding degree from BlaBla Tech and ends up with no job and a pocketful of debts.

We must warn our young people to be smarter about post-secondary education.  Do not go to a college you cannot afford and if you don’t have a full scholarship, you must pay as you go.  Leaving college with a debt that is more than a mortgage payment that will take just as long as a mortgage to pay off is not the way we want our young people to start their adult life. 

Next week:  Media Slave
Team Afro is the writing team for AfroDaddy.com - The Black Man's Survival Guide. The website is http://www.afrodaddy.com and you can reach the author of this article at teamafro@afrodaddy.com

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» left by David Levitt
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