Monday, October 13, 2008

It is so hard not to worry.

"This is not the time for government to shell out another 150 million dollars," blah blah blah.

Give me another stimulus check. I could use it to purchase some neem oil, or something to soothe my cuticles. My nerves have been racked lately. I am graduating, willing I pass my Spanish class, in less than two months and to be honest, I am feeling the anxiety of the economy. I am a student of middle class parents who had no form of finances to pay for my "higher level of education." Which means I have a nice size of student loan debt left in my book bag after my last round of final exams. I will be entering into the best years of my life with debt and worry. So yes, Almighty "All-knowing" Government, give me that second round of stimulus checks and please, don't forget about the millions of Americans who trusted the government in accepting Stafford student loan money. The debates, on both state and national levels, are chocked full of plans on how to make college education more affordable-- but this is talk for the future, something our leaders are so good at, talk talk talking about the future. But what about the now? So many young adults have trusted the advice that earning a college degree will better prepare them for the the future. But I worry that this is a falsity. I fear that the millions of young Americans who will be paying off their student loans during this period of economic transition will feel the strongest blow of economic uncertainty. Federal Stafford loans are funded by private lenders, such as Citibank, which means the loans granted through Federal program will be handed over to the private sector. The private sector is obviously in a crisis and the possibility of the private sector jacking interest rates even higher than the current 6.8% is a real possibility. Student loan debt is unable to be compensated through bankruptcy, and I am sure the private sector knows this. The loan debt will ALWAYS be there. So the potential for the private sector to take advantage of this is a huge risk to a whole generation. The class of December 2008, and even May 2009, should be scared, pissed, and ready to write congress. If the American Government forgets these people, if they forgo the opportunity to protect the generation that trusted the recommendation of going into debt to earn a higher level of education, then the American Government will be setting America up for failure. There will be a whole generation of young adults that will never be able to live and enjoy life without an economic cloud looming over head. The economic future of the graduating middle class is as real a problem as the current economic turmoil.

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