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When they tell you the economy is booming, always ask them whose... (lemmy.world)

submitted 11 months ago by [email protected] to c/[email protected]

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[–] [email protected] 3 points 11 months ago (1 children)

45 million with 1.8 trillion debt isn't even a "problem". The meme is just throwing out big number vocabulary trying to be scary.

That number averages out to 40k a person. 40k after 4 years of college with long term low interest to pay it is not done huge problem. The problem are for people who got scammed by for profit colleges and those with ridiculous levels of debt, and this administration is addressing those.

[–] [email protected] 2 points 11 months ago* (last edited 11 months ago)

In NL the govt switched from a scholarship-like student loan program to a regular loan program (which has been reverted since the start of this college year), and students racked up 60k debts over 4-5 years of study.

And that's in a country where the government also sets the student fees (2k a year now, somewhat following indexed inflation), which means about 8-10k is for study. The rest is additional cost and due to stories of low interest (0% for years, but now it's 2.4%) causing 18-22 year olds to be maxing out this loan to enjoy the student life and paying it off using the bank interest.

Then the 2021-23 inflation skyrocketed and that loan started going up faster than it could be paid off, as paying off is on an income-based monthly amount. Meanwhile, this loan does get subtract 1.5x from your potential mortgage sum.

Edit: all prices in EUR of course