A reader writes:
I’m a bit shocked by something that has been missed entirely in this thread. One reader wrote, "We want the government to have a roll in education through pell grants and student loans," and there have been a few curt mentions of student debt, but … HELLO? We want the government to have a roll in education through … saddling the next generation with debt? How far have we come!
I’m 28, an attorney who graduated with over $100k in debt after attending a top-tier public law school. (It’s a funny joke in our culture that we call these schools "public.") I pay a mortgage that is about 50% less per month than I pay in student loan payments.
Now that’s fine; those are my choices. But when we’re speaking about generational redistribution of wealth, how can you not mention that we Millennials are starting the game with one leg cut out from under us? Previous generations enjoyed the benefits of "public" college (if you could get in) – college funded by the old guys paying taxes. We’re the generation that will finish paying for our own college in our fifties. So on top of paying for excesses in pensions and entitlements, we’re going to be footing the bill for our own schooling.
Another writes:
I was born in 1985. I'm the oldest of three and the only one to complete college (Class of 2008). Deciding to go to college has become one of the defining events of my life. Not because of the excellent education I received despite my learning disability (I have dyslexia), but because of the MASSIVE debt I now carry. I owe about $103,000 in student loans. I have 22 years to pay it off. Currently, my monthly payments on all of my loans is about $930/month. Do I think my college degree was worth $100,000? HELL NO.
But it has helped me in job interviews because it's a school that is well known. I was lucky enough to get a decent job right out of college (if you consider right out of college six months after graduation). In the five years since starting as a young professional, I have changed jobs three times. Even in my current position, as a project manager for a National Institute of Health contract at a major university, 50% of my paycheck goes to my student loans. That's on top of living expenses like rent, food, utilities, transportation costs, etc. My "extra" spending money comes to about $150 per month.
Because of my debt and monthly expenses, I probably won't be able to buy a house in the near future. Even with my husband's income, we can still only put away a few hundred dollars a month. I've read stories where the author stated that it's MY generation's fault that the housing market hasn't picked up. Maybe that is true, but how the hell am I suppose to save 20% for a down payment with my income? I also have family members who are Republicans and avid in their hatred for Obama. But even they admit that it'd probably be a good idea for a portion of my generations loans be forgiven so that the economy can pick up.
To read all the millennial letters, go here.
The Dish 