This funny student loan “horror” video is making the rounds online. It would be more funny if it weren’t so real…
The comment thread on YouTube indicates that quite a few young people out there can sympathize with the lady in this video.
YouTube user Leu Yang wrote: “No too real man, just too real.”
Roberta Las Casas wrote: “OMG can you imagine this for real!!! I would have one of those suckers at my house everyday!!! LOL”
Click here to Like The College Fix on Facebook / Twitter: @CollegeFix
Fox News reports that the deal struck Thursday to lower student loan rates back to their pre-July terms is already prompting criticism from some who called it a stopgap measure instead of a permanent solution:
A highly touted student loan “deal” began to run into criticism Thursday as advocacy groups and Democratic lawmakers complained it would merely provide short-term relief in exchange for higher borrowing costs on future students.
A few years from now, students with subsidized loans could easily be paying far higher rates than the average person paying off a car loan. In the near-term, the college agreement would rein in student loan rates, which for new subsidized Stafford loans had doubled from 3.4 percent to 6.8 percent at the beginning of the month.
Under the deal, undergraduates this fall could borrow at a 3.9 percent interest rate.
But higher rates would still loom. The rates would only last through the 2015 academic year, after which interest rates are expected to climb above where they were when students left campus in the spring. Rates for undergrads would be capped at 8.25 percent.
Sen. Jack Reed, D-R.I., was one of the first senators to criticize the plan, after the official roll-out of the proposal earlier Thursday.
“Instead of preventing the doubling of these rates to 6.8 percent, it would gradually raise these rates above 6.8 percent,” he said in a statement. “We might see one or two or three years of rates that are relatively below that number, but inevitably, mathematically those rates will go beyond 6.8 percent. And the caps are rather high.”
Liberal advocacy groups echoed the complaints.
There is an entertaining new book out about a young man who discovered just how far he would go to avoid student loans:
By the time Ken Ilgunas was wrapping up his last year of undergraduate studies at the University of Buffalo in 2005, he had no idea what kind of debt hole he’d dug himself into.
He had majored in the least marketable fields of study possible — English and History — and had zero job prospects after getting turned down for no fewer than 25 paid internships.
“That was a wake-up call,” he told Business Insider. “I had this huge $32,000 student debt and at the time I was pushing carts at Home Depot, making $8 an hour. I was just getting kind of frantic.” …He moved to Alaska and spent two years paying back every dime. And when he enrolled at Duke University for graduate school later, he lived out of his van to be sure he wouldn’t have to take out loans again.
Read the full story here.