Wayne State Grad Tells It Like It In The Game of Loans
This Wayne State University graduate in Detroit deserves a round of applause. She not only a good Game of Thrones joke but she made a statement about the crushing problem of student loans facing today’s college graduates.
A photo of a woman who decorated her graduation cap with “Game of Loans: Interest is Coming” has gone viral locally. As a result, it has since been uploaded to WSU’s Facebook page. It is now racked up nearly 30,000 Likes and more than 2,533 Shares in less that 24 hours on Facebook.
Student Loan Debt Will Soon Be Larger Than Mortgage Debt
The New York Times ran a story in 2010 about an Austrian guy who broke off his engagement with his American fiancee because of her $170,000 student loan debt. Everyone expressed their “OMG That’s horrible!” on social media. Then they were back focusing on American Idol or Dancing With The Stars two minutes later.
Student loan debt has reached $1.5 Trillion in the past five years and this growing. Student loan debt is second only to mortgage debt in the U.S. This debt is bigger than the debt the nation of Colombia owes the IMF.
Last Week Tonight With John Oliver did a segment last year that shows how insane the problem has become. Private colleges have taken to using the same sleazy tactics that mortgage lenders used to create an artificial housing boom. Except, they have taken the level of sleaze to astronomical proportions.
As our friends at Gawker have pointed out, “It’s hard to decide what’s worse: bullying prospective students using their “pain points,” sending nursing students to a Scientology museum to learn about psychiatry, or scamming veterans out of their G.I. Bill benefits.”
You take sleazy business bankers and pair them up with barely competent state legislatures and you are bound to have a problem. Especially, lawmakers who allow lobbyists to write legislation for them.