Episode 3: Student Loans
Host Sammy Ross and guest Kate Acevedo discuss the topic of student loans. More Americans are going to colleges and universities than ever, but at what cost? On this episode we discuss our massive student loan debt, what the difference between compound and simple interest is, and what we can do if we do in fact have student loan debt.
For Bonus content on how Sammy and Kate played the 0APR credit card game in an attempt to pay off (and sometimes not pay off) their student loans, please visit: https://www.patreon.com/ThisisNotaHandout
For more information about the show, please visit: https://www.thisisnotahandout.com
Resources:
For an illustrated history of student loans: https://www.marketwatch.com/story/how-we-got-to-1-trillion-in-debt-an-illustrated-history-of-student-loans-in-america-2017-03-21
For an overview on the rising college tuition cost through the 20th century: https://time.com/4472261/college-cost-history/
For a look into college costs throughout the globe: https://www.pri.org/stories/2020-03-19/biden-sanders-have-free-college-plans-they-might-learn-other-countries
For a deep dive into why college costs so much, there is a 2014 book Why Does College Cost So Much by economists David Feldman and Robert Archibald. For a quick explainer, Feldman wrote a paper for the National Association of Student Financial Aid Administrators: http://www.nasfaa.org/news-item/4565/Myths_and_Realities_about_%20Rising_College_Tuition
To view the US’s student loan debt in real time: https://studentloanhero.com/student-loan-debt-clock/
For more on the US’s 1.6 trillion dollar debt: https://www.marketwatch.com/story/3-ways-the-great-recession-turned-americas-student-loan-problem-into-a-crisis-2018-09-06
For a detail look at the fluctuation of the Prime Rate, take a look at JP Morgan Chase’s historical prime rate chart. https://institute.jpmorganchase.com/about/our-business/historical-prime-rate
For a brief overview of loan terms: https://www.nerdwallet.com/article/loans/student-loans/student-loans-simple-compound-interest
For an interesting look at the Kalamazoo Promise: https://www.vox.com/2020/2/12/20997880/free-college-tuition-kalamazoo-promise-the-impact
For NPR’s in depth look at the challenges of student loan forgiveness for public service workers: https://www.npr.org/2018/10/17/653853227/the-student-loan-whistleblower
For more on Obama and vocational training: https://www.reuters.com/article/us-usa-budget-education/obama-calls-for-focus-on-vocational-training-idUSTRE81C1Z620120213
For a BIG read about the Biden-Sanders unity task force proposals on a variety of topics: https://joebiden.com/wp-content/uploads/2020/07/UNITY-TASK-FORCE-RECOMMENDATIONS.pdf
To research college scholarships: https://myscholly.com/