Student loan scams: the whole USA system is a scam, and they are not the only country. The government pitches in to make it even easier for the parasites to keep feeding off of the students. This is the worst way to get into debt.
Why To Avoid Student Loans
This page is about the USA. Your laws may be better – or worse.
University training is a thing of the past. Freelancing is the future. Don’t take out a student loan. It may be the biggest and most profitable scam, with over a trillion dollars in debt.
But you may already have fallen for the scam.
All is not doom and gloom.
There is hope for you to escape even federal student loans. Find my section about how to escape debt, but take action fast because once lenders refuse to consolidate your loans, I only know one way to escape.
You can get out of a student loan by dying, as long as you can prove to the authorities that you are truly dead. It’s called student loan forgiveness.
Another way to stop being parasitized is to become permanently totally disabled. It sounds uncomfortable.
Bankruptcy won’t get you out of repayment – the government doesn’t want you to escape as easily as that.
Private student loans are better if you want to disappear. Private lenders have fewer resources than the Feds to find you.
You should not be a cosigner because if the student can’t get a job, you will have to repay the loan.
Misleading Advertising Scam Details
Lenders need misleading advertising to trick you into loans for tens of thousands or hundreds of thousands of dollars. And they only pretend to lend you the money that makes you their slave (see the section on ethics.)
The following is their spiel.
1. If you want a high-paying permanent job, you need a good university degree.
2. With a good, secure, high-paying job you’ll soon be able to pay back your student loan.
3. Without a degree, you’ll be struggling in poverty for the rest of your life.
University honors graduates can get a good job and be promoted up the ladder rapidly. They can expect the job to last them for the rest of their lives. This lie was probably true a hundred years ago.
Today, the average job lasts for three and a half years. You can still get tenure as a Professor employed by a Government financed University.
How many such jobs are there. Well, they do exist, and winners of lotteries do exist too.
Lie Number Two
You can expect high wages at the start of your career.
If you have managed to get a lifetime job, you’ll have to climb the ladder to higher wages.
Of course, you could win the Lottery.
Don’t plan on climbing the ladder if you get a job in non-government business. I applied for one job, and the employer became more and more enthusiastic as he discovered all the things I could do for him with my fifteen years of experience. Then he admitted that he could only pay me what they would pay a teenager without experience.
If an inexperienced teenager could do what they needed – why should employers promote anybody? Businesses can always sack employees wanting promotion, and employ another teenager.
So, don’t expect to pay back your student loan quickly.
What happens when you are unemployed for a time? You don’t want to know! Banks eagerly get their claws into you when you get into arrears in repayment. Google student loan default if you’re interested.
Lie Number Three
Employers demand a degree. This may have been true a hundred years ago.
Employers don’t expect you to know anything useful when you have a degree. They have to train you. A degree only proves that you can learn. Think about physicians – they need a couple of years working under an experienced doctor before they can be trusted to set up their own practice.
What employer is keen to give you two years training in a job that will last three and a half years on average?
Things are changing rapidly.
Now more than half of the work is done by freelancers, and the proportion is growing. Employers aren’t interested in freelancer’s qualifications. They are more interested in a broad experience.
Don’t count on universities continuing to offer a lifetime job. They may no longer exist. The main purpose of a university is to do research – students are just a nuisance. So much research is done now that most of the publications are unread. Existing research has given us enough information to change the world. What happens when all motor vehicles are computer-driven? What happens when it is illegal to drive on the roads, because there is no death toll from computer-drivers?
What happens when computers replace doctors who have less than perfect memories? A doctor must earn a living. A cured patient is no longer a patient, so doctors can’t afford to cure patients. A computer doesn’t have to earn a living, so with its perfect memory, and ability to read all the latest medical research, perhaps we would have healthy people again.
I thought I had a secure income as an electronic technician. Then came the throwaway culture. You no longer employ a technician. You buy a new device.
Freelancers Are Versatile
Have you heard the derogatory description “Jack of all trades and master of none.”? That is what employers want now – versatile freelancers. Your hobbies may interest them more than your past employment and degrees.
How much can you earn as a freelancer? If you understand people and can be persuasive, you can learn to write copywriting stuff for less than a thousand dollars.
You can then make a six-figure income in your first year. Do you need a college degree? No! And there are many other freelance occupations that you can probably do already. For instance, do you like taking photos? Are you good at looking things up on Google? Can you design websites? Can you take four large dogs for a run (running) and be paid by four separate owners?
You don’t have to be the victim of student loan scams.