In a blindingly stupid (and ignorant of basic economics) article titled Student Debt Makes College More Expensive for Women a Bloomberg Business reporter breathlessly reports that “Student debt haunts women for years longer than it stays with men…” Conspicuously lacking in this fact-free missive is any actual thought or explanation other than — and you can guess this one I’ll bet —
Part of the reason that student debt isn’t an equal opportunity offender may be that women, particularly those of color, are paid less. Women in the class of 2008 earned nearly $7,000 less than men one year after they graduated college. That gap widened to $11,000 by 2012. The study didn’t include data on graduates’ majors in college, which have been shown to affect earnings. [link in original]
This ridiculous, patently false and often repeated factoid is a media darling. It isn’t true, and among the many people who have debunked it is a fellow named Thomas Sowell, in his marvelous book “Economic Facts And Fallacies.”
And notice the caveat? Yeah…who knew that what you major in has something to do with earning potential? The mindless drone who wrote this article didn’t bother to consider the possibility that women also might do other things besides work after college. I don’t know…maybe something to do with procreation?
So, as every thinking human knows, the average woman spends less time in the work force than the average man. It makes sense that with less income available to them, they will pay off their student loans more slowly than men.
But that requires the suspension of the liberal belief that all people are identical…like widgets being pumped out of a factory. And that won’t happen.
Most federal loans come with 10 year forgiveness if you work for government or non-profits.
Of course the government figured this out and signed most people up for 15 year loan repayment (as my wife found out when I went over all her numbers finally.)
Oh, I should clarify, it’s 10 year forgiveness if you take one of the plans designed to at least attempt to pay it off after 10 years.
The 15 year plans are excluded. When the government took over loans to pay for Obamacare they figured out how to maximize the profits.
See, there is the difference between our generations. I took out loans for a significant portion of a few semesters, and was able to pay the loans off within a few years, and without difficulty.
But the skyrocketing cost of education has made that much more difficult, even for multi-synaptic students who stick to STEM.
My solution? Start shooting university presidents. Pour encourager les autres!
Women and minorities often pay less to GO to college as well, because of grants available only to them.