I'm sick of people blaming me for my student-loan debt. It's not all my fault.

Business Insider ^ | Sep 16, 2023 | Frank Olito

[where's_the_Outrage?]

I'm often blamed for complaining about my student-loan debt.

But I was never taught financial literacy, and I built up debt as a kid based on misguided advice.

I was trained to believe the more expensive colleges were better.

After a three-year pause, my student-loan repayments are starting again, and I'll be paying $350 a month.

During the payment pause, I've finally been able to save up a chunk of money for a down payment on a house. It's been my goal to buy a condo and rent it out on Airbnb as an investment. But now I won't be able to afford that down payment because any extra money I have won't go toward my savings but instead toward my $35,000 in student-loan debt. I have to put my dreams on hold.

When I wrote about this recently, a lot of readers reached out with their thoughts. Most emails I received accused me of wanting a handout and blamed me for my debt. One person told me I shouldn't have taken out all that money in student loans for college if I didn't want to pay it back.

Even though I made a mistake when I took out my student loans, people should know it's more nuanced than that......

Unfortunately, I'm now stuck with a stupid decision I made as a kid.

[where's_the_Outrage?]

And maybe by being forced to pay the loan back he might get some sense, but I doubt it based on the whining here.

[9YearLurker]

It’s entirely this bozo’s fault.

I was “a kid” and I “wasn’t taught”.

[Midwesterner53]

Welcome to life. Always expect other requirements on your money.

[AppyPappy]

Consequences. What a concept

[bwest]

Tongue-in-cheek. Well done.

[Extremely Extreme Extremist]

Let's make a deal.

Forgive all student loan debt in exchange for completely abolishing the Dept. of Education and eliminating any and all federal regulations, funding, and involvement in education, from Head Start to University graduate programs.

[dfwgator]

“Kids” that age were storming Omaha Beach in 1944.

[FlingWingFlyer]

Unreal. An “educated” crybaby. You signed for those student loans. I’ve never complained about my mortgage or car payments. Grownups don’t act that way. IDIOT.

[Prolixus]

I blame the Democrats for the problems with student loans.

The Democrats have stood in the way of containing the cost of college and the Democrats have stood in the way of alternatives to college.

Let’s face it. College loans largely go to lining the pockets of Democrats. Democrats are eating-the-young.

Let the Democrats personally make good on all student loan debt.

[PGR88]

America’s economy is built on debt. We have a debt-based financial system, and its gone completely out-of-control since we severed any meagre controls on debt-creation in 1971.

Woke millenials binging on debt are hardly our worry.

Rather, think about Fed.gov, the neo-marxists who have used massive debt to fund every leftist social-engineering scheme and corrupt political organization they can imagine. With printed fiat money debt as their fuel, they are destroying the Constitution and the Republic.

[Spok]

Good judgment comes with experience; experience comes from bad judgment. Unless you’re an idiot.

[Ikeon]

Ill agree its not your fault you were never taught about loans and the need to pay them back.

I just wish the judge and lawyers in my divorce understood I didnt know what I was marrying, and I shouldn't have to give her most of my stuff, the good car, the paid off house, and pay child support - because my parents never taught me what a good woman was. Truthfully my marriage cost me waaaaay more than your student loan. WAAAAAAAY more.

[exDemMom]

Dear Frank, if you are still too immature to take full responsibility for racking up the debt, then maybe you are still “just a kid.”

Kids make bad decisions all the time. The wise course of action is to learn from the bad decisions. Not to say “It wasn’t me! You can’t blame me! Nobody saw me do it!”

Maybe you should have worked in college to pay more of your tuition and fees up front. Maybe you should have gone to a different college. Maybe you should have selected a major that would actually prepare you for the workforce (i.e. nothing with “Studies” in the name). Maybe you should start the practice of paying more than the required payment every month.

But expecting taxpayers, most of whom have not gone to college, to subsidize the student debt that you racked up in order to earn, on average, 56% more than a high school graduate is selfish, immoral, and irresponsible. So grow up already.

[Dandy]

Well I guess you learned a valuable lesson. Choices have consequences.

[Governor Dinwiddie]

If the kid had wanted a condo, she should have bought it instead of wasting her money on college. Too late now, toots. You bought yourself 30 years of payments but no house at the end of the tunnel.

[glennaro]

Many times the greatest learning comes from the hardest, most painful and difficult lessons.

Learn from your mistakes, from your naivety, and you'll be much better prepared for the even greater challenges that will surely come along.

[HamiltonJay]

No it IS your fault.. you CHOSE to go to an expensive school, you CHOSE to take out loans to do so...

IT IS NOT NUANCED...

Things didn’t work out like you planned, but that’s not other peoples fault, it’s your fault.

You then COMPOUNDED the problem by not paying on them for years, which while it helps your monthly cashflow, increases your balance, as the interest continues to compound.

Stop blaming others for YOUR decisions

[OHPatriot]

What are the odds that this snowflake actually SAVED the $350/month for 3yrs???

ZERO, ZILCH, NADA.

They blew it on food, booze, etc.

[Worldtraveler once upon a time]

--- "I was never taught financial literacy, and I built up debt as a kid based on misguided advice."

So sue those who gave bad advice. And maybe sue the college/university too over false claims and misleading advertisement. And while you're at is, sue the school district(s) in which you were "never taught financial literacy."

Could be some nice class action tort is awaiting....

[ConservativeInPA]

During the payment pause, I've finally been able to save up a chunk of money for a down payment on a house. It's been my goal to buy a condo and rent it out on Airbnb as an investment.

So, the kid was misguided and no one taught him any personal finance. But he went to college and still didn’t learn any personal finance. He wants to make an investment in a condo, without knowing any personal finance. Hmm, seems really smart. /s I bet he has no idea of the expenses that occur when owning a property and has no idea how much cash he should have on hand. He has zero experience in buying properties and probably watches some junk reality flipping show on tv that makes him an expert.

But all of that is unimportant. He lacks values and is hesitant to take responsibility. Those are the things parents are supposed to teach their kids before they leave the home. Like most kids, he’s in a hurry and wants immediate gratification. So in other words, he’s a spoiled, ignorant brat. His parent(s), (I bet there is no father, are to blame. Maybe he will learn some lessons the hard way. He paid a mint for college, but I bet he doesn’t think of it in terms of exchanging money for knowledge or wisdom. There is a price that needs to be paid, either in time, effort, mistakes or dollars. Get used to it. It’s a fact of life.