Young adults with no future - student debt
While some students are fortunate enough to have generous parents, others are facing financial difficulties and have no support from their parents, and their future is mortgaged by student loans.
Minho has found a job, but still spends 400,000 won per month to pay off his student loans after earning a salary of 2.3 million won.
Now that the Korea Scholarship Foundation has been established, the interest rate is 1.7%, but when he went to university, he had to borrow from financial institutions at high interest rates ranging from 6.59% to 9%.
When Minho was accepted to university, his father retired in his 50s and borrowed money from his first semester.
With no support from home, he worked four hours a day during vacations. After school, he worked every day. I worked at convenience stores, restaurants, etc. I put in 10 times more effort than others.
I can't think about marriage right now. I have student loans and give my parents 300,000 won in pocket money.
I know quite a few people who have given up on marriage because of financial difficulties such as student loans.
The story of a mother who ended her life a few years ago because she couldn't afford to pay her daughter's tuition fees in the amount of 5,000,000 won shocked me.
Around the world, the call for student debt forgiveness is gaining momentum.
A president once said, “Education is a ticket to a better life. That's what my father and I and countless other parents believed, but over time, the price has become too high.”
The price of that ticket is too high. I don't think we should be saddling young people with debt and forgoing marriage because of it. With a low fertility rate of 0.81, there is an urgent need for bold student debt relief policies.
Let's give the future to young people who can't envision it through financial debt relief.
Thank you for reading my post. 😀