As the economy weakens and the cost of college rises, Sam Bagot’s attitude toward his educational expenses is downright apathetic. His $37,000 debt may never be paid, and he’s completely fine with that.
Some people plan to pay their student loans with years of hard work and saving. Bagot says, “F*** that.”
“I can’t get grants because I’m working on my second degree. For now, all of my financial aid is in loans,” said Bagot. The nutrition major came to Texas State after receiving his first bachelor’s degree from Texas Tech. He spent $44,000 on education before graduating, most of which were in loans.
When getting his first bachelor’s degree, Bagot received $500 each semester in Pell grants. He was also awarded a $1,000 scholarship his freshman year at Texas Tech.
“The scholarship seemed like a lot at first, but compared to the $44,000 I spent, it’s really not much,” he said.
The thought of paying for another round of school would make most people cringe, but Bagot has a plan for his college loans. “I’m not paying them back. I’m just not.”
Bagot may have found a way to use the faltering economy to his advantage. If the economy collapses completely and our current financial system changes, there may be no loans for him to repay, so starting now would not be in his best financial interest.
“Really, the way things are going I may not have to pay (my loans) back. I think the dollar is going to crash and there’s going to be some reconstruction,” said Bagot. “It’s just not worth it to pay for college in this economy.”
Amid all the news of doom and gloom, at least someone has a positive attitude. If the current monetary system does collapse, Bagot will have a degree without the debt. He says he’s prepared to live without money if the government seizes his income for not paying his loans in the future.
“I’ll work jobs under the table if I need. They’re not getting their money back. I can find a way to live without a real salary.”
Bagot hopes this situation will not be necessary. While most people fear economic collapse, he is almost counting on it.
“The Federal government’s loans are not a viable monetary system. With them printing money like they are, they’re going to have to create a new system. When they translate my loans to whatever that system is, I’ll just refuse to pay.”
Until the downfall of the dollar, Bagot plans to pay his low-interest loans back as slowly as possible and spend as little as he can repaying his debts. He describes himself as apathetic toward his financial situation because he refuses to stress over paying for his education. “I’m going not going to put any effort toward it, that’s for sure.”
Bagot says that even if the American dollar somehow manages to survive its inevitable demise, he will find other ways to avoid paying his loans.
“With the bailouts and all the money (the government) has stolen and used on the war, I don’t feel like I owe them anything.”
He does have a backup plan, just in case the economy doesn’t completely collapse in the next few years. “If it comes down to it, I’ll teach math. After four years or so, they’ll throw out my loans. Either way, I’m not paying them back,” Bagot said.
Bagot's approach to "paying" for his education may be seen as eccentric, but in an era of economic uncertainty it could also be viewed as a sign of the times. Only time will tell how the nation will pull out of this recession, and whether Bagot's plan will work.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment