The Modern Day Serf

Many share the plight of the modern day serf. They pledge monthly dues to an institution that could care less about them. They work tirelessly to pay off their debt. The institution makes huge profits off their underlings while the poor serfs toil in squalor and poverty. The modern serf is the college graduate smothered by huge college loan payments.

Much like people were born into serfdom in the past, modern serfs get their start early. Students are conditioned from a young age that “successful” people go to college. With this mindset ingrained, students plan on attending college well before they actually go. The problem is that many Americans cannot afford college without substantial loans. These loans become a burden on college graduates who have to make loan payments rather than save money.

The problem is hardest on middle class families, those who can’t fully afford to send their children to college but make too much to qualify for federal aid. Therefore, it is the students’ responsibility to find a way to put themselves through school, which usually means taking out loans. College prices are astonishingly high, and according to CNN.com are increasing at a rate faster than inflation. The US Department of Education estimates that in 2001 the average price of attending college in America was roughly $10,000 a year. That means someone receiving no financial assistance would have to borrow at least $40,000 just to attend a university. Factor in other costs, such as books and meal plans, and its safe to say that a student can face upwards of $45,000 in loans before starting a career, and that was over six years ago.

These loans weigh heavily on graduates. A graduate with a degree in education, according to the Nation Educational Association, can expect to make about $27,500 a year in North Carolina. That equals a monthly income of about $2,300. On top of other expenses, graduates can expect to spend between $200 and $300 a month in loan payments. Paying back loans delays any significant savings that should take place in the first few years after graduating from college. This keeps house ownership out of the question. Conversely, students from wealthy families who don’t take out loans will be able to save money immediately.

This perpetuates the situation which led to serfdom in the first place. While the privileged keep prospering, the serfs toil. Serfs have little professional freedom, while the graduate that isn’t in debt has some financial freedom to explore occupational options. The graduate in debt is forced to stay in a position that guarantees a steady paycheck so their current debt doesn’t balloon astronomically.

In the past, being a serf was a social condition and was dependent on birth. Now serfdom is a lifestyle that many are forced into. The best jobs go to people with college degrees so, in an attempt to ascend to a higher level in the social structure, people take out loans to pay for school. Sadly, this financial burden becomes an extra obstacle in being financially secure and independent.

To work hard and get nowhere, such is the plight of the modern day serf.