Brandon Fajardo, Second Source Citation

Citation:

Samuel, Sanjay, “How College Loans Exploit Students for Profit”, TED, July 2, 2016, (3) How college loans exploit students for profit | Sajay Samuel – YouTube

Summary: 

This video by Sanjay Samuel explains how Student loans can exploit students by wasting more money than many Americans in the past. He states that with the growing number of student debt in the nation, nearing up to 1.2 trillion dollars, it is evident that this system is just a scheme for consumers to pay for higher education. It mentions that the students are consumers and the teachers are a service system and that the main purpose is to “fatten the profit of student loans”. Colleges and Universities are profiting off double of student debts because they are investing in the securitized loans. The speaker also shouts out that diplomas are more of a “brand”, saying that most people, acting as consumers, would spend a majority of their time, with the consequence of paying a long term debt, just to “higher up” on their status. He also exposes that due to advertisement that reaches out to students, which nowadays would refer to social media posts, billboards in public buildings or even in the trains, the information that “if you continue your path to college, you can make up the higher status of middle class and earn more than someone with a high school degree” would mind trick more and more students to continue a long and tiring and debt world of college. The students are being tricked to want to “elevate” their status and spend more for a higher degree. A key source mentioned is that people have to look at college more as a consumer product, to depict what are the benefits and disadvantages prior to choosing a major.

Reflection:

 I agree with this video because it is true that the process of paying for a degree is more of a scheme for the colleges and the bank system. It is true that most of the choices for a degree are pointless unless you really feel connected and ambitious to what you want to do. However, it is important for others to know that even if you want to continue your path in college, make sure that your financial status, as well as your parents, are enough to continue for a degree because in most cases, many students eventually depart from the road since the price for the degree is too much for them to handle. When it’s being mentioned, it makes sense to believe that college is just to profit from students by advertising through reachable methods and telling them “with this degree, you will earn more than the majority of other Americans” while also spending more than what other Americans would in the long term.

Quotations:

• “with the growing number of student debt in the nation, nearing up to 1.2 trillion dollars, it is evident that this system is just a scheme for consumers to pay for higher education”