woman calculating student loan interest payments

@swankysquirrel1/TikTok

TikTok of woman crying while talking about her student loan debt goes viral

Holly Polly did not hold back.

Aug 31, 2020, 8:21 am*

Internet Culture

 

Kahron Spearman

A TikTok favorite going by Holly Polly (@swankysquirrel1) has gone viral with a video of her simultaneously laughing and crying over the amount she still owes on her student loan debt. 

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The video commences with her saying she simply needed to get information from her loan; but the clashing emotions in seeing what was already paid, and what she still owed, became too much.

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"What the fuck?" she exclaims. "I started with $80,000, (that) I've been paying (on) for 10 years. I paid $6,000, lump sum, because that's the only way I could get it low. That took me to $76,000 after I'd been paying for nine years."

Then came the doozy where she noted she already paid $120,000, but still owed $76,000. "How the fuck is this possible?" she half screams, hands balling fists.

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"I think I might be late to the game learning about this," she continues after a pause. "Student loans are really messed up." 

She whispers, "$120,000, what am I supposed to do with this?"

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In the caption, she wrote: "Should have stayed stripping #studentloans #fanniemae #fuckcollege." She also made sure he had the 7% interest rate she's apparently paying overlaid onto the video.

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The video has garnered many reactions on Twitter, mainly regarding possible practicing of predation by student loan holders, and from those who believe student loan debt is about personal responsibility.

@feedmewoke, tweeted, playing out a condescending, hypothetical conversation:

"I'm poor my job doesn't pay enough" WELL GET A SPECIALIZED DEGREE STOP WHINING. "I have a degree and I am working my way in rank but I'm drowning in student debt." WELL MAYBE YOU SHOULD PICK A BETTER DEGREE. "I picked a good degree. Now market is oversaturated." WELL."

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Others noted why younger generations aren't able to attain previous generations' common markers of success, collectively pointing to their loans.

"Why aren't more millennials buying houses?" wrote @azurebowie. "Why aren't more millennials having babies and starting families? Why do they fucking think?

Calls for canceling student loan debt have grown louder recently, with a chorus of congresspeople and senators raising the flag for forgiveness.

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Rep. Ilhan Omar (D-Minn.) tweeted in support on Friday: "Abolish student loan debt." 

Omar echoed comments by Rep. Ayanna Pressley (D-Mass.), who called for universal student loan debt cancellation earlier this summer.

"The average borrower has $30,000 worth of [student loan] debt — [canceling that] will jump-start the economy," Pressley told Yahoo! Finance. "Black student borrowers borrow and default more than anyone else because of our inability to build generational wealth. I see that as a racial justice issue."

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Over 100 entities, including civil rights groups, consumer rights organizations, and progressive think tanks sent a joint letter to congressional leaders requesting consideration of widespread student loan amnesty for all borrowers in the next economic stimulus package. 

Student loan debt, and how to manage the current $1.6 trillion debt load being held by tens of millions of Americans, will be an important topic during the run-up toward November's presidential election.

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*First Published: Aug 31, 2020, 7:52 am