Now that enough college age Americans have been stuffed with over a trillion dollars in student debt only to get a job a McDonalds and live with their parents, folks in New York City have come up with a brilliant new concept to ensure the production of an entirely new generation of debt slaves. Introducing day care loans…and here’s the best part, they are “interest only” from childcare to kindergarden!
Of course it makes sense that these loans would originate in my hometown of NYC, which has in the past 15-20 years fully transformed itself into a corporatized, generic and unaffordable Wall Street whorehouse. From CBS:
NEW YORK (CBSNewYork) — After housing, child care is one of the largest expenses for families in New York City.
But now, there is an option for parents to get their kids into some of the city’s top pre-kindergarten programs with loans just for day care.
As CBS 2’s Janelle Burrell reported Monday, tuition without room and board for undergrads at Harvard University is $38,891 for the 2013-2014 school year. For Princeton University, it is $40,170.
Pre-school in Manhattan is not far behind, with some elite day care costing families more than $35,000.