this person ran up 100K in student loans at a prestigious NY university. loans she has little chance of paying back, unless she hits the lottery or marries someone rich.
now, who is to blame for her predicament?
herself?
her mom? (who cosigned the loans and didn't warn her)
the Federal agencies who made the initial loans?
the school's student aid dept?
Citibank, for making the final loan?
they save the punchline (her choice of degree) for a few paragraphs from the end.
Originally posted by zeeblebot this person ran up 100K in student loans at a prestigious NY university. loans she has little chance of paying back, unless she hits the lottery or marries someone rich.
now, who is to blame for her predicament?
herself?
her mom? (who cosigned the loans and didn't warn her)
It is scandalous that such cases are allowed to arise, especially as the subjects in which she apparently graduated are hardly likely to be of any use whatsoever in helping her to obtain even a moderately well-paid job.
And the modern 'culture' which encourages the notion that everyone, withoiut excepion, who wishes to study for a university degree must be allowed to indulge that wish, if at all possible, regardless of the subject matter under consideration.
I have not yet heard of a 'masters' in playing tiddlywinks, but should be not very surprised were I to read of some sink 'university' offering one if demanded by a sufficient number of would-be graduates.
"Mom" was widowed when her daughter was 13 and is not looking forward to the prospect of selling her livelihood (a bed and breakfast) for the loans she cosigned.
Good lord! Her combined major is only useful if her career choice is to be the head of a women's religious order, which she can't even join while she's in debt. She can teach either subject, but otherwise she has no marketable skills to show for her investment. It's possible she got an excellent education, which leads to the question of the purpose of an education. I personally do believe that a college education should be available to anyone who wants it and has the skills to succeed in college. But think, people! So I blame the girl and her mom both. There are a number of thought systems that include the belief "start with the end in mind." In this case, what do you want to be when you grow up? What coursework or training do you need to get there? NOT "let's go to college and see what happens when it's over!"
Originally posted by zeeblebot this person ran up 100K in student loans at a prestigious NY university. loans she has little chance of paying back, unless she hits the lottery or marries someone rich.
now, who is to blame for her predicament?
herself?
her mom? (who cosigned the loans and didn't warn her)
a news article i read the other day (maybe even this one) said it's a lot harder to default on student loans than it is on house loans. maybe student loans are excluded from bankruptcy, even.
Originally posted by zeeblebot this person ran up 100K in student loans at a prestigious NY university. loans she has little chance of paying back, unless she hits the lottery or marries someone rich.
now, who is to blame for her predicament?
herself?
her mom? (who cosigned the loans and didn't warn her)
Originally posted by zeeblebot a news article i read the other day (maybe even this one) said it's a lot harder to default on student loans than it is on house loans. maybe student loans are excluded from bankruptcy, even.
It is much harder. Not only do student loans not count in bankruptcy, but they can garnish your wages and take any federal tax refunds from you when you default.
Defaulting student loans is almost always a bad idea, but then if you can't pay you can't pay.
Most likely this girl's lenders will work with her to come up with a repayment plan that she can afford (sort of).
$100K in student loans, little chance to pay back
30 May '10 18:20
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