Surely the student lona bubble has to burst soon: Touro Law Grad/House Painter Drowning in $271,928.81 in Student Loan Debt You are viewing a scanned copy of a student loan statement recently sent to my email address, from a TTTTouro grad. I have obtained this person’s permission to publish this info on this blog. Contrast this situation with that of the bastard featured in the prior post. As you... [more]
Surely the student lona bubble has to burst soon:
Touro Law Grad/House Painter Drowning in $271,928.81 in Student Loan Debt
You are viewing a scanned copy of a student loan statement recently sent to my email address, from a TTTTouro grad. I have obtained this person’s permission to publish this info on this blog. Contrast this situation with that of the bastard featured in the prior post.
As you can see, the principal balance outstanding on this account is $271,928.81 at an 8.25% fixed interest rate. Much of this is due to deferments caused by economic hardship, i.e. not being able to land employment.
In a prior TTR entry, this graduate left the following comment:
“I paint Houses for a living now, and am in close to 300 grand in debt, and counting.
http://thirdtierreality.blogspot.com/[less]
Response by Riversider
over 15 years ago
Posts: 13573
Member since: Apr 2009
The abuses in the student loan business were 100 times worse than in mortgages.
Lots of abuses, yes loans were packaged and sold, yes students are in debt, but NO BUBBLE.
Ignored comment.
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Response by The_President
over 15 years ago
Posts: 2412
Member since: Jun 2009
Maybe it's because student loans are non dischargeable.
Ignored comment.
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Response by dump67street
over 15 years ago
Posts: 64
Member since: Oct 2010
did someone say "non dischargeable"?
w67thstreet
about 8 weeks ago
ignore this person
report abuse
I just took a dump. Yes now there is some content on this thread! Go metamucil!
Ignored comment.
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Response by lobster
over 15 years ago
Posts: 1147
Member since: May 2009
The amount of student loan debt that some students end up taking on in order to attend college and graduate school is unbelievable. How parents can afford to maintain a home, save for retirement and send their children to school is quite a feat.
Unfortunately, even attending college and then graduate school is no guarantee of a well-paying job. Having that amount of debt can really impede your future. There was an article in the NY Times a few days ago about how young people really can't afford to get married anymore ("Saying No to I Do, Economy in Mind, NY Times, September 29, 2010).
The best solution is to somehow decrease the amount of debt a student needs to take on in order to attend college or graduate school. Often the only way that someone can attend college is to attend a state university or community college where tuition is less expensive.
Ignored comment.
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Response by ChasingWamus
over 15 years ago
Posts: 309
Member since: Dec 2008
Education is ripe for a revolution with new media and technology, something like:
http://diyubook.com/about/
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Response by The_President
over 15 years ago
Posts: 2412
Member since: Jun 2009
One thing younger people are doing is going to graduate school to "ride out" the recession. I can't think of a worst thing to do... graduate school with MORE debt and have the same crummy job prospects you had when you started.
Ignored comment.
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Response by w67thstreet
over 15 years ago
Posts: 9003
Member since: Dec 2008
Oh lord? Doesn't the increase in higher education cost dovetail nicely with the insane increase in helocs, homes prices and leverage in general in the world over the last 20 yrs? Well if your bullshit 1bdrm cardboard box in midtown cost $1mm, shouldn't a suny college at $100k or harvard @ $300k sound 'reasonable'?
Bubbles, no wealth effect, no structural effect, never a bad social/political/financial/meritocratic effect.... Ever. Let's re pump this baby.
Ignored comment.
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Response by dump67street
over 15 years ago
Posts: 64
Member since: Oct 2010
w67thstreet
about 8 weeks ago
I just took a dump. Yes now there is some content on this thread! Go metamucil! I was a TA in business school!
Ignored comment.
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Response by dump67street
over 15 years ago
Posts: 64
Member since: Oct 2010
w67thstreet
all the time
My mommy made me make jewelry to support the family. And my daddy bought clothing from the Salvation Army. And my uncle is gay. And in India they have castes. And I rented in a building and didn't pay last month's rent. And then the racists at the investment bank didn't promote me even though I was a TA in business school. And then I bought a building and got into lawsuits with my tenants. And then I farted and took a dump.
The abuses in the student loan business were 100 times worse than in mortgages.
http://www.ritholtz.com/blog/wp-content/uploads/2010/09/student-loan-scheme.jpg
Lots of abuses, yes loans were packaged and sold, yes students are in debt, but NO BUBBLE.
Maybe it's because student loans are non dischargeable.
did someone say "non dischargeable"?
w67thstreet
about 8 weeks ago
ignore this person
report abuse
I just took a dump. Yes now there is some content on this thread! Go metamucil!
The amount of student loan debt that some students end up taking on in order to attend college and graduate school is unbelievable. How parents can afford to maintain a home, save for retirement and send their children to school is quite a feat.
Unfortunately, even attending college and then graduate school is no guarantee of a well-paying job. Having that amount of debt can really impede your future. There was an article in the NY Times a few days ago about how young people really can't afford to get married anymore ("Saying No to I Do, Economy in Mind, NY Times, September 29, 2010).
The best solution is to somehow decrease the amount of debt a student needs to take on in order to attend college or graduate school. Often the only way that someone can attend college is to attend a state university or community college where tuition is less expensive.
Education is ripe for a revolution with new media and technology, something like:
http://diyubook.com/about/
One thing younger people are doing is going to graduate school to "ride out" the recession. I can't think of a worst thing to do... graduate school with MORE debt and have the same crummy job prospects you had when you started.
Oh lord? Doesn't the increase in higher education cost dovetail nicely with the insane increase in helocs, homes prices and leverage in general in the world over the last 20 yrs? Well if your bullshit 1bdrm cardboard box in midtown cost $1mm, shouldn't a suny college at $100k or harvard @ $300k sound 'reasonable'?
Bubbles, no wealth effect, no structural effect, never a bad social/political/financial/meritocratic effect.... Ever. Let's re pump this baby.
w67thstreet
about 8 weeks ago
I just took a dump. Yes now there is some content on this thread! Go metamucil! I was a TA in business school!
w67thstreet
all the time
My mommy made me make jewelry to support the family. And my daddy bought clothing from the Salvation Army. And my uncle is gay. And in India they have castes. And I rented in a building and didn't pay last month's rent. And then the racists at the investment bank didn't promote me even though I was a TA in business school. And then I bought a building and got into lawsuits with my tenants. And then I farted and took a dump.
And I sold my Rolex and bought an IWC.