Boston (?) parent offers life in exchange for eliminating child's $200k student loan debt:
http://www.thebostonchannel.com/news/26 ... etail.html
I took out $7700 in loans from a for profit technical school to learn computer repair. The local community college offered nothing in that discipline, so I turned to the for profit school. I didn't get a job. One of the things I considered was whether I could afford the debt if I didn't get a job. (At a cost of $80/mo, I decided yes. Actual monthly fee: $70.44.) Some of my classmates took out $20k in loans. I refused Part Two that would have added an extra $10k. Higher education has inflated so much that kids are taking out $100-200k in loans for worthless degrees. Now THAT is a lot of money! My piddly little debt doesn't look so bad now. AND student loan debt can't be discharged in bankruptcy. If you default, they literally hound you until your dying day. The bankers have created a "student loan bubble" that is set to pop, with millions of kids having their lives ruined because the federal govt guarantees the loans, meaning that only death can erase the debt.
25 Feb 2011, 5:19 pm
