Since they are a private lender, they offered only one consolidation program with a finance charge of $169,000. That means, over the life of the loan I will pay back $279, 529.20. All for an undergraduate degree that has gotten me laid off 2x in two years.
This woman is close to $200,000 in debt for a useless college degree. So is her husband, who married her debt, “to have and to hold, until death — or a bankruptcy judge — do them part.”
They will never get out, unless a lenient judge lets them off the hook.
I do not understand the utter stupidity of parents who do not tell their children, “Don’t do this!”
This poor woman attended an overpriced private university to earn a degree that is worth nothing. She ran up a bill of $110,000. She is not alone.
Then she found out she had to pay back the loans, plus interest. This came as a shock to her. She is not alone.
To my horror, my first bill appeared in my mail box on the very day I graduated. How did they expect me to have a job this soon after completing my degree? How was I supposed to pay it? Again, to my horror I learned that they did not care. They wanted their money. And so began my nightmare with student loans.
We have raised a generation of economic illiterates with college degrees.
[…]
