Posted on 04/10/2017 4:44:56 AM PDT by C19fan
“...and borrowed more than $150,000...” for a photography school.
NO amount of education can fix that much stupid.
Capitol Technology University. It’s in southern Maryland and located 3 miles from NASA Goddard Space Flight Center.
Well in my part of AR I was thinking I would be able to make 15k more a year with my degree than without which meant it would have been paid off in 10 years easily with the extra income. I majored in sociology to work in mental health but my job was simply to milk Medicaid and I could not sleep at night so I started working for the state doing unemployment.
Sociology degrees never pay off unless you are Michael Jordan :) [my wife got a sociology degree, never has used it and doesn’t work anymore]. IMO - unless you are doing a business degree, STEM degree, pre-med, pre-law or some offshoot of these (eg: marketing, statistics, etc), most people are better off getting a technical degree or associates degree. I didn’t get my undergrad (Econ) until I was an adult and I was already making nearly $50k/year. I only went back and got a 4 year degree so I could get a MBA from a T15 program - and now, 4 years post MBA grad make ~$300k/yr in Charlotte (and not at one of the big bank). My goal is to retire by 45-46.
Not going to zot you, but instead help you with the math. Assuming a 10-year note with 6% interest and a balance of $30K, you’ll have a monthly payment of $333.06. With a $35K salary expectation, you’ll get about $2916 per month gross pay. Which gives you maybe 2200 after taxes. So, with rent, transportation costs, food, insurances, etc you are likely to struggle to pay that loan. And that assumes you get work immediately and hold a job constantly. Based on your statement that you now owe 100k 10 years later, I’m assuming my prediction above has come to pass.
And the reason why the loans are not dischargeable is because if they were, there would be no such thing as student loans. No lender would hand thousands of dollars to a young adult, knowing they can immediately default after graduating and declare bankruptcy. Hell, their subsequent credit record would be much improved by the time they turned 30, when they’d be ready to buy a house.
They only give you the student loan because they can dog you to the grave to get it paid back.
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Caveat emptor. Next case.
In terms of public policy, the government and its entities should not be in the student loan guarantee business.
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My mis-typed “taxpayers”
Govt, on the other hand, has no authority in this matter, and too *MANY* others to list. But when has govt cared about the Rule of Law (IE: Constitution)?
Anyone who willingly pays 150 grand to learn how to click the shutter button deserves what they get.
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