Posted on 07/09/2023 9:20:37 AM PDT by Libloather
Jarrett, 38, isn't feeling too hot about President Joe Biden's new plan for student-loan forgiveness.
After graduating with an undergraduate degree during the 2008 financial crisis, Jarrett - who requested his last name be withheld for privacy but whose identity is known to Insider - was laid off from his job. He decided pursuing an MBA would make him more appealing to employers, so that's what he did, and he graduated with his advanced degree in 2012 with the help of student loans.
But Jarrett said the degree didn't pay off as intended. For years after graduating, he struggled to find steady employment and placed his initial student-loan balance of about $60,000 on forbearance. During that period when he was not making payments, interest was still growing, and it surged his balance to about $80,000.
Now, Jarrett's student-debt load is just over $101,000, according to documents reviewed by Insider - and he doesn't see himself ever paying it off.
"I'm never going to be able to pay it down," Jarrett told Insider. "The interest rates on them have put me in a trap where it is literally impossible to do. The interest is accumulating faster than I can put any money down on it, making it impossible to get out from under if you're not being compensated at a much higher level than I've had."
Jarrett now works in the energy industry and earns five figures. He said he felt "fortunate" to be able to live reasonably on his salary during the student-loan payment pause - but that could all change soon when payments resume in October without Biden's broad student-loan forgiveness. At the end of June, the Supreme Court struck down the president's plan to cancel up to $20,000 in student debt for federal borrowers...
(Excerpt) Read more at businessinsider.com ...
I paid off a mortgage about that big. Come on, kid, you can do it.
10 cents above minimum wage, but some overtime that summer after school.
“ He earns “five figures”, a minimum of $100,000 bucks.”
Five figures could be as little as $10,000.
He has an MBA. He could be earning $125,000 in a few years. Paying it back is completely possible
In a sense, I do as well ... my experience of small(ish) classes almost exclusively is probably not the norm. I earned the BS at one of the Catholic universities in southwest Ohio. Due to the invasion of woketards and leftists in American colleges and the notorious 'diversity' emphasis in admission, it has become fashionable around here to deride the very idea of university education. I think that's a mistake. The system definitely needs to be cleaned up, though. The true value of 'higher education' gets obscured and diluted by the fluff and garbage.
He earns “five figures”, a minimum of $100,000 bucks.
Uh, no! SIX figures is a minimum of #100,000 bucks.
The student loan fiasco was never set up correctly. Should’ve been like a mortgage. Your intended degree better have a chance of paying off.
Article doesn’t say what undergraduate degree ole’ Jarrett has. An MBA by itself isn’t worth much to me (IMHO). It’s the combination of the undergrad + MBA that’s worthwhile.
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UH, Yes.
He earns 5 figures but owes $100,000. No one ever said he made $100,000.
He had no qualms when he was spending the money, why some poor plumber working in a water filled ditch should have to pay for his education that gets him the ability to work in a dry air-conditioned office is beyond me.
He seems to be trying to get something for nothing, worse than nothing, using MY something..
Excuse me, but I thought 5 figures meant $99000 or less. I made 5 figures most of my working life, but it was closer to $30000 or less;generally less. I’m now doing better on S.S.
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