"The two disillusioned attorneys were victims of an unfolding education hoax on the middle class that's just as insidious, and nearly as sweeping, as the housing debacle. The ingredients are strikingly similar, too: Misguided easy-money policies that are encouraging the masses to go into debt; a self-serving establishment trading in half-truths that exaggerate the value of its product; plus a Wall Street money machine dabbling in outright fraud as it foists unaffordable debt on the most vulnerable marks."
Getting a college degree isn't always a bad thing, but it's not always a good thing, either.
ping!
I love that line. And I couldn't agree more.
O boo hoo hoo. If each had a six figure income, then I’m guessing they were living the high life instead of paying off the debt. If they had lived on one of their incomes and used the other to pay off the debt, they’d be done with it by now. Silly people.
Swing and a miss!
>>Kellum did everything he was supposed to do to get ahead in life. He worked hard as a high schooler, got into the University of Virginia and graduated with a bachelor’s degree in history.
A History degree? Perhaps, if he had studied something useful...
I would recommend attending school on a part-time basis (and working on a full-time basis, or close to it) as one possible alternative to this scenario. I can't think of too many careers in which $140,000 of debt would actually be a good investment.
Was there some reason this couple with two six figure incomes couldn’t live on one and use the other to retire their loan debt?
While I agree than higher education is now one of the biggest scams on the planet, this couple have only themselves to blame for poor decision making.
Together, they make in excess of $200,000. If they rented a small apartment or paid on a small home and had low ownership cost cars to drive, then there is no question that this debt could be quickly paid off.
They are living expensive, rather than prudent, lifestyles.
Graduated with no debt. First year salary more than paid for all the cost college plus interest (ROI - 1 year).
Of course, I was a geek, spend many a weekend studying and my employer actually expects productivity and something of value.
Nonsense. Nothing increases one’s bankability as surely as an education. With few exceptions there is no greater obstacle to earning potential than lacking education. For every billionaire dropout like Bill Gates there are a million earning $35,000 a year.
Where did this goofball get the idea that a degree in history would make him money?
This article is idiotic.
I have to say that I value a good, honest auto mechanic, plumber, HVAC technician or house painter as much as I do a good, honest accountant or lawyer. And to be candid I believe that one is just as difficult to find as the other and all of them are worth the money when you need them. Skilled and honest tradesmen are real assets to a community and I would have no problem at all encouraging my son or any young person to seek training in a needed trade. A lot of these tradesmen make good money and given the relative glut of degreed individuals in certain sectors make more than many who have submitted themselves to “higher education” in a lot of cases.
Articles like this make me so happy I walked out of college with only one ~$7000 loan to pay back...
We had furter discussions.
12% a year? Since when are educational loans 12% a year? Something doesn’t sound right here.
BS. Let's assume with both making 6 figures, they are clearing $12k a month (rough estimate, depends on state, etc - that and "6 figures" is very broad, so I am estimating from the low end, i.e. $200k per year, pre-tax). The student loan payments with 12% interest (as quoted in the article) would be around $2.9k a month over a 10 year term, or $2.3k a month over a 14.5 years. If they cannot live off $9k a month, they are mind-numbingly stupid.
Harry Truman never graduated law school, yet became a judge and President.
Uh, so why didn't they pay off the $174,000 loan? they had no kids, could presumably live in a $2,000/month house or condo. I put their (rational) joint living expenses at a max of $40,000 annually, including 2 car loans. Assuming their combined in come was $250,000/yr, what was the problem? and what kind of assclown wants us to feel sorry for them?