Posted on 06/01/2010 4:44:02 PM PDT by jerry557
Like many middle-class families, Cortney Munna and her mother began the college selection process with a grim determination. They would do whatever they could to get Cortney into the best possible college, and they maintained a blind faith that the investment would be worth it.
Today, however, Ms. Munna, a 26-year-old graduate of New York University, has nearly $100,000 in student loan debt from her four years in college, and affording the full monthly payments would be a struggle. For much of the time since her 2005 graduation, she's been enrolled in night school, which allows her to defer loan payments.
This is not a long-term solution, because the interest on the loans continues to pile up. So in an eerie echo of the mortgage crisis, tens of thousands of people like Ms. Munna are facing a reckoning. They and their families made borrowing decisions based more on emotion than reason, much as subprime borrowers assumed the value of their houses would always go up.
Meanwhile, universities like N.Y.U. enrolled students without asking many questions about whether they could afford a $50,000 annual tuition bill. Then the colleges introduced the students to lenders who underwrote big loans without any idea of what the students might earn someday — just like the mortgage lenders who didn't ask borrowers to verify their incomes.
Ms. Munna does not want to walk away from her loans in the same way many mortgage holders are. It would be difficult in any event because federal bankruptcy law makes it nearly impossible to discharge student loan debts. But unless she manages to improve her income quickly, she doesn't have a lot of good options for digging out.
(Excerpt) Read more at finance.yahoo.com ...
Mr Trebek... I think I’ll take religious and womens studies for 100,000 dollars!
The schools promise these young kids all kinds of things. It was rampant in the technical schools teaching ex cops, plumbers, or carpenters to pass their MCSE. They’d promise these people $70k right out of school even when there were no jobs for experienced engineers.
“Someone should have told this poor sap that she could have obtained the same degree in BS from a state school for far less than that.”
The school was probably telling her all kinds of BS to get her convinced it was a good idea.
>>The schools promise these young kids all kinds of things. It was rampant in the technical schools teaching ex cops, plumbers, or carpenters to pass their MCSE. They’d promise these people $70k right out of school even when there were no jobs for experienced engineers.<<
No one promised me a damn thing. There wasn’t even Computer Science when I went to college (I am an IT professional) — my degree was in Business Administration (and has served me well in understanding business processes and details).
And did you see what she majored in “womyns studies and religion.” I am sure the Career Center had stacks of job openings for that particular skill set!
Lemme get this straight...
Religion: politically incorrect in business
Women’s studies: Has this womyn no common sense? Why would you want an employee with a cr@ppy attitude?
and the degree is interdisciplinary! Wowzers!!!!
If someone wants to go to college to study religion and women’s studies, that’s fine by me. But if you have to go into hock for $100,000 to get a college degree, you better make sure that you get a degree that you can earn enough money with to pay back the loan.
I keep seeing teachers complain about what they get paid, basing their objection on the fact that since they are so highly educated they should get paid commensurately. They don’t seem to understand that the monetary worth of your education is a function of what someone else wants to pay you to use the information and expertise you gained by attaining the degree, not what you paid for it. A degree in religion and women’s studies pretty much qualifies you to write about them - if you can find someone who wants to pay you for that - or to become a female cleric. Neither of which is going to pay a whole lot.
I really dont think the type of degree is the issue...
I know a History major who now owns his own company. And I also know an Engineering major who is working as a bartender and can’t find any other work.
Which one was smarter?
I’m not saying she isn’t whacked. I’m saying the colleges, trade schools and so forth are committing fraud with what they tell parents and kids. The schools couldn’t lose with easy money and increasing tuition.
“Which one was smarter?”
Which has a prettier wife who isn’t a nag?
I have no doubt. I am sure that even the most honest of barbers would gladly give a bald guy a hair cut if he was being paid a buttload of money to do it.
You are one callous son of a b!tch. May your words rise to greet you heartily.
Well, times of big debts mixed with loose morality do breed sexual exploitations. The two go hand in hand, history big picture wise.
Mom Stole My Beer - Send the Police!
32-year-old Fla. son calls 911, demands mom's arrest after she takes booze
It's hard to be 32 years old and still live with mom, but when she takes your beer away, sometimes you have to take it like a man.
Charles Lee Dennison, over in New Port Richey, learned that the hard way this past weekend when he was arrested for calling 911 to complain his mother had poached his pilsener.
Dennison was "very intoxicated" and demanded that the police arrest dear old mom when officers responded to his initial 911 call Friday night, according to tampabay.com. The sloshed son told cops that if mom wasn't arrested and charged, he'd keep calling the emergency number.
County Sheriff's deputies instead charged him with making false 911 calls. Dennison was still in jail as of Tuesday morning, being held on $150 bail.
Hopefully mom's kicking back with a cold one while junior sits in jail.
Religion and women’s studies? For 100k?
THAT in itself should be ILLEAGAL. Whoever comes up with these crock of B.S. degree programs should be drawn and quartered.
I can’t help but wonder just WHO did she think was looking to hire people with a degree in “religious and woman’s studies” and WHY she thought there would be some kind of demand for such a thing?
Where do people come up with these hair brained ideas?
And why am I supposed to feel sorry for them?
The stupidity of people will never cease to amaze me.
“my degree was in Business Administration “
Thats why nobody promised you anything. ;)
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.