$1 Trillion Dollars In Defaulted Student Loans, And How Are We Going To Pay Them Back??I went to a prestigeous college for both the second half of my bachelor's program and my MBA. What started out as a $60,000 debt is now over $250 thousand because of interest and penalties. I took time off to take care of my aged, debilitated parents, who had senile dementia and Allzheimer's Disease. During that period of time, I fell behind in my student loan payments, and no matter what I did, I couldn't get the government to cooperate with me... so they sent me into default. (I even offered to go to jail to repay it!)
Mine is ot an uncommon story. What the HELL kind of educational system do we have in this country when students, who have to pay exhorbenant costs for schooling are forced into debt with outrageous terms? If any lending agency were to pull the financial stunts that the government is pulling on students, they'd be FRIED in Court and put out of business.
Not only to we have to pay for college for the REST of our lives (virtually),, but we have no rights that common, everyday people have when it comes to bankruptcy or mitigation of loans. When are we going to put a stop to this and one day say, "ENOUGH!"?
For the 'greatest nation on earth', we're doing a rotten job of educating our children,, and a punitive job of 'helping' out people who want to further their educations. What is a wealthy nation if it's populated with morons?... or people who are punished for trying to make their lives better through education?
I think that it's time for individuals with these abusive student loans to rise up, call/write/email their Congressmen and Senators, and MAKE this a political isssue. I don't begrudge celebrities, who are making millions of dollars a year doing their thing (although I think that it's ridiculous for an entertainer to make THAT much more than a teacher or a Ph.D.) , but I DO ob
I was watching the news the other day, when a story came up about a project that the government wanted to do. They showed a pile of huge notebooks with specifications and commentaries in them, and said that the information cost $5million! I've personally written project analyses... my husband has a Ph.D. in environmental studies, and I KNOW that the consulting firm that was used just ripped off the government.
When are we going to start saying"NO!" to outrageous costs and putting our money into our future, and start rescuing those of us who actually believed in that future?