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Student Loans: The Debt Monster of Our Time

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Samara McIntosh

on 21 March 2010

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Transcript of Student Loans: The Debt Monster of Our Time

STUDENT LOANS: THE DEBT MONSTER OF OUR TIME AUNT RUTH, THE HARVARD GRADUATE INTERVIEW CONCERNING STUDENT LOAN DEBT:

SAMARA: WHAT YEAR DID YOU GRADUATE WITH YOUR BACHELORS DEGREE AT MSU?
RUTH: 1988

S: AT THE END OF YOUR SENIOR YEAR AT MSU, HOW MUCH DEBT HAD YOU ACCRUED?
R: $5,000

S: HOW LONG DID IT TAKE YOU TO PAY IT OFF?
R: ORIGINALLY, 10YRS, BUT I REFINANCED IT SO IT TOOK LONGER.

S: WHAT WAS YOUR REASON FOR BORROWING?
R: MAINLY CLASSES AND BOOKS, I WANTED TO STAY AWAY FROM USING THE MONEY FOR PERSONAL THINGS LIKE OTHERS. WHAT I DON'T THINK THEY UNDERSTAND IS YOU COULD BUY A $50 CAMERA AND END UP PAYING HUNDREDS OF DOLLARS IN INTEREST, SO I ALWAYS THOUGHT IT WASN'T WORTH IT.

S: HOW MUCH DID YOU BORROW FOR YOUR MASTERS DEGREE AT HARVARD? (IN 1996 SHE RECEIVED HER MASTERS DEGREE OF EDUCATION)
R: $30,000

S: HOW LONG DID IT TAKE YOU TO PAY THE LOAN OFF?
R: TEN YEARS, THE ONLY REASON THAT I WAS ABLE TO PAY IT OFF ON TIME IS BECAUSE I SOLD MY HOUSE. I WAS ABLE TO MAKE ONE LUMP SUM PAYMENT OF $5,000. IF IT WEREN'T FOR THAT EXTRA MONEY COMING IN, THERE'S NO WAY I WOULD HAVE BEEN ABLE TO PULL IT OFF.

S: OVERALL, WERE BOTH OF YOUR DEGREES AND YOUR EDUCATION ALL TOGETHER, WORTH BORROWING FOR?
R: "HELL YEAH", I ABSOLUTELY WOULD NOT HAVE BEEN ABLE TO DO IT WITHOUT THE EXTRA MONEY. FOR ME I'VE FOUND THAT THE STUDENT LOANS REALLY DO PAY FOR THEMSELVES, THEY HAVE OPENED UP DOORS THAT COULD NOT HAVE BEEN OPENED WITHOUT THE EDUCATION THAT I'VE RECEIVED.
AUNT NOEMI

SHE WORKS AS WHAT IS CONSIDERED A "PUBLIC SERVICE" CAREER IN AN INNER CITY SCHOOL AS A TEACHER FOR AT-RISK STUDENTS.

SUCH OCCUPATIONS AS SOCIAL WORKERS, TEACHERS, PUBLIC SAFETY OFFICERS, PUBLIC HEALTH OFFICIALS, LIBRARY EMPLOYESS ALL QUALIFY THE LOAN FORGIVENESS PROGRAM.

IT IS FUNDED BY THE COLLEGE COST REDUCTION AND ACCESS ACT OF 2007.

HER LOANS WERE FORGIVEN!

ROLFE WINKLER WAS QUOTED BY SAYING
THAT THIS GROWING MISEDUCATION IS "DEVASTATING THE YOUTH" JEFFREY WILLIAMS COINED THE TERMINOLOGY OF "STUDENT DEBT AND THE SPIRIT OF INDENTURE" DR. BISUTTI
"EXTREME" CASE OF STUDENT LOANS GONE OUT OF CONTROL. SHE BORROWED $250,000 TO PAY FOR MEDICAL SCHOOL, TODAY, THE DEBT HAS BALLOONED TO $555,000! UNLIKE OTHER KINDS OF DEBT, STUDENT LOANS ARE MORE DIFFICULT TO GET OUT OF. FILING BANKRUPTCY TO DITCH STUDENT LOAN DEBT IS "VIRTUALLY IMPOSSIBLE".
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