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Will Your Child Be A Boomerang College Graduate Like This One?

Written by Gary North on July 19, 2012

Here is a horror story.

“I took out private loans because I did not know any better. I went to a public university but my tuition did not cover my room, board and other things that I needed for school. By the time my grace period was over, I owed so much. I do have a job but I live pay check to pay check. I am not married and I had to move back in with my parents.

“I’ve called Chase, Sallie Mae and American Education Services to see if there were any other payment options. They all told me that the only option I had was to pay the interest for 2 years, but in time, my payment would only go higher. So if one of my loans were $369 a month and I choose to pay the interest option then by the end of that 2 year period my monthly payment could be well over $600. That’s just one of my loans. I can not afford that option, so I have no choice but to pay all my loans.

“I have never gone in default but I live pay check to pay check. I struggle just to put gas in my car or even pay my credit card. I can not get any loans due to the amount of my debt compared to how much I make a year. Even though my credit is perfect, that does not matter.”

He concludes: ” If I would have known all of this, I would have never went to school. I have a masters degree and I’m a public servant getting paid close to nothing.”

He could have earned his degree for under $15,000, with no debt. But no one told him.

If you can only get a lousy government job with an expensive degree, why pay more than $15,000?

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8 thoughts on “Will Your Child Be A Boomerang College Graduate Like This One?

  1. Texas Chris says:

    If he is a "government employee" he needs to look at the student loan forgiveness program. 10 years of government "service", and loans current, and the government will forgive the loans.

    10 years is not that long in the scheme of things.

  2. "He could have earned his degree for under $15,000…" Where, in this poorly written article, is that explained?

  3. Uncle Ben says:

    This whole college thing is a monster joke/rip off. I went to college 53-56, a teachers college, $200 a year not including room
    and board. Easy for anyone to earn in a summer job. That same school, now a "univ", costs $9000 a year not including room
    and board. It is now 2012, 50 some years later the cost has gone up 45 times. Postage gone up 9 times, gas gone up 11 times, cars maybe 10 times. Wouldn't be surprised if the rest of the economy is about the same. Private colleges can charge what they want but "state" school tuition should be held to a much tighter scale. After all, the whole idea of state
    schools was to give a good education to the students who were less fortunate.

  4. Dr. Barbara says:

    I got my Ph.D. for much, much less than was quoted by the College, and I didn't borrow one cent from the corrupt government spending machine. I won't go into details here since this is an open forum and I don't want the libs knowing which school I attended. Nevertheless, it is possible to get a degree without having to mortgage the rest of your life to the government. Do some research. It's out there.

  5. The problem that has occurred is that with increased financial aid has come increased cost of school. When I entered college in 1975 I was unable to obtain significant financial aid, not because of income, we were very poor, and I'll leave the other reason alone for now, but I also worked several jobs, as many as three at a time, and paid for as much of my college as I could. I had about $16,000 in loans to pay back at 7% interest, which I did. I needed to have a couple of deferrals for a few months, but I was able to pay them off within about ten years (in the 80's).

    Had I not had the financial aid available I would not have been able to attend college, or it would have taken 12-15 years to get my 8 year degree instead of 10 years.

    I think the problem is that college counselors have now become salespeople for the financial aid departments instead of true student counselors. This is, unfortunately, a common theme among the unknowing and ignorant. One of my son's friend's parents got caught up in a company "finding" financial aid for them and are now stuck with about $100,000 in PRIVATE loans that are being passed back and forth between banks and financing companies resulting in high interest and fee rates. No telling when it will all end. I'm not a fan of regulation and legislative relief, but this is a situation that has run amuck for too long and must be handled at the Federal level… but, probably won't. This is not a Republican or Democrat problem, but a universal one. If our children were taught a better work ethic from the start, instead of delayed consequences for instant gratification this could be avoided in the future. Unfortunately, I don't see that happening, either.

  6. Here is the program to get through college with a bachelor's degreefor $15,000.

  7. Here is the program to get through college with a bachelor's degreefor $15,000. http://www.garynorth.com/products/item7.cfm

  8. DarkStarAz says:

    He wound up with a degree which will pay off over time