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$1.5 Million to Send 5 Daughers Through College, Father Reports

Written by Gary North on September 12, 2012

Some rich people have no common sense.

A student can earn an accredited college B.A. or B.S. degree for around $15,000. Maybe a little less. Yet we read of this guy’s supposed dilemma. He says he will end up spending about 1.5 million dollars on college expenses for his five daughters.

These days, average student loan debt at graduation is estimated to be about $28,720

If you do not pay your loans when you graduate, you could send up having your wages, your tax refunds and even your Social Security benefits garnished.

In addition, your account could be turned over to the debt collectors and they can be absolutely brutal.

The kids have no sense, just as their parents don’t. Here is one eye-witness report from a professional debt collector, as reported in a debt collection industry publication.

As I wandered around the crowd of NYU students at their rally protesting student debt at the end of February, I couldn’t believe the accumulated wealth they represented – for our industry.

It was lip-smacking.

At my right, to graphically display how she was debt-burdened, was a girl wearing a t-shirt emblazoned with the fine sum of $90,000, another with $65,000, a third with $20,000 and over there a really attractive $120,000 was printed on another shirt. Guys were shouldering their share, with t-shirts of $20,000, $15,000, $27,000, $33,000 and $75,000.

One out of six student loans is in default. About 5.9 million Americans are at least 12 months behind on their student loan payments.

The default rate is so high that the U.S. government in 2011 spent a billion dollars just to track down defaulting ex-student debtors.

The following is from a recent article in the New York Times….

Hiding from the government is not easy.

“I keep changing my phone number,” said Amanda Cordeiro, 29, from Clermont, Fla., who dropped out of college in 2010 and has fielded as many as seven calls a day from debt collectors trying to recover her $55,000 in overdue loans. “In a year, this is probably my fourth phone number.”

Unlike private lenders, the federal government has extraordinary tools for collection that it has extended to the collection firms. Ms. Cordeiro has already had two tax refunds seized, and other debtors have had their paychecks or Social Security payments garnisheed.

It is hitting professionals. A Business Insider article reported on this law school graduate.

She remains on food stamps so her social life suffers. She can’t afford a car, so she has to rely on the bus to get around Austin, Texas, where she lives. And currently unable to pay back her growing pile of law school debt, Gilmer says she wonders if she will ever be able to pay it back.

“That has been really hard for me,” she says. “I have absolutely no credit anymore. I haven’t been able to pay loans. It’s scary, and it’s a hard thing to think you’re a lawyer but you’re impoverished. People don’t understand that most lawyers actually aren’t making the big money.”

Then there are boomerang kids. “One poll discovered that 29 percent of all Americans in the 25 to 34 year old age bracket are still living with their parents.”

Want more horror stories? Click the link.

Continue Reading on theeconomiccollapseblog.com

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28 thoughts on “$1.5 Million to Send 5 Daughers Through College, Father Reports

  1. On a family basis:

    My dad was a 1931 NYU grad; mom was a 1940 UNCG grad.

    I am an alum of UND; have degrees from Manhattan College and Georgetown University, and six years of post-MD training.

    My BIL (next oldest) has an Occidental undergrad degree and a Harvard MBA.

    My sister (his wife) has a Bachelor's from Washington College; a Masters from UMD, and a PhD from UNC.

    My 3 children:

    BA – SMU – Academic scholarship

    AB – Johns Hopkins; MA – Economics – ILAS – UT Austin

    AB – Pomona – MA UT Austin

    Sister's daughter graduated from the University of Paris (France) ate age 20, and has a Law degree from the Univ of Pennsylvania.

    None had a dime of student debt!

    ret expat MD: NBME; ABIM; ABNM; ABR w/spec comp NR and 45 years in medicine

  2. College education, medical care, housing, etc. all used to be affordable, before we started GIVING them away.

  3. We were far from rich but I earned a Ph.D. for less than $15,000. I paid for it myself. I worked as I went to college. My mother had a Master's in teaching and was a professor at a large university. She worked and put herself through college. My sister is an attorney–she worked and put herself through college. I could go on and on. In my family we were taught that if you didn't work you didn't get money to buy stuff like…….oh, I don't know…….like food, clothing, medicine, gasoline, house, and yes…..tuition. What an eye-opening concept!!!!

  4. Cliffystones says:

    "People don’t understand that most lawyers actually aren’t making the big money.”

    While I have nothing against lawyers in general, and have acquired their services on several occasions, just why do so many people want to become lawyers? The argument that there are too many is valid IMO. And the idiotic legal system and laws in this country mean you can't scratch your bum without needing one.

    Just an observation with regard to "smdares". How many of your family can rebuild a V8 engine? How many change their own oil? Know how to fix a leaky toilet? Mow their own grass?

    I'm not trying to criticize you personally or start a feud here. God Bless you and your family for being educated and self-reliant. It just seems that since I was a boy in the sixties until now, greater and greater emphasis has been put on higher education for what I would call "White-collar, airy-fairy" degrees. No one wants to be a scientist or a mathematician or an engineer anymore. And as a society we've relegated plumbers and electricians to the level of picking them up outside Home Depot.

    Once upon a time having a skilled trade was considered honorable. Now everybody wants to sit at a desk with a suit and tie and sell each other insurance. And far too many of these folks wouldn't know the working end of a wrench from a watermelon.

    And for those of you who would argue that the US has moved beyond needing these practical skills, how many people have you seen trying to practice them who knew just enough to be dangerous?

  5. "The rich ruleth over the poor, and the borrower is servant to the lender." (Proverbs 22:7)

    Th Bible's seventh-year release is not a moratorium, but a cancellation of all private and public debts. If the framers (and today’s politicians) were earnest about balancing the budget, they would have returned to Yahweh’s law and its seventh-year cancellation of debt. Rather than choosing the only means by which America’s current budget can ever be balanced, politicians opted to shackle future generations with ever-increasing debt.

    Today’s ungodly, usurious economic system compounds the problem with each passing year. Under Yahweh’s economic system, the budget would never be unbalanced for more than six years. Inflation and recessions would all but disappear. One can only imagine the prosperity Americans would enjoy under such a system. In fact, Yahweh promises that if we obey His law, we will never experience a deficit. Instead of being the world’s greatest debtor nation, as we presently are, America would again be the greatest lending nation, as she was in the past when she adhered more closely to Yahweh’s law:

    "'…if thou carefully hearken unto the voice of YHWH thy God, to observe to do all these commandments … YHWH [will bless] thee … and thou shalt lend unto many nations, but thou shalt not borrow; and thou shalt reign over many nations, but they shall not reign over thee." (Deuteronomy 15:5-6)

  6. Rich! What does rich have to do with it!!! I’m middle class, under 60,000. a year income. My son went to a 20,000. Year College. I wanted him to study and get good grades. I payed for his tuition, books, housing, car, car ins, phone, food, utilities, close, etc… all in all 160,000.00 for a Master Degree… Household income had nothing to do witg it… Government BS has everything to do with it!

  7. There was a time when you could "work your way through college" with a parttime job, but as long as cost increases in higher education continue to outstrip the rate of inflation, it's just an incredible waste of money, especially now with all the good jobs outsourced to Third World countries and Americans being placed in direct competition with immigrants thanks to H1-B visas. Competition is a good thing, but Americans are burdened with confiscatory taxes and punitive statutes that the new arrivals don't have to worry about.

  8. Interesting but more interesting would be a article, report, or book on how it was done. That would be a valuable read.

  9. mrsgunnut10 says:

    One question I would like to have answered : How much of this $ 1.5 Million dollars was spent on "Binge Parties, Beach Parties, and other non School/College Activities?? Come on Daddy, tell us, nin-com-poops, how much money your kids actually wasted during their "Schooling" years. Thank you for your time. TSgt., USAF Retired.

  10. The costs of education (along with everything else) are substantially higher these days. A small liberal arts college in my town charged me about $10,000 per year in the late 80's. Now, it's $26,000. and that's just tuition for full time credit.
    Yes, it can be done by working through, as I did (and am debt free of it), but it is significantly harder these days in a DEPRESSED economy.

  11. Right on! $300,000 per kid? They must all be going to Ivy League and if that is the case, you'd think they were pretty smart people. Apparently not.

  12. Victoria DeLacy says:

    I would hate to think about how much was spent on my government by my taxpayer subsidized 4-year college degree attained thirteen years ago. After graduating in the top 10% of my college class, there has not been a single full time permanent job held since graduation (despite also being fluent in Spanish as a second language) thanks to the total lack of placement assistance from the Department of Rehabilitative Services. Then with a bit of research I discovered that only 3% of the disabled community is in fact fully self-supporting (probably those who already had full time positions at the onset of disability, in which case the ADA covers them and preserves their jobs) and only about a third of us are even working on the part-time basis. That is a criminal waste of talents, skills and abilities…not to mention taxpayer resources!

  13. When did we all get the notion that everyone has to be a college graduate? If everyone has something then the value of it goes down not up. Many years ago it was determined that to get ahead you had to have a high school diploma. So everyone was encouraged to get one. What is the value of a high school diploma today? You can get a job washing cars, dishes and floors. If everyone has a bachelor's degree then that will be the new norm for jobs at a car wash or as a dish washer. And that makes for a lot of money to pay out to get a low paying job. Not only that but there are some people, believe it or not, who just aren't suited for college and it's a waste of money to send them. But I guess as long as the president says everybody needs a college education the public will play the lemming and waste the time and money trying to attain that very expensive degree. Also one might look at what the prez and his wife are doing with their very very expensive law degrees. Oops, they surrendered their licenses. A lot of wasted money there.

  14. He that hath not given forth upon usury, neither hath taken any increase, that hath withdrawn his hand from iniquity, hath executed true judgment between man and man. Hath walked in my statutes, and hath kept my judgments, to deal truly; he is just, he shall surely live, saith Yahweah God.

  15. The cost of a college education is up because liberals control the education system.

  16. Colonialgirl says:

    IDIOT !!
    Neither a Borrower nor Lender Be.
    If we followed that JEWISH Law, the economy would collapse. That was NO promulgated in the New Testament and besides, GOD taught to py the debts we owe and to NOT dodge out of them,. Failing to repay what you owe is THEFT from the one that loaned the money to you and GOD hates thieves.

  17. Colonialgirl says:

    What worthless degrees did they earn? Philosophy, Fine Arts, Library "Science", Education, ?

  18. Colonialgirl says:

    Well Victoria;
    First of all you have to get your degree in something useful and not "education", Philosophy, library science, history, english, and a whole host of other feel-good but useless degrees.

  19. It's not a Jewish law, but Yahweh's law as codified by Moses. But you are correct that it's not mentioned in the New Testament. Consistency then dictates you're okay then with bestiality. Hmm!?! You are also correct in that God hates thieves, including usurers. I think you need to study your Bible better.

  20. I_P_Frehley says:

    I can say this from the position of having once been there; there is liberation in hard work. I worked construction in one manner or another for14 years. Sure I was sore, cut up, beat up and filthy at the end of most days, but I knew I worked my arse off learning something. Then when I was 33, I realized I didn't want to be doing that sort of work when I was 50. Magically, I was laid off and I went back to school, where I again worked my butt off to graduate. If you don't understand the benefits of hard work, you'll never appreciate the rewards from it. As I always say, it's good to know stuff.

  21. mrsgunnut10 says:

    SAY WHAT !!!!

  22. Colonialgirl, you need to sit down and be quite – 1 Corinthians 14: 34 & 35.

  23. David Hodges says:

    What is sadder, that Colonial Girl is not as enthusiastic about God's law as our Colonial ancestors were, or that she confuses the word "Jew" with the word "Israelite"?

  24. This guy is an idiot. I am fed up with these college grads who are nothing but deadbeats. if you have a debt for God sake pay up. You are not entitled to a free college education. It seems to make you dumber. For instance after 4 or more years of college you think you can not pay the loans off. Pay up deadbeats.

  25. An apprenticeship learning a real-life trade or skill — even without pay — from a seasoned expert with years in the industry would be far more valuable — and far less time — than 4+ years wasted at a liberal arts college that does nothing but spit you out with a pretty piece of paper, a mountain of debt and no job experience.

  26. Putting aside the economic part of this for a moment, how about not sending the daughters to today's colleges in the first place ?

    The 1.5 million paid for the daughters to not only continue their ongoing indoctrination (started in the public fool system, where, besides numerous lies and falsehoods, the girls are taught to be whores and the boys to be sodomites) of learning to be feminist and "carrier" women, while putting out of their minds completely the idea of being Godly women (Ephesians 5: 22 – 24; 1 Peter 3: 1 – 6; 1 Timothy 5: 14 – 15. etc.).

    On top of that, now they can be surrounded by and learn all the various forms of decadence and depravity that today's colleges have to offer, not to mention the "truth", "wisdom", "knowledge" and "understanding" provided therefrom.

    Hosea 4: 6 " Because … I also will forget your children." Read all of chapter 4. It pretty much describes America today.

    Turn back to Him, while He may yet be found.

  27. Render to all what is due them: tax to whom tax is due; custom to whom custom; fear to whom fear; honor to whom honor. Owe nothing to anyone except to love one another; for he who loves his neighbor has fulfilled the law. Ro. 13