Posted on 05/31/2012 8:07:29 AM PDT by C19fan
ven as total outstanding student debt rises to $1 trillion, lawmakers have yet to allow loans to be discharged in bankruptcy.
Without an escape clause, these loans can strangle a person.
Take 36-year-old Nick Keith, who remains $142,000 in debt eight years after graduating from culinary school. He's featured in a new film, "Default: The Student Loan Documentary," in which several college graduates expose the pitfalls of the private student loan industry.
(Excerpt) Read more at finance.yahoo.com ...
Let's see, he spent $142K on a job that pays minimum wages, a job he could likely get without going to school at all; -or- could have had a company pay for, if he was dedicated and worked hard.
You can't fix stupid. With this utter lack of common sense, at the age of 36 - chances are very likely that he would have made a poor Engineer too.
This campaign is being steadily and deliberately built, no doubt as part of the Obama campaign. A whole lot of time and effort is being spent on it by somebody. Sooner or later the “victims” will reach critical mass and there will be “loan forgiveness”. Mark my words on that.
Quite right. I was thinking student loans would be dischargeable through bankruptcy which would leave us on the hook for the Federal guarantee.
Perhaps he should have taken an Economics course while in college. Maybe Finance?
No sympathy here except for all the people that will have to pay higher rates after he defaults on his loan.
So basically he wasted $142,000 trying to be Emeril, but ended up flipping burgers at Mel’s Diner instead....
I graduated from college with $0 debt. My Uncle paid my way. Uncle Sam, that is. GI Bill.
Yep there seem to be a lot of stories such as this one in the media recently.
How do liberals explain this? On the one hand, liberals have pushed for “liberalizing”, if you will, financial aid so that more and more students are able to get loans. On the other hand, the villian here has got to be greedy lenders seeking payback.
One key area of the law, as I understand it, is that students loans generally can’t be discharged in bankruptcy. I predict that this status will change. Look for Obama and the Democrats to allow student loans to be written off in bankruptcy, so these college kids can get their fresh start and all that.
From the amount owed, I would say he is a little slow on the pickup.
This much debt going to culinary school? My mom taught me how to bake chocolate chip cookies when I was about five years old.
Graduates of culinary schools (at least reputable ones) can get jobs as chefs or at least sous-chefs at high-end restaurants and get a good deal more than minimum wage.
There’s something wrong with this bloke beyond than taking on too much debt if he doesn’t have such a job.
I just can’t believe a guy would spend $142k on cooking school without any idea of how he would pay it back. When I went to college, I did not know you could borrow money. I just took what they gave me at the financial aid office and then I worked all the damn time. I graduated on the 6 year plan and owed $1,500 ( that’s right, fifteen hundred) in loans given to me from the financial aid office. After defferring this amount for several years due to military service, I paid it off with one check that sort of hurt at the time.
I have ZERO sympathy, except to pity this guy for being so stupid.
When I was growing up in the 70s culinary schools were about adults attending a few classes to learn how to make a nice dishes not going into six figures worth of debt for a “career”.
When I was growing up in the 70s culinary schools were about adults attending a few classes to learn how to make a nice dishes not going into six figures worth of debt for a “career”.
$142,000 in loans for culinary school? A degree from ma culinary institute qualifies you to work as a line cook in a decent restaurant at about $20K a year! What the hell was this guy thinking?
Stupid should hurt
I probably have had about 9 years of undergraduate courses (6 BA, 3 post-BA) for which I had a total of maybe $3000 in loans. The rest was paid for out of pocket by me or from scholarships for my grades. When it came time for graduate school, my GRE scores got me into a program that had everything paid for, except I had to work a number of years in a related field and my four years post-doc experience took care of this.
I agree. This line caught my eye:
“lawmakers have yet to allow loans to be discharged”
‘Yet’...so its only a matter of time, in the author’s mind.
The selling point will be ‘we did it for the banks, so why not do it for the poor downtrodden students’.
Typically, you do NOT start as a Sous-Chef, you start at a menial level and you work your way up from there. However, there are many Sous Chef's who EARNED their jobs by starting at a lower position and working their way up without a formal education. Also, this salary is after meeting the guidelines:
May require a bachelor's degree in area of specialty and 4-6 years of experience in the field or in a related area.
“....and there will be “loan forgiveness”. Mark my words on that.”
Naaahh....IMHO...where this is going...is a “guaranteed” minimum wage job for the indebted ex-students...with the employer “assuming” the loan...and then getting it “forgiven”...in return for which they have permanent “cheap” employment.
Basically the systems “revenge” for not being able to get all the illegals they want as cheap employment.
Once the government has taken all the profitability out of business with taxes and regulation, the only place else to find a profit is out of the hides of the employees.
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.