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410K in student loans. Jar dropping story.

November 28th, 2015 at 03:04 am

I think there should be some limitations on how much and how long you can go on borrowing. She pretty much financed her life on student loans.
Perhaps an in-person interview/evaluation on loan request once the borrower exceeds a set amount. And no one should be able to delay payments that long.

As far as what she was thinking, can't wrap my head around that. And the way she looks in that photo, almost as if she thinks it is a joke.

http://www.msn.com/en-us/money/markets/student-debt-in-america-lend-with-a-smile-collect-with-a-fist/ar-AAfJfJu

9 Responses to “410K in student loans. Jar dropping story.”

  1. Livingalmostlarge Says:

    It's a very complicated story and one that is not easy to wrap one's head around. How much to cap? I don't know. Because it's horrible to borrow to for childcare, and unfairly burdens poor people. BUT at the same time it's worse case scenario to borrow that much in student loans.

  2. VS_ozgirl Says:

    Really how would she enjoy the fruits of her labors? In the beginning the debt was reasonable (although still the price of a new car) but once it starts snowballing I don't know how she expected to really get a financial result for all of her hard work - once you owe over $100k you really have to earn big money to be able to repay and have a decent quality of life. That's insane. Clearly she wasn't thinking... But in so many ways, that is society. Unfortunately she would have been better off with no degree and poor but debt-free, or perhaps studying at community college.

  3. Joe Says:

    No sympathy from me for her poor choices. As a taxpayer I expect her to pay back every single dime - just like I did.

  4. JulieAlbright Says:

    25 years and she's never made one single payment?

    There are people in life who experience a set of circumstances that they think make them a special case exception but are really pretty common. Lots of people study one thing and then want to switch careers. Lots of people experience a limiting illness at least once in their lives. Lots of people have kids and need to pay childcare. Lots of people get divorced. Lots of people find themselves needing more advanced education to support their careers. None of those make her a unique case which would explain ...

    Never once in 25 years saying "The best use I have for this $300 is paying down my debt."

    Never in her life did she take a period of time to say "I'm at X, I'd like to be at Y, but first I need to clean up the cost I've incurred putting myself at X."

    That's what makes her unique. She never dealt with what she'd already created before moving on.

    She does have a way out of this but it isn't a very pleasant way. She's going to have to farm out a good deal of parenting whatever teen children she has left at home and she's pretty much going to have to work 2 full-time jobs. One to pay her expenses (which need to be shoestring) and save for retirement and one simply to make student loan payments. And she's going to have to do that for about the next 20 to 25 years probably.

    Yes, it is terrible that her kids are likely going to pay part of the consequences by not having their Mom around as much, but that's what happens when you just keep delaying dealing with problems. The consequences get worse and worse.

  5. Joan.of.the.Arch Says:

    And do I understand that she is currently signing new loans --parent loans-- for her kids to go to college?

  6. PatientSaver Says:

    I think she made a series of poor choices and I can't say I'm very sympathetic. I think the first mistake was dropping out of law school (or perhaps entering law school to begin with if she wasn't serious about it). The article said she dropped out becus of an auto-immune disease, but if she was well enough to go back to school/work for teaching, this tells me it wasn't the auto-immune disease wasn't the real reason she dropped out of law school.

    I also thought I might become an attorney, but i was about 23 or 24 when I decided to enter law school, much younger than the woman in the story, and still young enough to recover from any financial missteps incurred by doing so. Yes, we all learn from our mistakes, but the best time to "experiment" or "explore" options is when we are younger, but in our 40s??

    I also dropped out after one year of law school after feeling disenchanted with the whole thing. I'm glad I did it then since I was able to stop incurring further debt that way, and I wasn't at all committed to continuing on thru graduation.

    It kind of seems like she used the system by continuing to defer making payments on any of her debt. I think she didn't really seem aware of what she was doing and did not take responsibility for the growing amount of her debt. Debt doesn't go away if you ignore it.

    She admits she made "choices," yet she still said at the end of the story she thought there should be a way to get out of it. I don't know what to make of that. It will be virtually impossible for her to pay back the money. Maybe they can forgive some of the accrued interest if she agrees to start making payments immediately.

  7. Jenn Says:

    It's in part because of the ease that students qualify for loans that college expenses are rising at such a rapid pace. Don't you just love the way the media portrays her situation as typical and not her fault as if "geez, this could happen to any responsible person - we have to save her" by using phrases like "Ms. Kelley’s circumstances are not unique."?

    What ever happened to accountability?

  8. ed kunkel Says:

    Jar Dropping?

    What does this mean? It is not English. It sounds good, though.

  9. PatientSaver Says:

    I think she meant "jaw dropping."

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