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
410K in student loans. Jar dropping story.
November 28th, 2015 at 03:04 am
November 28th, 2015 at 04:38 am 1448685495
November 28th, 2015 at 12:11 pm 1448712678
November 28th, 2015 at 03:37 pm 1448725076
November 28th, 2015 at 04:00 pm 1448726422
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.
November 28th, 2015 at 04:39 pm 1448728755
November 29th, 2015 at 01:40 pm 1448804419
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.
November 29th, 2015 at 04:54 pm 1448816069
What ever happened to accountability?
March 26th, 2017 at 02:59 pm 1490540365
What does this mean? It is not English. It sounds good, though.
March 26th, 2017 at 05:44 pm 1490550271