Thursday, July 15, 2010

The Bane of Student Loans

Student Loans are the pits, especially when you go to school and can't get a job using the education you got from them or you can't make enough money to support your family without going on to a Masters or Doctorate Program (incurring much larger amounts of debt). Mike and I both have student loans, not massive amounts of money mind you, but enough to buy a brand new truck. Of course, we have been paying on them for 10 years now. We have really only paid about half of it off - leaving us another 10 years to pay off the rest.

Personally, I'm wondering if they were worth it at all. Especially since I have learned more from reading classic books than I ever did in college. Add the fact that I can't remember much I learned in college and it really becomes a question of getting your money's worth.

I heard on the radio on Dave Ramsey's program a woman who went to school to be a pediatrician. She has approximately $250,000 in student loan debt. She says that with how much she pays in malpractice insurance and to keep her office doors open with payroll, employee benefits, etc. she does not foresee paying off her student loans until just before she retires. Her $250,00 debt becomes over $500,000 worth of debt over those years. Incredible!

Now, guess who you owe if you have student loan debt...the government! They have taken over that industry now.

Feds Take Over Student Loan Program From Banks

Students who previously had to choose a private-sector lender for their guaranteed loans will now have only one choice: the government.
I wonder what will happen if we can't pay it back?

2 comments:

  1. I agree with you that I have learned far more in the last 5 years of studying the classics than I did in my 3 years of college education.

    I have stopped taking online college courses because I've decided that they were not near as beneficial as my ancient Greek studies and other literature reads.

    Good luck in your debt ad figuring out what to do!

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  2. Oy! No kidding! The government wants to OWN US! Yikes!

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