Posted
10/01/2007 05:41:00 PM
by Douglas
I know I have to feel bad for people that took out a mortgage they can't afford, but now I have to feel bad for students that took out too many
student loans? What on earth for?
Kristin Cole, 30, who graduated from Michigan State University's law school and lives in Grand Rapids, Mich., owes $150,000 in private and government-backed student loans. Her monthly payment of $660, which consumes a quarter of her take-home pay, is scheduled to jump to $800 in a year or so, confronting her with stark financial choices.
"I could never buy a house. I can't travel; I can't do anything," she said. "I feel like a prisoner."
Really? Did the oppression start when the bank
gave her the $150K, or just when she had to pay it back?
Anyone that can't figure out the basic principle of compound interest has no business going to college, anyway.