In fact, "to go broke" implies that you actually had some financial assets which you have lost. For many of us, our student loan debt will keep us from accumulating any "extra" money to go broke with. Perhaps a more accurate statement from President Obama would have been, "In the United States no one should be in excessive debt because they chose to go to college."
AND NO ONE SHOULD GET RICH BECAUSE STUDENTS WANT TO GET AN EDUCATION!!!
It is obvious to some, but clearly not to enough people, that any system which allows lenders and college administrators to become obscenely wealthy off of money lent to students for ever-increasing tuition and basic degrees, is a corrupt system. The marketing and manipulation to perpetuate this cycle is shameless and immoral.
In the past ten years the top two "executive" criminals at the notorious Sallie Mae have taken home over 400 million dollars in "pay"- all from student loans! This is not how the federal student lending program was designed to work in this country. There are plenty of others milking this gravy train for all it's worth, all while graduates struggle to find work and repay loans, and families worry about the rising cost of education.
In a previous post, submissions to the "DEBT REGRET SHIT LIST" were requested from readers. Some have been received, and will be posted on this blog shortly. The format is being changed so that the student's name is not going to be on the list now, but just the school. So it will look like this:
Boston University, MA Clinical Pyschology, 2007- DEBT: $60,000
"Definitely not worth it! Don't do it!!!"
If you regret attending a certain school and the debt you accumulated (or are accumulating), please let others know by leaving a comment on this blog or e-mailing: email@example.com. Your name will not be used. If you see your school listed already, submit it again. There is no limit as to how many times a school can be listed.
Just provide the following information:
1) Name of the school
2) Your degree
3) Year of graduation (or withdrawal date)
4) Amount of debt owed for this degree
5) An optional comment that relates to the school or your debt
Thanks for your help. This information is a help to people who are currently about to overborrow for an overpriced education, and sink themselves into debt.
It will also help in the preparation of an upcoming series on this blog examining various fields of study, and the correlation of debt and realistic job prospects. Thanks to those who have provided information for this so far. Those posts will be coming this summer.
GET INVOLVED NOW! RESTORE BANKRUPTCY PROTECTION! CLICK HERE!
If you had it to do all over again, what would you do differently in regard to borrowing for school?