Student loan debt suffocates college grads before they even earn their first paycheck. Recent college grad Hernan Castillo confesses, ” Every day I wish I had never gone to college…it has been the biggest mistake of my life!”
MSNBC’s award-winning journalist Bob Sullivan does it again!
This time, Bob exposes the shocking reality facing many college graduates. The economy doesn’t care if they just graduated…or that they have massive student loans to pay…or that they bravely took on credit card debt to cover the last few semesters.
Bob’s article is a must read in order to grasp the shocking reality behind a national epidemic: the cost of a college education is CRAZY…about to be reserved only for the wealthy elite.
For just a moment, look at this chart to the right. This is what these few colleges are charging for a 4-year degree. $53,878 for a 4-year degree?
Are you kidding me?
Oh wait, that’s not all. If you want a 4-year degree from Hobbart and William Smith Colleges, you’re going to fork over $179,153. Un-frickin-be-liev-able.
This is more than what I paid for my first home in 1998.
Is it any wonder these kids are graduating–if they’re actually able to graduate today–with a MOUNTAIN of DEBT?
Is it any wonder?
And then Bob’s headline punched me in the face:
“COLLEGE GRAD: ‘I WISH I’D GONE TO PRISON INSTEAD’ “
Who in his right mind EVER would prefer jail over college?
In all my years receiving emails and phone calls from people confused and desperate about debt and bad credit, these are the worst of times….
Student loan debt cripples many college graduates who screw up their credit and financial lives before they earn their first paycheck!
According to Bob’s article, “Hernan Castillo is treading water, trying to survive under the weight of $5,200 in credit card debt and $30,000 in student loans.”
Apparently, Hernan is freaked out by this debt ($35,200). As bad as Hernan might feel, his debt is not even a drop in the bucket compared to the debt and job loss situations I hear daily.
…not even close!
“He’s making payments on time, but the Orange County, Calif., resident sees little hope for getting out of the warehouse job he holds and landing a job as an accountant, the field in which he earned his degree. And forget about saving money for a home or retirement. He now firmly believes the money he spent earning a college degree was a waste.”
WOW! …a waste of money!”
Click READ MORE below to discover the “poor” decision many college graduates are making about college debt. More importantly, what is the real point I’d like to make about Hernan’s story?
WHAT’S WORSE THAN STUDENT LOAN DEBT?
What’s worse than student loan debt? My response might surprise you. Keep reading for what I think is worse than debt and defaulting on loans.
But first, here’s a little more of Bob’s compelling article featuring recent college grad Hernan Castillo:
- College Student credit card debt is skyrocketing! Not a surprise at all as college students face exploding tuition costs and must resort to EASY credit (cards) to pay for college.
- The average college grad owes at least $7,000 in credit card debt. Actually, another report estimates the number at $10,200. Either way, the $$$ is bad as I’m crunching the finance charges in my head.
- 82% of college graduates pay only the minimum payment on credit cards each month. Ouch!
Thank goodness, Bob’s reporting reaches millions.He is the winner of multiple journalism awards for his coverage of online crime and author of Gotcha Capitalism: How Hidden Fees Rip You Off Every Day and What You Can Do About It. and Your Evil Twin: Behind the Identity Theft Epidemic.
For the rest of Bob’s fascinating article, go to http://redtape.msnbc.com/2009/05/college-debt-so-crushing-grad-says-i-wish-id-gone-to-prison-instead.html#posts
At the most exciting time of their lives, many college graduates are facing financial hardship. These talented grads cannot find jobs…and cannot pay for their expensive college education.
Never before have I received as many emails and phone calls from recent grads asking questions about bankruptcy….
For heavens sake, they’re asking about BANKRUPTCY! in most cases, a “BK” is not the answer to these young people’s financial troubles….bankruptcy’s “scarlet letter” goes way beyond bad credit and into Human Resources at their prospective employer’s.
Millions of people, with and without families, house and car payments & living expenses, can’t find a job either.
The US Labor Department released figures showing that 637,000 people filed new claims for jobless benefits in the week ending May 9, up 32,000 from an upwardly revised 605,000 in the previous week.
The number of people filing claims on an ongoing basis rose to a record high for the 15th straight week. The 4-week moving average of initial claims, which smoothes out volatility in the measure, rose 6,000 to 630,500.
The most recent data available shows 6,560,000 claims filed on a continuing basis — the highest number since the Labor Department started tracking the data in 1967 and an increase of 202,000 from the previous week.
Most of the increase was due to auto layoffs — Chrysler LLC has laid off 27,000 workers in the wake of its April 30 bankruptcy filing and General Motors has said it will temporarily shut 13 factories beginning later this month, potentially affecting 25,000 workers.
- Are you recent college graduate?
- How much debt did you carry across the stage to grab your diploma?
- Do you think college was a mistake?
- Are you out of work?
Please take a moment to share your opinion about this post and the exploding student loan debt facing many college students and/or their parents.
Student loan debt should not suffocate college graduates, prompting any of them to suggest they’d be better off in jail than in college…or that college was a “mistake.” I cannot get over that statement, even if it was taken out of context. Learning a trade is important…ABSOLUTELY…but in these troubled times, people with and without a marketable trade are out of work.
photo credit: DemocratAndChronicle.com
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