Many Americans Too Broke to File for Bankruptcy
- Thread starter hippie
- Start date
Basically a story about a college student who got a crap degree and took on a fortune of student loans to do it.
She is 25 and owes 80k, degree in psychology and says this,
"My future is gone before I have a chance to make one...."
Psychology is the study of hope. Pfftttt.. she came away with zippo in that department.
"....But if I could discharge this using bankruptcy, it would be better than winning the lottery."
Now you're thinking, go buy some lottery tickets.
--------------
I wonder in 20 years if 80k will be a whole lot of money. C'mon a new car cost 40k.
We have a failure here before she started college.... when she signed on the dotted line to repay.
I vote she owes us the money.
ps. she has a daughter, first question I'd like to ask her is she is going to send her kid to college?
"My future is gone before I have a chance to make one...."
Psychology is the study of hope. Pfftttt.. she came away with zippo in that department.
"....But if I could discharge this using bankruptcy, it would be better than winning the lottery."
Now you're thinking, go buy some lottery tickets.
--------------
I wonder in 20 years if 80k will be a whole lot of money. C'mon a new car cost 40k.
We have a failure here before she started college.... when she signed on the dotted line to repay.
I vote she owes us the money.
ps. she has a daughter, first question I'd like to ask her is she is going to send her kid to college?
Her husband is in college. Is he taking on lots of debt as well? is he getting as useless of a degree as she did?
How does she have $80K in loans after 4 years at LSU? If she was a state resident, than LSU couldn't have cost $20k/year. If she was out of state, then it could have cost $20K, but that means she borrowed the entire amount of her tuition - bad idea.
$500/month is chump change in a 2 income family. Her problem is not the debt, but the fact that she can't get a real job and that her husband doesn't work.
Unless there are other debts that are not being talked about, BK is a horrible option at this point.
How does she have $80K in loans after 4 years at LSU? If she was a state resident, than LSU couldn't have cost $20k/year. If she was out of state, then it could have cost $20K, but that means she borrowed the entire amount of her tuition - bad idea.
$500/month is chump change in a 2 income family. Her problem is not the debt, but the fact that she can't get a real job and that her husband doesn't work.
Unless there are other debts that are not being talked about, BK is a horrible option at this point.
I've read where only 20-25% of college enrollees ever graduate.. and many/most of them with degrees which lead to jobs not supporting the cost of the degree.
May conclude that college is (a) merely "post high school" for most, or (b) a scam for many others.
A surgeon friend of mine of course ran up a big student loan... didn't get it paid off until he was 42.
May conclude that college is (a) merely "post high school" for most, or (b) a scam for many others.
A surgeon friend of mine of course ran up a big student loan... didn't get it paid off until he was 42.
there is an existing thread that covers this subject.
http://www.elitetrader.com/vb/showthread.php?s=&threadid=200404&highlight=nyu
OPs should make a search before starting a new thread.
this is a worthwhile article as it explains the difficulty of getting a bankruptcy based upon student loans.
I have posted it to the other thread.