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?
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.
Their best option is to emigrate to a country where there are jobs and a superior health care policy, tell their US creditors to fuk off, and renounce US citizenship.
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.
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.
A friend of mine spent a bit on a 6-month program to become a private investigator. only one graduate in the class got a job in the field - as a security guard watching security video pictures .....
That's funny & no surprise. These "college education" secondary "schools" all over the country are huge scams. The tricks they employ to get students to sign up!