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Debtor's Prison for all of you moribund, irresponsible subhumans!

One thing that would help students from defaulting on loans would be if the Canadian Student Loan Program actually allowed Grad students to finish their degrees before demanding that they start repaying their loans. Undergrads aren't the only students in this country, and the government needs to start paying attention to the needs of students in graduate and professional programs.

:-)
Keep blogging

As a licensed and certified career counselor I have heard Gia's from california story more times then I like.
Unfortunately, 75% of students go to college when they should not and for the wrong reason. Parents wont spend the money on a career counselor who has expertise not only in careers, but also has experience in the "world of work."

I could kick myself. I am in 70k of debt and I cannot find a job. I disliked the private, expensive university I went to. I wish I went to a state university for my graduate program. I actually had a tuition waiver, but had to pay for living expenses, some of my debt is from undergrad. It was the worst decision of my life. I sure hope that I can find a good (well paying and interesting )job in government sector and receive some loan forgiveness. I am so angry at this decesion. I really did the research, interviewed the schools, and professionals in my field, but they just threw me under a bus.

Also, I know people (not people I consider friends) who brought a large home, then took out a $80 home loan to remodel the home with all the bells and whistles. Now, they are underwater. And guess what, we (the taxpayers) will be paying for the home to be refinanced with a reaccessed (lower) principles. Yes, my friends, we will be paying for their remodel job of their mini-mansion.

Please Obama reduce the interest and give else loan forgiveness!!! I will never own a home or even a condo. Though I will be paying for someelse remodel job.

PLEASE VISIT THE SITE WWW.STUDENTBAILOUTPLAN.ORG AND SHARE YOUR STORIES!

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Under which circumstances can a person be held accountable for his or her spouse's student loans?

Hello,
Everyone who is struggling with student loans please visit this site studentbailoutplan.org and register to become a member, and to get involved in the government bail out on our student loans, that is keeping us in great debt!

Even if our government would simply reinstate the consumer protection laws for student loans and allow all of us to refinance at lower rates, regulate all the nonsense fees/penalties, this would be a huge step in the right direction. I have gone through two lay-offs, my original 38,000 has mushroomed to almost 49,000.00. With so many people losing their jobs, anyone with student loans will end up owing way more than he or she borrowed (if he/she asks for a forbearance). This is the only kind of loan that a person can't refinance or pay principal-only (unless doubling the payment amount)payments on.

our dad is making us listen to this because i am in 6th grade private school and my 8th grade sister will join me soon. my cousin wants to go to culinary school to become a pastry chef (yeah i dont know) and he thinks its a waste because culinary school is really expensive and that she already has a job teaching french (and pastries and french dont have much in common). they are trying to tell her that its not a very good idea but so far its not really working. she usually wants to do something for all of about 5 seconds and then finds something else.

I have advanced degrees in mathematics and electrical engineering, went to state schools, now make over a $100k per year as a chip designer, and paid of my GSL loans ($12k) without missing a payment. When I graduated in 1991 (with 3 advanced degrees) there were no jobs. I worked in a factoy making lasers in Utah for $10 per hour, a 30 minute lunch and two 15 minute breaks every day. Eventually, several jobs later, moving around the country and taking different jobs, I got my foot in the door as a designer. It all works out if you don't give up. I thought this is what every one had to do to make it in a free society.

College (esp. a public college), no matter what the degree program, should cost no more than $5,000 a year. It's unbelievable that we expect people who are starting out in life to have so much debt based on something that you really can't afford to skip out on--education.

Dare I say it? It's time we have an income tax hike to bring college tuition down (among other things!). We're becoming a society where only the rich get to go to school. How shameful.

Have to love the socialists here saying: Higher education is free in Europe! Why cant we do it like there?

Do you know that only like 2% of the population goes on to advanced degrees in Europe? You have to ACE a tough, tough, tough EXAM while high school to enable you to go on to college. Otherwise it is some kind of trade schoolr or apprenticeship program.

Even if we were to adopt a similar program, some ACLU type which originally thought we should do it like Europe, would come along and say that has disparate impact on minorities and could not exist!

Answers to your questions are at
anyakamenetz.blogspot.com

Ibrinfo.org has the information on Income Based Repayment and Public Service Loan Forgiveness.

The National Consumer Law Center has a very helpful site at http://www.studentloanborrowerassistance.org

Finaid.org continues to be a good clearinghouse of information.

Check out my blog for more! anyakamenetz.blogspot.com

Higher education is free in Sweden and the republicans are WARNING us of the USA becoming like Europe? I think we need to show these guardians of the feudal system to the border.

@ katie from brooklyn, ny: Do you have any idea how many people there are in the NYC metro area with graduate school degrees? I don't know the exact number myself but it's not exactly a rarity here. Even among us lawyers it is not uncommon for people to have an LLM (basically an extra degree for lawyers, earned by doing an additional year beyond normal law school) and still be working at temp jobs to pay the bills. Maybe it provides an edge in some small towns, but then what sort of jobs are available in places like that? The reality is that if someone with a graduate degree is applying for a particular job, most of the other applicants will have the same type of degree, either because the position requires it or because the work is very suitable for someone with that degree. So where is the edge then?

At Univ of Texas at Austin, there were kids who used their student loans and Pell Grants to go to Europe for the summer, buy cars or stereos, or take trips to Santa Fe or Brazil over breaks. I didn't acquire a lot of debt but worked over breaks, etc. When i hear of people getting into 30K+ debt in student loans, it really makes me wonder on what they were spending their loan money.....

I thought she meade mention of the loan consolidation web site. Here it is... I used it a week ago:
http://loanconsolidation.ed.gov/

==========

My question while waiting on hold (never got through) was this: I'm funding nearly my entire son's education at a fine private music college with PLUS loans. Is it possible (and/or likely) that one can eventually be turned down for a Direct Loan once one's indebtedness grows equal to 4+ years of private college funding?

When I was three, my mom borrowed $4000 from New York State to go to school. Now, 20 years later, after one default, one reorganization with a company that went out of business, and several years on income contingency payments, she owes over $16,000 and the interest and collection costs each month are more than she could ever possibly pay. She is a massage therapist who makes $10,000-$15,000 a year and has no other debt. What I've read online makes it appear impossible to meet the requirements of "undue hardship" when filing for bankruptcy, and I am just wondering if there are any statistics on this, or if you think it is something she should try for?

I just can't feel sorry for the people who took on debt to attend school and then took jobs in industries that prohibit them from paying back the loans.

I worked hard for three years in an industry I HATED (finance) just to pay off my loans. I will be just as unhappy to see my tax dollars going to relieve people who can't pay back student loans as I am to see my tax dollars go to bail out big banks.

can you please post those website your mentioned on air

to # 11 Diane -

Sallie Mae sucks. My wife has 2 loans with them, for which she sends one check with both loan account numbers on the check. Sallie Mae always posts the entire payment to one account, and says the other account is past due. I guess Sallie Mae doesn't require higher education (or a simple high school degree) in order to be employed in their processing department. Their customer service area is just as bad - you tell them what they did was wrong, and they insist that you're behind on your loans. btw - the customer service dept is located in this country.

Hi,

What do you consider a minimum manageable amount of debt for a student getting a PhD in a social science or a discipline in the humanities? Is there is a number you can cite where it's simply not manageable? In other words, where does studying what you love stop being realistic against your ability to pay them and live a life in the future?

For example, I have a loan for under $30,000 (still in deferment as I am in school), but I know many people (in the social sciences, humanities, and especially arts) with loansof $100,000 plus.

Not to belabor the point, but...I noticed that you fixed some instances of the misspelled name while others still linger: on WNYC's homepage (the red section at the top), the showpage (topic summary), last week's summary of the guest, on WNYC's flickr page, etc.

I know this is pretty trivial compared to what your guest is speaking about, but it matters nonetheless.

Whatever happened with the investigation into the conspiracy between NELnet and countless college loan officers to steer students toward higher interest loans, and how do you combat that as a borrower in these times?

Can't agree more with Karen. JCc or CCs are a tremendous option and some are quite excellent. I think there needs to be a greater emphasis on seeking out all types of educational institutions.

As a $70 G student loan debtor, I know the joys and pains of a private higher education, the pains are particularly acute with the price tag.

while graduate degrees might not necessarily increase earning potential, they can give job seekers an edge in the competitive market. shouldn't the higher likelihood of securing a job factor into the decision to pursue higher degrees, since a moderately paying job is better than no job at all?

Talk about generational debt: My daughter will be going to college in 4 years. I will NOT have paid off my college loan when she starts. I put all my money into paying back my loans and to save for my daughters' college education. I refuse to let them to start out life in debt, like my generation (Gen X). There is nothing left over for me. I'm okay with that. But between my parents and my kids, our generation is really screwed. My parents wanted us to become doctors and lawyers. All I want for my kids is not to be endebted.

Back in the early 90s, my wife decided to go to medical school. She chose SUNY-Downstate since the tuition was 25% of the cost of private schools, and took out loans. She feels she received a better education, is earning the same as doctors who went to private schools, and has 25% of the debt that her colleagues have.

I've been waiting for this segment forever!

I am strapped with student loan debt (50% public, 50% private, about $100,000 total). I am doing my best to seek consolidation for my private loans, but I know that the market is tight. I plan to return to school eventually and I want to find the best terms possible so that when I go into deferment I am not racking up interest like crazy. What is your advice for someone like me who might have a problem getting a cosigner?

Should I try to sell my debt on EBay?

There is a new Facebook campaign aimed at canceling Student Debt to Stimulate the economy.

http://www.facebook.com/home.php#/group.php?gid=46657437878&ref=mf

"Forgiving student loan debt would have an IMMEDIATE stimulating effect on the economy. Responsible people who did nothing other than pursue a higher education would have hundreds, if not thousands of extra dollars per month to spend, fueling the economy NOW. Those extra dollars being pumped into the economy would have a multiplying effect, unlike many of the provisions of the plan presently under consideration. As a result, tax revenues would go up, the credit market will unfreeze and jobs will be created."

I am a freelancer. If I become unemployed, can I still apply of unemployment deferment even though I will not receive unemployment benefits? Or do I have to qualify for hardship deferment?

My son has a BA in Graphic Design with an income under 35K (first job) and school loans in the amount of almost 70K. He attended a SUNY school and still has a large debt to repay mostly due to the interest charged on his "signature loans" held by Sallie Mae. We have tried to renogiate the interest with SM negative results. We tried to consolidate at a lower rate but his income cannot carry the debt. I tried co signing but my credit has fallen in the last two years. Any ideas?

Our son is attending a community college for the first two years of his four-year degree. It's cheap. He will transfer to a four-year college for the final two years. Many families are doing this to save money on tuition and thereby reduce the amount of their child's student loans. Most 4-year colleges accept transfer students -- that's how Obama got into Columbia (although I think that his degree is from G.S., not the College, but we see that it made no difference).

Don't just borrow; strategize.

Just wondering if your guest (or anyone) knows how many people have filed for unemployment deferment during the recent economic crisis. Seems like an important economic indicator.

Most of the posters so far sum up a situation that needs to be addressed in creating a financial solution that will move the economy forward.

People carrying these huge education debts are "frozen", just like credit, in that they aren't free to be mobile, innovate, make purchases, all of those things that will generate economic activity.

If the solution continues to pretend not to see both the huge hidden load of student debt and credit card debt, there will continue to be a rotten core to the economy.

Perhaps, like in ancient times, we need an imperial decree that all debts are cancelled, and we start from the year zero.

When I decided to take on the debt to attend Columbia U for undergrad and graduate school I assumed that I would graduate and like those old ads on the subway for speed writing, get a good job and earn higher pay. Nothing could be further than the truth.And whilst I have been able to support myself, the investment in time and debt has not paid off. Meanwhile I am stuck in crippling debt. IF I had overborrowed to finance a business or Home I would at least have something tangible for my time and money and debt, and most unfair at all , I could declare bankruptcy and wipe the debt away.. not so with a student loan and that is not fair or ethical. A debt is a debt, it should not matter what it is used for. All debt should have accces to the same relief.

Power confers responsibility... The banks who loaned money to "subprime borrowers" had within their organizations countless accountants, actuaries, bookkeepers, and myriad managers whose charge was to maintain responsible and sustainably profitable business practices. On the other end of the transaction, perhaps a young couple looking to purchase their first home. It's a lopsided equation, and therefore I believe the larger share of culpability in this sort of situation rests with the lenders. I'm not suggesting that the borrowers should be let off the hook... They ought to be held accountable for their actions. But we should keep in mind where disproportionate power and responsibility lie in these sorts of situations.

I think you may have spelled Anya Kamenetz's name wrong. You have an extra 'n' in there. It's on the homepage (scrollable section) and on the showpage.

In Europe higher education is mostly free or very affordable. Isn't the phenomenon of generating debt that this country's economy is to a great degree reliant upon just a mask covering over the fact that our economy has never really escaped the structure it grew out of in which the role of indentured servitude is essential?

Isn't this talk about "free market" and privatization and its conflation with "democracy" and "freedom" merely a more insideous ideology that makes those who fall into debt feel "guilty" for their actions instead of placing the blame on the shoulders of the structure that requires a huge amount of debt?

This to me is why people are so complacent about the hardship and extreme disparity that exists in this country. This seems to me to be linked to all sorts of problems including the failure of the public school system and the failure of health care and the failure of privatization. I am only surprised that things have not collapsed earlier. This to me is only the beginning and the longer it takes for people to exit their slumber the worse the fall ultimately will be.

I wish I could take the same comfort that the previous commenter does in the idea of student loan debt being an investment, but I have been out of law school for 5 years now and every single day I regret the enormous debt I took on. I took on just over $160,000 in debt and so now I have this degree instead of owning an apartment. I have struggled to find employment the entire time because the reality is that the well-paying jobs go only to people who went to a small handful of very prestigious schools, or for people who went elsewhere, to those in the top 15% or so of their class. It's an extraordinarily rigid profession that way and the smaller law firms, while more accessible, pay smaller salaries than what I was making before law school, while still expecting people to put in large-firm hours. I feel that my law school was very misleading about the realities of the job market -- for example, they only track whether graduates are working "in the legal profession," which includes people like me who are barely making ends meet by doing temp. attorney work -- and every single day I wish I could sell my degree back to them and be free of this debt.

I invested in a graduate degree, rather than a risky mortgage - I find it extremely unfair that the federal government is considering plans to bail out reckless homeowners. Will they not provide relief for student loans as well? Theoretically, both investments will lead to additional revenue for the government over time. Why should I (as a taxpaying citizen) help pay off other people's bad mortgage decisions? I have enough debt of my own, from student loans.

I am a US citizen, living and working in Zurich. My undergraduate and graduate education resulted in about 70,000 in debt however I look at the debt as an investment in my future... as if I was buying stock in my future self/life. Perhaps this investment will provide a return in 5, 10, 15 years - I'm still trying to figure that part out. What's interesting is when i talk to my swiss colleagues who balk at the amount of debt I accumulated from education. Being that their education is provided by the state they cannot imagine paying such a sum. They ask me how I manage and I say I pay my student loans bills every month, rent an apartment, and have no savings... this can be stressful but I take refuge in my investment and the potential that it has opened up doors that didn't exist before.