<p>I think graduating with that kind of debt is unconscionable. </p>
<p>I think the debt should be allowed to be discharged. This young man is in big trouble. The school should have some responsibility to make sure the students are not graduating with $100,000 in debt.</p>
<p>The student was hoping to get a job in Wash DC working for the government.</p>
<p>"Bryce Harrison, who graduated last May from Goucher College, said wage data could have helped him pick his major.</p>
<p>Push to Gauge Value of College Gains Steam
U.S. and state officials are intensifying efforts to hold colleges accountable for what happens after graduation, a sign of frustration with sky-high tuition costs and student-loan debt."</p>
<p>Can’t read the article because I do not subscribe to the WSJ. </p>
<p>How did a dependent student take out $100,000 in loans without a qualified co-signer? Did Goucher loan the young man the money?</p>
<p>Students are for the most part allowed to take out the federal loan limits without a co-signer… that totals over four years about $27,000 (dependent student) to $43,000 (independent student [or student whose parents applied for PLUS loan and were denied]). If you add in a possible Perkins loan or another small state, school sponsored, or private loan for which a student may be qualified without a co-signer you may get up to $50,000 total in student loans?</p>
<p>That is a lot of money in loans for a student to have to pay back, but $100,000 is a VERY large amount in student loan debt for an undergraduate! </p>
<p>Again, I cannot see the article, but I am not sure how a dependent student gets into that kind of personal debt without adults in their life co-signing the loans. I am not certain that the school should be held responsible for that… should the college be responsible for telling students and families not to take on debt they cannot reasonably handle? Should the high schools be responsible for telling students and families not to take on any debt they cannot reasonably handle?</p>
<p>Here’s a link to the article that’s not behind a paywall… </p>
<p>[edit] curiously, it doesn’t work when posted here, but it loaded fine in my browser.</p>
<p>Take the title of the article, “Push to Gauge Bang for Buck from College Gains Steam,” and paste it into Google search, then click on the first link.</p>
<p>If the student or family took out private loans or an equity line on the family home, how is the college even supposed to be aware of the indebtedness? I don’t think it’s a school’s job to look over the family’s shoulder when financial decisions are made. Sounds like this was joint stupidity by the student and his parents (as if a theoretical job “with the government” going to allow him to repay of $100,000 in debt), and is no one’s responsibility but their own.</p>
<p>Did he get any of the money from the Dept. of Education? The DOE acts as a federally chartered bank lending money to college students whose families are not wealthy enough to pay tuition. The DOE charges above market rates of interest to raise additional revenue.</p>
<p>The focus on the article is more about legislation to require colleges to report average salaries of graduates.</p>
<p>But somehow I can’t believe that the student was under the impression that a poli sci major was a ticket to a high paying job. I mean, the good thing about being a poli sci major is that wage information for government jobs already is public information.</p>
<p>Student could not borrow $100k on his own. His parents either took out parent loans or his parents (or someone else) co-signed for this debt. If the parents/students had done their due diligence on the front end, they would have seen that this was not a financially feasible option for their family.</p>
<p>The student is an idiot. There is no other way to put it. Someone I can’t do the math of figuring out how much loan payments will be a month for his debt and that he won’t be able to pay back the loans has no business getting a degree. </p>
<p>Harsh? Yes. But come on. Who co-signed these loans? Sorry, but you made your bed you lie in it. He doesn’t know if it was “worth it”? Just dumb. </p>
<p>And no, the debt should not be discharged. It is his responsibility. And his co-signer’s. The only way this could happen is through private loans. The school has no responsibility for these and is not at fault. The borrower is.</p>
<p>Whatever happened to taking responsibility for Inez’s actions?</p>
<p>Why? Because he’s an idiot? If that’s your theory, then half the consumer debt in this country should also be discharged. (And that’s probably a conservative estimate. :rolleyes:)</p>
<p>This amount of debt wasn’t easy to obtain . . . he didn’t just walk into the school financial aid office, sign a piece of paper, and walk out with $100k in loans. He had to go out and actively search for both a lender and a co-signer. So he can’t complain that he didn’t “realize” what he was getting into. He made a bad choice or, more likely, a series of bad choices . . . and now he’s suck the the result. Why should the lender, or the school, be to blame for this?</p>
<p>I remember reading about a young woman who paid Univ of New Haven 100,000 for bachelor degree. Couldn’t find that one but did find this:
[Drowning</a> in debt - Connecticut Post](<a href=“Drowning in debt”>Drowning in debt)</p>
<p>Unfortunately, there are many more stories like that out there.</p>
<p>I am so tired of people not being held accountable for their decisions. In this digital age, there are multiple sources that will give you an idea of degrees and starting salaries. Hypothetically, if he lives at home he could probably pay back his loans. The payment would be in the range of 1100-1300 per month depending on several variables. He wouldn’t be able to do much else, but it is doable on an income of about 30k. So maybe he doesn’t get a govt job, but he any job and start whittling that balance down. </p>
<p>I am befuddled? Where has he been during this recession? Why did he think it was going to be so easy to walk out of college with a liberal arts degree and land a job?</p>
<p>I think graduating with that kind of debt is inexcusable.</p>
<p>There is no way that debt should be discharged. The only way this irresponsible borrowing is going to stop is when it hurts enough that people stop doing it.</p>
<p>I am tired of funding other people and their stupidity. This wasn’t some random occurrence that caused this young man to be in such a financial mess-it was premeditated and he has to pay the price-him and whoever was his enabler.</p>
<p>He has no one but himself and his parents to blame for this. Have they never heard of the internet? Never seen one of those handy loan calculators?</p>
<p>The thing is, though, there are a lot of people who think like this. Look at all the parents willing to spend $240K for their kid’s fancy education because they think it will be “worth it” in terms of all the doors that will magically open. That thinking definitely extends to people who can’t just write the checks every semester.</p>
<p>the foreign service does its hiring thru the state department website.</p>
<p>I agree that ANYbody who takes out that much in loans is an idiot, even if they graduate and get a $100k a year job, it’s WAY too hard to pay it off.</p>
<p>anybody who cosigns for private loans needs to know what they are doing.</p>
<p>You might be surprised that not all government jobs require a degree in political science. FWIW, my son has a degree in history and politics (dual major), and his job has nothing to do with either, directly. He is using his writing and communication skills and his brain.</p>
<p>It sounds like this kid has buyer’s remorse. Anyone can use a search engine to find out how certain college majors do–average salaries and job prospects. We don’t need more legislation governing our lives. And there is no way his debt should be discharged–that just encourages more people to make stupid decisions. I paid for my college education myself by starting out with community college, then transferring to a 4-year school. I worked full-time most of that time in a relatively low-paying job, but it was enough to cover my tuition. When I couldn’t afford to carry a full credit load, I went to school part-time and added a second job to increase my income. I also took advantage of AP credits to reduce the cost of my education. I took out only a relatively small student loan that I was able to pay back within four years of graduation. And it only took me 6 years to graduate instead of 4. I didn’t get much sleep during those years, but the moral is, people need to be responsible for their decisions and where there’s a will, there is a way.</p>
<p>No way should this loan be dischargable due to this family’s stupidity. I would imagine that soon down the road when people like this keep defaulting on their loans lenders will get wise and we will have student loans as difficult to get as mortgages. Perhaps lenders should start looking at things like majors and act scores when giving out loans. If you are majoring in engineering with a 34 act you get more than someone majoring in political science with a 19 act. Look at the potential for loan repayment like they do for mortgages.</p>