Thursday, June 10, 2010

College Bubble Hitting Mainstream

Carmen Gardiner, College Graduate

Psychology degree from Louisiana state and all I got was $80,000 in debt.

The MSM seems to picking up on the college bubble. It's nothing really new, though: College Bubble.

2010-06-10: My future is gone
Carmen Gardiner, 25, a 2007 graduate of Louisiana State University, is weighed down by her private student loans. Her debt is now about $80,000, and her monthly payments are more than $600. Gardiner's undergraduate degree is in psychology. She lives with her husband, who is still in college, and earns $13 an hour at a call center in Atlanta. They have a 6-month-old daughter.

She hasn't defaulted on her student loan. But she doesn't see much hope. Bankruptcy would not discharge her debt.

"I'm completely sour about the whole idea of going to college," she says. "My future is gone before I have a chance to make one. But if I could discharge this using bankruptcy, it would be better than winning the lottery."


So and So said...

I just don't understand these people with huge amounts of college debt. Since these are private loans, I think they are spending a lot of this money on expensive apartments and going out.
I have a BS from Ohio State and my total loans were $30,000 grand. My sister has a BS from U of Akron and she ended up with $27,000 worth of debt. She will pay hers off in seven years. What are all of these people doing wrong?

Tyrone said...

Well said, 'So and So'.

I scraped by for a degree in a state near Ohio. *wink-wink* I only took out loans to fill small gaps in funding, and promptly paid the loans off after graduating. It was also a marketable degree, and the ROI from it is remarkable.

So and So said...

Yeah, the degree matters alot. Engineering degrees are definitely worth $30K and a math degree is definitely worth $27K. Religion/woman's studies degree? SO not worth $96K. That degree isn't even worth $27!