Sunday, December 5, 2010

A New Low in High College Debt

Kelli Space (-cadet)
This is absolutely beyond belief. The ignorance in believing an education justifies this kind of expense and debt is mind-blowing. But to help defray the cost of this degree in sociology, she has a website where you can contribute to paying off her debt. Her site is called -- how sickening. Perhaps I should start a site where people could contribute towards the purchase of gold bullion, for myself, of course.

The USA truly deserves a hyperinflation event to wipe out debt, pensions, savings, etc. It will take a life-changing event to wake people up to reality.

As she states on her site:
I was 18 and the first person in my family (including extended family!) to attend college. Therefore, not only was excitement consuming me, but my parents didn't exactly know how college would or wouldn't affect my salary in the future.

Therefore? Huh? Clearly, the family needed someone with an accounting degree. Hopefully, she's the last to attend college, and perhaps they took the manual from her family on procreating.

2010-12-03: Is the College Debt Bubble Ready to Explode? (YES)
Kelli Space, 23, graduated from Northeastern University in 2009 with a bachelor's in sociology — and a whopping $200,000 in student loan debt. Space, who lives with her parents and works full-time, put up a Web site called soliciting donations to help meet her debt obligation, which is $891 a month. That number jumps to $1,600 next November.

In creating the site, Space, of course is hoping to ease her financial burden, but it's "mainly to inform others on the dangers of how quickly student loans add up," she said. So far she's raised $6,671.56, according to her site.

Space is just one example — albeit an extreme one — of a student loan bubble that may be about to burst. Over the last decade, private lenders, abetted by college financial aid offices, eagerly handed young people hundreds of thousands of dollars to earn bachelor's degrees. As a result of easy credit, declining grants and soaring tuitions, more than two-thirds of students graduated with debt in 2008 — up from 45 percent in 1993. The average debt load is $24,000, according to the Project on Student Debt.