May 31,2010
This woman's mother wanted her to get in the best college possible, no matter what the cost. The mother did not warn her about the $100,000 debt. She graduated from NYU, not a top-tier university.
She cannot escape. The interest owed keeps building. It is almost impossible to escape student loan dent through bankruptcy.
She could have gotten the same degree for under $15,000. She would owe nothing. A man might marry her.
Any man who marries a college graduate today had better run a credit check on her. She should do the same on him. Being saddled with a huge debt and not finding out until after the honeymoon is not the way to begin a marriage.
What are these people thinking of?
These students are driven by ego. So are their parents. "I want the best." Fine; pay for it up front. Can't afford this? Go somewhere cheaper. Simple.
But in this era of phony symbols and bad economic planning, students and their parents take the bait. They attend high-priced schools whose B.A. degrees give them little or no competitive advantage in the entry-level job market.
There are ways around this nonsense. Here is my advice.
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