Kelli Space is 23. She graduated from high school in 2005, and went to Northeastern University—"the first person in my family (including extended family!) to attend college," she says. Unfortunately, that may have deprived her of the opportunity to have someone tell her that the American college dream isn't all it's cracked up to be. Kelli emerged in May of 2009 with her diploma and this: $189,182.39 DEBT
"The severity of my situation goes a bit deeper than "I owe this money, help me" - I am actually forced to live with my parents (forced = I am lucky! But...) as the monthly payments for just my private loans are currently $891 until Nov 2011 when they increase to $1600 per month for the following 20 years!
Attached is my payment plan. I also mentioned I have a job - which is great! And I probably have my college education to thank for that! Except there is still no way to make these monthly payments, and live on my own as a contributing member of society. Neither of my parents, nor I, really knew how this would pan out — unfortunately — and now that I'm here, I see no real light at the end of the tunnel."
1) With faster and more effective methods of learning and educating oneself emerging everyday does paying to send a child to college make economic sense?
2) Are the people who are the products of the university system actually
"educated"?
RJEsq said ...
I can relate to this... to a degree.
Girl, what's done is done. Call Sallie Mae ask for a modified payment plan and live your life!!
I can relate to this... to a degree.
18 comments:
On the faq page http://twohundredthou.com/faq question "Do you have a job? Why don’t you get a second and/or third job, if so?" - you notice that for all her education - she cannot calculate.
The response that this illiterate provides is:
I do have a job. I don’t make enough money to pay this debt. I work between 45-55 hours per week; any additional job would not only cut into my actual sleep time (which… I need, as a human, unfortunately) but also would likely only pay me $10/hour. $10 x 10 (hours per week, let’s say) = $100/week. $400/month. $4800/year. This is all BEFORE taxes. This is pretty much just paying the interest on my loans - it’s like running on a hamster wheel.
Either she is lying about working 45-55 hours a week - earning $2000 per month or she is just lazy and only works 10 hours a week and earns $400 a month.
Either she is lying about working 45-55 hours a week - earning $2000 per month or she is just lazy and only works 10 hours a week and earns $400 a month." Anonymous
OK ...
What does that have to do with the value of a college degree relative to to the corresponding debt often associated with obtaining (purchasing) of a college degree?
This woman has a BA from Northwestern ... yet you call her an "illiterate".
Is college still relevant?
Donald Trump. Bill Gates. Millionaires who recognized college was a waste.
Both now dangle carrots on a stick to employ "well-educated college graduates." In fact, Gates admits that he requires a degree to work in his enterprise.
College is the new model to accumulate obscene debt with the likely result of helping to expand a non-graduate's personal wealth.
Funny thing is, I have a non-technical degree working in a technical field that I taught myself from the age of 11. I make a decent wage while doing the work that helps my boss earn many-several times my pay. Did I mention MANY TIMES MY PAY? That's not a route I'd repeat...
There is an "entitlement mentality" among the youth that been indoctrinated to believe if they get a degree, they get a job.
Sound like she need to join the military and pay that loan off.
I can relate to this...to a degree.
Girl, what's done is done. Call Sallie Mae ask for a modified payment plan and live your life!!
RJEsq
Sorry DV I can't agree with this one.
This girl CHOSE to go to a specific school, thinking that she would obtain a COMPETITIVE ADVANTAGE in doing so.
She chose this over a more affordable "State School" which would have led to far less debt.
Notice that the government is "fix'in" to go after "For Profit Colleges" while they are silent upon these elite blue blood schools that are rendering the same economic effects on their students.
Constructive Feedback said...
"Sorry DV I can't agree with this one."
CF!
Brotha.
With what exactly do you disagree?
I simply asked 2 questions:
1) With faster and more effective methods of learning and educating oneself emerging everyday does paying to send a child to college make economic sense?
2) Are the people who are the products of the university system actually "educated"?
As of yet, no one has shared their perspective regarding those questions.
You seem eager to make the point that this young girl's predicament is "her fault" and the "government's fault" for not making private colleges burden students / customers with "less debt".
"less debt"
What the fuck is that?
Why is DEBT necessary at all?
What kind of people assume DEBT is just an inevitable part of their lives?
...
...
...
Slaves.
http://denmarkvesey.blogspot.com/2010/08/dmg-s-great-great-great-grandfather.html
"What kind of people assume DEBT is just an inevitable part of their lives?"
EXACTLY.
I was speaking with a USC tv/film grad. He is now a casting director for E!. We spoke about our mutual student loan debt. I thought mine was huge ($38,000)I tend not to discuss money at all so I've never heard about other's debt. He told me he was $153,000 in debt. I gasped and looked at him as though he had told me someone died.
He said that this was "normal" for his private school.
I've been experimenting with my life for a while now. As of now I work in a field unrelated to my original major (online marketing/content etc).
When NEEDED I take short courses and licensing and certificate programs that I find are worth their price and will appease the employers who mindlessly require degrees that never speak to a prospective's expertise in the work required. I am now a contract worker (online marketing/content etc). The freedom and control is exciting for a 20 something. My clients are impressed with what I can do and not with what school I attended. I take them through my start to finish on an effective work day. I never mention my education which is printed on my resume for them to see. I am a pimp and these hoes need me. So I "clock in" from home and I'm paid weekly at my requested rate.
In the end I wont be satisfied until I'm selling product, I'm the boss and I have even more freedom. I've got a feeling I wont have to worry about that long though.
this about sums it up! :-)
http://www.youtube.com/watch?v=ZhjhHuMKqgs&feature=related
Sounds like a scam. And this definitely isn't anywhere near the norm of student loan debt. Anyone ask how she qualified for $189k in loans?
Maximum loan amount for 4 years of undergrad from the federal goverment is $31,000 for dependent students (she said she's living at home).
I wonder if this is really student loan debt, and not something like credit card debt?
Northeastern University*
Tuition
$36,360
Room and board†
$12,310
Mandatory student fees‡
$762
Total annual cost
$49,452
Who are these people?
Over 100K in student loans debt is ABSOLUTELY the norm. And this young woman shouldnt be subject to such bashing because of it. All she was doing was trying to make a way in life, and according to you assholes, she's lazy, a liar and dumb. I say none of the above. She's a victim. Like millions of others, so many that DV posed the original question.
To answer your question DV, of course she's educated. To say that the cost/investment assocated with college is insane, is not the same as questioning the education received. These two things can be mutually exclusive.
I received a great education in undergrad and lawschool. Am definietly better for it. Doesnt mean I'd pay 100+K for it on the next go round. Maybe 45K though!
RJEsq.
RJEsq,
No. Greater than $100k isn't the norm for undergraduate loan debt. It's BARELY the norm for Professional degrees like law or medicine. A 15 second Google search disproves your assertion. Do your homework.
Maximum federal loan debt for undergraduates (under specific circumstances like parents not qualifying for PLUS loans) is $57,000. So if she's got this sort of loan debt, it must be distributed among Federal loans, private loans (for which she--or her parents needs to qualify), etc....so I'm not buying that SHE alone is that far in debt as an undergraduate. If she is, it's because she chose to private loans rather than work-study, grants or other ways to decrease loan debt.
If she is $189k in debt this would mean due to parental income she didn't qualify for one penny of grant or scholarship money or work-study, etc.
Whatever. She made bad choices and now she's paying for them.
I could care less about her crying poor. She (and her parents) should have been outraged before enrolling. Hope she didn't get a 6 figure degree in english. More likely it was s 6 figure degree in partying. Whatever.
@Anonymous (whichever stated the following:)
"Maximum federal loan debt for undergraduates (under specific circumstances like parents not qualifying for PLUS loans) is $57,000.
You know the Fed isn't the only place you can get a college loan tweedle dee. j/fukinwitchya. My loan was entirely from my own bank. I dont pay the Fed shit. My monthly goes to the other bloodsuckers.
And if you have the credit and income you can get loans from both soooo...it's very possible that is the case here.
Also, what do you think college students do with their credit cards? They pay for college living. So it too is just as viable as educational debt.
O,
Perhaps you should read my entire post before starting to type. Nothing changes here.
College students often pay bar tabs with their credit cards, Captain-Save-an-in-Debt-Ho.
When you are done, maybe you'll look up the average loan debt carried by U.S. undergrads. It's NOT what this chick is selling.
You never were good with details.
College is just prolonged adolescence.
@Anon
No, it's you muhfuggas who are terrible with details.
If you look up the average student loan debt you will only get average results. In this case that means Federal Student Loan debt as that's the only thing reported accurately via tax records.
The details- like private loans are not considered.
What's wrong with having a drink while in college? It's a part of the college experience, especially when you're in debt.
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