Saturday, July 30, 2011

The American Student Loan Trap

I met a girl at the pool this morning who is going to law school here in Charlotte.  During the conversation she mentioned that her undergraduate student loans were $80,000 and her graduate school loans will total $150,000!  $230,000 in total student loan debt before she steps foot into the workforce.

Then she can begin accumulating credit card, auto, furniture, and mortgage debt.  She will most likely start out $500,000 in the hole if she purchases an average priced home here in this area.

For those of you out there (myself included) that say it is no big deal because she can just walk away from the debt, not so fast.  Studen loan debt is not cleared during bankruptcy, it stays with you forever.

I wished her the best of luck, and went happily on with my day thinking it would be a good time to segway into a graphic such as the one you can see by clicking on the following link: AMERICA IN DEEP

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