Whenever we think of college and all the great things that come from attending a world class university, we only ponder upon the victorious things like the first job and graduation day. There is another side of college filled with horror, poverty and extreme sadness. The world of student debt is where thousands of proud graduates live. It’s a very, very sad place…welcome, you are entering the loan zone.
Law School: Students around the world decide to take a crack at the lucrative world of Legal matters. In this lucrative world, college is not only challenging and beyond stressful but it’s extremely expensive. One student invested everything including this trust fund and over 100k in student loans into a high echelon law school. The great news is that he graduated and completed his degree. The bad news is that he graduated with a lower score than most of his class, racked up a ridiculous amount of student loans and most importantly, he lost his desire to be an attorney once he determined he would virtually have no social life for several years. He eventually went on to practice law at an underperforming law firm where he made just enough to repay his loans and have money for basic necessities. Once the loans were repaid, he quit law school and returned to college to refocus his studies on his true passion, graphic design.
It felt like 2 mortgages: Parents are against the gun when it comes to their children’s education. Most parents know fully what their children’s capabilities are but have most difficult time conveying these thoughts over to the children. This virtue proved to be a grave mistake for a Wisconsin family who’s racked up over $115k in student debt for a child that was not serious about college, dropped out and now is back home with the parents. While reviewing the student loan documents, the mother realized that her upcoming student loan payments were more than her home mortgage. “We feel helpless and caught in a tough situation” said the one of the parents. This family now has to make a decision between paying the loan back, risking the loan going into default or passing the responsibility over to the unemployed and seemingly unconcerned child. Imagine being a parent thinking you’re about to obtain ultimate freedom, only to funneled back into a world of debt and bondage.
It’s a sad day when you’re paycheck from your employer hits the bank and ½ is sent off to student loan land. Unfortunately, many people are experiencing this issue around the world. Undoubtedly, the student loan crisis is one of the biggest issues in the United States. Students are totally powerless and have limited options if they want to one day gain legal and lucrative employment. One thing is apparent, student loans are here stay and the horror stories have just begun. Parents and students must make a stand against the ever rising cost of student loans before it’s too late.