The company that manages my student loan (yes, I still have student loans) just called to clarify some paperwork issues. After we fixed the paperwork, I asked him what was the largest loan amount that he’s seen. He said that last week, he came across a person who had taken out $430,000 worth of student loans. With that kind of loan, the minimum monthly payment is about $5k, but the person was only making about 3K per month. He said that he routinely sees $200,000 to #$300,000 loans for lawyers or doctors, but they can pay it back. The $430,000 person wasn’t a doctor or a lawyer.
I asked him how colleges let this person do this to themselves. He said that colleges don’t care. They just want the money.
I asked him for advice for other students, given all the horror stories that he’s seen. He said that students should figure out what they want to study at a good public college, and then take all the prerequisites at a community college first. Later, they should transfer into the state college with two years done at a cheaper school. He said to avoid all the private schools.
He was too busy to go on the record for a conversation. Too bad.
Apt. 11d 
Megan McArdle once said that the only job market she knew which actually resembled the oppressive realm of abusive employers and powerless employees described by many left/liberal academics was, in fact, the academic job market. Perhaps the only business which resembles the predatory capitalism described by many left/liberal academics is, in fact, the higher education business. What other business saddles its customers with unpayable (and undischargeable) six figure debts for good and services that don’t do them any good?
LikeLike