Normally I would not read any Yahoo articles but this one surprised me as it is exposing the slowlane. The title is:
7 College Graduates Whose Lives Were Wrecked by Student Loan Debt
It contains 7 real life examples of individuals who trusted in the Slowlane-Plan and are broke and desperate now, many years after graduation, some of them even homeless. Quote: "Student debt has become the defining feature of their lives — the millstone around their necks that holds them back from a full financial future."
The most interesting case is this one:
Since earning his MBA in 2004, Michael Pope, 38, has been bankrupt, homeless, and unable to find a job that pays well enough to tackle his $140,000 loan debt.
"When I graduated at 24 with a B.S. in business, I was about $60,000 in debt between a car loan, student loans, and credit cards. I found a job I hated right after graduation and quit after a month. That wasn't a good move, but I did it. After living off of credit cards and bumping my total debt to $80,000, about 6 months later I finally landed another job as a low-level QA Engineer. I eventually paid down my debt to about $40,000. But my $12/hour wages weren't cutting it. I decided I needed an MBA to move up in my career. I earned one in 2004 (for the "low" price of $140,000), but it didn't open the doors I imagined it would. I've barely made a dent in paying off my debt. In the last 9 years, I've been homeless, bankrupt, and have consistently struggled to find employment that offered enough compensation or advancement to pay off a mountain of debt."
As told by Michael Pope, 38, of San Francisco, Calif.
The full article can be found here: Yahoo! Finance - Business Finance, Stock Market, Quotes, News
7 College Graduates Whose Lives Were Wrecked by Student Loan Debt
It contains 7 real life examples of individuals who trusted in the Slowlane-Plan and are broke and desperate now, many years after graduation, some of them even homeless. Quote: "Student debt has become the defining feature of their lives — the millstone around their necks that holds them back from a full financial future."
The most interesting case is this one:
Since earning his MBA in 2004, Michael Pope, 38, has been bankrupt, homeless, and unable to find a job that pays well enough to tackle his $140,000 loan debt.
"When I graduated at 24 with a B.S. in business, I was about $60,000 in debt between a car loan, student loans, and credit cards. I found a job I hated right after graduation and quit after a month. That wasn't a good move, but I did it. After living off of credit cards and bumping my total debt to $80,000, about 6 months later I finally landed another job as a low-level QA Engineer. I eventually paid down my debt to about $40,000. But my $12/hour wages weren't cutting it. I decided I needed an MBA to move up in my career. I earned one in 2004 (for the "low" price of $140,000), but it didn't open the doors I imagined it would. I've barely made a dent in paying off my debt. In the last 9 years, I've been homeless, bankrupt, and have consistently struggled to find employment that offered enough compensation or advancement to pay off a mountain of debt."
As told by Michael Pope, 38, of San Francisco, Calif.
The full article can be found here: Yahoo! Finance - Business Finance, Stock Market, Quotes, News
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