Anderson Cooper 360: Blog Archive - Student Loan Nightmare: Help Wanted « - Blogs from CNN.com
Well boo hoo for you. If your lifelong dream was in a career field where you knew you wouldn't be able to pay off your loans, I have zero sympathy for you. Should you be able to attend the college of your choice? Sure. If you can pay for it. If it costs too much, work your way through school, go part time, get someone else to help pay for it (parent, employer, scholarship, etc), knock out core classes at a community college, or find some other way to not take on such massive amount of debt.
"I chose to go to a private school and I chose to work in a field where the starting salaries are low. Does that mean that I chose to live a life of struggle, wondering how I am going to pay my rent, afford the basics of living and still stay in my chosen career field…all while putting up with high interest rates and an amount of debt that brings me to tears?"
Yes. Yes it does. You had choices. You made them. Own up to it and quit crying for everyone else to bail you out because you made bad decisions. You signed up for loans you didn't understand? How is that my problem? Read the entire ream of paper before you sign it. I just bought a house. I spent hours doing research online before I even started looking for a mortgage or talking seriously about looking for a house. Then, I spent even more hours actually reading all the loan paperwork and closing documentation. It gave me a headache. But I read it all and asked questions about what I didn't understand.
Furthermore, "credit crisis" aside, lenders have no obligation to you to consolidate your loans. You agreed to pay the loan at the stated amount under the stated terms. A consolidation is a nice perk if you can get it, but you can't ever count on anything besides what the original terms of your loan were. And don't even get me started on Mr.(sic) Jackson's 1% brrowing plan... What bank would loan a student money at those rates?! The bank has no incentive!
I think this "article" finally pushed me over the edge to stop reading CNN. Looks like I'm back to the WSJ and Washington Post. Also, this kind of thing always reminds me of one of my favorite comics. Preach it brother Dilbert!