$200,000 in debt for a bachelor's degree

The cynical side of me won't be shocked to find out that this is a scam.

 

Think of how many degrees $200,000 would buy if you shopped carefully.

Phillip

 

Here's the story from another source:

What $200,000 in Student Debt Looks Like

 

It's the same one that was already linked

 

Maybe I should put up a website with a Paypal button to see if people want to help me go to HES for my ALM eventually. That said, this is a sad situation and I feel for her.

 

:irked:i honestly think its disgusting and cant believe people are giving to her, or maybe Im bitter that I wouldnt have the nerve to do that!

 

You have to love this from the FAQ page -

Did you ever speak with a financial advisor or counselor? - I spoke with a financial aid advisor at Northeastern upon visiting the school, once my acceptance and “financial package” were received. The advisor told me to “explore other options” to help fund my Northeastern education: “like private lenders.”
And the for-profits are under investigation?

What would you do if you raised more than $200k? - Help others in student loan debt, establish scholarships for high schoolers unable to afford a great school, donate to causes seeking to prevent rising tuition costs…
Let's see "donate to causes seeking to prevent rising tuition costs…" How about looking at other schools with cheaper tuition?

 

I'm still missing the part about WHY someone would CARE that she is in debt? She needs to put on her big girl panties. I love her Excel chart. That "1" person needs to be her

 

And take responsibility and not blame someone...what on earth are you thinking?! What would debt be without a blame game? I love this line, "She needs to put on her big girl panties." Do yuo think I could use it in the corporate world?

 

Are you suggesting that I should actually read ALL of the posts?:biglaugh:

Have a good Thanksgiving everyone and be sure to watch the Pats beat the Lions.

 

Personally, I'm going to have a great weekend (and probably internet free). I get to see the wife and kids for the first time in a month.

Being gone for training sucks.

 

My coworker is often asked by the people that report to him, "Would it be okay if I did......." His responses usually is, "You can do anything...on your last day!"

 

An update has been posted to the home page this morning. Also, donations are now up to $1,951.40, which is very close to 1% of her loans.

I wish her the best.

 

It is up to 2K and it looks like the FAQs were removed and an updated posting of "I do take responibility but if you want to help, I will take it".

 

Dang, she has gotten 2K for free? Hmmm...I'm getting evil ideas.

 

She's clearly irresponsible and selfish, but I wonder why Sallie Mae even considered giving her these massive loans. Do they really think she'll be able to pay them $1600 for 20 years? What made them think this was a good investment on their part? I'm not trying to say Sallie Mae should be held to the fire here, but come on. Would you trust any investor if they were to say "I'm going to take $200k of your money and invest it in this 18 year old who is going to use it to work toward a bachelors degree in sociology from Northeastern." Do they not see the risk in this? Or are they federally backed? In other words, are the taxpayers going to be on the hook for this when she can't pay, or are Sallie Mae investors? I have a feeling we're all going to be paying for her loan and many other loans like it in one way or another.

It's a shame she could so easily get $200k for something so thriftily earned by other means. I would hardly care at all if I wasn't so concerned about Sallie Mae coming to the taxpayer hat in hand when the education loan bubble finally bursts. Who knows, maybe she'll make lemonade out of lemons and become a financial counselor to young undergrads on what NOT to do...

 

You don't get it. Under current US law, a student loan is fundamentally different from other types of loans (mortgages, car loans, credit cards, business loans, etc).

Ordinarily, both the borrower and the lender share the responsibility for making reasonable loans, because they both lose if loans go bad. A borrower who borrows more than he can repay is subject to penalties: he may be forced into bankruptcy, and may lose whatever assets he has. But a lender faces penalties in this situation as well: the lender may have to settle for only partial repayment, for a net financial loss on the deal.

So ordinarily, there is a strong incentive for lenders to loan wisely. They only want to loan money to people who are likely to pay it back. Seems like common sense, right?

But this does not apply to student loans. Under current law, it is basically impossible to get out of a student loan, even if you declare bankruptcy. If you can't pay off the debt -- and the associated penalties and interest -- during your working career, then the lenders will collect it from your Social Security payments. So in effect, the debt is guaranteed by the government.

In this case, it seems possible that a 23-year-old with a BA in sociology and $200,000 in loans will not earn enough to keep up with the required debt payments, interest, and penalties, even if she works full-time and lives rent-free with her parents indefinitely. So she faces the possibility of debt slavery for life, including forfeiture of Social Security. It's easy to suggest that she should simply "take responsibility" for her actions, but realistically she has few options. If she owes more than she can repay by working, and if she can't declare bankruptcy, then what exactly is she supposed to do? Begging for money on the Internet is certainly not pretty ... but what other options do you suggest?

*****

If student loan debt could be discharged in bankruptcy -- as with other loans -- then of course this never would have happened. Lenders would simply laugh if a 20-year-old girl asked for $200,000 to pursue a BA in sociology.

 

Right, so like you and I said the taxpayers are footing this bill when she can't pay it all. You can't squeeze orange juice out of a dry orange, and she'll be dry for life (unless she becomes wealthy writing a book about egregious student loans)!

 

I believe the person someone else referred to was titled Saving Karen or something like that.... and she collected over 20k I think it was to pay off her debt and I would bet my right arm that this is where the girl with 200k in debt got the idea....

I just don't understand why people are falling for it and actually giving her anything? What about all the people who have no jobs, food or a house? How about donating the money you would to this idiot to your local homeless shelter or food pantry?

Oh and as for her plea of oh I can never live alone etc.. bull she can get on a payment plan based upon her income and pay next to nothing on that 200k debt she has.... as you can tell I ain't buying it folks.... sorry for your luck girl as some one said before its time to put on those big girl panties