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← How to Survive the Holiday Debt Hangover
Don’t give gifts this year. If you really did damage your financial standing last season,…
she didn’t have the ability to pay back $100,000 on a miimnum wage salary.Joe borrowed $80,000 to go to college because he is told by his high school counselor, news media, etc that student loan debt is good debt. Joe graduated with a bachelor and master degree in accounting. But Joe was unable to find a business job because he had a master degree in accounting but didn’t have any experience. Joe found himself in a catch situation. Joe couldn’t get a job because he had no experience. But how could Joe get experience without a job. Joe spent 10 years after college trying to find any type of job that paid more than miimnum wage. But Joe was constantly told by potential employers that he had too much education and no experience. So now Joe is over ten years out of college and still working for $15,000 per year with no benefits.Thankfully for Joe, Obama changed the student loan law where student loan payments are based on income. So Joe’s monthly student loan payment is less than $50 per month. If Joe can make these small payments for the next 25 years, the government will pay off Joe’s remaining balance. The $50 per month Joe pays doesn’t even cover the interest on the loan. So basically the taxpayers are going to pay for all of Joe’s education. But why should taxpayers be paying trillions of dollars for the masses to go to college when they’ll be working for miimnum wage???Why can Sally discharge her debt and Joe not discharge his??? Didn’t both incur the risk of not being able to pay back the money??? There is no guarantee that a college degree will equal anything more than a miimnum wage job. This story is a little personal to me because I’m Joe.