Financing College With School Loans And 60 Minutes Broadcast

I went to college and graduate school with school loans so I feel for those who have to borrow to get an education in the United States. The problem is we live in a wealthy country where students from poor and middle class families are being forced to borrow money way in excess of the amount of money they will make for a year.

Here is an example....
A school teacher averages about $27,000 a year. That is peanuts compared to the average school loan debt of $50,000, if she gets into a car accident, gets sick, or gets fired and can't find another job for awhile she is still required to pay for her school loans. Who, that is immoral, cruel, unjust and just plain mean. But, the hardest lesson I had to learn when I graduated from graduate school is that this world can be cruel, unjust and mean. Nobody cared about me and my financial problems when I did not have a job, and noone will care about you either.

What is the solution?
Go to colleges that are cheap, where you or your parents can afford to pay for. Borrow only tiny amounts of money. Don't get conned by the "this is a good college game". It doesn't matter how good the college is if you can't pay for it. If you have to get mountains of school loans, and you default on your school loans, you can't get a job anyway. So what's the point of going to the over-priced good college, there is none.

Some people borrow $50,000 and with interest pay back $200,000. That does not make sense, go to a college you can afford.

Direct Student loans are much better, and cheaper than Sallie mae loans. Ask your financial aide office for Direct loans if you must.

I paid all of my school loans, but it was horribly difficult.

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