8 ms·
This is stupid. 3rd year student, going to graduate soon with a law degree, can still return back to teaching if he wants afterward, doesn't have to forfeit ho
by yesimahuman 16y ago
This is stupid. 3rd year student, going to graduate soon with a law degree, can still return back to teaching if he wants afterward, doesn't have to forfeit house and home to pay back loans. He will be just fine. He made the decision to go in the first place so he must have understood what taking loans would be like.
- achompas 16y agoHe started in 2008--before the financial crisis. His assumptions about paying off loans didn't include a once-in-a-generation economic event. And to be honest, you don't know if his financial problems will deteriorate to the point where he'll have to sell his home. Assuming he got a 50% stipend (he probably didn't), he still owes BC $60,000. How will he pay that back on a teacher's salary?
- yesimahuman 16y agoI was implying he stay at law school and finish it out. Does he owe BC the money, or a bank?
- achompas 16y agoOh true, he wouldn't necessarily owe BC. Probably a bank or Sallie Mae. Still, his degree's ROI is probably very negative right now. No harm in trying, and his letter has created a great discussion.
- Robin_Message 16y agoIn the UK, you pay back student loans at a rate dependent on your earnings, so he would have no problems paying it back, even if it took 50 years it would never become a hardship. I'm guessing the US is not so generous/socialist though.
- nkassis 16y agoFrom what I understand, there are ways you can negotiate you payments down to a minimum of 50$ a month. I'm not sure how that stuff works but there many ways of paying loans back.