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He 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,
by achompas 16y ago
He 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.