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> After he graduated in 2004, Rosenberg consolidated his loans and held a little more than $116,000 in student debt as of April 2005. That number ballooned to a
by lolc 7y ago
> After he graduated in 2004, Rosenberg consolidated his loans and held a little more than $116,000 in student debt as of April 2005. That number ballooned to about $221,000 over the next 14 years.
Legal usury. The article doesn't say how much they extracted of him before he got free.
- creato 7y agoThat's a rate between 4% and 5% per year.
- lolc 7y agoI didn't know how much he paid back in the fourteen years so I checked out the ruling which says "From April 2005 until April 5, 2015, the loan was in deferment or forbearance. " So yes your 5% figure seems about right.
- hn_throwaway_99 7y agoIn fairness to his lenders, a lot of this debt was for getting his law degree, but then he decided not to become a lawyer. That is, the assumption was he would have a (relatively) high paying job to pay back his loans, but, by his choice, he did not. Note, though, that lenders still loan multiple 10s of thousands of dollars for students going to cookie school or getting art degrees, largely because discharging student loans is so difficult.
- endothrowho333 7y agoA decade of JD underground, and various other law school forums, yet there are still those that believe law school -- much less anything outside of Top 5 -- to be a worthwhile investment.