Wednesday, February 17, 2010

I Owe a Million Bucks, Thank Gawd I Got a Job

I was in awe as I read this story.

In awe that someone with the intelligence to finish medical school can't read loan documents. In awe of the ridiculous costs of college. In awe of the fact that 60% of all student loans are in default. In awe at the size of that loss.

About 450 billion, or half a trillion.

Not in awe that the government administers the program.

So if every American's piece of the total 60 trillion in debt is 500k, this gal owes a shade over a million bucks. That's a lot of credit extended in exchange for potential.

After her 36-39% Fed taxes are paid, her 10% or so in state and property taxes, and her 7.5% -8% in SS taxes, that's only going to leave her 40% with which to pay back that million bucks. She will need to send in 30 thousand dollars for every year for the next 40 years, accumulating interest factored in. Because she is 41, she will have to live to her full life expectancy to pay the debt.

Slavery? We hardly knew ye, yet ye will know me now.

http://finance.yahoo.com/college-education/article/108846/the-555000-student-loan-burden?mod=edu-continuing_education

Congrats, sweetie. That link may be the longest I have ever pasted.

1 comment:

Rattler said...

I don't owe shit to nobody.

But I know a bunch of political hacks in violation of their sworn oaths and Constitutional agreements who fraudelantly put a false debt upon a sleeping population.

They owe some very mean cats a lot of dough, or lands under neath those sleeping peoples feet..

They still gotta collect up though..

It's about time for the zuit suited blue meanies to choose whose side their all on to...

This bullshit has gone on long enough..