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Tuesday, December 1, 2015

Victim Of Predatory Lending Or Just A Fool?

There was an article a couple of days ago in the New York Times, Lend With A Smile, Collect With A Fist. The title caught my attention, because as a holder of student loans, I know all too well where the fist goes, and sadly, no lube.

It talked about the compounding interest, collection tactics, the usual. However, they picked a terrible student to use as an example. It was a non - traditional student who kept getting worthless degrees and managed to put off paying her loans for 25 years without a payment. I admit I admired the fact that in a quarter of a century the loan companies didn't get a dime.

She claims now she can't make payments, I guess no one told her about IBR. Most of that debt is due to interest, no surprise after 25 years on non payment. I found it difficult to muster up sympathy for her, even though I have made as many mistakes, if not more, in life as she has. Maybe if she would stop whining and go on IBR like the rest of us?

Can't decide if she's a victim of predatory lending, or a fool for continuing to pile up worthless degrees. You decide, here's the link to the article.

1 comment:

  1. Her mistake was having children PRIOR to even beginning school. Additionally, she divorced after she became chronically ill. Who filed for the divorce? What were the grounds? If she divorced because she wanted to "find herself" or wasn't spiritually connected to the poor guy any longer, I have not one with of sympathy. She also appears to lack focus, perhaps she needs Adderall for undiagnosed ADD, adult onset? It appears she used the student loans as a personal ATM and schooling was an after thought. She does not cut a very sympathetic picture in my view..