Not a Good Thing

I had no idea that so many middle-aged people that are unemployed are getting student loans (nondischargable in a bankruptcy) and going back to school regardless of the fact that if/when they graduate, the subject that they majored in isn’t going to be sufficient to make payments if they can even get a job. Their credit cards are maxed out. They are in danger of losing their houses. They aren’t thinking that far ahead. They are just trying to survive.

This came to my attention initially from a friend, and now I find out that there are several people that I know doing it.

When they graduate, they’re going to have a huge debt load, a new degree, and perhaps still not have any jobs available. Holy crap. They’re betting the economy is going to be far better when they graduate. I’m afraid it might be worse.

2 Responses so far »

  1. 1

    kcduffy said,

    I know quite a few adults who, when laid off or fired or retired, went into debt to go back to school. One is even sending her son to tech school on her (borrowed) dime. MOST are sure things will turn around before they graduate/run out of money.

    My kid is freaking because she can’t get financial aid enough to really help. Her dad advised her to sit this one out, pile up cash if possible, and begin again at a later date. It’s not like she’s looking for a job, she’s just looking for improvement & a different job.

    All these adults – even the Vets, who are using their GI Bill – will be in debt for DECADES. Who’s paying the mortgage and rent and grocery & electric while they spend their time going to classes that will take many of them nowhere…except to the poorhouse.

    Scary. Sad, too.

  2. 2

    swampie said,

    Unfortunately, many are using the student loans to live on because they can’t find a job. A friend of mine is going to have @$50,000 in student loans for a $30,000 a year job that will top out, in 20 years, at @ $50,000 a year.

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