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December 21, 2021,
This absolutely falls into the category of, I thought I had it bad, until heard her story.
There is a female blogger who we love to follow. She takes us on joyful trips around the country in her camper van. We can almost breathe and feel the fresh air with her.
Nicely equipped. Looks first rate. She takes care of her living space as well. Would love to sleep in it.
Looks really comfy.
It appears she has thought about everything.
Not surprising. She is a doctor after all.
We wish this picture was completely rosy.
Sad to say, before she went to college and especially during, she didn’t think about everything.
Her experience brought her to a rude awakening.
Us to a wide open enlightenment.
And raised a question.
Why is a doctor living in a camper van?
Not judging. We get the whole road trip thing and enjoying endless adventures while you are young. But can’t you do that on vacation while you live in a Condo or house that is appreciating in value?
We decided not to mention her name, though she was very open about it on her YouTube. It was like lifting a weight off of her shoulders so that others could learn from her experience. We sincerely appreciate that.
What is her issue?
She was and partially still is, $300,000 in debt on student loans.
Talk about taking a deep breath when we absorbed that.
The clouds part.
So, that is why she lives in the outdoors.
There are numerous lessons here.
Why do so many students go deep into debt to pay for their college education?
True story. We know of someone in our circle who is $200,000 in debt.
For many reasons.
First, they were young and possibly gullible to the propaganda machinery of teachers and the universities which sell them on the idea that the loans are an investment. They show you charts of how over the years, here is the difference in what those with college degrees earn as opposed to those who don’t go to college.
True. In a generic bubble.
Everyone’s situation is different.
Another challenge that naïve trusting college students were not aware of was the emergence of super systems in the 1990s.
These are publicly traded, corporate colleges with various locations, often nationwide, that serve thousands of students.
Corinthian College was an example of that.
Corinthian Colleges (CCi) was a large for-profit post-secondary education company in North America. Its subsidiaries offered career-oriented diploma and degree programs in health care, business, criminal justice, transportation technology and maintenance, construction trades, and information technology.
The Los Angeles Times framed Corinthian Colleges as a collection of “castoff” schools that were taken over by Wall Street investors in 1999.
At its peak, CCi operated over one hundred Everest, Heald and WyoTech campuses throughout the United States and Canada.
Corinthian closed their campuses in Canada on February 19, 2015, after the Ontario government suspended their operating license.
On April 26, 2015, following a series of legal challenges by state and federal agencies, Corinthian Colleges announced that they would cease operations at all remaining United States locations. The closure affected more than sixteen thousand students and employees.
Having been extensively investigated for fraudulent behavior by several jurisdictions, Corinthian Colleges, Inc. and twenty-four of its subsidiaries filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware.
Fraudulent behavior?
Corinthian Colleges faced numerous investigations and lawsuits, including a federal criminal investigation.
Then, California Attorney General Kamala Harris, alleged that Corinthian Colleges targeted single parents living close to the poverty level, a demographic that its internal documents described as “composed of ‘isolated,’ ‘impatient,’ individuals with ‘low self-esteem,’ who have ‘few people in their lives who care about them‘ and who are ‘stuck’ and ‘unable to see and plan well for future,’ through aggressive and persistent internet and telemarketing campaigns and through television ads on daytime shows like Jerry Springer and Maury Povich.
Well, apparently not all educators are saints.
On November 13, 2021, the team at Forbes Magazine forbes.com provides us with a dose of student loan reality, “A new report from the Bipartisan Policy Center, a Washington, D.C. think tank, shows why student loan debt has ballooned 144% since 2007. Today, according to the latest student loan debt statistics, there are 45 million student loan borrowers who collectively owe $1.7 trillion of student loans.”
That is startling. Terrifying even.
The group at educationdata.org add, “In the simplest terms, student borrowers are in crisis due to a rise in average debt and declining average wage values. In other words, a significant portion of indebted college graduates and non-graduate borrowers are unable to repay their debts. As unpaid debts continue to accrue interest, repayment becomes less likely.”
Therein is part of the key.
In some industries and on some employment pathways, wages are not only declining but so is job stability.
It is not by accident when you go to job boards to look for work, many of the jobs are posted by employment agencies which often promise positions with no medical, dental or security. They are often contracted out for a six month time period.
Once the contract is up, you might get offered a fulltime job or you might not.
In the female blogger’s story, part of the albatross around her neck were the interest rates. It’s not just the principal that you have to worry about, it is the mounting interest that can bury you.
Like most problems in life, the key is to first look in the mirror, as our female blogger did, and take responsibility for where you went wrong and what you would do differently.
What is the basic foundation of where you should start as a parent or young person?
Look up the definition of investment.
An Investment is the dedication of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort.
When you take out a student loan, what sacrifice are you making?
Again, what is the sacrifice?
Are you doing it to free you up so you can have some extra time to party and tailgate at football games?
The, you’re only young once so live it up philosophy, might not be wise here.
If you are not making a sacrifice like a typical investment where you won’t go on vacation for two years to invest in a Condo, then an argument can be made, it is not an investment.
Too, what is your major? Is it one where when you graduate there will actually be a high paying job waiting for you?
For our forthcoming female blogger, she eventually worked at a pharmacy and hated it. Especially the part where the pharmacy was robbed at gun point.
Yeah, certainly can understand why you’d want to leave for the great outdoors after that.
We appreciate her courage and humility to share her story.
It is one thing to learn from our mistakes.
It is probably better to learn from the mistakes of others.
~ ~ ~
OPENING PHOTO Femcompetitor.com, grapplingstars.com, fciwomenswrestling.com, fcielitecompetitor.com, fciwomenswrestling2.com Cottonbro-pexels.com-photo-credit
https://educationdata.org/student-loan-debt-crisis
https://en.wikipedia.org/wiki/Corinthian_Colleges
https://www.fcielitecompetitor.com/
https://fciwomenswrestling.com/
