A Dream Deferred: Student loans, Debt and Law Graduates

According to this article; Leaving College with a Degree and Thousands in Debt (02/17/2012) This is you trade off-a parchment declaring you’ve jumped through all of the sanctioned hoops to demonstrate you’re smart; an invoice showing that you have mortgaged your future

Debt: It's not going anywhere

OR work hard until blue collar companies, downsize, put you in miserable conditions with room for advancement for just a few and leave yourself uncultured, stuck but with a higher probability that you can purchase a home, start a family. I know for a while bloggers promote blue-collar jobs  are better than higher education but for people of color, even working jobs that require only a high school diploma you face blatant discrimination and the likelihood of being targeted for termination (Check out EEOC adjudicated complaints filed by Hipanics, Bi-racial persons and Blacks on www.eeoc.gov). Anyway, here’s an excerpt from the article:

Until they get rid of the debt, “it is inconceivable that they’ll ever be able to buy a home,” said Steven M. Dunne, a Philadelphia consumer-bankruptcy lawyer who last year paid $36,000 to chip away at his student loans, $5,000 of that interest.

“When I graduated from law school, I knew I couldn’t make the payments with one job,” said Dunne, “so I’ve had two for the last three years.

The life of a normal adult, purchasing a home, earning a decent wage to cover basic expenses and to have a family of your own becomes a distant dream. Sallie Mae’s a’knocking.

“The impact is that I can’t afford to buy a house or a car,” he said. Essentially, “I have two mortgages to pay every month, but I don’t have any real estate to show for it.”

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2 Comments »

  1. MGibb Said:

    Law school can be the worst decision of your lifeThere are too many lawyers and not enough jobs to go around.And no, its not because of the recession.This problem has been going on for 30 years. My boyfriend, 20 years ago, graduated from Baylor law school (this is not a lower tier school at all), he got a job after graduation, but was sacked from the law firm after a year. He was 50 grand in debt, and wound up working on his own, trying to make ends meet. He was never hired at another law firm, even to this day he works for himself, but barely gets by. Others were not so lucky, they did not get hired at all. Unless you graduate from an Ivy League law school, do not bother. I found out early on that legal jobs only go to those with strong friend or family connections. In fact, its almost impossible to even get a paralegal job, or work as a legal secretary, unless you know the right people. Lawyers, by and large, give jobs to their friends and family. This means that even the brightest attorneys can wind up jobless if they don’t know the right people. Having student loan debt of 100, 150 or 200 K means that not only will you struggle financially, but you may not find a marriage partner, if that is ever one of your life goals. So your personal life will suffer as well. Unless someone can pay your way through, or you get a lot of free grant money, there is no reason to spend 200,000 – no degree is worth that.

  2. Nando Said:

    My father was a high school graduate, and a single income earner for the family. He owned a house before he was 30. His father was a homeowner in his 20s, with little formal education. My mother’s parents owned their home, while in their 20s. I know PLENTY of college grads today who can barely afford an apartment. What a great $y$tem, huh?!?!


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