Posts Tagged ‘debt monkey’

Cautionary Advice about Attending Law School-Clark Howard

A few days ago, when I actually had access to a television I saw Clark Howard’s show. For those who do not know, he is a regular guy who kind of became obsessed with money and saved much at a young age and now gives advice to others.

Anyway, a young man called in stating he was accepted to a few law schools and was asking which one, if any should he attend. The caller stated that a low ranked law school offered him $15,000 a year to defray the cost of attending such a ‘prestigious’ institution. He also explained that one of the other law school’s he applied for higher ranked but did not offer a scholarship at all.

Clark Howard asked him that it really didn’t make a difference between law schools and ask the gentleman whether or not he thought it was worth it since the legal industry has continued to suffer under this economy. Clark Howard proclaimed that if one of the law schools ranked in the Top 5 (notice not 1st tier, not first 25, not top 14 or 10, but 5!)…then long term investment even without scholarship would be worth it, otherwise he should really consider his choices among the law schools. I looked at Clark Howard’s face and knowing he is conservative with his money it looked like he wanted to say don’t go to law school but feared backlash. Kind of what Oprah suffered when she made don’t eat beef comment then was the target for a civil lawsuit.

Where were the  Clark Howards of the world hen the rest of us applied?

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.”