Posts Tagged ‘it’s not getting any better’

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.”