Generation Debt

I'm dismayed by the attitude that Ms. Nichols has towards those of us who chose to go to college in order to secure a better future and instead ended up with mountains of debt. Does she really believe that an 18 year old who is essentially told that the debt incurred will be well worth the value of an education is lacking responsibility? Yes, there are certain choices that are made, but it seems to me that by her logic, only those from wealthy families or those who actually qualify for full grants should be able to receive a quality education. The rest of us should have just given up our dreams and resigned ourselves to vocational aspirations.

Yes, this was one of my favorite lines from her letter: "She could have cut down on her debt substantially by going to a cheaper university or even a community college," as if people who aren't wealthy shouldn't be going to good schools if they can't afford to do it without loans.

I am just glad that Ms. Nichols is not my mother. Unfortunately, I think many people share her view.

I did all of the things Ms. Nichols suggests. My student loans are still my most significant debt.

I'm not asking for a free education. I would simply like a level playing field. New grads in my field are starting at a salary that is significantly higher than mine was. At the same time, they are paying far less on their student loans. When I was young and stupid, I was told repeatedly that student loans were some of the best loans you could get.

I just found out that the government is offering loan forgiveness programs for regular loans, not just perkins anymore. When I was in school, I was not offered a perkins loan, ever, even though I was going into the teacher profession. When I looked at the program, my hopes were dashed when I saw that my loans were to old to qualify. Why did they put a cut off date for outstanding loans? I think it is unfair. Not only have I been teaching in a low income school for 7 years, I still don't qualify. Now I find out that the interests rates for consolidating loans are lower than what I consolidated at years ago and b/c I have already consolidated, I do not qualify for this either. I am very angry about all this. Everyone should be able to try to lower their student loans. Thanks for letting me vent.

I too am dismayed by the attitude expressed by Ms. Nichols. I chose to go to the school I did because its program was highly rated and I thought doing so would assist me in the successful pursuit of a career in which I sought to help others. Should we really deny such opportunities to all but the wealthiest among us?! No one ever indicated to me that educational loans were only consolidate-able once, unlike virtually every other loan out there. And I was too young and inexperienced to know all the questions to ask. When I did consolidate (at 9%!), the rates were quite good for the time and even seemed like a good idea. And I had no choice but to consolidate--I couldn't afford the monthly payments otherwise. The inability to at least refinance the now exorbitant cost of a good education has real impact on the ability to place well-educated people where they are most needed--in work for the public interest, such as teaching or social work (which tends to have lower pay).

why do all of the small-minded nimrods have to come from my state? i can imagine ms. nichols standing at the window over her sink in her perfectly appointed kitchen, the azaleas blooming...and i want to sneak up behind her and kick her in the shins. the issue is not whether or not we should have to read the fine print on our student loan notes. we shouldn't have to be constantly vigilant in order to keep "our" government from fleecing us (but that's neither here nor there at this point). the issue is that the government is making a mint off of the blood, sweat and tears of america's students - particularly those of us who came along much too early to take advantage of the lower interest rates offered now. it is appalling that we cannot refinance these loans more than once. it's an absolute abomination.