Why I Defaulted on My Student Loans
nytimes.com
nytimes.com
I find it 'absurd' that I can amass a crippling amount of debt purchasing a house, but it doesn't mean I should do it anyway and default on my loan.
If you think tuition rates are too expensive, don't take out a loan and don't go to college. It's that simple. I went to community college and then transferred to a more affordable university. I had a great career, now have a business, and paid off my loans within 10 years.
The other problem is that students decide to pick a major that will most likely never earn them enough to pay their debts off. I worked with someone that majored in medieval studies and had $60,000 in debt. She was working as a $10/hour call center rep because she couldn't find a job.
This article is shifting the blame to the Universities when the blame should be solely on the person that took the loan out. Take this as your first life lesson.
Of course it's hard to argue that this is a result of bad will on either side. It's more a problem of a system than any individual action.
A common view that "college is necessary to have a good job" is to be blamed, too, so society is to be blamed as well. At least some other countries have seen similar effects of inflating academic degrees in the population, while killing technical schools on high school level. The result is plenty of people having a degree, but little of them possessing any skill usable to actually create something, and little of them willing to do physical job ("I wasn't studying for five years only to ride a forklift cart!").