Meet a teacher with $303,000 in student
debt who says Biden's $10,000 loan-forgiveness
plan 'is not even a drop in the bucket'
Business Insider,
by
Ayelet Sheffey
Original Article
Posted By: NorthernDog,
6/5/2022 5:52:47 PM
If it weren't for compounding interest, Cheryl — who requested her last name be withheld for privacy concerns — thinks President Joe Biden's plans to forgive $10,000 in student debt for federal borrowers might have made a difference for her. But with $303,000 in federal student debt — and an additional $20,000 in private student loans — the president's plan just isn't enough. "It is not even a drop in the bucket," Cheryl, 53, told Insider. "If you wanted to make a real difference, you could do away with half the interest we've accrued, but for now I'll never be able to cover the
Reply 1 - Posted by:
paral04 6/5/2022 6:00:41 PM (No. 1176940)
What kind of idiot spends $300K to get a teacher's degree? Med school I can understand.
74 people like this.
Reply 2 - Posted by:
Ribicon 6/5/2022 6:02:23 PM (No. 1176942)
Cheryl, who requested her last name be withheld for privacy concerns, probably borrowed a lot more money than needed to pay for school expenses, using the proceeds to pay off credit card debt, take fancy vacations, dine at nice restaurants, and otherwise live well beyond her means while also not working her way through school as some people do. The lenders allow this and the borrower takes these loans knowing full well they they cannot be discharged through bankruptcy. And now, her problem is ours. Also, FTA, will any amount of Slave Reparations be acceptable? Everyone knows the answer. "At the end of the day, we have to recognize that $10,000 is not enough," Wisdom Cole, the national director of the NAACP Youth & College Division, previously told Insider. "$20,000 is not enough. $30,000 is not enough. We have to cancel a minimum of $50,000 or more. Isn't the goal to get the most amount of relief to the most borrowers?"
28 people like this.
Reply 3 - Posted by:
Son of Grady 6/5/2022 6:03:12 PM (No. 1176944)
If she had a degree in economics she would never have been
in this kind of debt.
48 people like this.
Reply 4 - Posted by:
Yo Yo 6/5/2022 6:05:37 PM (No. 1176947)
In the telecom downturn of the early 2000s, I was out of work for 15 months. Used my kids' college savings to stay afloat. Then had to borrow to put them through college. Later refinanced my house to roll in their student loan debt. Why should I now have to pay for others who didn't make such sacrifices?
60 people like this.
Reply 5 - Posted by:
DVC 6/5/2022 6:06:27 PM (No. 1176948)
Pay your own damned debts. Probably lived high on the hog while a student, fancy apartments, BMW to drive, etc. NO sympathy.
No federal payments to them.
64 people like this.
Reply 6 - Posted by:
itsonlyme 6/5/2022 6:07:03 PM (No. 1176951)
Ah, the dilemma of a "professional" student that amasses $323,000 in loans. Perhaps the grocery bill is next to be "forgiven".
31 people like this.
There is no amount of sob stories that will make me change my mind about student loan forgiveness. I should not have to re-pay loans for someone else's financial illiteracy.
58 people like this.
Reply 8 - Posted by:
JrSample 6/5/2022 6:15:00 PM (No. 1176959)
It just goes to show that when you rob Peter to pay Paul, you can count on the support of Paul.
17 people like this.
Reply 9 - Posted by:
rochow 6/5/2022 6:17:09 PM (No. 1176961)
Does she have a mortgage on her house/apt.?? I guess, we all might pay for that debt as well!!!
12 people like this.
Reply 10 - Posted by:
Rich323 6/5/2022 6:20:04 PM (No. 1176964)
The problem is she should have never been extended the loan credit once her debt to income ratio hit a certain amount. This is same problem as the home loans given to people who never had the means or intention to payback.
22 people like this.
Reply 11 - Posted by:
konocti95 6/5/2022 6:20:51 PM (No. 1176966)
... and we pay her to teach our children?
Poster child for home schooling.
45 people like this.
Reply 12 - Posted by:
JHHolliday 6/5/2022 6:26:26 PM (No. 1176971)
Same here #7. It's also inflationary. Whatever they "forgive" is another shot of borrowed fed dollars. It's essentially pouring more money on the fire. There is no free lunch.
21 people like this.
Mebbee little Cheryl, age 53, should have thought of that when she signed for the loan.
26 people like this.
Reply 14 - Posted by:
Edgelady 6/5/2022 6:38:25 PM (No. 1176979)
Something very wrong with this, interest doesn’t start to accrue until graduation or quitting school.
14 people like this.
Reply 15 - Posted by:
triggerberg 6/5/2022 6:39:02 PM (No. 1176981)
Back in ‘my day,’ student loans were only made for tuition, nothing else! Not room and board in the dorm, not even books were covered. Now students can use their loans for any and all expenses. So part of their high loans amounts are due the wildly inflated tuition costs, but also they are also getting ‘student loans’ for rent for living off campus and all that that includes, for food, for ‘R&R,’ literally thing they can think of to spend it on. That’s one way to rack up over $300k debt on a teaching degree.
30 people like this.
Reply 16 - Posted by:
Nimby 6/5/2022 6:52:50 PM (No. 1177003)
I hope she is a stellar teacher for having put her life in debt
7 people like this.
Reply 17 - Posted by:
cor-vet 6/5/2022 6:55:30 PM (No. 1177006)
I don't know, Poster #3, Occasionally-Cognizant has a degree in economics, and she's dumb as a post!
38 people like this.
Reply 18 - Posted by:
billsv 6/5/2022 6:57:38 PM (No. 1177011)
This person should be teaching no one. Borrowing that amount of money I’d purely stupid and irresponsible. Not sure how she will repay this. No man should marry her and take on that burden.
13 people like this.
Reply 19 - Posted by:
doctorfixit 6/5/2022 6:58:04 PM (No. 1177012)
Take personal responsibility for your foolish borrowing. People this stupid do not deserve Other People's Money
19 people like this.
Reply 20 - Posted by:
Anti_democRAT 6/5/2022 7:00:26 PM (No. 1177016)
She did something else other than books and tuition to rack up a bill like that and extravagant at that. Thats over 60k a school year for teacher certificate.
20 people like this.
Reply 21 - Posted by:
bad-hair 6/5/2022 7:01:00 PM (No. 1177018)
How many payments has Cheryl actually made ???
Waiting ???
19 people like this.
Reply 22 - Posted by:
LeeBertie 6/5/2022 7:01:14 PM (No. 1177021)
How is it even remotely possible that one kid could accrue over $300,000 in student debt? She's FIFTY THREE YEARS OLD and still has college loan debt?
INSANITY!
34 people like this.
Reply 23 - Posted by:
runningdoc 6/5/2022 7:01:15 PM (No. 1177022)
The best solution to this whole student loan mess is to let the schools who have endowments in the Billions pay the 50K per student. The same schools that charge 35K a year for an undergrad education that won't attract a job at more than minimum wage should get to give the money back that they overcharged. Harvard does not need to charge tuition at all. They should get to pay those student loans back. So there you are. My children who paid worked summers to avoid student debt should not have to pay loans back for anyone who borrowed 300K.
23 people like this.
Reply 24 - Posted by:
watashiyo 6/5/2022 7:03:22 PM (No. 1177026)
Over 300K and no PhD? Must've spent 150K for rent, used car, drugs, alcohol, IPhones, Mac laptop, 60" TV, pedicures, tattoos, piercings, concerts, shoes, and a closet full of seasonal clothes.
17 people like this.
Reply 25 - Posted by:
Urgent Fury 6/5/2022 7:10:38 PM (No. 1177035)
My roommate bought a really nice pair of speakers with his loans. I don't care, but we had great music. Uncle Sam paid for my rent and tuition.
6 people like this.
Reply 26 - Posted by:
stablemoney 6/5/2022 7:12:57 PM (No. 1177038)
If you don't have the money, try a smaller college. Why do I have to pay for someone to attend a university with massive tuition costs. I went to a small college, graduated with no debt, and have done just fine. I drive an inexpensive car that is paid for. Why do I have to pay for you to drive a mercedes that you don't have the money to pay for?
21 people like this.
Reply 27 - Posted by:
Illinois Mom 6/5/2022 7:15:12 PM (No. 1177043)
We have never been rolling in dough. When the kids were young our "investments" were made in our kids being educated in the Catholic school. Tuition times three wasn't easy but we felt that we needed to have the kids in a place that has the same philosophy as we had. For seven hours a day our kids were safe and loved. Of course there was no annual Disney trip but that was okay, the family cabin with no TV (other devices were not around then) they rediscovered each other, and now talk about our trips fondly.
College was different. One wanted to go to work. Got a pretty good job with an Insurance company and rose trough the ranks. Number 2 went to the Community College, we paid as he went, and he's still looking for himself, but zero debt. Number three was set on a private college. Tuition was $25K plus R&B. She worked hard to convince us. She got scholarships from a Women's Club and two civic groups. She researched alumni grants and got one for her Celtic heritage and one in Fine Arts from the alumni Art club. She did work study, and we told her that she had to take out a FASFA loan in her name. (about $2,500 per year) We did that so that she would prove how serious this was. Any goofing off, randomly changing majors, or bad grades she would be the one they came after. Somehow we managed to pay the rest as the years went along. (We drove a very old car, had NO vacations or extras for us at all)
When she graduated she was about $14,000 in debt. We had no debt. She got a good job by July 1st, (same year) and paid off that loan years ago.
Before Obama took over student loans, undergraduates were strictly limited as to the amount they could borrow each year and very easy to handle because a local bank handled all the paperwork and they dealt with the school. It's been changed drastically.
I know people who have purchased cars for other people, they used the money for all kinds of things not related to school expenses. They were living at home and treated the money like a no limit credit card. Now we have to pay and they are complaining that it's not enough.
Sometimes I really wish that I didn't have a conscience.
22 people like this.
Reply 28 - Posted by:
grumpy3491 6/5/2022 7:19:41 PM (No. 1177054)
It would seem that market research is something that young people fail to do. Too many that I have known included the "deserve" trip abroad and a car that suits their image and preference. The whole program needs to be restructured so that you get grants for fees and tuition and books. Earn your room and board by actually working for a wage.
13 people like this.
Reply 29 - Posted by:
GoodDeal 6/5/2022 7:36:54 PM (No. 1177062)
So what? You borrowed it and spent it on your education. So now that you are smart, pay it back.
Or are you a stupid idiot that thinks the taxpayers should pay for your stupidity.
13 people like this.
Reply 30 - Posted by:
lakerman1 6/5/2022 7:42:52 PM (No. 1177066)
Most teacher collective bargaining agreements pay for tuition, books, fees. This story sounds bogus to me.
7 people like this.
Reply 31 - Posted by:
msjena 6/5/2022 7:56:35 PM (No. 1177074)
Shouldn't a teacher qualify for public service forgiveness after 10 years? And I don't know how she racked up $303K in federal loans, That is above the limit as I understand it--$57,500 for undergraduate, $138K for graduate.
2 people like this.
Reply 32 - Posted by:
NancyD 6/5/2022 8:02:54 PM (No. 1177078)
We paid for 3 of our kids to go to college. 1 went 4 yrs, 1 went 5 yrs and 1 went 6 years. We didn't pay that for all 3 kids combined. Something doesn't add up...
9 people like this.
Reply 33 - Posted by:
downnout 6/5/2022 8:17:53 PM (No. 1177087)
I want to see mandatory Personal Finance taught in high school. The ignorance of basic economics for most of our population is abysmal!
13 people like this.
Reply 34 - Posted by:
zephyrgirl 6/5/2022 8:22:12 PM (No. 1177088)
I waited to go to graduate school until I could afford to pay for it myself. I went to night school while working fulltime, taking a couple of courses a semester. At one point, I told my family to give me money for books instead of Christmas and birthday presents. Every little bit helped. It took five years, but when I got my degree, it was paid for and I had no debt. After doing that, why should I have to pay for someone else's degree?
13 people like this.
Reply 35 - Posted by:
HoneymoonGal 6/5/2022 8:32:41 PM (No. 1177094)
My son graduated medical school with less debt than that. He started paying his loans during residency, by living very frugally. Residency is paid, but it's not "doctor money."
7 people like this.
Reply 36 - Posted by:
The Remnants 6/5/2022 8:53:48 PM (No. 1177102)
I've heard stories of kids buying cars with their student loans. The way she will pay it off, is by working and paying it off.
7 people like this.
Reply 37 - Posted by:
Krause 6/5/2022 8:53:52 PM (No. 1177103)
Pretty stupid of Business Insider printing a story like this. They obviously didn't ask 53 year old Cheryl how she accumulated such outrageous debt.
9 people like this.
Reply 38 - Posted by:
red1066 6/5/2022 9:18:06 PM (No. 1177115)
What college did this idiot go to? 300 thousand for two degrees in English. I think this is BS. No way this clown paid 300k for her education. What did she really spend the money on because it sure as hell wasn't on a BA, and a MA. She used the money for vacations, cars, and other things.
10 people like this.
Reply 39 - Posted by:
Sully 6/5/2022 9:24:40 PM (No. 1177118)
I'm tempted to ask, how many Spring Breaks and travel vacas are in that 300K, But really, I do not care. I just don't care.
Good luck dearie.
6 people like this.
Reply 40 - Posted by:
Rumblehog 6/5/2022 9:33:03 PM (No. 1177125)
Excuse me, but "Cheryl" shouldn't be teaching ANYONE'S kids with decision skills like hers!
8 people like this.
Reply 41 - Posted by:
Old Army Vet 6/5/2022 9:47:53 PM (No. 1177137)
You take the loan, you pay the loan. I don't want to pay the debt that you or anyone else has accrued.
12 people like this.
Reply 42 - Posted by:
earlybird 6/5/2022 10:45:05 PM (No. 1177180)
She’s 53!
Such a shameless scammer. No wonder she doesn’t want her name revealed.
!!!!!!
9 people like this.
Reply 43 - Posted by:
cold porridge 6/5/2022 10:58:40 PM (No. 1177196)
I don't care because 1., you're a teacher, so therefor a leftist loon, and 2. You signed to loan documents, so you agreed to the loan. Pay it yourself. The rest of us taxpayers owe you nothing!
8 people like this.
Reply 44 - Posted by:
cold porridge 6/5/2022 11:04:43 PM (No. 1177201)
I forgot to add that I worked and paid for my full college education and graduated without any debt at all.
6 people like this.
Reply 45 - Posted by:
Heraclitus 6/5/2022 11:32:14 PM (No. 1177216)
Alas, #3, an awful lot of those with ecomonics degrees are running Washington, DC.
As others note, how did she accumulate so much debt. Surely, she should have known that her plans to be a teacher would not offer promise of being able to pay off such exorbitant loans.
Just what is she teaching, anyway?
Finally, as so many here have said, those who borrowed INTENDING to repay, those who chose not to go to college and went into the workforce immediately or started their own businesses (I know several who have done that). I've often wondered how so many can go to Florida on Spring break, for example, and not work during the Summer.
In any event, they CHOSE to borrow. Now this is not my (or anyone else's) obligation to bear that burden.
5 people like this.
Reply 46 - Posted by:
Heil Liberals 6/5/2022 11:39:57 PM (No. 1177222)
First, this woman has no business being anywhere near a classroom. Stupidity is contagious, and she is absolutely infected to the maximum. Second, I cannot think of any college that costs $150,000 dollars for a BS and MS degree that isn't Ivy League. IF her $300k is the result of interest, then that's her problem. She was an idiot for taking out so much money for such a valueless degree. Third, she has no responsibility to send a nephew to college if she cannot afford to pay her debts. It's a nice gesture to say she will get a second job, but should she not have already done that? $600 a month in payments means she will never, ever pay it off. Finally, these are not ordinary banks making student loans today. Remember, Obambi made federal backs student loans the government's business during his reign. I know, because my student loans were assumed by the federal government from my original loan servicing company. It is designed to do two things. 1 - create economic slaves, and 2. continue to enrich the money grubbing state and private university systems.
Pay Your Damned Debt!
9 people like this.
Reply 47 - Posted by:
heartsurgeon 6/6/2022 12:00:31 AM (No. 1177235)
53 years old.
300K in student debt.
College age kid.
No mention of kid's father.
This story doesn't make any sense.
2 people like this.
Reply 48 - Posted by:
PChristopher 6/6/2022 12:00:44 AM (No. 1177236)
Anyone stupid enough to go into that kind of debt for a teaching degree shouldn't be teaching anything to anyone anywhere. The sheer gall of some people is breathtaking.
4 people like this.
Reply 49 - Posted by:
watashiyo 6/6/2022 12:18:33 AM (No. 1177244)
Paid off mine, bartending. Tips helped and I am so grateful for my customers.
4 people like this.
Reply 50 - Posted by:
skacmar 6/6/2022 2:14:23 AM (No. 1177287)
She is 53. Was she in college for 30 years living off the loans? As for having to pay for her nephew's college... Tell him to get a job and apply for financial aid. Go to a college he can afford to pay for.
1 person likes this.
Reply 51 - Posted by:
DiegoDude 6/6/2022 5:44:44 AM (No. 1177328)
Depends on what school you go to. If you're looking for "name recognition," such as USC, Harvard, etc. Expect to pay through the nose. Schools will try to keep you there for a bachelor's, then a master's degree, which then, piles up your debt. Obviously this lady and many more never bothered to check if the degree they went for would help pay down their loans. All I have to say is sorry 'bout that.
1 person likes this.
Reply 52 - Posted by:
cheeflo 6/6/2022 11:00:41 AM (No. 1177661)
Hmm. Page is gone now. Must not have yielded the desired responses.
0 people like this.
Reply 53 - Posted by:
MickTurn 6/6/2022 11:09:47 AM (No. 1177682)
My solution is to force ALL Universities to fund their OWN Student Loans, then allow students to file lawsuits for Indoctrination!
1 person likes this.
Reply 54 - Posted by:
mifla 6/7/2022 7:13:33 AM (No. 1178440)
Feel free to not vote for him next time.
(Like that's going to happen).
0 people like this.
Comments:
How many people like this are out there? These loans are low interest so it's hard to imagine piling up over $300K in debt to get an English degree.