New York Times Gives Lots of Space to Student Loan Debt

Earlier this month The New York Times ran an Opinion piece by Lee Siegel, who tells his story of committing to expensive student loans for two degrees and what it did to his family. When faced with the choice of what to do, he decided to default on his loans rather than pursue a job/career in a field that was not his passion.

He describes his experience with mounting interest and collection fees, the death of his mother (the co-signer), the bankruptcy of his father, and the fact that the banks that made the original loans 40 years ago are now long out of business. He explains that the Department of Education has been pursuing him for years and he was finally led to actively pursue default in order to move on with his life. He then offers advice to those who would want to do the same thing:

Last Friday in the New York Times columnist Ron Leiber wrote about the trend of taking on student debt, and then refusing to pay. He opens with the notion that colleges and grad schools make their sales pitches as compelling as possible, convincing students – and quite often their parents – to sign on the dotted line. And then he raises questions about the wisdom of trying to get out of the deal by simply refusing to pay the debt.

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