MASSIVE DEBT . . . Culinary School Cooks a Graduate?
There is a new movie, Default: The Student Loan Documentary. I hope parents and students see it.
Here is a man who, at age 28, dropped out of college and enrolled in a school for chefs. His father refused to co-sign. His father was wise.
The man is now 36 and has $142,000 in college loans. He cannot declare bankruptcy. The law does not allow this for educational debt except in certain rare cases.
How did this happen? He saw commercials for the school on the Food Network. He decided that he needed a degree. He did not apprentice with a master chef. He signed up.
He took on $46,000 in private loans. Interest rate. He is paying 19%. Then he took on another $14,000 in federal government loans.
He got a degree. He got a job that paid $10 an hour.
He stopped paying. Interest rate costs took over