The $555,000 Student-Loan Burden

The $555,000 Student-Loan Burden

When Michelle Bisutti, a 41-year-old family practitioner in Columbus, Ohio, finished medical school in 2003, her student-loan debt amounted to roughly $250,000. Since then, it has ballooned to $555,000.

It is the result of her deferring loan payments while she completed her residency, default charges and relentlessly compounding interest rates. Among the charges: a single $53,870 fee for when her loan was turned over to a collection agency.

"Maybe half of it was my fault because I didn't look at the fine print," Dr. Bisutti says. "But this is just outrageous now."

Read the full article here.

I feel her pain, I currently am suffering financial difficulties myself and cannot pay my student loans either. I have just got a deferment myself for a year because of my medical issues (I'm trying to get on SSI at the moment but it takes time).

Obviously, as it says in the article, this is an extreme case, but it's definitely not unheard of. It's really sad that to get a job these days you need a degree which in turn, ironically puts you in dept. Obama said in his State of the Union Address not long ago that he wants to help those citizens trying to further their education, and that he wishes that Universities would lower the cost for higher education/degree programs.

Seriously, you think Obama asking on TV for colleges to lower their semester rates is going to do a damn thing? No. In fact, last year I was going to a decent school (no ivy league school, but nonetheless decent). It cost me approx. $8000 for each semester, and then I got a letter stating next semester it would be increasing by $200. Okay, well what's $200 if you're already paying $8000? Well it's $2.4 MILLION dollars!!! How so? Because the college has approx. 12,000 students, and 12,000 students x $200 increase a semester = $2.4million extra for just a single semester.

That is just ridiculous, and I can't imagine how much other schools may increase their semester rates each semester. This wasn't a yearly increase people, this was just from ONE semester to the next! Yes I understand there is some inflation obviously, I'm not stupid, but that is a hell of a lot of money and the letter never said where the money was going... why? Most likely because it was going to the pockets of the the people running the school.

(by the way, move this thread if necessary, I placed it in the political forms because it has to do with the politics of education in the US)

[edit on 14-2-2010 by highlyoriginal]

And the best part....college really is a sham. Or shall I say getting a basic Bachelors Degree is useless. Most of the time spent in college is paying for general courses that mean nothing towards your major, and then when you finally take classes IN your major, they really don't teach you CRAP about what you need to know when/if you get a job in that field.

Ever notice how when you graduate and get a job you have to learn almost EVERYTHING because the BS classes provided in college didn't prepare you for anything!!!! Its a $$$$$$ scam. Why do you think to get a government job you NEED a degree. Is it because all those classes will make you better than anyone else...lol..NO...its so the $$$$ you spend to take useless classes keeps the cycle going for those who fill their pockets.

Unfair, isn't it? When you finally get out of debt, you should have a party to celebrate.

It's amazing how much some people owe. There should be some sort of cap put on college debt so people have a hope of paying it off. I feel for you!

I think this is a major component of modern slavery. Welcome to adulthood, spend it working off your debt. Indentured servitude I tells ya. Actually never mind; apparently indentured servants only worked for 3-7 years.

Well, if she is indeed a Doctor, then she qualifies for the public service sector thing that Obama was talking about. After 10 years her debt is wiped out, and after 25, if she still has a balance remaining, it's still wiped out. Now whether or not I believe that is something entirely different and for a different thread.

If she is indeed a Doctor, she's probably making well over 100k a year. If that is the case, then it shouldn't be a problem to pay off that debt in about 10-15 years if she lives on about 50k of income. Of course, if she is a mother and has a mortgage and all that other stuff, obviously that is going to be a problem. If it were me (single male, 26, apartment dweller), and I was making 100K a year, I could live quite comfortably on 50k a year with the other half of my income going to my student loan debt. Not to mention that you also get huge tax breaks in the student loan interest.

College is in my opinion outdated. I am not saying there is no need for education, far from it. But, like rcwj1975 stated, once you get out of college you must learn everything after you get a job because the classes you take don't prepare you at all.

The internet can be used to revolutionize the way we access and learn new information. I have enrolled in classes more than once only to drop out a few weeks in because I have taught myself the information the course covered using resources on the net. It drives me insane to sit in a classroom and creep through useless information when I can learn a semesters worth of information in a week or so.

I could go on and on about the problems I see in the education system. It really doesn't make any sense how once you get your degree you are engulfed in debt... actually I guess it makes perfect sense if your on the side controlling it all.

My whole problem with student loan debt is that no one forces anyone to take them. There was a group on faceboook that was whining up a storm as to how much in debt they were because of school...my whole response was, "no one forced you to go to school." People do not realize, it seems, that college is a privilege in this country and an expensive one at that.

I feel badly for the people that fall on hard times and cannot repay their loans...it sucks, especially today. The best advice I can give is to pay them as soon as you can. It took me 10 years to pay 30k...and I paid the minimum. Also, consolidate them as soon as you can too so that they cannot change the interest rate on you.

i am a blue collar worker and in a union and i make as much as some of my foremans who went to college. i stay over and get time and a half and they stay get nothing.... plus more stress. i always ask them why? they say they dont know why...

Originally posted by MarshMallow_Snake
"no one forced you to go to school." People do not realize, it seems, that college is a privilege in this country and an expensive one at that.

I really don't like that mindset. You CANNOT get a decent paying job without a college education in this country. I guess it's okay if you want to work for a grocery store or McDonald's for the rest of your life, but without a college education, the higher paying jobs are not attainable.

Of course then there's the argument that money is just something to buy more useless $hit, but money gives you options. A college education gives you options. I'm sorry, but flippin' burgers at McDonald's or bagging someone's groceries are jobs best suited for high school kids to make money during the school year, not someone who is ready to move out of their parents' basement and get a real life.

In this country, college is the only way to attain that. I am the first person in my entire family to receive 2 higher level degrees, and I am thankful every day for it. I am about 70k in debt, and have no idea how I am going to repay it, but with those degrees I stand a better chance of getting that "dream job" than someone with just a HS diploma or a GED.

So, I'm sorry, but I completely disagree with your stance.

I too am getting screwed by student loans. I took out loans my junior year after half-way through the semester I was told that my scholarships didnt cover all the tuition and I took out loans for that one semester. I dropped out, got some extra credits at the community college and joined the navy under the impression I would be elgible for the student loan repayment program. At boot camp I was informed it was not in my contract and opted for the GI Bill which cost me $100 a month for a year for a total of $1200. # happens and I was discharged early under honarable conditons thus not eligible for the GI Bill or a $1200 refund. Even though I gave the Navy stellar service and have a paper trial of over $1,000,000 worth of avionics repairs I was booted out and now unemployed and get collection calls everyday.

I am sitting on over 100 credits but cant get a loan because of defaulted loans, can't use any military benefits because I got the shaft for my service. I could care less about my credit or anything else, I am worried that because my dad co-signed the loan so they can go after him. I'm about over it at this point nothing I can really do, it looks like my humble lifeguard salary will garnished for the rest of my life.

Originally posted by crash override
i am a blue collar worker and in a union and i make as much as some of my foremans who went to college. i stay over and get time and a half and they stay get nothing.... plus more stress. i always ask them why? they say they dont know why...

Crash, I am glad that you were able to get a good paying job as a blue collar worker. It's very hard work, and I respect everybody involved with it. Both of my grandparents worked for Cummins Diesel Engine Plant for 30 years, and they are now living very comfortably in their retirement. I hope you do not take offense to my first post. I have all the respect for the long hours and physical toll that you guys and gals have to go through to make a decent living.

reply to post by truthseeker1984


no offense taken....i understand what people are going through these days and its a dog eat dog world out there .i will try to put my kids through college. i do have advice for people....if you dont go to college for what ever reason then get a trade like an electrician or welder or pipe fitter...you will make good money, but it is physical laborer and good benefits. i dont think college is a scam but i think its really expesive for the return.....if i had to do it over again i would have went and became a teacher....so i could have summers off

reply to post by crash override


Those trade schools aren't free. Daytime TV is full of ads for these schools and they are notorious for indebting someone. I would say join the service. I was in an "I" level avionics repair shop that didn't get all the certs the squadron level guys got ir else I would be sitting pretty. I never even had a chance to get my soldering certs.

what i mean is go to your local International Brotherhood of Electrical Workers or pipefitters or welders or boiler makers.....these people dont have to advertise on tv...trust me...who have to seek them out.

Originally posted by rcwj1975
And the best part....college really is a sham. Or shall I say getting a basic Bachelors Degree is useless. Most of the time spent in college is paying for general courses that mean nothing towards your major, and then when you finally take classes IN your major, they really don't teach you CRAP about what you need to know when/if you get a job in that field.

Ever notice how when you graduate and get a job you have to learn almost EVERYTHING because the BS classes provided in college didn't prepare you for anything!!!! Its a $$$$$$ scam. Why do you think to get a government job you NEED a degree. Is it because all those classes will make you better than anyone else...lol..NO...its so the $$$$ you spend to take useless classes keeps the cycle going for those who fill their pockets.

You're completely right. And you know what the sad part is? Not only do I have a high IQ (not gloating here), but I also have studied more into the subjects that I wish to go into as a career more than probably 90% (if not more) than the students who actually go to college and get a degree. I wish there was a way to just take a test, pass it, and get your degree. As you said you don't learn the skill-set you need to actually do your job/career from learning at college, you just get the book knowledge which is something anyone can learn on their own, as I have done myself.

I consider myself very well rounded, I know a lot about chemistry, and a ton of information on pharmacology/psychology. I honestly think I'd be a better psychologist than most, and once again I'm not trying to gloat, but I have spent countless hours researching & reading. Not to mention my whole life I've been to many psychologists/psychiatrists and I have realized I stump a lot of them using terminology that they should know. Instead of calling medications by their trade name, I use the actual chemical names and you'd be surprised at how many doctors have to look up what I'm saying, or ask me to tell them what I'm talking about.

I know if I, or anyone for that matter, put the time into something, my mind into something, I can and will achieve it. The thing is I don't have the cash at the moment to continue college, so because of that that means I'm not smart or knowledgeable enough to do the jobs that require a degree? It's just a piece of paper, and no offense to those of you who have went to college and graduated, because I applaud you for that, but honestly I know for a fact I could be doing many jobs that require a degree and it upsets me - but there's nothing I can do about it, at least not at the time being.

[edit on 15-2-2010 by highlyoriginal]

Ha yea the only way to get "the dream job" is to get a college degree. You have already lost sir, your idea of a "dream job" is obviously working 40-60 hour weeks in a huge corporation. No company I would consider working for would rule someone out of a position simply because they have no degree.

This is the problem in today's world. Since when is the point of life to sit around in a office and be stressed out all day long.

heh, blame others for choosing a private school, sorry but that made me laugh.

education was ment to be paid by the goverment for your benefit
not you paying a private company who get s funds from the goverment that they dont spend on you...

but still the article is absurd in the sence that the person in question took a loan and didnt manage to do the economics of it all,

on a second note here in finland a student loan is at maximum 2000 a year and its spread across the whole year so you dont spend it all at one time,
and all you have to do while you study is pay the intrest rate back,
if you need money above that you are obliged to get a job.

seams to me its just all about profits in the usa and not that much about the getting tax money back to the community.

Originally posted by truthseeker1984
Well, if she is indeed a Doctor, then she qualifies for the public service sector thing that Obama was talking about. After 10 years her debt is wiped out, and after 25, if she still has a balance remaining, it's still wiped out. Now whether or not I believe that is something entirely different and for a different thread.

If she is indeed a Doctor, she's probably making well over 100k a year. If that is the case, then it shouldn't be a problem to pay off that debt in about 10-15 years if she lives on about 50k of income. Of course, if she is a mother and has a mortgage and all that other stuff, obviously that is going to be a problem. If it were me (single male, 26, apartment dweller), and I was making 100K a year, I could live quite comfortably on 50k a year with the other half of my income going to my student loan debt. Not to mention that you also get huge tax breaks in the student loan interest.

I can tell by Your post that You have no damn clue what so ever. Here is a news flash if You make 100K a year You might keep 50K after the tax man cometh. So please stop acting like people whom make 100K a year have it so easy. I generally make 100k a year and I can assure You We live pay check to pay check just like You. The only difference between someone making 100K and one not making 100K is the car You have and the house You have.

reply to post by highlyoriginal


this is not directed at you, OP, since i don't know your personal situation

but i do know, personally, a few people in my inner circle that went to school, wracked up huge debt in student loans, and still work dead-end hourly jobs at malls and restaurants.


You have to pair a degree with ambition to make it count.

I agree that College is both a sham, AND too expensive

But i also agree that it's necessary in the world we've all created to go to College if you strive to be what you want to be when you "grow up"

IE: Can't be an astronaut without a college degree, no matter how much you might know about space. (i know, thats cliche, but you get the point)

reply to post by highlyoriginal


The best University in Ireland costs Irish folks less than a grand a year.