When President Joe Biden announced $10,000 of debt cancellation for those making less than $125,000 a year, his advisors probably told him he was buying the votes of young, college-educated voters. What that overlooks, as the New Yorker tells us, is those aging student debtors of America who still have student loan debt dogging them after decades. Washington Post columnist Megan McArdle recently posted a thread on how she was able to pay off $100,000 in student loans while working on a journalist’s salary, and if she could do it, others could as well.
Way back during the Democratic primary debates when candidates were all campaigning on forgiving student loans, CNBC did a sympathetic piece on a woman with $500,000 in student loans for her master’s in acupuncture and doctorate degree in naturopathic medicine. (You can get a doctorate in “naturopathic medicine?”) Candidate Bernie Sanders’ senior policy advisor, an associate professor of sociology, tweeted that she had $180,000 in student debt. How does one rack up a half-million dollars in student loans?
The New Yorker is now coming to the rescue of those older debtors, profiling a woman who at 91 still owes $329,309.69 on a $29,000 loan. She went back to school because she was frustrated by the inequity in her public school classrooms, so you’re supposed to feel extra bad for her.
In 1983, at the age of 52, a public-school teacher, frustrated by the inequity in her classrooms, enrolled in law school. She borrowed $29,000 in federal loans. Today she owes $329,309.69 in student debt. She is 91 years old. https://t.co/0HQLL0DBb1
— The New Yorker (@NewYorker) August 28, 2022
She better hurry up, then
— 703Kyle (@703Kyle) August 28, 2022
I'd like to see the math
— Paul M. (@ArizonaPaul) August 29, 2022
I feel for Betty Ann, I do. But she was already educated when she decided to pursue a law degree which she could not afford and would ultimately never use. What was her plan for repayment?I am not against helping people but we need to be judicious in cancelling debt.
— Jill R. Powers (@powersjill) August 28, 2022
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I’m sorry, but if you borrowed money to get a law degree and then decided to “spend the last thirty years working full time at a nonprofit for near-minimum wage.”, I don’t have much sympathy.
— Josh Butts (@jimbojsb) August 28, 2022
How could a 52 year old teacher be so irresponsible?!
— Christina Pushaw 🐊 🇺🇸 (@ChristinaPushaw) August 28, 2022
Sounds like this woman never paid anything on the loan at all.
— Marina Medvin 🇺🇸 (@MarinaMedvin) August 29, 2022
Good returns. pic.twitter.com/6WOvYa2m2b
— F_Economica (@f_economica) August 29, 2022
She basically made no payments on it in 39 years, right?
— Taylor White (@taylurk) August 29, 2022
At 52, a professional should have 29K.
— Testosterone1451 (@TestosteroneOne) August 28, 2022
In 1996 I had over 125k in student loans from law school. Paid them off in less than ten years. I have zero in student loans today.
— Big Bungus (@bunny_locke) August 28, 2022
Don't do this. You're welcome.
— Regs (@r3gulations) August 28, 2022
https://twitter.com/SchoenTax/status/1564003125844926465
https://twitter.com/SchoenTax/status/1564034454657671169
Many lawyers are terrible at personal finance. Sounds like she’s no different.
— Cascine (@coflayed) August 29, 2022
We know this story is supposed to make us feel bad for her and to support even more student debt cancellation, but it doesn’t.
Related:
Here’s your problem right here: CNBC shares sympathetic portrait of woman with $500,000 in student loans https://t.co/2WdEJqlenV
— Twitchy Team (@TwitchyTeam) August 3, 2019
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