<p>is-the-college-debt-bubble-ready-to-explode:</a> Personal Finance News from Yahoo! Finance</p>
<p>I know debt is pretty common now, but this is absurd. Sorry, but this girl was just stupid. I’m going to be graduating with about 50k and then I’m going to grad school that will likely be another 30k, and the only reason I haven’t just dropped out and gone to a state school is because I’m confident I’ll have the income after college (and the help of my parents) to support it. But 200k? And now asking for donations? I’m sorry but if someone was stupid enough to rack up that kind of debt, there’s no way I’d help them dig themselves out. In ten years she’ll be up to her eyeballs with debts from a house, car and credit cards she can’t afford.</p>
<p>That’s what I’m saying - if she couldn’t afford the school, why didn’t she get some financial aid? And if her parents had money to pay, why did they not? and why did they keep lending her so much, and why did she go on study abroad? And didn’t she earn anything on her coops? At that amount, she must have borrowed almost every cent she spent in her time - and all for a degree that probably requires further education in order for it to begin paying off! Seems like some critical facts were left out of that story!</p>
<p>And I have two friends who did just what she did- they just took out private loans (so on top of federal) and then decided to go abroad and blow all of it on shopping and travelling. I get pretty angry when people go and complain about money problems and then do stupid things. If you are 200k in debt, don’t go to Ireland. Graduate, get a job, pay off your debt, and THEN go to Ireland.</p>
<p>There is a whole thread about this student somewhere on CC. It would appear that she got no merit aid, no need based grants and that there was no family contribution. Otherwise, she was spending wildly in order for her to accumulate that amount of debt. Something doesn’t add up here.</p>
<p>On the other thread, some posters have blamed Northeastern for “allowing” this student to be so imprudent. The fault lies with her alone.</p>
<p>Yeah, we have to do that entrance loan interview thing just like every other school does, as well as the exit. And if it’s not her parents, then she has to be the one filling out the acceptance paperwork for the loans. This is college, they aren’t supposed to baby you and hold your hand while you mess up your whole life.</p>
<p>I’m pretty sensitive about this topic because I remember how much flack I got from my high school friends going to state schools with fully covered tuition for the fact that I was taking out loans, etc. Debt is a personal choice that’s different for everyone, but never once did I blame northeastern for “allowing” me to get so much. In fact when I applied I had the condition a lot of people do- no merit aid, not going. If she didn’t get anything, she shouldn’t have come.</p>