555k Student Loan Nightmare (Off-topic - but incredible)
Do you have College aged children like I do? This should be of interest to you. Banks these days seem to have a blatant disregard for consumers. Very good read
I read this article today and almost flipped out. It describes a 41-year old family practioner who is saddled with 555k of student loan debt! As a mortgage professional, I've seen my share of lingering student loan with incredible payments. I've never seen anything even close to this amount. I don't know what the fix is for the student loan situation, but it is obviously a major problem.
Lesson -- don't borrow a ton of money, whether in public or private school to go into a low earning discipline. You could end up paying ... your entire life!
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.
Read more.....
http://online.wsj.com/article/SB10001424052748703389004575033063806327030.html
Brian Anderson
Sr. Loan Officer, First National Bank of Layton
678-379-9406 (mobile)
FHA Loan and Credit Expert
Peachtree City, GA
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