The education scam - W.C. Varones

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1.27.2009

The education scam

Just as the real estate industry suckered millions of Americans into taking on crushing debt to own a home because home ownership was the Meaning of Life, the education industry has suckered millions of Americans into taking on crushing debt to go to school because education is the Meaning of Life.

Forbes explains: The Great College Hoax.

And like the housing bubble, the education bubble was created with easy money. If people actually had to save for college, colleges couldn't charge $40,000 a year. But when student-victims can be swindled into signing a lifetime debt agreement, colleges can charge whatever they want.

On a related note, "Doug" tells GetOutOfDebt.org that he's considered suicide to get out of debt. The $30,000 credit card debt? He can always declare bankruptcy and start with a clean slate. The $75,000 student debt? Not so fast. The education pushers and their lackeys in Congress have made student debt generally ineligible for bankruptcy, so that the education vultures will haunt you until your dying days.

Don't take on student debt. Go to community college, or get a scholarship. Work your way through school.

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