Going to college was “the biggest mistake of my life,” says Hernan Castillo, who’s paying off $30,000 in student loans and $5,200 in credit card debt. The 30-year-old California man earned an accounting degree but can’t find a new job, so he’s still working at a warehouse. From MSNBC:
“Sometimes I wish I had gone to prison instead of college. At least I would have learned a trade or two and started being independent once I got out.”
Via Parentalcation‘s Rory, who points out that the military offers debt-free training and college benefits.
My daughter’s friend, a former acountant about to complete a prestigious law school, has been looking for work in either field. Nobody’s hiring. She plans to work for free at a legal aid clinic specializing in helping debtors. Her husband, who got a good job before the crash, will pay the bills.
College students are running up more credit card debt, says a Sallie Mae study. Only 17 percent pay their bills in full each month; the rest are paying sky-high finance charges.
(Graduates) are entering the toughest job market in years. A recent survey by the National Association of Colleges and Employers found that only 20 percent of 2009 graduates who’ve applied for jobs have been hired, compared to a success rate of 51 percent in 2007.
In July, a new federal program will let graduates in public service jobs such as teaching cap federal loan payments at 15 percent of their income.