Man Doesn’t Know How Parents Ever Going To Pay Off Massive Student Loan Debt, reports The Onion. The parents of Wesleyan graduate Zach Wallace owe $40,000 for his film studies degree, the 23-year-old unpaid intern told reporters. “My God, they’ll be lucky if they’re able to pay this off while they’re still in their 70s,” said Wallace.
“The student loan system takes advantage of a lot of parents who simply don’t realize what they’re getting into. Then four years later it’s like, ‘Welcome to the real world, Mom and Dad!’” Citing the present trend of tuition hikes and stagnant wages, Wallace added that his parents might well be forced into bankruptcy by the time he has completed a decent Ph.D. program.
Meanwhile, they’re struggling to make minimum monthly payments and pay his rent.