Wednesday, September 14, 2011

Here's your diploma, now go file for bankruptcy!

 

The Kaplan-owned newspaper of shame, which is run by the shameless, featured a piece today about the rise in bankruptcy filings among college educated folks. Big shock-a-roo, right? Wrong.

So, there you have it, folks. You receive a diploma and are soon headed to the poorhouse! Grand, ain't it?


Related Links


"UPDATE: Exclusive Interview - Whistleblower David Goodstein Discusses Victory over Kaplan University," AEM (July 25, 2011)


"UPDATE: BREAKING! Whistleblower David Goodstein Slams Kaplan and Wins!," AEM (July 22, 2011)

"Sordid Relationships And Broken Promises: Kaplan University's Troubling Financial Relationship To The Washington Post," AEM (November 23, 2010)

"Thoughts On Shame: Michelle Singletary, The Washington Post, And Kaplan University," AEM (November 16, 2010)

10 comments:

Vanessa said...

WaPo and others have also been running more stories about the importance getting a college education and how much college improves odds for making a better income

Cryn Johannsen said...

Gee! What a coincidence!

Anonymous said...

Their graph says that more of the people who file for bankruptcy today have degrees, compared to 5-10 years ago. Yet, I wonder if this doesn't merely reflect that more people have degrees than 5-10 years ago.

John in Boston said...

CBS Evening News had a story about student loan indebtedness in the past several days. I believe they mentioned the one trillion dollar aggregate figure. Not a substantive story, just anecdotal, but visible to the person on the street, finally.

Cryn Johannsen said...

@Anonymous 2:05 PM - I think it suggests that wages for college grads have declined over the past 5-10 years. Plus, tuition has skyrocketed. We go to school, rack up lots of debt, and graduate. When we go looking for jobs, we wind up at a StarButts or somewhere else that doesn't pay well. That's if we're lucky.

Many people who are college educated are unemployed, living at home, etc.

The situation is dire. That's why I keep arguing that there is a full-blown student lending crisis.

Anonymous said...

Did they say whether actual discharges went up or just that more people filed?

Cryn Johannsen said...

@Anonymous 6:27 PM - if you mean student loan debt discharges, then the answer is no. The piece is about the fact that more college educated people are filing for bankruptcy. As you know, it's basically impossible to discharge loans (federal or private).

Older folks (55+) who have college degrees are struggling more. That's troubling, because they can't make up for the financial losses at that age.

Anonymous said...

"cally, credit cards and other unsecured loans force most people into bankruptcy, Linfield said. But she thinks hefty mortgages and falling home values contributed to the spike in filings among wealthier households and college graduates."

Oh, yeah! It was the house with the two-car attached garage that put me over the edge! HA!

Seriously, that person - who said THAT! - has a goddamned job!

Anonymous said...

I saw that article this morning and thought of you! While I'm glad the issue is being highlighted (that college degrees have essentially become worthless,) I was disappointed that they didn't mention the elephant in the room: that college grads have enormous student loans and those CANNOT be discharged. It also didn't speak to whether or not student loan payments were a factor in making these graduates have to resort to filing bankruptcy. Another half-hearted education/debt story by the media. What. A. Surprise.

Anonymous said...

The entire debt mess was started when a few medical students declared bankruptcy for no good reason the moment they graduated. Instead of addressing their abuse of the system, they made ALL student loans non-dischargeable...