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Borrower's Remorse


The saddest comment during the Your Money Helpline Tuesday:2837011.thl.jpg

One caller said her husband had a graduate degree from an Ivy League college, $150,000 in student loans, only four classmates have jobs in their chosen fields and the offers he's seen so far are paying $38,000.

The degree, the caller said, wasn't worth it.

For more issues, questions and answers from the Helpline, look at the next item below in this blog. Or go here: http://blogs.trb.com/business/columnists/brackey/blog/2009/10/live_chat_your_money_helpline_2.html

And Sunday, read my column. More from the experts.

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Comments

I find most college graduates are idiots with crappy attitudes. They are almost as bad as high scholl dropouts. They think theyare entitled to high paying jobs. Colleges have become socialist indoctrination centers.


One of my ex-wives had a MBA from Nova and she was about as smart as a rock. She had over 80K in loans and wouldn't take a job for less than 75K because she felt it was beneath her.

I on the other hand was in the work force making pretty good money out of high school and didn't get my degree until 10 years later.

I am all for college, but people need skills that aren't taught in college as well and I think as long as you have a piece of paper to back you up it doesn't matter too much where you got it so go cheap.


I think its a shame that education has turned into big business. If these instituions do not fulfill their obligations to get you a job that you paid them for; then they should not be paid a penny. Once again, there is knowone at the helm, to steer the ship.


Stan:
I went to college for a Bachelor's and Master's degree. I owe 103,000 in loans. I did not have rich parents to support me, and I even emancipated myself so I could attend college with funding as a minor. I worked three jobs while attending college and broke my back for my degree. I also broke my back working after both degrees in jobs that did not give me enough to pay anything on my loans. I now have my "career" and still don't make enough due to the fact that three years is still entry-level and no one wants full-time, full-benefit employees now. I don't think it's adequate for you to spout off on how we feel entitled. We worked our asses off and have to pay for the education, we are entitled to opportunity. However, the jobs aren't there because it is about experience and who you know. It's about who's older and has held a similar job. In a way, none of us have it better, it is just the roll of the die. Get over it, though, seriously, who are you really resenting?


Amy -- thank you for helping clarify things for Stan. I too have worked my ass of for everything I have, and the only thing I feel entitled to is my own happiness. I wish you all the best.

Stan -- what kind of college graduates are you surrounding yourself with? Your blanket statements are proof that you have no idea what you're talking about.


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About the author
You've got the job of managing your money. No one in school taught you how. But you and I, we can teach each other, how to handle it, how to save for retirement, how to make money last, how to educate the kids, how to make a budget work. The conversations I have with my readers are fun. Money's important, but discussing it does not have to be boring.

Harriet Johnson Brackey Harriet Johnson Brackey, the personal finance columnist for the Sun Sentinel, is an award-winning business reporter. Her columns for 2008 were named "The Best in the Business," a national award chosen by her colleagues at the Society of American Business Editors and Writers.

Brackey has worked at Business Week magazine and at USA TODAY, where she was a founder and part of the original staff of the Money section at the country's first national newspaper. After nearly 11 years there - spent covering the 1980s bull market, the insider trading scandals, the 1987 crash - Brackey left Washington, D.C., and came to The Miami Herald. She spent the next decade writing a column about personal finance that chronicled the stock market's Internet boom and bust, as well as the popular Money Makeover features.

Brackey also has done commentaries for Marketplace Money, which airs on National Public Radio and The Nightly Business Report which is broadcast on more than 250 PBS television stations nationwide. She also has been a radio guest on WLRN’s Miami Herald News.
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