Ugh. Gross. As someone with a solid $50,000+ in student loans, I can't think of a more dishonest, revolting way to improve my 'financial situation'. I don't want to be coddled. Not by parents and not by our government.

An idea should not be given consideration just because it is 'a better idea than paying bonuses to the losers at AIG'. Are you kidding? There will always be graduates finding places to point fingers when they can't find work, with the assumption that getting a degree means you 'should' have a job.

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I'm not for a full on student loan bailout, despite the nice short term benefits my bank account would see. I do think there would be some benefits to offering more tax credits that go towards interest paid on student loans as well as more cooperation between graduates who need short term relief.

The most I would get behind for bailout out student loans would be a program to help lower interest rates on private loans.

If you need more money to live your life and pay student loans, perhaps it's time to tack on a 2nd and 3rd job like me.

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Who would want to owe $100k for an education? It's as evil as having to work the jobs available without the education. I paid my price of one evil, now they have to pay their price of the other evil.

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I just wasn't raised to accumulate debt as a part of life. I thought it was bizarre many years ago when a friend I grew up with took out a $30k loan to get a four year degree, and she was very bitter about only being able to make in the five dollar an hour range, if she could even get a job in a good field, and I made alot more without the credential. A fast food manager can get their own home and owe nothing in college, and they won't get the same respect as a lawyer, but maybe they have more peace of mind for controlling their expenses. It depends if financial stresses get in the way of you enjoying your job as a lawyer. And if being a fast food manager gets in the way of you enjoying your assets. We all know that everyone is going to go for the lawyer, and we all know now that it's not always the lawyer, etc. whose better off financially as now being a doctor can cost about $400,000-$500,000k in loans I heard. Who ever would have guessed that the devaluement of housewives and cooking would lead to fast food management jobs that would enable some women to not only support themselves, but in some instances an entire family? They can get paid enough for sending you to the doctor. It's bizarre; because they know they're feeding you crap and for what you get, they get paid enough, and if they made you something good, you wouldn't respect them. But they'll get more respect for that paycheck for bad food. That's what people wanted, and that's what they got.

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I have come to realize that education does not pay. I have dual masters in education and B.S. in business, and making less then I ever have. In fact- with my masters- I make the same money an hour as I did in 1986 on my first corporate job- $16.00 hour. That is what I now earn on a substitute teaching salary. This is why I do believe that educational bailouts should be considered in cases were universities’ soliciting behaviors similar to predatory lenders, making unrealistic promises about prospects for employment. The fact is, if you are over 40, you will not be considered for candidacy for employment. This is not personal opinion this is a statistical fact that can be found anywhere. Unfortunately I didn't bother to investigate the reality of my prospect and am now paying the consequences. I will be homeless soon due to my school loans that have put me in insurmountable dept that I didn't have before on enrolled in my masters program. I became unemployed because of 9-11 and thought that by advancing my education I would be more economically viable to employers. I bought into the hype that there was a teacher shortage only to realize that answer was in the verbiage " highly qualified teacher". The graduate school that attended told me that I wouldn’t have a change of getting a job with just 30 credits masters- that doing 48 credits would definitely ensure my employment prospects. So like a sucker, I pursued the 48 credit masters. Now here it is six year later and my salary is at an all time low of $14,000 a year, prior to 9-11 I made $75,000 a year. I haven't been economically viable since 9-11. Not to mention, I have no health benefits. I would like a law enacted that forces universities to explicitly show the statistics of employment viability of a chosen career path, in addition to, a salary prospects and its correlation to student loan cost. Case in point, if your student loan exceeds your salary potential perhaps you should re-assess your career goals. _And, believe me, if I knew the statistics on employment prospects for 40 year old career changers in education, I would have never taken out a student loan, refinanced all the equity in my home to off set the deficit of daily expenses, and put myself out on the street. Before 9-11 I had no debt. My friends and family always complimented me on my handling of money. And now I am 47years old woman with masters and nothing to show for it. So yes, I think their should be something done about the predatory behavior of the education system in this country, maybe not a bailout – but definitely accountability on the part of the universities and the lenders.

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Im 43 yrs old, thankful that I have employment (healthcare) but, very dissatisfied with my career choices. I have been pondering returning to school for a master's (education or something related) for over 5 years; its driving me crazy because I'm not getting younger but, have peers younger than me who are already pursuing or completed their masters degree. I too have been struggling with this decision due to the debt I will incure. I found your post quiet interesting. Thanks

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I have to be honest and say that I'm an individual that would benefit greatly if the government would forgive a defaulted student loan. I believe, too, that I am not alone in the struggle to better oneself and that countless other would benefit as well.

I was expelled from a private university in 1990. I had borrowed only $1500 at the time. Never having returned to complete my education I completely disregarded that student loan for many years. Finally, the government garnished my wages and I was forced to pay down a loan that had grown to be over $5,000 earning the government money at 24.3% interest. Now, with only $2100 to go I'm unemployed and wanting to continue my education.

I can admit that my early twenties (even my late twenties) have been poorly managed. If the government could and would bail out a poorly managed private business (Chrysler, GM, etc.) why couldn't they and why wouldn't they offer the same opportunity to countless people like me? After all, with proper management, direction, and money to work with I would dedicate myself to improving my lot in life. And, 4 Billion to help struggling lower class individuals educate themselves may be more valuable in the long run.

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I've read a lot of the posts here, and its really impacted me. I'm just finishing my education and I have lots of debt. I've always intended on being in the public service sector, so I never intended to make much money. I've got some prospects on the horizon, am young, etc. so I think I'll be OK in the long run. But, its the fact that getting an education isn't worth it any more that is scaring me more than anything. This current economic tail spin seems to be mostly cyclical stuff accentuated by some really bad decisions made by bankers and the public which were made possible by short sighted policy: in short correctable. But, we can't run an economy on fast food and retail, and our currency is much too strong to support unskilled production (and who wants America to go down that road?) Our long term economic health depends on an internationally competitive sector of jobs that require high education. We have enough money to get a lot of people super skilled in a number of occupations; it's something we have going for us, but we're squandering that capital.

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In response to Sarah:

You've hit the nail on the head. Yes, I'm a Doctor. It costs $300,000 /14 yrs education and I'm thea Research Specialist @ NASA. A psychologist, I'm one of the lowest paid professionals.. (see comparative salaries endnotes) . One of the few in the group; . A navy widow, civilian & Pilot w/ a staff of 5 airforce pilots.

There's a mad rush in today's universities to become "Money makers", (ie: lawyers, MDS, Surgeons, etc.). Psychologist are the least respected (we're not "doctor doctors") even though I have 6 yrs more education). With your help maybe we can enlighten the world.

When I committed my studies to psychology, I knew my professional life would be one of sevice and therein lies what I believe to be the key. I was painfully aware of the money required and did whatever it took to meet my financial needs. No job was to small, no position below me even while I had earned my masters degree. I earned my degree working thru school meetng my financial obligations. You mentioned your friend and her masters....well cookie, its just a piece a paper as far as employers are concerned.You made some strong points reinforcing competence thru prior learning as an asset . A few Universities aren't properly gaging curriculum based upon the shift in the population age surplus. (baby boomers) The ONLY viable purpose for pursuing a masters degree is with the intention to continue toward the professional or doctoral. (My Masters & Phds are from University of Wisconsin-Madison, Fellow @ Santa Clara)

I offer 12 positions quarterly to grad students to work in my labs @ NASA , Cocoa Beach, Fla. Sounds like an internship of a lifetime, right? The job is purely janitorial.. A masters degree in psychology is worthless. Egos deflate rapidly in the research labs where you're assigned to clean out monkey cages, scrub & disinfect every surface daily, and NEVER NEVER touch the equiment, talk to any personnel, military staff, , etc. Their directives are simple, clearly defined and the desired outcome
is discussed for assurance. Act outside your directives & you're dismissed; no second chance. (Reinforcing the model used @ NASA...105% focus)

Within 6 weeks 40% of the interns will have seriously chosen
to continue 3 yr professional studies w/

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At 42 I never expected to be in so extreme debt. i graduated with $36,000 in loans, which i could handle at the time. Unfortunately, I never thought I would become ill and not work for over 5 years. During that time the interest collected and my payments doubled. The loan company says I have exhuasted ALL deferrment possibilities leaving only default. i am currently amongst the recently displaced workers in the economy with my son entering college in the fall.I have no way to pay $550/month. i now owe $63,000 and I am about to watch my credit score of 780 drop down the toilet.

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I've been trying for the last 3+ years to get partial student loan forgiveness from the Federal Government. That program forgives a good chunk of those loans if you teach in low income/at risk schools; teach where there are shortages (math & science); or teach Special Ed.

I went back to college for my teaching credentials during the first big teacher shortage in the '80s. Over the years, repayment of my loans was postponed while taking grad.courses, during economic hardships, etc. As we all know, the payments were on hold, but the interest keep mounting.

Once I had all the necessary experience and verification from my current and past principals, I applied for partial loan forgiveness. To my surprise, the Federal Loan Forgiveness program ONLY applies to loans taken out AFTER 10/01/1998. That means those of us who have older student loans are S.O.L. I'll be close to 70 before I can repay my loans without that partial loan forgiveness!!! Somehow, this inequity has gone unchallenged even after many contacts with my congressmen in Washington.

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