Dreams + Student Loans = Misery

There was an interesting article in the New York Times yesterday about graduates from expensive culinary schools not being able to earn enough working as cooks to pay off their student loan debt. The title of piece is: "‘Top Chef’ Dreams Crushed by Student Loan Debt." I think the saddest part of this is that you could replace "Top Chef" with just about any job and the headline would still hold true. For example, "Journalism Dreams Crushed by Student Loan Debt," or "Vet School Dreams Crushed by Student Loan Debt from Journalism School."

"Investing" in your education is not always a sure thing. Lenders should be required to put disclaimers on promissory notes, just like how in some countries packs of cigarettes say "THIS WILL KILL YOU." The loans, especially from private lenders, should say, "THIS WILL MAKE YOU VERY POOR, YOU PROBABLY WON'T BE ABLE TO AFFORD A HOUSE, YOUR LIFE WILL BECOME A MONTHLY STRUGGLE TO MAKE ENDS MEET, AND GOOD LUCK PAYING THIS OFF BEFORE YOU DIE."