Yahoo – Even as total outstanding student debt rises to $1 trillion, lawmakers have yet to allow loans to be discharged in bankruptcy. Without an escape clause, these loans can strangle a person. Take 36-year-old Nick Keith, who remains $142,000 in debt eight years after graduating from culinary school. He’s featured in a new film, “Default: The Student Loan Documentary,” in which several college graduates expose the pitfalls of the private student loan industry. “I want to educate the public about the facts,” Keith said. “My life has become a daily swim in a tar pit with very little hope of ever getting out.” Without family support, Keith turned to culinary school Keith’s father only agreed to co-sign a student loan if he stuck with an engineering degree at Iowa State University, but even with decent grades, he knew it wasn’t a right fit. He dropped out sophomore year and later turned to the California Culinary Academy–without his dad as a safety net–hoping to put his love for healthy eating to use. “The culinary academy commercials were on the Food Network every 15 minutes,” he said, and only required 12 months of study with a three month externship. He fell for their sales pitch, hook line and sinker “I should have seen all the signs. [The campus tour guide] had a used car salesman answer for everything,” Keith recalls. The magic number was always 99 percent–whether Keith asked how many enrolled students graduated or how many graduates scored jobs afterward. Feeling confident, Keith took out $46,000 in private loans He then took out another $14,000 in federal loans to cover his rent, since the school’s fees didn’t include room and board. But “I was lied to about the terms of the private student loan,” Keith says. “And after completing the program, my first job in the culinary field (working on a meal assembly line) paid $10 per hour.”
Here is ladies and gentlemen! The Face of the 99%. Too funny. Gee bro why do you think you’re in debt? Do you think it was the 60K in student loans at NINETEEN percent interest rate? Do you think it was the 60K in general to go to culinary school to get prepared for your job as a pancake flipper at iHop? Naa. It’s the fuckin bankers! Fuck the banks! Fuck Bank of America, boycott that shit! Grab your pickets. I mean forget about “reading the loan you are signing up for and trying to understand exactly what you are putting your name on.” They duped you! Forget going after something that might be a little bit more lucrative. I saw them on the Food Network! I mean this is America! I saw Food Network and now I want to be on Food Network and that means I have the right to do that without paying for it!!!! Right??? That’s what the constitution says at least. That everyone has a right to slack off and just borrow borrow borrow all the money they want to keep their fantasy of cooking food alive then refusing to pay it when it gets to be too much. Would be hilarious if it wasn’t everything that’s wrong with the world right now. Fucking Keith.
PS- This is exactly what I mean when I say that, as much as I want to feel something positive about what the 99% are doing, I just fucking can’t. I mean this is their poster boy. The dude who just smiled and signed on the dotted line without reading a single thing then getting duped for all his money and turning around and complaining as if it was someone else’s fault. Borrowing all he wanted to become a “chef” then complaining about paying it back when the time came because he didn’t do well enough to succeed. Embarrassing.