From the article:
•Earn more money.
Schopp simply has too much debt, Cook says, for how much money she makes. She works full time as a chiropractor and part time as a personal trainer at a local gym, earning about $44,000.
"Her ability to generate more income from her W-2 job (as a chiropractor) probably isn't here," he says. But she could add personal-training clients. Schopp agrees that's a good idea.
But Cook warns that to cut expenses and increase her income, Schopp must stay focused for several years to dig herself out of her debt.
"Heather needs to be a 'no' person," Cook says. " 'Want to go out to dinner?' 'No.' 'Want to go shopping?' 'No.' She needs to have two things burned into her brain every day: watch my spending, and get a new customer. Don't spend. Get a customer. Don't spend. Get a customer."
Now get this: this is in response to a woman who works two jobs to pay her basic living expenses. TWO JOBS! Why is she in such financial trouble?
Chiropractor works 2 jobs to chip away at $165,000 in school debt.
Yea, that's living extravagantly. NOT. (Remember, this is southern California -- where living expenses are much higher.)
Has anyone ever thought about the fact that we are creating too many Barriers to Entry for the middle and lower classes to achieve financial success in life? Isn't the whole American ethos supposed to be "work hard and you will succeed?" I almost get the feeling that the amount of student loan debt that is required to get through college is becoming a kind of debt peonage system whereby here in America, the land of the free, we are devolving back to the days of slavery, but simply in a new form. We seem to be raising the cost of a degree so high that middle and lower class people cannot afford to take the risk. Ultimately, this will lead to a society that will be less competitive.
Also, has anyone thought about the policy of not allowing student loan debts to be dischargeable in bankruptcy? This also adds to the argument that student loans are becoming America's debt bondage. People are stuck owing a debt they can never hope to pay back, and yet unable to earn enough money, without some great deal of luck, to get past it.
Is this really the America that we want?