Money Quote: "The roughly two-thirds of U.S. students who take out loans to finance their college education can end up in a situation most resembling the historical concept of indenture. In medieval times, peasants would sign deeds to work land, which would then get cut in a jagged line (looking like teeth, or 'dentures'). Each party would get half, and rejoining them would prove the authenticity of the contract. Colonial indentures would trade years of labor for the opportunity of transportation to the New World. The indentured could not alter the terms of the contract, no matter their circumstances. One way or another, the debt would get paid. This is basically how student loans work."
*****
"Fix bankrupt student loan proposals," by Katrina vanden Heuvel (Washington Post)
Money Quote: "Is it any wonder that Americans grow cynical? Multinational corporations and wealthy investors stash literally trillions abroad to avoid taxes. The big banks rake in trillions in subsidies and discounted loan rates to rescue them from their own excesses. But Congress finds it impossible to make it affordable for the next generation to get advanced education and training."
*****
Money Quote: "On May 31, 2013, two student loan borrowers who were eligible for the zero-percent interest contractual benefit known as "Michigan Students First" filed a class-action counterclaim against the Michigan Finance Authority (MFA) in federal court....Since January 1, 2003, the Michigan Students First program has reduced student loan interest rates to zero-percent for all borrowers that made thirty-six (36) months of on-time loan payments....In June of 2010, the MFA unilaterally revoked the zero-percent interest rate." Visit http://www.MichiganStudentLoanLawsuit.com for more information.
*****
Money Quote: "Combined with the record numbers of suicides and otherwise psychologically damaged young adults coming home from America's wars in Iraq and Afghanistan, being unable to find rewarding work, or work at all, we are witnessing a nation almost literally devouring its own young. The pale of despondency is defining an entire generation, and anti-depressant chemical solutions only further doom it to mediocrity."
*****
Money Quote: 1. Hard on marriage; 2. Hard on families; 3. Saturated Market; 4. Being a lawyer isn't a get rich quick scheme; 5. Being a lawyer is not glamorous; 6. Being a lawyer is stressful; 7. Law School is way too expensive; 8. Lake of job search assistance; 9. Too competitive; 10. Not for introverts.
*****
"'I should have gone to law school': Times Square Elmo Fails to Extort $2M from the Girl Scouts," by Elaina Plott (New York Observer)
Money Quote #1: Client: "I should have gone to law school."
Money Quote #2: Defense Attorney: "This case is a case, obviously, involving mental health issues."
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