Here’s another one from the radio. Two engineers paid off their $100k debt and were letting out their debt-free shout on the Dave Ramsey show.
Dave asked what kind of debt it was. Well…some credit cards, medical bills, but 70% was Sallie Mae.
Dave responded it seems I’m hearing more and more about that these days. I use to hear about credit card and car debt, mainly. But, now it’s not uncommon for me to hear someone with $100k of debt say that 70% of it is Sallie Mae.
It’s a good thing that these two folks were engineers. At least they earned a degree in something that pays well.
But, they probably aren’t any better engineers than the engineer I worked with when I was first out of school who earned his engineering degree at a small, 2-year engineering school that no longer exists and likely did not require the equivalent of $35k in loans to pay tuition back then. I thought things were supposed to get cheaper, not more expensive.