Grande graduated in 2007, briefly took jobs coaching baseball at Southern Regional and substituting as a teacher for special needs students, and then moved to Florida for an internship at a brokerage, paying off some of his college debt as he went along.Their son owed more than $81,000 in student loans from NJ Class, the state's college loan program. Like the snakes that they are, NJ Class sent the devastated parents a notice less than a year after their sons death stating, "We sympathize with you, but you co-signed for it. Our bondholders want their money." Even the devils at Sallie Mae waived Grande's federal loan debt after being sent a copy of his death certificate. But the monthly $685 bill from the New Jersey Higher Education Student Assistance Authority kept coming.
Two weeks before he was scheduled to take his Series 7 exam to become a stockbroker, he hit the back of a truck.His parents said police haven't figured out what happened that night; they said toxicology reports came back negative. But they were left to pick up the pieces. Among them: What to do about the thousands of dollars in college loans that their son now can't repay.
"Although we are sympathetic to the difficult circumstances involved, under the terms of the bond indentures that finance the NJ Class loan program, HESAA is not permitted to forgive student loans as a result of the death of a borrower since the repayment of the NJ Class loans financed through the bond issues is how the debt service on these bonds is paid," said AnnMarie Bouse, a spokeswoman for the authority.Yes, student loans will haunt many of you for your entire life and your loved ones after you die. If you don't want to take this huge burden with you to your grave and risk passing this financial nightmare to your parents or spouse, do not take out these huge loans to get a worthless degree. I don't care what the mainstream media, Yahoo HotJobs, President Obama, or anyone else tells you about higher education. Nothing is worth gambling your life and family on a degree that doesn't guarantee a job and a wage big enough to pay off loans, some of which aren't even dischargeable in death.
Over the weekend in France, young people protested against raising the retirement age. Why can't young people in the U.S. get as angry about their generation owing hundreds of thousands in student debt or these state college loan programs making parents of deceased borrowers pay off these loans or not honoring contract promises to students? Have we become so demoralized, apathetic, and complacent that we can't demand more protection from the corporations who run our country and even our higher education system? When will more Americans say enough is enough?