I've observed with much concern that many of my friends on social media agree with a June 6 New York Times opinion piece by Lee Siegel, "Why I Defaulted on my Student Loans." I'm sure most of you have read this one already, but for those who haven't, here's the Cliff's Notes version.
Siegel describes, with much disdain, how a balding, 50-something banker approved a private student loan co-signed by his mommy so he could attend a private (read: expensive) liberal arts college of his choosing.
He took out a second private student loan his sophomore year, but during that year daddy declared bankruptcy. His parents divorced and mommy could no longer afford the tuition gap the loans didn't cover.
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