Pastor hit with $200,000 in student loans

http://money.cnn.com/2014/07/28/pf/parents-student-loans/index.html

When his 27-year old daughter Lisa died suddenly of liver failure five years ago, Steve Mason was as devastated as any father would be.

He and his wife Darnelle immediately took in Lisa's three children -- ages 4, 7 and 9 at the time -- even though they knew it would be a huge struggle to support them. Steve earns less than $75,000 per year as a pastor, while Darnelle earns even less as a director at the same church.

Then the student loan bills started coming.

Mason had co-signed on the $100,000 in private student loans that his daughter took out for nursing school, and the lenders wanted their money.

Unable to keep up with the monthly payments on top of all of the other mounting expenses, the $100,000 balance ballooned into $200,000 as a result of late penalties and interest rates of as high as 12%.

"It's just impossible on a pastor's salary raising three kids to pay $2,000 a month on loans," said Mason, who has been searching for a second job.

So this guy makes 75 grand a year to wright a long boring speech every week to dupe a bunch of sheep into giving him all of that money, and now he's upset because he might have to get a real job now. 

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Comment by Greg Smith on August 19, 2014 at 7:44pm

Education is still the responsibility of anyone that wants the quality of anyones life to be good or better in the future. But that much money isnt needed for a good education. 

Comment by Michael Penn on July 30, 2014 at 12:45pm

Poor man. Maybe somebody ought to pray for him.   Ooppps! Can't believe I actually said that. It is a sad story but I think they could have got her a student loan backed by the feds if she was at least 18 years old.

Comment by Daniel W on July 30, 2014 at 10:32am

Sad story.  I guess it's a precaution to any parent - if you cosign your child's educational debt, then you really are responsible to pay it off, if they can't for some reason.  Otherwise, a cosign would not be needed.

The education system and the educational loan system are also bad.  There was a time when educating the young was considered a social responsibility, and school costs were not what they are today.  It's almost a form of high-level wage slavery.

In this case, the wage slave is the father, whose daughter died.  If she had survived and worked, she would have been the wage slave, for a while.

Just my random comments....  sad story.  Maybe he can pray for the money?

Comment by Greg Smith on July 30, 2014 at 12:10am

yeah that part is horrible

Comment by Čenek Sekavec on July 30, 2014 at 12:02am

A fiscally irresponsible person who happened to be a pastor.  It sucks that his kid died. 

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