A Quote by Suze Orman
The new American dream is one of responsibility. What is the bottom-line number that you're going to be able to pay back toward a student loan responsibly if you're doing it yourself after you have a job? That dictates the amount of money you can borrow. That dictates the school you can go to, if you can even go to a four-year college at all.
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I went to art school for about a year. I was born and raised in the Willamette Valley in Oregon into a middle-class family who didn't have the funds to say, "Here, kid. Here's your money for school." So I worked real hard during the summer and saved money and was able to go to school for a year and borrowed a little money which I paid back after that first year.
The fact that you have government-guaranteed student loans has created a whole new sector in the American economy that didn't really exist before - private for-profit universities that sell junk degrees that don't help the students. They promise the students, "We'll help you get a better job. We'll arrange a loan so that you don't have to pay a penny for this education." Their pet bank gets them the government-guaranteed loan, and the student may get the junk degree, but doesn't get a job, so they don't pay the loan.
Pay off your student loan. Even if you don't have a job...Because when you finally get a job you're going to be one of us.
When I - when I was going to school, I knew how to read, write, add and subtract and I - I basically said, 'What else do I need? I'm never going to be able to go to college. I'm not going to be able to afford to go to college. I'm not going to be able to get a scholarship.'
As a small child in England, I had this dream of going to Africa. We didn't have any money and I was a girl, so everyone except my mother laughed at it. When I left school, there was no money for me to go to university, so I went to secretarial college and got a job.
When I went back to New Hampshire after graduating from law school, my plan was to go work for a private firm because I had to pay some student loans off and make money and really just be in the private practice of law. Which can be very rewarding.
The idea of going back to college scares me, and I didn't even go. I went to college for one year, two semesters. If you add up the total time, I probably didn't even go one semester.
I want every kid to go to college and be like a normal student. I want them to be able to go to a movie, go to a concert. I want them to be able to have that opportunity. But if you're paying kids, are you going to pay a lineman less than you're paying a quarterback? I don't know how to explain that stuff.
I was in the journalism program in college and had some internships in print journalism during the summers. The plan was to go to Columbia University Graduate School of Journalism to learn broadcasting after I graduated. I was enrolled and everything, but ultimately decided that I could never afford to pay back the loan I'd have to take out.
I do think that the elections of 2010 and 2012 are going to determine the trajectory of the country. Either we're going to be aspiring and improving opportunities based on freedom and responsibility, or we're going to go down the path that dictates and mandates a dependency on government.
There's a laundry list of reasons why not to borrow from your 401(k). While the money is on loan, it's not working for you - and if you leave your job, you'll have to pay it back in 60 days or treat it as a taxable withdrawal.
One-and-done is the most damaging thing in college basketball. It brings money into the college game, because it kickstarts the bidding war. When you know a kid can't turn pro and is going to go to school for one year and then go pro, that's when you see everyone going to games and courting players.
What SAT tutoring does is it invisibly alters the admissions pool so a school could try to be as egalitarian as they can, but if a student is SAT-tutored, and their score goes up 200 points in a year, and the college admissions committee has no idea that the student got tutored, all of a sudden it's shifting the pool back toward old money.
If you wanted to create jobs in a way that has minimal effect on the deficit but has government action, the two best things you could do are the infrastructure bank and a simple SBA-like loan guarantee for all building retrofits, where the contractor or the energy-service company guarantees the savings. So that allows the bank to loan money to let a school or a college or a hospital or a museum or a commercial building unencumbered by debt to loan it on terms that are longer, so you can pay it back only from your utility savings. You could create a million jobs doing that.
I follow four dictates: face it, accept it, deal with it, then let it go.
I live in L.A. so I worry my kids aren't that connected to Britain, I suppose I don't want them to become American kids. We try to get back three or four times a year. When they go to school they speak with a British-American accent but when they come home to us they go back to their British accent.
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