A popular
blog topic for this class seemed to be student loans and repayment. Some of the
discussions have focused on educating students about loans before they sign,
loan forgiveness, and repayment plans. I am guessing that most of us will
graduate with loans. I have been very frugal when taking out loans but even
with a small amount of loan, I am not looking forward to the day my repayment
plan begins. I could think of many things I would do to have those loans simply
wiped away. FYI: None of these things are illegal or unethical, in case you were
wondering. However, that is not the case for everyone.
An
article in the Chronicle discussed one former student, Michael Vivenzio, had a
unique loan repayment plan...selling marijuana. Yep, you read that right. This
particular student had around $100,000 in student loan debt. He moved to Oregon
to grow and sell pot with a friend. Unfortunately, for Mr. Vivenzio, he was caught
and sentenced to two and a half years of prison and a pretty hefty fine. In
addition, the authorities seized 831 marijuana plants and $27,000 in cash from
Mr. Vivenzio. Quite the business they had, I guess. Vivenzio had managed to
repay about $80,000 before he was arrested.
What a
lot of graduates are not aware of is that there are many loan forgiveness programs available. These programs are sponsored by the Federal Government and
can erase anywhere from a few thousand dollars of loan to $100,000 dollars in
loans. This seems like a good deal to me. The options of professions to go
into, however, are somewhat limited but can lead to quality careers. Some of
the fields include: teaching, medical, nursing, mental health, and legal.
Some
grads complain that there is an absence of job possibilities but I wonder if
some of them are aware of the loan forgiveness programs available or maybe they
just want to the government to pay their student loans without putting in any
effort. While I will never condone selling drugs, I think this article shows
the extent some may go to in order to pay off their student loans. $100,000 is
a lot of student loan debt. I wonder if Vivenzio had anyone is his life educating
him about student loans. This can help us remember the importance of educating
the students we work with so they do not get themselves in so deep with dept
that they feel overwhelmed and as if there is no way out.
That's a lot of pot!! :)
ReplyDeleteI agree, student loans have many of us spooked without truly assessing available plans and options. I would have liked to interview Mr. Vivenzio for a variety of reasons. Was this "enterprise" actually constructed to directly pay off his student loans? Although his total debt was far beyond "average," I have a hard time believing getting into the drug dealing business was primarily due to this reason.
My "plan" to repay my student loans has been simply to (not simply, hopefully to) find a faculty position upon graduation that pays enough for me not to worry extensively about every payment to this bill. However, if I struggle to find a position, I can definitely understand that "panic" that can present as a result. I doubt I'll turn to risking prison time and more debt, but it's still not pleasant to think about!
Fun post... He should have become a MMJ Caregiver and opened a shop here. I echo Kylie's question/comment about the ultimate purpose of the enterprise... although paying off $80K is an accomplishment. I suppose this could be a spin-off for "Breaking Bad" or "Weeds"
ReplyDeleteArt imitating life or vice-versa.