Home Scam/Fraud Is Private College Worth It? Or Is It Just Another Scam?

Is Private College Worth It? Or Is It Just Another Scam?

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Erin Wallace is 25 years old and almost $200,000 in debt. And it’s not because she recently bought a house, or is carrying a huge credit card balance. Instead, it’s because she decided to become a teacher.

Wallace received both her undergraduate degree and her masters in education from Ithaca College, a private college with a tuition of almost $50,000 a year for undergrad, $20,000 a year for grad school. Now, three years after graduating, the monthly student loan payment on Wallace’s private loans is almost $800 dollars. She takes home $1,880 every other week as a teacher, and says she feels trapped — like she can barely afford her enormous loan payments and the cost of rent in New York City, where she works. But, “that’s the lowest I could get them after I refinanced them,” she tells Refinery29. And when the hold put on her federal loans as part of a COVID-19 emergency relief program ends next January, she’ll be…

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