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I received a letter the other day from an attorney in Wisconsin. Her name is Jerri Lynn.
She was really upset over something I said on the radio about deadbeat college graduates who refuse to pay back their student loans.
The Trump Administration recently announced plans to garnish the wages of students who have defaulted on their student loans.
“Borrowers should pay back the debts they take on,” said U.S. Secretary of Education Linda McMahon in a video posted on X on April 22.
As many as two million students are at immediate risk and some six million student loan borrowers are newly delinquent. That’s according to TransUnion – the credit reporting agency.
Back to Jerri Lynn – she told me that she had nearly a quarter million dollars in student loan debt.
She only makes $63,000 a year helping to provide legal services to poor people. She also told me she’s in her mid-60’s.
An estimated 452,000 people age 62 and older had student loans in default, according to a January report from the Consumer Financial Protection Bureau.
Jerri Lynn said my argument that students should not take out loans they cannot afford to pay back is short-sighted and misinformed.
Now, the average attorney in the US makes about $150,000 a year. So, Jerri Lynn is either not a very good attorney or she’s made some poor life choices along the way.
So, I recommended to Jerri Lynn that perhaps she should get a better-paying job or take up a secondary job. Or reach out to Dave Ramsey’s radio show.
But she’d better hurry – because the Education Department is also going to start garnishing social security checks.
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