Should Student Loan debt be wiped out during bankruptcy?

Article below from Chicago Tribune:
Massive student loan debt weighs heavily on young couple

Danielle Jokela, who graduated in 2007 with a bachelor's degree in interior design from Harrington College of Design in Chicago, still hasn't found a job in her field. She and her husband fear losing their condo, she said, because she owes more than $98,000 on 16 government and private student loans.

The 32-year-old Rogers Park resident was among those testifying at a Senate hearing in support of legislation that would allow students who borrowed from private lenders for their education to wipe out that debt in bankruptcy proceedings, just as credit card borrowers and many other unsecured debtors may now do.

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Basically the situation is that, this lady is in an unfortunate scenario where she took on a huge loan in order to attend school, and the school arranged government and private institution student loans for her.  The private educational loans have variable interest rate, and upon the time of borrowing, the school did not discuss interest rates, total loan amounts, and expected payment with her.  Now she is in a bad spot that the payment is high, along with her mortgage, car loan and credit card loan, and being underemployed, it is too hard to keep making payments. 

It sounds easy to simply change the rule out of sympathy, but it would be a seriously reckless decision in a logical standpoint.  Here's why:

1 - It encourages the irresponsible borrowing behavior - students will borrow without looking at the amount, calculating the true cost of borrowing and expected payments

2 - It's unethical for people who bear the burden. Who's paying for this? Debt holders, Shareholders, Insiders and many others when these students stop paying. It's a losing battle for the private lenders. 

3 - It's unfair - why should someone else pay hefty prices for others' lack of common sense?

4 - It promotes 'walking away from debt/liability', If you owe $100K and you have to pay $170K with interest, why not just declare bankruptcy and come back 7 years later clean?

5 - It lacks common sense - if someone is intelligent enough to pursue higher education, he/she should read the terms and conditions on the loan contract before signing it. 

Easy Dinner 1

My work days are pretty busy; after a long day and getting home at 9-10pm, I really don't feel like cooking a big meal or eating out. So my simple solution is to make a small and quick dinner.  Fresh pasta is a great choice because it only takes a few minutes to cook and more importantly, tastes much fresher than regular pasta.  Buitoni Ravioli are one of my favorites because they fits all I wanted in a late dinner - fresh, simple, quick. I usually bring water to boil, drop half of the Buitoni ravioli package in water, and add some olive oil and salt. My favorite flavors are Spicy Beef & Sausage Ravioli and Wild Mushroom Agnolotti:

For Spicy Beef & Sausage, I like to put a little bit of Parmesan cheese on top or if I had pre-made some marinara sauce over the weekend, will heat and pour some sauce over it. 
For Wild Mushroom Agnolotti, my favorite of the two, I like to pour a little bit of black truffle oil on the plate and sprinkle Parmesan/Asiago cheese over the Angolotti. If I had the time I would make a creamy sauce instead.  It's a great vegetarian option for me to balance out the big lunch that I had during the day :)

During my weekend shopping, I always pick up one or two of these fresh pasta from Target, and get some freshly shredded cheese from Whole Foods Market. I've tried a few brands of shredded cheese and still haven't found any one that beats the Whole Foods 365 ones. It's simply the freshest and tastes the best!

Happy Eating!

Should I pursue an MBA?

That is probably one of the question you've came across when you're early on in/few years into your career. Some people want to have increased responsibilities in the company, or are ready for a career change, or need to stay competitive in the job market,  and most of all, more $.  For whatever the reason is, do some research and figure out if this is worth it, because after all, getting an MBA requires investing a lot of time and money.  Here are some of the key points to consider:

1. What motivates me to go back to school? - If your answer is to merely stay competitive in the job market, I will strongly suggest you to reconsider it. Although a lot of job openings out there indicating preferences for MBA/CFA/CPA etc. it is 'a plus', not a requirement.  I remember my boss from my summer internship told me that he'd rather hire someone with bachelor degree with 5 years of experience than someone with an MBA but no experience, I find it true after I started hiring for my team and my boss's team. With all the candidates I've interviewed, some MBA graduates are truly bright, but I also met individuals who are extremely intelligent and without an MBA.  Same holds true if your motivation to go back to school is for increased responsibilities in the company or a promotion, there are many different ways to advance your career even if you stay in the company: ask to be involved in projects, optimize efficiency in your current tasks, or mentor new hires are few great ways to demonstrate your leadership   potential.  You can also ask your manager what you can work on in order to develop your leadership skill, and have him or her guide you through it. I don't think any manager will turn you down on that request. (If he or she does, then it's about finding another job instead)
2. Who is paying for it? - According to Forbes, the cost to obtain an MBA can easily go above $100,000.  If you are going for part time, will your company pay for it? If so, what is the reimbursement plan? Since the cost is high, most companies will reasonably choose to offer limited support. Some companies provide few thousands per year,  some only sponsor for related course work, some reimburse only if you get a B grade or better in the course, some reimburse % based on your grade. Many companies do not pay for books and fees at all. If you are going for full time, how will you pay for it? Take out a loan or pay out-of-pocket, or both?
3. What is my real cost for an MBA? - That is your out-of-pocket cost, opportunity cost and long-term cost.  You could be paying some of the tuition today, and make monthly payment for the student loan after your graduation. Opportunity cost could be expensive as well. For full time MBA, you will be paying for two years of tuition and earning no income for two years. (exclude summer internships). For part time, your company could make you stay for a fixed period while you're getting reimbursed, and during this time you could have found another job with higher salary.
4. What is my expected salary increase after getting an MBA? - This is the most important question, right? The statistics out there are screaming $100K and above in average.  But the real average is often inflated, since the average includes any individual who has an MBA, meaning company executives or C-level officers who have the degree are included in the numbers. Real average varies greatly and considers these factors - the quality and reputation of the school, years of experience, industry, geographic locations.  It's true that some MBA grads with 1-2 years of experience land on jobs that pay $100K+, but it's not common.

I hope this sums up the majority of what you need to consider before pursuing the MBA, it's definitely a big decision and planning out your timeline and expectations correctly will make your MBA experience worthwhile.