Justice Clarence Thomas was in his mid-40s and in his third year on the nation’s highest court when he paid off the last of his debt from his time at Yale Law School.
A fellow law school student even suggested Thomas declare bankruptcy after graduating “to get out from under the crushing weight of all my student loans,” the justice wrote in his best-selling 2007 memoir, “My Grandfather’s Son.” He rejected the idea. Justices Amy Coney Barrett, who has seven children, and Ketanji Brown Jackson, who has two, also have invested money in college-savings accounts, in which any earnings or growth is tax free if spent on education.
At the time, Thomas’ first wife, Kathy, was pregnant. “I didn’t know what else to do, so I signed on the dotted line, and spent the next two decades paying off the money I borrowed during my last two years at Yale,” Thomas wrote. “It is helpful to have people with life experiences that are varied just because it enriches the conversation,” Justice Sonia Sotomayor has said. Sotomayor, like Thomas, also grew up poor. She got a full scholarship to Princeton as an undergraduate, she has said, and went on to Yale for law school, as Thomas did.
The White House says 26 million people already have applied and 16 million have been approved for relief. The program is estimated to cost $400 billion over the next three decades.
Yeah signing massive loans with ridiculous interest rates isn't the smartest thing and will have long term financial consequences.
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