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Drowning in debt

Mike Lantowski who is choir director at St. Pius Church in Fairfield, Conn. poses at the church on Thursday December 1, 2011. Lantowski left college with a degree in music and more than $80,000 in student loan debts. That debt has grown to more than $100,000 because he didn't always make payments. Photo: Christian Abraham / Connecticut Post Mike Lantowski who is choir director at St. Pius Church in Fairfield, Conn. warms up the group at the church on Thursday December 1, 2011. Lantowski left college with a degree in music and more than $80,000 in student loan debts. That debt has grown to more than $100,000 because he didn't always make payments. Photo: Christian Abraham / Connecticut Post

Michael Lantowski is living his dream, but it comes at a price.

The 44-year-old Shelton resident said he feels blessed to be working full-time as choir director at St. Pius X Church in Fairfield and part-time organist at Temple Israel in Westport. In doing so, he is putting to use the bachelor's degree in liturgical music he earned 15 years ago from the Manhattan School of Music .

But his gross earnings of about $65,000 a year make it hard to keep up with student loan debt that exceeds $100,000. At times he has missed payments and defaulted. He is now making regular payments, but owes more than when he graduated.

"I am paying $519.38 a month. It's basically like a small mortgage," said Lantowski.

He is part of an increasing number of college-educated individuals drowning in a sea of student loan debt.

The total owed on student loans in the U.S. this year will exceed $1 trillion, which is more than double the amount owed five years ago. Americans now owe more on student loans than on credit cards.

Increasingly, students who graduate and can't find good paying jobs -- and even those that do find jobs are finding it hard to pay back student loans. Graduates blame the economy, the cost of tuition, and a society-fed notion that a college education is a necessity, even if it means going into debt. They also say that if they realized how much they'd end up owing, they may have never taken the loans.

Snow for Saturday - Dougherty Insurance - Greendays Group

Expect snow on the ground and in the streets when the sun comes up tomorrow (Saturday, Jan. 21st), according to www.accuweather.com .

We should have a few inches at least.  Our office is scheduled to be open on Saturday from 9AM to noon, but will close if snow affects driving – which it looks like we should expect.   If you are planning on stopping by call us first to see if we’re open. 

At least it won’t be affecting most work and school schedules.

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