$1 Million in Student Loans. Holy Smokes!

[s0me0nesmind1]

Not really.....

This X1000 stop guaranteeing the loans via the fed, make them dischargeable with BK and, eventually, college tuition will come down.

Stop giving loans to anyone with a pulse. Just because you want to go to college doesn't mean you're meant to go to college. Sorry Betsy, you're not useful to the world accruing $150k in debt to get a bachelors in "Women's Studies" since there is... no fucking job market for such a profession - considering it's not a profession.

Did I mention that there is a girl? She's planning on going to the #2 big state uni. That's the reason this is even in discussion. Off to research saltpeter....

Learning from experience early in life how women can fuck up your entire life? I wish him the best of luck. I'm glad I was smart enough to go to community college the first 2 years... I saved my parents so much money they had some extra money to give me afterwards

 

[highland145]

Stop giving loans to anyone with a pulse. Just because you want to go to college doesn't mean you're meant to go to college. Sorry Betsy, you're not useful to the world accruing $150k in debt to get a bachelors in "Women's Studies" since there is... no fucking job market for such a profession - considering it's not a profession.

I think I posted before about my dental hygienist. Dropped $100K for a 4 year retail management degree and then...oh, crap, nights/weekends/holidays... So she spent $5K for her hygienist paper. Someone should have talked with her sooner.

Learning from experience early in life how women can fuck up your entire life? I wish him the best of luck. I'm glad I was smart enough to go to community college the first 2 years... I saved my parents so much money they had some extra money to give me afterwards

The girl is nice enough. He'll be the one effing up because of being 17 years old. 2 things on my mind at that age and school/education weren't in the mix.

 

[dave_the_nerd]

I think I posted before about my dental hygienist. Dropped $100K for a 4 year retail management degree and then...oh, crap, nights/weekends/holidays... So she spent $5K for her hygienist paper. Someone should have talked with her sooner.

It took me 6 years of music school to realize I didn't want to fight my way into that industry. It's hyper-competitive and the best-case payoff is "subsistence level pay and no benefits." Things they don't tell you when they're recruiting students.

But it cost me maybe $40k total to do that, and had relatively little debt (which I was able to mostly pay off while working retail and trying to figure out my next moves.)

So I don't regret it all that much. If nothing else, I got all the research skills and "learning how to learn" stuff out of the way while I was still young enough that my brain was flexy. Made my voc-tech degree and second bachelor's a frigging breeze.

 

[s0me0nesmind1]

The thing I hated the most about school was knowing how completely pointless it truly was when I entered the working world.

Remember all that shit you studied for 16+ years? Yeah, most of it is pointless. Here, learn about this industry with this software with this coding. ..

I mean hell, I went into the world of tax - never touched a tax course in my life up through school. Closest was accounting related. Most of my skills - coding, etc... were learned when I was a bored at home every night learning to crack porn sites I mean playing videogames.

 

[OutHouse]

I think that he has planned it out so that he won't have to pay it all back by the time he is eligible for forgiveness. Call it abuse or gaming the system or whatever but I can't say that I blame him. Assuming that is the case, why wouldn't he live in luxury in the meantime?

forgive school loans?

 

[OutHouse]

as long as the federal school loan is a shit program that is just a blank check, the schools don't care they get paid up front.

 

[s0me0nesmind1]

forgive school loans?

https://www.debt.org/students/loan-forgiveness/

 

[OutHouse]

https://www.debt.org/students/loan-forgiveness/

yea that does not apply the dentist dude. and if by some chance this moron gets his obligation forgiven somebody needs to go to jail. no way in hell should he get a free education and stick it to the people.

 

[s0me0nesmind1]

yea that does not apply the dentist dude. and if by some chance this moron gets his obligation forgiven somebody needs to go to jail. no way in hell should he get a free education and stick it to the people.

...Plenty of people on this very forum have explained that they are doing those.... In addition to plenty of others.

 

[Ventanni]

as long as you can afford it while alive, just keep paying the minimum monthlies, with low interest rate, and let the debt die with you.

when retired, you can shave off something like 60% of the monthly payment, increase the loan payoff to something like 98 years, and be gravy.

Uhh, no. You'll pay far, far more in interest over the years doing that than you would just paying your debt off.

The smart way to do it is the way you went about it described in your other post. You used state colleges to keep tuition costs low, took advantage of grants available to you, and worked your butt off to get good grades. And kudos to you man, you went about it the right way. Banks want people to pay the minimum or close to it every month, because that's how they make their money. And the less you pay on the principle of your loan, the more you pay in interest.

If you wanna "stick it to the man" where it hurts them the most, pay off your debts.

 

[s0me0nesmind1]

Uhh, no. You'll pay far, far more in interest over the years doing that than you would just paying your debt off.

The smart way to do it is the way you went about it described in your other post. You used state colleges to keep tuition costs low, took advantage of grants available to you, and worked your butt off to get good grades. And kudos to you man, you went about it the right way. Banks want people to pay the minimum or close to it every month, because that's how they make their money. And the less you pay on the principle of your loan, the more you pay in interest.

If you wanna "stick it to the man" where it hurts them the most, pay off your debts.

Hate to say it - but you're wrong. If you rack up shitloads of debt like the original post story, you won't pay more than the original million if you just make minimum payments for however many years it takes.

 

[Ventanni]

Dave Ramsey is a charlatan.

"If you spend less than you make, you will save money."
"If you do not buy a car that cannot afford outright, you will not have a car payment."
"You should pay off your credit cards. That would be better than not paying off your credit cards."

Real sage knowledge there, Dave-o.

That's an interesting definition of what a charlatan is considering people are actually getting out of debt and improving their financial situation with his advice. It's one thing to claim to have special knowledge. It's another to just speak the simple truth.

 

[Ventanni]

Hate to say it - but you're wrong. If you rack up shitloads of debt like the original post story, you won't pay more than the original million if you just make minimum payments for however many years it takes.

He's paying $1,589.97 per month, and will, at that rate, never pay it off. Ever. But at that rate he will reach the million dollar mark paid by the time he turns 89, assuming he lives that long. If the federal government decides to change their mind 10 years from now and take 15% of his income to contribute towards paying it off, which they can, then he will absolutely pay more than a million. Easy.

Some of the details are murky cause I can't read the entire article, but math is math.

Financially, he's made the worst decision possible. The. Worst. If he had gone to a state institution and made smarter decisions about his lifestyle and education, then that same $1,589.97 per month could have been used to build his 401k, mutual funds and other investments, pay a home off sooner, etc; all of which would have netted far, far more in return than what he's paying per month. He's an orthodontist, so he could pay it off if he wanted to.

Hope that Tesla was worth it.

 

[s0me0nesmind1]

He's paying $1,589.97 per month, and will, at that rate, never pay it off. Ever. But at that rate he will reach the million dollar mark paid by the time he turns 89, assuming he lives that long. If the federal government decides to change their mind 10 years from now and take 15% of his income to contribute towards paying it off, which they can, then he will absolutely pay more than a million. Easy.

Some of the details are murky cause I can't read the entire article, but math is math.

Financially, he's made the worst decision possible. The. Worst. If he had gone to a state institution and made smarter decisions about his lifestyle and education, then that same $1,589.97 per month could have been used to build his 401k, mutual funds and other investments, pay a home off sooner, etc; all of which would have netted far, far more in return than what he's paying per month. He's an orthodontist, so he could pay it off if he wanted to.

Hope that Tesla was worth it.

Read: https://www.debt.org/students/loan-forgiveness/ - there are ways for the loan balance to be "forgiven" depending on your profession and the payment plan you go after.

 

[Ventanni]

Read: https://www.debt.org/students/loan-forgiveness/ - there are ways for the loan balance to be "forgiven" depending on your profession and the payment plan you go after.

Dude, when you're making $150-200k per year as a doctor, they're not going to forgive your debt. You're going to pay 15% of your income or close to it until you do.

 

[Mai72]

Uhh, no. You'll pay far, far more in interest over the years doing that than you would just paying your debt off.

The smart way to do it is the way you went about it described in your other post. You used state colleges to keep tuition costs low, took advantage of grants available to you, and worked your butt off to get good grades. And kudos to you man, you went about it the right way. Banks want people to pay the minimum or close to it every month, because that's how they make their money. And the less you pay on the principle of your loan, the more you pay in interest.

If you wanna "stick it to the man" where it hurts them the most, pay off your debts.

Doubt it.

IMO, what's going to take place is the government is going to step in and do something srastic. That could be to forgive student loan debt. and restart the process. Even if he gets to the 25 year mark and owes a sizable tax bill something drastic will take place. $3T and counting for student loan debt. It's going to be a huge issue that is going to affect US taxpayers.

 

[Ventanni]

Doubt it.

IMO, what's going to take place is the government is going to step in and do something srastic. That could be to forgive student loan debt. and restart the process. Even if he gets to the 25 year mark and owes a sizable tax bill something drastic will take place. $3T and counting for student loan debt. It's going to be a huge issue that is going to affect US taxpayers.

So in your opinion, you really think the government, when things get a shaky and they're in need of money - an institution that has the legal power to collect - that they're just going to "forgive" a bunch of debt owners who are able to pay their debts, but choose not to?

Doubt it.

 

[highland145]

So in your opinion, you really think the government, when things get a shaky and they're in need of money - an institution that has the legal power to collect - that they're just going to "forgive" a bunch of debt owners who are able to pay their debts, but choose not to?

Doubt it.

I think we're heading more towards the left and it will be forgiven. time will tell.


To bad guaranteed loans aren't eliminated today.

 

[dave_the_nerd]

I think we're heading more towards the left and it will be forgiven. time will tell.


To bad guaranteed loans aren't eliminated today.

I think this is a little bigger than "left" or "right" and more of a "blood from a turnip" issue.

Guy in TFA could almost pay it off, maybe, but if he tried he'd be a debt slave for the rest of his life. But he's also the kind of arrogant twat that people love to hate. So it's good grist for the mill.

But there are a ton of people with much smaller loans, but who have degrees in less lucrative fields, and who are stuck living mom's basement for the first ten years of their careers. This has broad (mostly negative) effects on society - housing market, birth rates, etc., and young adults don't actually have the financial security to "adult" (as a verb.)

And yes, they took the loans. But between predatory lending practices and the fact that most of them took those loans before they were legally responsible enough to drink or rent a car, I feel like there may be a bit of a double standard at work.

 

[s0me0nesmind1]

I think this is a little bigger than "left" or "right" and more of a "blood from a turnip" issue.

Guy in TFA could almost pay it off, maybe, but if he tried he'd be a debt slave for the rest of his life. But he's also the kind of arrogant twat that people love to hate. So it's good grist for the mill.

But there are a ton of people with much smaller loans, but who have degrees in less lucrative fields, and who are stuck living mom's basement for the first ten years of their careers. This has broad (mostly negative) effects on society - housing market, birth rates, etc., and young adults don't actually have the financial security to "adult" (as a verb.)

And yes, they took the loans. But between predatory lending practices and the fact that most of them took those loans before they were legally responsible enough to drink or rent a car, I feel like there may be a bit of a double standard at work.

I really don't buy the whole 18/21 bullshit propaganda. There is nothing other than our incredibly stupid laws that state 18 or 21 has any significance.

Biologically speaking, it's factually incorrect. We were meant to reproduce the moment puberty hits - which is generally 12-16. So how does that translate to adulthood? At what point does "If you take this money you will have to pay it back" become a statement that is hard to comprehend? I learned that shit in elementary school when I ran out of lunch money and they loan you up to $5 or $10 worth to allow you to eat for a couple days.

We can write it down on paper, tell it to you in person, etc.. etc... But if it's the day before your 18th birthday it's unfeasible and the next morning it is feasible? Quit drinking the koolaid spoonfed by retards who use this to propagate their own stupidity. You aren't limited by age when it comes to stupidity - believe me, I've still done stupid shit in my adulthood that makes me kick myself. But you know what? I sure as fuck learned from it.

 

[dave_the_nerd]

I really don't buy the whole 18/21 bullshit propaganda. There is nothing other than our incredibly stupid laws that state 18 or 21 has any significance.

Biologically speaking, it's factually incorrect. We were meant to reproduce the moment puberty hits - which is generally 12-16. So how does that translate to adulthood? At what point does "If you take this money you will have to pay it back" become a statement that is hard to comprehend? I learned that shit in elementary school when I ran out of lunch money and they loan you up to $5 or $10 worth to allow you to eat for a couple days.

We can write it down on paper, tell it to you in person, etc.. etc... But if it's the day before your 18th birthday it's unfeasible and the next morning it is feasible? Quit drinking the koolaid spoonfed by retards who use this to propagate their own stupidity. You aren't limited by age when it comes to stupidity - believe me, I've still done stupid shit in my adulthood that makes me kick myself. But you know what? I sure as fuck learned from it.

Biologically speaking? It's ~25.

https://www.urmc.rochester.edu/encyclopedia/content.aspx?ContentTypeID=1&ContentID=3051

 

[IHateMyJob2004]

Student loans are easier to pay off later when inflation brings your salary up.

 

[Mai72]

So in your opinion, you really think the government, when things get a shaky and they're in need of money - an institution that has the legal power to collect - that they're just going to "forgive" a bunch of debt owners who are able to pay their debts, but choose not to?

Doubt it.

It depends.

Its all speculation now. What if the economy goes to shit and one of the reasons why is because of student loan debt. What if we have a generation of people who can't afford to buy big ticket items like cars and homes. Items that could have a negative effect on our economy. Like I said, $3T and counting. That's a huge sum of money and it's only going to get worse because we have politicans who only want to kick the can further down. Eventually it's going to hqave to be addressed. And, you can't get money from people who don't have it. The dentist is the exception. Most people who have student loan debt aren't going to be making $120k plus a year. Only time will tell though. Maybe we will come up with a creative way to take on all of this debt.

Side note, I met a guy yesterday. Owes over $90k in student loan debt and is pumping gas in NJ. I know it's only one story but is this a coomon occurance though? He told me himself that he's never going to be able to pay back that loan. I was wondering if this guy is the exception or the norm.

 

[zinfamous]

Uhh, no. You'll pay far, far more in interest over the years doing that than you would just paying your debt off.

The smart way to do it is the way you went about it described in your other post. You used state colleges to keep tuition costs low, took advantage of grants available to you, and worked your butt off to get good grades. And kudos to you man, you went about it the right way. Banks want people to pay the minimum or close to it every month, because that's how they make their money. And the less you pay on the principle of your loan, the more you pay in interest.

If you wanna "stick it to the man" where it hurts them the most, pay off your debts.

It depends on the size of your debt, obviously. Like some0ne's mind said, if you end up with 100k or 200k or some absurd quantity beyond that, I think it's wiser to to swing some low interest, slow-ass payment that has you paying off at like $60 until you croak, or better yet retire when at 65: you can elect to have your payments reduced in half. The value on that payment is certainly way higher due to interest, but you'll probably die before you even pay back the same amount of your actual principal. This depends on lots of things, of course: age of graduation and career/prospects as related to your debt. Honestly, if you are making AT money, then it's probably better to pay it off ASAP because AT ballers can afford it, always. ....but then say you have a super low interest loan (do they exist at 4% and lower for student loans? I have no idea anymore), and instead of paying it off ASAP, just make your monthlies and invest the difference of what you could otherwise afford to pay off in funds that historically, predictably, are going to return something like 7% per year in that time.

 

[zinfamous]

I really don't buy the whole 18/21 bullshit propaganda. There is nothing other than our incredibly stupid laws that state 18 or 21 has any significance.

Biologically speaking, it's factually incorrect. We were meant to reproduce the moment puberty hits - which is generally 12-16. So how does that translate to adulthood? At what point does "If you take this money you will have to pay it back" become a statement that is hard to comprehend? I learned that shit in elementary school when I ran out of lunch money and they loan you up to $5 or $10 worth to allow you to eat for a couple days.

We can write it down on paper, tell it to you in person, etc.. etc... But if it's the day before your 18th birthday it's unfeasible and the next morning it is feasible? Quit drinking the koolaid spoonfed by retards who use this to propagate their own stupidity. You aren't limited by age when it comes to stupidity - believe me, I've still done stupid shit in my adulthood that makes me kick myself. But you know what? I sure as fuck learned from it.

regardless, the law has established the age of 18 as liable adulthood in most situations, then 21 in a few others (then 35, right?). Anyway, it is a bit weird to assume that a kid is too young to properly make a decision about drinking, voting, serving in the military or whatever, but old enough to make a rather large decision about assuming mountains of potentially life-crippling debt, without any real understanding how that could determine the course of their post-school life and, in many cases, their future financial prospects. It's really gotten out of hand in a very, very, very short amount of time--this really seems to have blown up in just over a decade's time in terms of massive bubble status. I tend to think that the rise of garbage for-profit fake colleges (University of Phoenix), and their equal access to federal loans is one of the major, if not primary culprits in the expanding pool of national student debt. These are largely advertising/marketing vehicles that merely exist, on paper, to attract federal loan dollars to keep their operations running. None of these places offer a real alumni network system, jobs system, reputation system which for much of higher education, is incredibly important for landing good jobs. The educations are completely sub-par, and seem a liability on your resume more than anything. But they are authorized to take in $30-50k, $100k or whatever that crap costs, in federal money, per student, to provide a product that largely makes them uncompetitive. These places should be classified along the lines of other scams like time shares, and maybe just a wee bit less shady than Trump University.