22-year-old college student blows her $90,000 college fund and blames her parents

[JSt0rm]

getting paid 50k to answer phones is pretty good.

 

[Hugo Drax]

This is what happens when your busy txting and playing angry birds on your phone instead of listening and paying attention to the science teacher.

 

[Nebor]

getting paid 50k to answer phones is pretty good.

Maybe she can marry a client that gets a big cash settlement from being rear ended and he can pay off her loans.

 

[JSt0rm]

She could pay it off with 50k a year. It sucks but she can do it. Of course non of that money is going back into the peasant economy so...

 

[VirtualLarry]

Could have been much worse, she got three full years out of it. I've seen worse negligence with money.

I know older folk, who live on a budget, that came into some money, and I guess that they couldn't handle it, or wanted to "live it up" while they still could, and basically blew it. It was a similar amount, and It didn't last three years.

Edit: And no gambling, and no booze involved. (Maybe a rare glass of wine during dinner out on a special occasion.)

 

[Nebor]

She could pay it off with 50k a year. It sucks but she can do it. Of course non of that money is going back into the peasant economy so...

I don't see how. $50k a year before taxes is... I don't even know. My first job out of college paid more than that. I can't think of another sort of loan (auto, home, business) that would be granted in the amount of $300k to someone with a $50k yearly income.

 

[JSt0rm]

I don't see how. $50k a year before taxes is... I don't even know. My first job out of college paid more than that. I can't think of another sort of loan (auto, home, business) that would be granted in the amount of $300k to someone with a $50k yearly income.

Cant they write off the interest on the student loans? 50k a year is 800 a week if I recall after taxes. How much are payments on 300k in student loans? $1500 a month?

 

[Nebor]

Cant they write off the interest on the student loans? 50k a year is 800 a week if I recall after taxes. How much are payments on 300k in student loans? $1500 a month?

I think the loan payments are adjusted based on income. There are plenty of articles online where people explain that due to income adjust loans, they'll be paying their loans until they retire. D:

 

[JSt0rm]

based on the income right out of college. As they make more they will pay it down faster. Either way they are hosed. They will pay 2x to 3x as much of the edu then it would of cost if they had the cash for it.

We are returning to the norm. Only wealthy people get top tier higher educations everyone else works a trade.

 

[kranky]

based on the income right out of college. As they make more they will pay it down faster. Either way they are hosed. They will pay 2x to 3x as much of the edu then it would of cost if they had the cash for it.

We are returning to the norm. Only wealthy people get top tier higher educations everyone else works a trade.

It would help greatly if students chose to attend moderately priced schools instead of signing up for lifetime loan payments. They just feed the vicious cycle - tuition goes up, students borrow more, high-cost schools stay full, tuition goes up.

 

[HamburgerBoy]

It would help greatly if students chose to attend moderately priced schools instead of signing up for lifetime loan payments. They just feed the vicious cycle - tuition goes up, students borrow more, high-cost schools stay full, tuition goes up.

This. I stayed in-state and basically got paid to go through undergrad. By the time I finish my PhD I'll have six figures in the bank. If you're going into mega-debt just for undergrad and it's not at an Ivy League or something that could conceivably make it worth it, you're doing it wrong.

 

[pcgeek11]

It's just old people complaining about young people. It's been happening since forever.

I tend to think it is a bit much more than just that....

 

[JSt0rm]

I tend to think it is a bit much more than just that....

Its old people fucking young people? All this ballooning in costs isnt helping anyone but the ancients. All the babyboomers could go to school and pay for it with a summer job. That shit is not the way anymore and its just in time for the boomers to make a bunch of money off the younger generations.

 

[Bock]

Depending on which school she went to, 30k a year isn't excessive at all. SMU here in dallas charges 50k a year. UT Austin runs close to 20k a year just to go there.

Edit: It is very VERY EASY to go through 30k a year w/o aid & loans. Some of you guys really need to check how much 4yr universities has gone up. Also, the textbook racket is insane. The books the local CC uses cost more than the class & become outdated within a year.

 

[pcgeek11]

Its old people fucking young people? All this ballooning in costs isnt helping anyone but the ancients. All the babyboomers could go to school and pay for it with a summer job. That shit is not the way anymore and its just in time for the boomers to make a bunch of money off the younger generations.

Damn! You figured us out. That is the most paranoid statement I have ever heard.

Dem boomers are comin to git you!

 

[Ketchup]

This girl is an idiot to be sure. If you haven't listened to the videos, they are worth it. There are people her age calling in, telling them what a moron she is, and how bad they are making her generation look.

But I am just as upset with people my generation. Are they not telling their kids that a job is what people do? If we (gen X) aren't telling our kids how to budget and how to work before they are 25, how else would be expect them to handle something like this?

Her Dad laughed at her when she finally confronted her parents with the problem. I want to say: "Where were you when she was taking her trip to Europe and buying new clothes every semester?

 

[Aikouka]

But I am just as upset with people my generation. Are they not telling their kids that a job is what people do? If we (gen X) aren't telling our kids how to budget and how to work before we are 25, how else would be expect them to handle something like this?

Her Dad laughed at her when she finally confronted her parents with the problem. I want to say: "Where were you when she was taking her trip to Europe and buying new clothes every semester?

I don't think it's necessarily just budgeting that's a problem. There's a good chance that this girl just got whatever she wanted when she grew up, and that mindset isn't just going to magically change and have her become a responsible, budget-conscious member of society. Frankly, I think she's somewhat fortunate that she's only stuck taking out money for a single year of college, and she also got what amounts to a huge life lesson. My only hope is that she learns from her mistakes, and she'll be more aware of her spending and such, which will matter even more when she's out in "the real world."

 

[tcsenter]

We are returning to the norm. Only wealthy people get top tier higher educations everyone else works a trade.

Deserving applicants with exceptional aptitude and academics will always get in somewhere decent and get tuition assistance, scholarships.

Seems like half the 'degrees' for which people are going into jaw-dropping debt, you can learn on your own and teach yourself to do, if you have the aptitude and ability. e.g. if you want to be a writer, you don't need to go to Columbia or Georgetown @ $45K per year. You can just do it like 90% of successful writers did; you write, take workshops, read a lot of books, and write, and write, etc.

 

[rh71]

My school was completely paid for every year but I still worked while there and had been doing various pt jobs since 14. It allowed me to get whatever fun stuff I wanted too.

 

[Zor Prime]

I've been holding a job and paying the IRS since I was 12 years old. Stuff like this just irritates the hell out of me.

 

[Naeeldar]

This. I stayed in-state and basically got paid to go through undergrad. By the time I finish my PhD I'll have six figures in the bank. If you're going into mega-debt just for undergrad and it's not at an Ivy League or something that could conceivably make it worth it, you're doing it wrong.

Penn State in state is around $30k a year now. I agree Ivy league is insane unless parents are paying but frankly even state schools have gotten out of control. We are reaching a tipping point where it's better to not attend college then attend.

 

[Sonikku]

Sad thing is that if you went to college when the baby boomers went to school you could be a total idiot fucktard with your money like this girl and still come out with hardly any of it spent and a far better job market waiting for you when you leave.

But at least this generation has iphones, right? That makes up for it.

 

[Dulanic]

Obviously the problem was created by Big Bank. They want to sucker her into borrowing money. No reason not to. Just don't pay it back and Obama will forgive the loan.

Got a feeling that this young woman will be on welfare for the rest of her life.

Holy crap it took 1 post for someone to try and make this a P&N thread?

Either way this chick is stupid. It does seem like she never learned the value of a dollar and was likely given anything and everything she needed. There are a lot of those around where I live and it is frustrating as hell. Is she an idiot? Oh hell yes. Do her parents have some of this blame? Most likely, but I have no guarantees. Seems rather obvious she was given anything she wanted/needed without learning the value of a dollar.

 

[Mai72]

Unless this girl changes her mindset she is going to be in debt the rest of her life. And god bless the poor soul who weds this woman. He's going to be in for a world of hurt.

IMO, the problem stems from the parents. Like most parents in America, they don't teach their kids about saving their money. The parents are probably spenders, so is it any surprise that this girl likes to waste money. It might look cute now, but its not going to be cute when she is pushing 50 and broke.

 

[Scarpozzi]

Unless this girl changes her mindset she is going to be in debt the rest of her life. And god bless the poor soul who weds this woman. He's going to be in for a world of hurt.

IMO, the problem stems from the parents. Like most parents in America, they don't teach their kids about saving their money. The parents are probably spenders, so is it any surprise that this girl likes to waste money. It might look cute now, but its not going to be cute when she is pushing 50 and broke.

How many Americans live this same way. You can't fix stupid.

This is exactly why there's a such thing as high interest debt....because it's a risky bet for the banks and lenders. I have no sympathy for the stupid or the lazy....and if these people live in poverty the rest of their lives, it wouldn't bother me as long as they don't turn to stealing my stuff.

I still stand by my opinion that $90k in 3 years isn't that bad (the entitlement attitude is bad, and we all know where that starts). There was a recent study that people under 30 spend somewhere around 25% of their income on eating out in restaurants...maybe the number was even higher than that. It's basically suggesting that they will be in even worse shape than the current baby boomers without retirement savings due to lifestyle decisions.