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Half of College Students Believe Their Student Loans Will Be Forgiven

Mai72

Mai72

Lifer
https://www.google.com/amp/wsls.com...nts-think-student-loans-will-be-forgiven/amp/

The fools!

I actually don't blame the children. IMO, it's the parents who are at fault. A 19 year old college student doesn't know much about finances unless he/she was taught at a young age. It's why most Americans are financially illiterate. The parents are horrible with their money. They spend money on sh*t they don't need. Hardly contribute to retirement, have less than $1k in savings, 2 new cars, a house they should had never bought, a lifestyle that's way above their income and so on. Their children see this and follow in their footsteps. $150k in student loans? Pfftt... Why worry about the small stuff? Let's all party!!!!

Ask your typical student how much they have in student loan debt and most aren't going to be able to answer the question. Ask them how much they are paying in interest and many won't be able to answer. What are you expected to pay in monthly payments? Nope. They can't answer.

In other news, more than 1.1m students defaulted on their student loans.

https://www.google.com/amp/www.cnbc...on-their-federal-student-loans-last-year.html

That's frekin crazy. I don't know why this hasn't gotten much press. That's a large number and it's only going to get much worse. These people are going to be a burden on the tax payers. Their credit scores ruined for many years. Again, many are too young to really comprehend what they've gotten themselves in.
 
shortylickens said:
which is a roundabout way of telling us that college isnt really doing its job if so many morons are popping out.
Click to expand...

I was surprised to read that many students who attend college don't graduate. This is the worst since they have student loan debt but no degree.

When I look at Asian students who attend university compared to a typical American there are stark differences. It's literally like night and day. Asians typically study far longer and they take more difficult courses that will actually pay off in the long term. Like engineering, computer science and medicine. Way too many Americans are more worried about their social life while in college.

I wish I could had done it differently. It's all hindsight I guess.
 
it's the next bubble.

only reason i could afford to go to school was i got a shitton in scholarships. my parents made it very clear there would be little to no assistance from them. graduated and immediately paid off my loans < 2yrs.
 
It's hard to imagine anyone has actually defaulted on their student loans considering the different Income Based Repayment plans that are available. Under current rules, they could apply for IBR and ride it out for 20 years their debt would indeed be forgiven. All without ever paying anything on the loans.
 
I was wondering why anyone is studying in america at all, I mean dozens of other countries offer free education or they do pay something but it's not really much, and not only to citizens but foreign nationals as well and the cost of paying a rent and move to another country is way way lower than any student loan.
Is it so bad that people don't want to move anywhere beyond 50 mile radius form their home?
 
Yeah let's play mock the young generation instead of the baby boomers who are the leaders right now and got us in this mess. Most people thinks someone else will pay for their stuff.

https://www.myirionline.org/docs/default-source/research/boomer-expectations-for-retirement-2016.pdf
45% of baby boomers have little to no money saved for retirement. 59% expect social security to be the main source of their retirement income. 60% believe their retirement income will be enough to cover their basic needs as well as vacations, leisure. etc. these people are in for a rude awakening.
 
chowderhead said:
Yeah let's play mock the young generation instead of the baby boomers who are the leaders right now and got us in this mess. Most people thinks someone else will pay for their stuff.

https://www.myirionline.org/docs/default-source/research/boomer-expectations-for-retirement-2016.pdf
45% of baby boomers have little to no money saved for retirement. 59% expect social security to be the main source of their retirement income. 60% believe their retirement income will be enough to cover their basic needs as well as vacations, leisure. etc. these people are in for a rude awakening.
Click to expand...

If they are baby boomers probably not. They will vote en masse to steal from the younger generation to pay for anything they want.
 
chowderhead said:
Yeah let's play mock the young generation instead of the baby boomers who are the leaders right now and got us in this mess. Most people thinks someone else will pay for their stuff.

https://www.myirionline.org/docs/default-source/research/boomer-expectations-for-retirement-2016.pdf
45% of baby boomers have little to no money saved for retirement. 59% expect social security to be the main source of their retirement income. 60% believe their retirement income will be enough to cover their basic needs as well as vacations, leisure. etc. these people are in for a rude awakening.
Click to expand...

Holy sh*t that's crazy. SS should be used as supplementary income. It should never be used as your main source.

Dave Ramsey ranted on the fact that most Americans make a fortune in their lifetime and have little to no money left for retirement. That's just crazy.
 
Last edited:
I feel more than a bit lucky: my tuition was inexpensive enough that I could cover it working a part-time job, I lived with my folks and I got small scholarships that helped soften the blow. Ended up with no school debt when I graduated.

With that said: I grew up understanding that you weren't supposed to spend money you didn't have, and that you always had to pay back your debts. I'm living below my means, and I'm fortunate enough to have a good income! It feels like we really need mandatory personal finance courses... not that you can't learn this on your own, but it's clear that not parent knows how to impart this wisdom.
 
Apparently a one day on line survey done by these guys who are trying to sell a service to American college students.

"LendEDU is a marketplace for private student loans and student loan refinancing. With one short, free application, we allow our users to compare up to 12 different student loan and student loan refinancing lenders. LendEDU does NOT hurt your credit!

LendEDU works with all of the top student loan lenders including SoFi, College Ave, LendKey, CommonBond, Citizens Bank, PNC, SunTrust, and Sallie Mae. Rates start as low as 2.21% for qualified applicants.

In addition to low cost student loans, low cost student loan refinancing, and student loan consolidation, LendEDU also provides a number of resources including student loan calculators, a financial aid hotline, courses on student loans and personal finance, and much more!"

https://lendedu.com/

and

https://lendedu.com/blog/financial-aid-awareness-month-survey/

Folks, really, check your sources before you clutch your pearls.
 
So glad I'm teaching my kids that college is a business decision, not a golden ticket to prosperity. Look at the job market, skill demand, what interests you, determine which schools you'd like to attend and what their costs are, and determine likely ROI on your investment.

Too many kids think "degree equals success" when nothing could be further from the truth and the costs to acquire the degree will be so burdensome you may never recover.
 
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