Just how bad are these students loans?

[Mai72]

Why, yes! Alas, I just sold the porsche in the spring.

Paid off 40K in grad school debt in 2012, that is after graduating in 2008 and being unemployed for a year. If there's will, there's a way.

Yes. But I bet you're in a profession that pays very well. The problem is we have a lot of people who have a lot of debt that are not going to make a lot of money. They chose professions that don't pay well and are probably going to be paying on student loan debt for the next 30 years.

 

[halik]

This is why my kid is going to college in Canada. They have successfully subsidized higher education. Go look up what the average student debt is in Canada and get back to me. There is a reason why their happiness levels > US because personal debt levels are much lower. We need to follow such a system and learn, otherwise tuition gets batshit crazy when unregulated and the student loan mess we are seeing here is the result.

Is there even a remotely well ranked university in canada?

 

[halik]

Yes. But I bet you're in a profession that pays very well. The problem is we have a lot of people who have a lot of debt that are not going to make a lot of money. They chose professions that don't pay well and are probably going to be paying on student loan debt for the next 30 years.

I made a deliberate choice to go into a profession that pays very well.

But to your latter point, how is that a taxpayer problem? It's not as if this is some sort of well kept secret that bullshit degrees qualify you to make coffee at SBUX skill-wise.

 

[Mai72]

I made a deliberate choice to go into a profession that pays very well.

But to your latter point, how is that a taxpayer problem? It's not as if this is some sort of well kept secret that bullshit degrees qualify you to make coffee at SBUX skill-wise.

Its not a taxpayer problem. We all make decisions in life and we have to live with those decisions.

I'm just saying that their decision is going to hamper our economy. I think this is why the president is going forth with the student loan bill this week. A few people at the top are worried about the negative effects student loan debt will have on our economy.

 

[Tweak155]

All of his threads are a thinly veiled brag thread.

Funny because I was trying to remember the last time I saw him post and pretty sure it was about salary.

Lots of people are doing better than him on this board, only difference is most of them don't start threads about it.

Also, just to add to the topic, I was pretty lucky that when I graduated, my total debt was under $15k. It didn't take me too long to pay it off and I did a lump check at the end around $3k I want to say. The real trick was getting scholarships, it really cut my costs down. Not to mention school was cheaper back then compared to now.

 

[Tweak155]

I made a deliberate choice to go into a profession that pays very well.

But to your latter point, how is that a taxpayer problem? It's not as if this is some sort of well kept secret that bullshit degrees qualify you to make coffee at SBUX skill-wise.

People should be doing what they WANT to do, even if salary is less. Otherwise you're ultimately being paid to not be happy.

I can't say I love coming into work every day, but the main core of my job is exactly what I want to be doing... for now.

 

[SpatiallyAware]

Its not a taxpayer problem. We all make decisions in life and we have to live with those decisions.

I'm just saying that their decision is going to hamper our economy. I think this is why the president is going forth with the student loan bill this week. A few people at the top are worried about the negative effects student loan debt will have on our economy.

A few people at the top...??

This affects all of us, top to bottom.

This affects all of the people, like halik and the others in this thread, who diligently paid off what they agreed to at a reasonable ~6% unsecured loan rate. They help foot the cost for the lazy morons who racked up massive debt that they could never repay at ANY interest rate.

This affects issuing loans going forward, loan providers will be less likely to issue loans to people as they will be forced to lower rates and provide concessions for modern progressive morons who racked up massive loans on useless degrees. Now good people who are getting good degrees to make good money are less likely to get unsecured loans. Lenders will favor modern progressive lapdogs living with mommy and daddy cosigners who are working at starbucks posting on AT about how the 1%ers are holding them back.


Poking at our student loan system like this is not going to help the economy. It will help the democrat handout system gain voter support.

That's it. That's all this is about. Keeping that modern progressive handout train moving at full steam ahead.

 

[SpatiallyAware]

People should be doing what they WANT to do, even if salary is less. Otherwise you're ultimately being paid to not be happy.

I can't say I love coming into work every day, but the main core of my job is exactly what I want to be doing... for now.

This right here is a perfect example of the modern progressive mindset.

The real world, outside of mommy and daddy's basement, is tough. You are VERY unlikely to be able to do whatever you want to do. People need to grow up and accept that they need to be satisfied doing what they need to do to make money.


NOT try to manipulate the market into making it where a mcdonald's burger flipper with $50k debt into a social media degree can afford a 2 bedroom apartment in manhattan.

 

[dave_the_nerd]

Is there even a remotely well ranked university in canada?

McGill?

 

[halik]

People should be doing what they WANT to do, even if salary is less. Otherwise you're ultimately being paid to not be happy.

I can't say I love coming into work every day, but the main core of my job is exactly what I want to be doing... for now.

If you WANT to do mediaeval poetry, you simply cannot spend 250K getting that degree. It's just common sense.

 

[justoh]

This right here is a perfect example of the modern progressive mindset.

The real world, outside of mommy and daddy's basement, is tough. You are VERY unlikely to be able to do whatever you want to do. People need to grow up and accept that they need to be satisfied doing what they need to do to make money.


NOT try to manipulate the market into making it where a mcdonald's burger flipper with $50k debt into a social media degree can afford a 2 bedroom apartment in manhattan.

Why, because you say so? Fair enough, but they're saying otherwise. You can't just point to a tough world when their point is that it shouldn't be so tough. More like a tough country anyway, since other countries have decided to invest in education. Why can't the US? Maybe there are good reasons, but you haven't given any, which is also typical.

 

[Axon]

I've heard of 100K debt for MDs and JDs. I did refinance my loan. There was a point a few years back where everybody had to or the rate would shoot up to like 8%. The interest I was on was 4.75%

I had a bit short of 100k when I graduated law school, and that was purely law school debt. I had no undergrad debt, thank god. Payments were initially about $1300 a month in payments until I twisted some ankles. Now it's about $700. Still steep, even on a six figure salary. I've been pretty diligent, and now it's down to about 55k.

I sometimes wish I had gone to a state school which would have cost less money, but there is only one such school in NY, and going to a higher end school on the rankings got me a better paying job. I think long term, going to a tier 1 law school was worth it. I do feel bad for people who really should not have pursued their JD. There are tons of lawyers, but very few good ones. It's just not for everyone.

 

[steppinthrax]

350k in loans (currently), all medical school debt, at 7.125% (thievery, right?).

Is it even worth it? How much are you projected to make. When you factor in the cost of investment (your education), v.s. the return. Would it have been worth it to pick another field?

 

[Tweak155]

This right here is a perfect example of the modern progressive mindset.

The real world, outside of mommy and daddy's basement, is tough. You are VERY unlikely to be able to do whatever you want to do. People need to grow up and accept that they need to be satisfied doing what they need to do to make money.


NOT try to manipulate the market into making it where a mcdonald's burger flipper with $50k debt into a social media degree can afford a 2 bedroom apartment in manhattan.

Funny, because it seems to be working for me and other people I know. If you're smart with money you don't need as much of it. If you're the kind of person that buying things or making money is what makes you happy, you'd be good with the high paying job anyway.

 

[ViviTheMage]

Got loans for my associates, ended up paying 10k for it. Got a decent job with it ... waited 2 years, started my undergrad while working FT, took out some loans to pay for it. Landed another job that pays tuition reimbursement so school was being paid for.

I still owe 40k I think .. not too worried, 4 year has already helped me out. i just graduated here in may 2014 while working FT.

 

[Tweak155]

If you WANT to do mediaeval poetry, you simply cannot spend 250K getting that degree. It's just common sense.

Is this supposed to be related?

 

[steppinthrax]

ROFL - do you *really* think the government is going to write off principal balance nearly 2.5x what the *entire* TARP program had in loans outstanding?

We are are talking about over $1TR.

Good fucking luck.

LOL,

The only time I have ever seen a US president wipe out debt is during Hurricane Katrina!!! Those universities had to close down!!! However, this wasn't President Bush's doing. It's built into the federal student loan rules and regs. If your university closes the debt is wiped!!!

 

[Tweak155]

LOL,

The only time I have ever seen a US president wipe out debt is during Hurricane Katrina!!! Those universities had to close down!!! However, this wasn't President Bush's doing. It's built into the federal student loan rules and regs. If your university closes the debt is wiped!!!

So all I had to do was close my university... hmmmmm.

 

[AznAnarchy99]

LOL,

The only time I have ever seen a US president wipe out debt is during Hurricane Katrina!!! Those universities had to close down!!! However, this wasn't President Bush's doing. It's built into the federal student loan rules and regs. If your university closes the debt is wiped!!!

Are there any top 20 schools in Louisiana?

 

[Wonderful Pork]

Is this supposed to be related?

I believe a better way of saying it is:

If you're good with money you'd realize that despite medieval poetry being your #1 passion the return on investment of $250k worth of student loans isn't there. Maybe you pick your 2nd, 3rd, or 4th favorite thing (whatever that may be) to do if it offered a better wage and ability to pay back student loans in a timely fashion.

Don't just be obstinate about only doing medieval poetry and then look to the taxpayer/loan forgiveness since you can't pay for your degree and don't have a good job, great apartment, nice car, etc. That stuff is earned, not owed.

 

[halik]

Is this supposed to be related?

Yes?

"Michael DiPietro, 25, of Brooklyn, New York, who accumulated about $100,000 in debt while getting a bachelor’s degree in fashion, sculpture and performance, and spent the next two years waiting tables."
http://www.bloomberg.com/news/2012-...-debt-to-crush-until-costs-fall-correct-.html

"Megan Lilburn, who in 2004 graduated from Texas Christian University in Fort Worth, Texas, with a degree in social work and religion, said she wishes she lived more frugally in school. She racked up $40,000 of debt by the time she got her graduate degree."
http://www.bloomberg.com/news/2013-...ludes-with-student-debt-burden-mortgages.html

The point being that if you're going to a low paying field, you better go the community college route or decide what is the max amount you'd be willing to pay for it. Clearly spending 100K on a degree that makes you no more qualified that a highschool grad simply makes no sense.

Ultimately it's me paying 7.8% on a degree with average starting salary in the 70s subsidizes 10 unemployed kids that are "doing what they love".

 

[steppinthrax]

yes?

"michael dipietro, 25, of brooklyn, new york, who accumulated about $100,000 in debt while getting a bachelor’s degree in fashion, sculpture and performance, and spent the next two years waiting tables."
http://www.bloomberg.com/news/2012-...-debt-to-crush-until-costs-fall-correct-.html

stupid ass

"megan lilburn, who in 2004 graduated from texas christian university in fort worth, texas, with a degree in social work and religion, said she wishes she lived more frugally in school. She racked up $40,000 of debt by the time she got her graduate degree."
http://www.bloomberg.com/news/2013-...ludes-with-student-debt-burden-mortgages.html

stupid dumb ass

the point being that if you're going to a low paying field, you better go the community college route.

I was told by a school teacher while in HS that I should go to CC. I didn't agree with her because I thought it would look bad, because CC is lower than a University etc.... When I went to University as a freshmen, I knew 2 students that started as JUNIORS!!!! They spent 2 years at CC, got a degree in some general shit!!! Then finished university in 2 years. Makes no difference. It's worth it because the cost per credit hour was 69 in CC, while in my University it was 257. So they did better a better investment.

To go to the extreme. I knew a guy who dropped out of HS. Got his GED the next week. Went to CC and got his AS. Then started college. By the time I had graduated HS, he was damm near finishing college!!!

 

[Tweak155]

I believe a better way of saying it is:

If you're good with money you'd realize that despite medieval poetry being your #1 passion the return on investment of $250k worth of student loans isn't there. Maybe you pick your 2nd, 3rd, or 4th favorite thing (whatever that may be) to do if it offered a better wage and ability to pay back student loans in a timely fashion.

Don't just be obstinate about only doing medieval poetry and then look to the taxpayer/loan forgiveness since you can't pay for your degree and don't have a good job, great apartment, nice car, etc. That stuff is earned, not owed.

Yes?

"Michael DiPietro, 25, of Brooklyn, New York, who accumulated about $100,000 in debt while getting a bachelor’s degree in fashion, sculpture and performance, and spent the next two years waiting tables."
http://www.bloomberg.com/news/2012-...-debt-to-crush-until-costs-fall-correct-.html

"Megan Lilburn, who in 2004 graduated from Texas Christian University in Fort Worth, Texas, with a degree in social work and religion, said she wishes she lived more frugally in school. She racked up $40,000 of debt by the time she got her graduate degree."
http://www.bloomberg.com/news/2013-...ludes-with-student-debt-burden-mortgages.html

The point being that if you're going to a low paying field, you better go the community college route or decide what is the max amount you'd be willing to pay for it. Clearly spending 100K on a degree that makes you no more qualified that a highschool grad simply makes no sense.

Ultimately it's me paying 7.8% on a degree with average starting salary in the 70s subsidizes 10 unemployed kids that are "doing what they love".

Not sure where I suggested getting a $250k college degree? You inserted that and doesn't really have anything to do with my suggestion.

If $250k is too rich for your blood (and unlikely this is the only option for such a degree, but lets stick with it), then find another way to do what you love or pursue another something you like to do.

I can give an equally opposite ridiculous example to where someone would be well off doing something they love.

 

[steppinthrax]

Not sure where I suggested getting a $250k college degree? You inserted that and doesn't really have anything to do with my suggestion.

If $250k is too rich for your blood (and unlikely this is the only option for such a degree, but lets stick with it), then find another way to do what you love or pursue another something you like to do.

I can give an equally opposite ridiculous example to where someone would be well off doing something they love.

Lots of times people who enter college (teenagers), can't maturely think about what they love v.s. return on investment. I was a pretty a-typical college student. I wasen't with the "IN" crowd, I was mainly concerned with the "commercial value" of the degree. Lots of people have indicated here (once they grew up), that they have regret for even going to college in the first place (to obtain an art degree etc...).

 

[96Firebird]

I was told by a school teacher while in HS that I should go to CC. I didn't agree with her because I thought it would look bad, because CC is lower than a University etc.... When I went to University as a freshmen, I knew 2 students that started as JUNIORS!!!! They spent 2 years at CC, got a degree in some general shit!!! Then finished university in 2 years. Makes no difference. It's worth it because the cost per credit hour was 69 in CC, while in my University it was 257. So they did better a better investment.

I had gotten accepted to the private school that I got my degree from straight out of high school, but I decided to go to CC for 2 years and get my associates. I did this to both save money and I could have changed my major without much hassle, if I wanted to. Best decision I ever made. I ended up sticking with my first degree choice. I just joined as a junior at the private school, and actually knew more than people who had spent their first two years at the private school. I still feel like I learned more at the CC than I did at the private school.

I always recommend a CC to anyone who is going to college.