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Parents cant retire, after kid gets a 190K Media studies degree they cosigned.

They deserve it, they are the ones that let this happen. One way or another, that's what it comes down to. What they need to do is quit working, get on welfare, and discharge that debt through bankruptcy. They cannot go after retirement assets, and yes the govt is stupid enough to give welfare to people who are sitting on a fat 401k.
 
sm625 said:
They deserve it, they are the ones that let this happen. One way or another, that's what it comes down to. What they need to do is quit working, get on welfare, and discharge that debt through bankruptcy. They cannot go after retirement assets, and yes the govt is stupid enough to give welfare to people who are sitting on a fat 401k.
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You cant declare bankrupcy like trump does with his gambles.

College debt is forever. and with compounding and penalties they will probably end up owing 400K.

They are morons in co-signing a loan to the dilettante junior so he can do his "Media Studies" degree.
 
Even with that major he should be able to get a decent job with a degree from Rutgers. His parent's need to push him to interview for anything and everything - not just media related stuff. But yeah, parents are stupid to get themselves behind the 8 ball over their kid's education. About all I would do is let them live at home while they go to the nearby community college and state university. Beyond that they can pay for it.
 
Leyawiin said:
Even with that major he should be able to get a decent job with a degree from Rutgers. His parent's need to push him to interview for anything and everything - not just media related stuff. But yeah, parents are stupid to get themselves behind the 8 ball over their kid's education. About all I would do is let them live at home while they go to the nearby community college and state university. Beyond that they can pay for it.
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The way I read it he has stars in his eyes and his dream is to be an actor.

You can stop laughing now.
 
Its unfortunate but a lot of this is of their and their children's own making. The average student loan debt is a far far lower $31,000 so to have $130,000 means you did something terribly wrong. Since Tim is 24 I am guessing part of the issue is that he took more than 4 years to graduate

This also doesn't seem like the best idea:

Their other son, Sean, lives at home and is pursuing a second degree.
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Although at least the article says hes paying for it as he goes.

It also bothers me that they over sensationalize these events. Yes student loan debt is an issue but that doesn't mean irresponsible people need to be the focus. This type of focus will bring about pushback from those who point out (likely correctly) the irresponsibility of this family which obscures the real issues.
 
Hugo Drax said:
You cant declare bankrupcy like trump does with his gambles.

College debt is forever. and with compounding and penalties they will probably end up owing 400K.
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Cosigned loans can be discharged through bankruptcy. There is an undue hardship standard. Obviously, as the debt mounts over time, that standard will eventually be met. At any rate, it isnt the parent's problem regardless of if they cosigned the bad loan. I wouldnt make a single payment on that debt, since it is clearly a fraudulent loan. It is best to just let the debt mount until they can meet the undue hardship standard.
 
$130K of that debt was for one kid, who had the "media studies" degree. The other $60K is for the other kid, who got a "technology management" degree from Pennsylvania College of Technology.

Of course, parents aren't much better. Here's someone who managed to roll up $410K for various degrees. She even borrowed an additional $7K when the debt load had already reached $260K.

http://www.nytimes.com/2015/11/29/u...ca-lend-with-a-smile-collect-with-a-fist.html
 
It seems that the way to fix it is to have a maximum cap on what one individual can take in regards to college loans, like a Margin requirement for trading.

Cap it to 50K Max. You get allotted 50K for a college loan max. Lets say you borrow 50K, then later pay 10K off, you can then borrow back 10K later. MAX 50.

This would stop this idiocy quick and push down college prices over time as there is less money chasing overpriced degrees.
 
Folks... This is one reason I have a 529 plan for my daughter who is now five years old.

I started the plan when she was one. They required an up front starter deposit... I think I put in $1500 to start. $100 a month since then with some additional contributions when we could afford it or from an aunt that likes to contribute $100 per year.

That 529 is now over $12000 in value.

Point? When she turns 18 she can spend that on her education with the hope that she chooses a degree or trade that is productive and in demand. I'm not raising my daughter to believe that everyone is a winner and that everyone finishes in 1st. I will encourage her to reach for her dreams, while remaining grounded in reality.

I'll be 58 when she is 18. I'll be able to help, but won't be able to fund her college or trade school. The 529 by then might take a big chunk out of that and give her a leg up financially. At 58 I'll be lucky to retire. I won't be able to retire if like many parents feel they have to completely fund their children's wild speculation on their ambition, ability and fantasies.
 
sm625 said:
Cosigned loans can be discharged through bankruptcy. There is an undue hardship standard. Obviously, as the debt mounts over time, that standard will eventually be met. At any rate, it isnt the parent's problem regardless of if they cosigned the bad loan. I wouldnt make a single payment on that debt, since it is clearly a fraudulent loan. It is best to just let the debt mount until they can meet the undue hardship standard.
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Not that simple. The Undue Hardship standard is a real high bar to meet and the parents will not meet this. They will have to live under a bridge and prove that they cannot make enough money to pay the bill every month. They are gonna get stuck working till they die.
 
PricklyPete said:
Came in to post this. They screwed themselves over and deserve every bit of that debt.
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I agree. I learned young signing things has consequences. They shouldn't try to get out of it, but I'm sure someone has them a gofundme page already.

I am going full time to college, and working full time. With a wife and three kids... and one on the way. I am extremely thankful I pay nothing for college or else it would be much harder.
 
stlc8tr said:
$130K of that debt was for one kid, who had the "media studies" degree. The other $60K is for the other kid, who got a "technology management" degree from Pennsylvania College of Technology.

Of course, parents aren't much better. Here's someone who managed to roll up $410K for various degrees. She even borrowed an additional $7K when the debt load had already reached $260K.

http://www.nytimes.com/2015/11/29/u...ca-lend-with-a-smile-collect-with-a-fist.html
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He got a "Technology Management" Degree... A lot of good that will do him at 22 years old with no IT experience to speak of.

Brilliant.
 
WackyDan said:
He got a "Technology Management" Degree... A lot of good that will do him at 22 years old with no IT experience to speak of.

Brilliant.
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Better than Media Studies, plus he has less debt, and studies for an actual CS degree. It's quite possible that with those two degrees he'll end up coming ahead. The first kid is a lost case however.
 
http://www.prospects.ac.uk/options_media_studies.htm

A break down of the potential of that degree. Like anything in showbiz you better be ready to take abuse and work very hard while you build experience. 5 years minimum of pain and that's if you are fucking good and work hard (forget friends and fun). So yeah. Anyone who has kids wanting to get into this world I wouldn't trade it for anything but you better be ready or else.
 
sm625 said:
They deserve it, they are the ones that let this happen.
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Exactly. I know of a great public university in Tennessee that has a top media studies program. Even paying out of state tuition and paying completely with student loans he would have graduated with a 1/3 of that debt.

The only people who should be graduating with more that 150K in student loans are doctors. That is bad for them... but at least they will have the earnings to pay off the bills in their lifetime.
 
master_shake_ said:
media studies?

like watching tv and listening to music?
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Sort of. Snippet from one school:

Interested in thinking and writing about media, but don’t want to be a journalist? The new Media Studies concentration in Journalism is designed for students who enjoy discussing, analyzing, and writing about film, TV, advertising, and other media. The degree is ideal for those interested in a liberal arts approach to mass communication, especially if planning to pursue graduate studies. Students will participate in academic media research and writing. Majors examine media messages in historical and contemporary media, plus critique visual images and their impact on society. They also explore how and why media influence audience perception and behavior.
 
rudder said:
Sort of. Snippet from one school:

Interested in thinking and writing about media, but don’t want to be a journalist? The new Media Studies concentration in Journalism is designed for students who enjoy discussing, analyzing, and writing about film, TV, advertising, and other media. The degree is ideal for those interested in a liberal arts approach to mass communication, especially if planning to pursue graduate studies. Students will participate in academic media research and writing. Majors examine media messages in historical and contemporary media, plus critique visual images and their impact on society. They also explore how and why media influence audience perception and behavior.
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Lol, they turned a class into a degree... fail
 
I gave you retards a link to a break down of what could be expected from such a degree and you still go on looking for other things that fit a simple narrative. lol.
 
JSt0rm said:
I gave you retards a link to a break down of what could be expected from such a degree and you still go on looking for other things that fit a simple narrative. lol.
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I saw your link. I read your link.

the media studies degree is worthless. nearly 25% of graduates do retail/bar work.

another 10% do 'other', and another 10% do clerical work. Only about 20% actually do stuff thats directly 'media' related.
 
rudder said:
Sort of. Snippet from one school:

Interested in thinking and writing about media, but don’t want to be a journalist? The new Media Studies concentration in Journalism is designed for students who enjoy discussing, analyzing, and writing about film, TV, advertising, and other media. The degree is ideal for those interested in a liberal arts approach to mass communication, especially if planning to pursue graduate studies. Students will participate in academic media research and writing. Majors examine media messages in historical and contemporary media, plus critique visual images and their impact on society. They also explore how and why media influence audience perception and behavior.
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129k for that?!? Hahahahaha omg so funny.
 
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