The student loan bubble, time to bail out the banks again

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Wreckem

Diamond Member
Sep 23, 2006
9,458
987
126

That is entirely her fault for mismangement of her finances. New Dr's should be able to cover their loans on a 15 year payment plan. They mention her credit card and other debt. She has probably been living beyond her means her entire time in college.

Never default on ANY loan. Not paying a loan for 3 months makes it go into default which can change the interest rate + causes a collection fee of a certain percentage to be added to the debt.

When it comes down to it, you can be almost a month behind on student loans and not be considered as ever being late as you are not late until the next due date. She didnt pay her loans for 3+ months. Thats an incredibly stupid thing to do on a large debt.
 
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Hacp

Lifer
Jun 8, 2005
13,923
2
81
That is entirely her fault for mismangement of her finances. New Dr's should be able to cover their loans on a 15 year payment plan. They mention her credit card and other debt. She has probably been living beyond her means her entire time in college.

Never default on ANY loan. Not paying a loan for 3 months makes it go into default which can change the interest rate + causes a collection fee of a certain percentage to be added to the debt.

When it comes down to it, you can be almost a month behind on student loans and not be considered as ever being late as you are not late until the next due date. She didnt pay her loans for 3+ months. Thats an incredibly stupid thing to do on a large debt.

Its plain government interference. A loan is a loan. Its not guaranteed. You see corporations default and go bankrupt all the time and the government doesn't make them pay back their loans. the fact that there is a law preventing people from clearing the debt with bankruptcy is plain government interference. Less government, not more.
 
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Cattlegod

Diamond Member
May 22, 2001
8,687
1
0
Would it also be worth it after the opportunity cost? I have to imagine that most people who go to a top B-school were probably already making near $100k even before attending.

Also aren't the majority of jobs available to top B-school grads going to be in NYC? If you're coming from a low cost of living area, that $100k in NYC may not be nearly as much as you think it is.

These are serious questions for anyone who cares to reply. I'm actually interested in possibly going to B school myself someday, and these are questions I need to figure out first.

The stats at U of M (where I went) have the median (or average, can't remember) salary at 71K prior to attending. Most of the jobs are not in NYC (mostly banking is in NYC, where you make way way way above 100k) and are all over the US.

After banking the most lucrative is consulting which has about a 120k base with 20-50k signing bonus and ~20k annual bonus. After 2 years or so you jump into a manager spot and are around 200k after bonus etc each year. Alternately, many people jump out of consulting (because burn out happens very easily) after 2-3 years and take a mid/senior level management position.

Third, you can take a normal general management/finance/marketing job at a large firm where you get about 100k with 20k in signing and 10-20k in annual bonus. Most of these programs are designated to train the person for a leadership position after 2-4 years at the company.

Finally, you can go the startup route.

In any event, your future success does not matter where you went to school, but the school does set the duck up for you. The bottom line is you will not be successful if you suck, and there is no cure for that.
 
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lothar

Diamond Member
Jan 5, 2000
6,674
7
76
The stats at U of M (where I went) have the median (or average, can't remember) salary at 71K prior to attending. Most of the jobs are not in NYC (mostly banking is in NYC, where you make way way way above 100k) and are all over the US.

After banking the most lucrative is consulting which has about a 120k base with 20-50k signing bonus and ~20k annual bonus. After 2 years or so you jump into a manager spot and are around 200k after bonus etc each year. Alternately, many people jump out of consulting (because burn out happens very easily) after 2-3 years and take a mid/senior level management position.

Third, you can take a normal general management/finance/marketing job at a large firm where you get about 100k with 20k in signing and 10-20k in annual bonus. Most of these programs are designated to train the person for a leadership position after 2-4 years at the company.

Finally, you can go the startup route.

In any event, your future success does not matter where you went to school, but the school does set the duck up for you. The bottom line is you will not be successful if you suck, and there is no cure for that.

How easy is it for one to start their own hedge fund?