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Started By
Message
re: Student loan debt just topped $1.52 trillion
Posted on 5/16/18 at 9:40 pm to Lawyered
Posted on 5/16/18 at 9:40 pm to Lawyered
quote:
The normal graduate is deferring payment for 10 + years as that interest and the juice keeps growing and growing.
Which is really silly considering anybody can have their loans forgiven in 25 or 20 years on a reduced payment plan.*
*Must pay tax on forgiven amount
This post was edited on 5/16/18 at 9:40 pm
0
Posted on 5/16/18 at 9:41 pm to Lawyered
quote:
The normal graduate is deferring payment for 10 + years as that interest and the juice keeps growing and growing...
Stalling hoping for a government bailout imo
Posted on 5/16/18 at 9:41 pm to Powerman
There are already partial bailouts and full bailouts available. It's so strange.
Posted on 5/16/18 at 9:58 pm to Teddy Ruxpin
Makes me feel dumb for paying off my $10k in loans in under 3 years.
Posted on 5/16/18 at 10:08 pm to meansonny
quote:
Makes me feel dumb for paying off my $10k in loans in under 3 years.
Naw, 10k isn't a whole lot and putting it off as long as it requires wouldn't have done you any good.
We're talking professionals still paying $1,000 a month in some cases for 20 years. They aren't getting off "easy".
A situation that likely would not have existed if not for federal intervention.
This post was edited on 5/16/18 at 10:09 pm
Posted on 5/17/18 at 6:46 am to Lawyered
quote:
This is staggering... aside from maybe Doctors...
The normal graduate is deferring payment for 10 + years as that interest and the juice keeps growing and growing...
Not all that staggering when you consider plenty of college students end up on a prolonged job search or get paid pennies because they majored in basket weaving
Posted on 5/17/18 at 6:51 am to 13SaintTiger
student loans are predatory lending by the nature of who they are targeting and how much they lend with very little restrictions.
the student has been told incorrectly that they should go to college regardless of aptitude or discipline for it by teachers and parents typically.
the student has been told incorrectly that they should go to college regardless of aptitude or discipline for it by teachers and parents typically.
This post was edited on 5/17/18 at 6:53 am
Posted on 5/17/18 at 8:58 am to Azazello
I've been saying for a couple years now this is going to be a huge, huge problem. So many young professionals are not having children, not buying homes, and are not able to fully contribute to the economy.
My student loan payments are 1/3rd of my monthly budget. 1/3rd. I will be making those payments for the next 10 years. I won't be buying a home, having a family, or making any big purchases any time soon.
My student loan payments are 1/3rd of my monthly budget. 1/3rd. I will be making those payments for the next 10 years. I won't be buying a home, having a family, or making any big purchases any time soon.
Posted on 5/17/18 at 9:17 am to TheOcean
I had a bunch of friends who spent their money so stupidly I don’t feel bad for them having to pay it back. Using student loans for fraternity dues, new cars, and rent for 4 years. No job needed and now want to bitch about having to pay it back.
Posted on 5/17/18 at 9:55 am to Azazello
What I find crazy about student loan debt is ... where are the parents to help guide Junior or Cindy into thinking that getting into debt $140,000 to obtain a social work degree (for example) to make $40,000 a year is absolutely foolish. Are the parents stupid as well?
quote:
If you have a 20-year-old or an 18-year-old walking around, grab them by the ear and tell them they should not get a useless degree from a private university that you cannot making a living with and then choose to go home and be a stay-at-home mom with $100,000 in student loan debt.
This is how life happens. You say you’re going to be a professional at something and then you change your mind—YOU LOST THAT OPTION! You lose these options when you go this far in debt. You are forced into a situation where you are choosing between your children and student loan debt to get a useless degree!
You know what a psychology degree without a master’s degree is worth? NOTHING! Nothing! Absolutely nothing! You can’t get a degree in a factory with that degree! You know what a theology degree from Columbia is worth? NOTHING! It has no marketplace value! Think, people!
This is what’s going on! You’ve lost your ever-loving minds, America. You are stupid about education—how paradoxical is that? You wander in, spend any amount to get a degree and act like the student loan tooth fairy is going to come in and pick up your stuff. There is no student loan tooth fairy! You have to think.
Your stupid degree in a stupid field does not have a marketplace value and it doesn’t guarantee that you’re going to get a job! As a matter of fact, it’s an indicator that you’re too stupid to hire! Do not allow your 18-year-old to go $200,000 in debt so they can get a good Christian education in underwater basket weaving. That’s stupid! Stop it!
It’s out of control, people. Somebody’s going to have to stand up and say enough already! It’s not the institution’s fault, it’s the parents’ fault! Parents, tell your children to not be stupid and don’t assist them in this stuff. Don’t assist them to go hundreds of thousands of dollars in debt to get a degree that has no marketplace value. This is ridiculous! THINK, people!
Stupidity with education choices is about as paradoxical as anything I can think of. It’s got to stop. It’s destroying the American family. It’s destroying the economy. It’s ridiculous!
This post was edited on 5/17/18 at 9:56 am
Posted on 5/17/18 at 10:49 am to Will Cover
Everyone being told "you have to go to college to have a chance at success" was sold a false bill of goods. The reality is a lot of the population isn't a fit for college; there are other ways to prosperity than an undergraduate degree but they may involve a less glamorous, more atypical pathway.
The number of institutions pumping out impractical degrees is only accelerated by the availability of cheap federal money. The government is responsible for this - they didn't want to say "no" to anyone so a host of students continued their education rather than being forced to find work.
There are more factors at play than student loans for why young people are marrying later, having fewer kids (or none), and not buying houses so I'm less concerned with those macro issues. Student loans contribute but I don't think I buy into it being the primary driver behind those trends.
The number of institutions pumping out impractical degrees is only accelerated by the availability of cheap federal money. The government is responsible for this - they didn't want to say "no" to anyone so a host of students continued their education rather than being forced to find work.
There are more factors at play than student loans for why young people are marrying later, having fewer kids (or none), and not buying houses so I'm less concerned with those macro issues. Student loans contribute but I don't think I buy into it being the primary driver behind those trends.
Posted on 5/17/18 at 11:36 am to lynxcat
Serious question. Could you go get a degree in Theology , and go $350k in the hole partying it up at a expensive college . Then, join a religious order that takes a vow of poverty? Debt collector calls up. "Yep, I'm a Benedictan Brother. Yep, I have no money and own nothing. Sorry for partying."
Posted on 5/17/18 at 12:12 pm to crazycubes
...I think that would technically be possible 
Posted on 5/17/18 at 12:25 pm to TheOcean
quote:
So many young professionals are not having children, not buying homes, and are not able to fully contribute to the economy.
This right here... I refinanced my SL payments to finally get it done in 10 years...and each payment is about 40 % of take home.... I bought a condo as it wasn't much more than renting.... I honestly could not afford a child .
I have friends who are lawyers in the same boat, married with a house but their Loans are hampering them and their ability to provide for a baby so instead they just aren't having them.
Meanwhile the poor folks get everything for free with zero incentive to not have these kids they know they cant afford
Posted on 5/17/18 at 1:02 pm to Azazello
quote:
50 percent of student loan borrowers are over 34 when they start repaying their loans.
holy shite
i turned 35 exactly a week ago and i'm about to pay $7k to pay off my only high interest loan. the others are like 3.3% and only $140/month
my total balance is like $21k and started around 70. and i've been out exactly 10 years this summer
i couldn't imagine starting to pay that 70 this year, and that's assuming no interest for 10 years. it would probably be double that if i just let it sit
Posted on 5/17/18 at 1:05 pm to Will Cover
quote:
What I find crazy about student loan debt is ... where are the parents to help guide Junior or Cindy into thinking that getting into debt $140,000 to obtain a social work degree (for example) to make $40,000 a year is absolutely foolish. Are the parents stupid as well?
the lawyer who lets me use his office as my office does bankruptcy. i see his clients in the lobby often. many co-signed on student loan debt and and i see them leave when they're told it's not dischargeable. so yes, they are stupid
Posted on 5/17/18 at 1:49 pm to Lawyered
quote:
I honestly could not afford a child .
I have friends who are lawyers in the same boat, married with a house but their Loans are hampering them and their ability to provide for a baby so instead they just aren't having them.
This is a convenient but bs excuse. If people wanted to have children, the would. People don't want to give up their extravagant lifestyle at the cost of having a kid, which is totally fine but saying they "can't afford to have a kid" is bullshite.
Posted on 5/17/18 at 1:50 pm to StringedInstruments
quote:
And hopefully lower costs of attending universities.
The value of a college degree has been decreasing over time. The cost of a degree has been increasing over time.
So students are paying more to get less.
Posted on 5/17/18 at 4:15 pm to lynxcat
quote:
The reality is a lot of the population isn't a fit for college; there are other ways to prosperity than an undergraduate degree but they may involve a less glamorous, more atypical pathway.
We focus on this a lot for good reason, but the flip side is this drives up the cost of college for those that SHOULD be there.
If it keeps up, eventually people whose economic utility for the country is best served by going to college will start to move away.
We already have a doctor shortage. Losing viable future educated professionals on the fringes eventually adds up.
It's a total clusterfrick.
This post was edited on 5/17/18 at 4:16 pm
Posted on 5/17/18 at 4:23 pm to Teddy Ruxpin
I remember when I was applying to colleges, Vandy was around $27k per year. I was absolutely floored it could be that much.
I just looked at their current tuition and it is up to $47k per year.
I see no signs of it slowing down either. Many schools had their highest ever YoY tuition increase this year. As long as the flow of money continues gushing unabated from the government teat, there will be foolish 18-year-olds there to lap it up.
I just looked at their current tuition and it is up to $47k per year.
I see no signs of it slowing down either. Many schools had their highest ever YoY tuition increase this year. As long as the flow of money continues gushing unabated from the government teat, there will be foolish 18-year-olds there to lap it up.
This post was edited on 5/17/18 at 4:25 pm
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