- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Advice from people who know more about money than me...
Posted on 6/24/11 at 10:29 pm to guttata
Posted on 6/24/11 at 10:29 pm to guttata
I guess I am missing something here. I don't normally hang out here, but how are student loans bad? Other than being a loan, what is bad about them? A loan at 3-4% IMO is almost free money. You will never get another loan at that low of an interest rate, and almost all investments will make more than 4%!
In the ten years since I have graduated, I have bought my home, on 40 acres of land, 2 acres of commercial land that is currently under development, and an office which I practice out of. I just passed ten years after graduation, and I will make my last student loan payment in two months.
Money board, please tell me how did I go wrong??
PS Guttata, I suspect you and I may do the same thing for a living if your handle is something you encounter every day at work.
In the ten years since I have graduated, I have bought my home, on 40 acres of land, 2 acres of commercial land that is currently under development, and an office which I practice out of. I just passed ten years after graduation, and I will make my last student loan payment in two months.
Money board, please tell me how did I go wrong??
PS Guttata, I suspect you and I may do the same thing for a living if your handle is something you encounter every day at work.
2
Posted on 6/24/11 at 11:10 pm to Da Hammer
Only real downside is that they are bankruptcy proof.
I think.
I think.
Posted on 6/25/11 at 2:57 am to Doldil
pay off your debt asap,
Posted on 6/25/11 at 11:32 am to Da Hammer
quote:
Money board, please tell me how did I go wrong??
As with many things in life, one can't paint the entire debtor populace with a broad brush. Your student loans enabled you to enter a high paying occupation from which you channeled excess earnings into assets. Most student loan borrowers are unable/unwilling to do this and have limited cash flow due to lower incomes, outstanding debt, bad spending habits and little understanding of investments. Those are the borrowers who would be well served to suck it up and pay off the student loans if they are > 4%. Imagine being a sociologist making $35k with $50k in student loans @ 6.9%.
Posted on 6/25/11 at 11:45 am to tirebiter
If I were in those shoes, I wouldn't even be entertaining the idea of buying a house.
Posted on 6/25/11 at 12:38 pm to guttata
They might not be sociologists, but there are a ton of graduates in that circumstance, what does it matter if it is $35k in loans vs $50k if the borrower has no free cash flow of consequence.
I am glad my wife and I always had a very high savings/investing rate through the years, have no debt, and can do pretty much WTF we want these days.
ETA - the college professors are minting it off the backs of students who really have limited upsides with their chosen field of studies, but nobody put a gun to their head and mandated they attend college. Seriously, have you seen the pensions of retired tenured professors?
I am glad my wife and I always had a very high savings/investing rate through the years, have no debt, and can do pretty much WTF we want these days.
ETA - the college professors are minting it off the backs of students who really have limited upsides with their chosen field of studies, but nobody put a gun to their head and mandated they attend college. Seriously, have you seen the pensions of retired tenured professors?
This post was edited on 6/25/11 at 12:42 pm
Posted on 6/25/11 at 1:40 pm to tirebiter
And they all bitch about how they "don't make any money."
Posted on 6/25/11 at 5:29 pm to RedStickBR
Furk, you should see the numbers for some in the University of Georgia system, it is enough to make you 
. I truly believe they are grossly overcomped in the retirement system, overburdening students and tax payers, some of the comp numbers are frickin' staggering. I'll go back to my corner now. 
. I truly believe they are grossly overcomped in the retirement system, overburdening students and tax payers, some of the comp numbers are frickin' staggering. I'll go back to my corner now. Posted on 6/25/11 at 9:24 pm to tirebiter
I see your point with worthless degrees as far as income generation. WHIle they are worthwhile paths of study, they don't always pay for themselves. I.E. psychology, art, and history. For most you need a doctorate degree and lots of tuition resources.
I won't even touch the debt managment issues.
However for someone with a small head on their shoulders, I say pay the student loans off last. Most likely students will never have a chance to take another loan out a 4% or less. It worked VERY VERY well for my wife and I.
I won't even touch the debt managment issues.
However for someone with a small head on their shoulders, I say pay the student loans off last. Most likely students will never have a chance to take another loan out a 4% or less. It worked VERY VERY well for my wife and I.
Page 2 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News