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re: October is going to be interesting for irresponsible people
Posted on 6/18/23 at 10:09 am to blueboy
Posted on 6/18/23 at 10:09 am to blueboy
quote:
Obama is 100% to blame for this. Turning the loans over to the government is what caused the costs to explode and created this debt problem.
That was Bush. He also made it impossible for people to discharge their student loans by declaring bankruptcy.
Meanwhile there has recently been a 300% rise in boomers declaring bankruptcy, so let’s not pretend the older generation is so much wiser with money than kids with student loan debt.
4
Posted on 6/18/23 at 10:45 am to stout
Imagine if she had just kept paying or set money aside for the loan repayment.
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That said, I would have rather paid off all the student loans, then send one dime to Ukraine.
Those billions to Ukraine should piss off all these student loan complainers.
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That said, I would have rather paid off all the student loans, then send one dime to Ukraine.
Those billions to Ukraine should piss off all these student loan complainers.
Posted on 6/18/23 at 10:48 am to stout
Those people voted for this. Let them suffer.
Posted on 6/18/23 at 10:49 am to GhostOfFreedom
quote:
Those billions to Ukraine should piss off all these student loan complainers.
If these student loan holders were educated and intelligent people, it would.
Posted on 6/18/23 at 11:07 am to stout
They can join the US Army for 8 years.
Posted on 6/18/23 at 11:09 am to A Menace to Sobriety
quote:
Those people voted for this. Let them suffer.
Maybe they'll actually learn a little about economics since their college education failed them.
Posted on 6/18/23 at 11:31 am to the808bass
quote:
I had an employee who got an MBA from a private school and added that to her undergrad loans to end with well over 150k. She was paying less than $300/mo based on her current earnings.
It’s amazing. My brother is one of those cucks who believes it should be forgiven and it makes me cringe at what went wrong with him. Pathetic cheap bastards.
Posted on 6/18/23 at 12:30 pm to idlewatcher
I really don’t know the solution here. I do know the biggest beneficiaries of the current system of financing higher education are colleges/universities -by far. They take on zero risk and reap all the benefits. One way or another universities need to be made to put skin in the game if they want to collect and retain debt proceeds.
I also wish the segment of the population that deals with payday loans had an ounce of the political clot student loan borrowers have.
I also wish the segment of the population that deals with payday loans had an ounce of the political clot student loan borrowers have.
Posted on 6/18/23 at 1:31 pm to stout
When I was 17, I calculated my repayment was going to be for the loan my freshman year. Then I multiplied by 4, assuming the amounts would all stay the same. Came up with about $170/m. This was daunting to 17 year old me. So I asked my mother if $170/m was a lot of money for someone with a degree to pay off.
She laughed at me, so I moved forward with my plan.
Granted, when the Mrs and I got married, the number wound up closer to $300K on account of the dual MD thing, but we:
1) knew what the expected payments were
2) budgeted for them
3) learned that private refinancing was a thing
4) privately refinanced in Fall 2019
5) continued to make above minimum payments
6) will make last payment this month
7) did qualify for forgiveness on a hair under 10% of it through a state program. Planned to be paid off about 8 months ago but had a few mishaps along the way, so total debt since opening two practices will extend to roughly 5 years.
So the concept of living in a place you can’t afford because you took out a loan you couldn’t afford doesn’t really compute as an acceptable thought process for someone to have. Can someone please give any sort of insight as to why or how there is another appropriate way to approach educational debt and living expenses?
She laughed at me, so I moved forward with my plan.
Granted, when the Mrs and I got married, the number wound up closer to $300K on account of the dual MD thing, but we:
1) knew what the expected payments were
2) budgeted for them
3) learned that private refinancing was a thing
4) privately refinanced in Fall 2019
5) continued to make above minimum payments
6) will make last payment this month
7) did qualify for forgiveness on a hair under 10% of it through a state program. Planned to be paid off about 8 months ago but had a few mishaps along the way, so total debt since opening two practices will extend to roughly 5 years.
So the concept of living in a place you can’t afford because you took out a loan you couldn’t afford doesn’t really compute as an acceptable thought process for someone to have. Can someone please give any sort of insight as to why or how there is another appropriate way to approach educational debt and living expenses?
Posted on 6/18/23 at 1:34 pm to bluestem75
quote:
Clearly, she took out private loans because there is a limit of Federal loan money per academic year. That was a huge mistake. I’ve only got Fed loans and my Pay-as-you-earn payment is a comfortable $350/mo.
Those wouldn't be affected by the forbearance.
Posted on 6/18/23 at 1:48 pm to Hopeful Doc
I know 18 year olds aren't steeped into the business world and surely it would be a foreign concept but a kid entering college should look at it as being a small business. They should look at college as an investment and what kind of ROI is such an investment going to bring. OK - they can't do that. But, someone in the family, counselor at school or just an older friend who has already started or finished college.
If On3 can calculate an expected NIL for a high school running back, surely someone could calculate the return on a writing degree assuming you are at least an average writer.
Unfortunately, those that could (schools and lenders) have no incentive to do so. Shameful!
If On3 can calculate an expected NIL for a high school running back, surely someone could calculate the return on a writing degree assuming you are at least an average writer.
Unfortunately, those that could (schools and lenders) have no incentive to do so. Shameful!
Posted on 6/18/23 at 2:26 pm to stout
I find it very confusing why student loan debt is any more of a financial shackle to a college graduate than a small business loan is to a risk taking entrepreneur.....weird.
We know why.
We know why.
Posted on 6/18/23 at 2:35 pm to Stonehog
quote:
That was Bush. He also made it impossible for people to discharge their student loans by declaring bankruptcy. Meanwhile there has recently been a 300% rise in boomers declaring bankruptcy, so let’s not pretend the older generation is so much wiser with money than kids with student loan debt.
300% of what number? Need a baseline to determine if 300% is really a concern.
Posted on 6/18/23 at 2:56 pm to Stonehog
quote:
He also made it impossible for people to discharge their student loans by declaring bankruptcy.
It was Brandon's bill. He tried to push it through since the Clinton Administration.
Posted on 6/18/23 at 3:09 pm to Crimson Wraith
quote:
Spend less than you earn
Have always said, make more or spend less. It truly is that simple.
Very similar to the Walton & Johnson diet plan…move more and eat less.
Posted on 6/18/23 at 3:24 pm to stout
Molly is going to have to make a lot of venti Frappuccinos to afford that.
Posted on 6/18/23 at 5:25 pm to stout
Would it be fair to pass on her education cost to the rest of us taxpayers?
Also, what lesson by these borrowers is learned by allowing these people to not pay what they owe?
Also, what lesson by these borrowers is learned by allowing these people to not pay what they owe?
Posted on 6/18/23 at 5:29 pm to stout
quote:
How do you expect americans to pay this
Spoken like someone who got a liberal arts degree and has no sense of responsibility for the loans they took to do so. You burdened yourself, dont pass the blame like a feckless child
This post was edited on 6/18/23 at 5:31 pm
Posted on 6/18/23 at 5:29 pm to stout
Think twice before paying 100k + to be a PE teacher
Posted on 6/18/23 at 6:21 pm to Stonehog
quote:Poor planning if true. Used to listen to Dave Ramsey years ago but when you could predict the answer to the question then it's time to move on. I'm debt free but never called to tell him. Do you have a link to this 300% uptick? Biden's true inflation is surely outpacing the COLA increases the boomers are seeing in SS so I guess it could be true.
Meanwhile there has recently been a 300% rise in boomers declaring bankruptcy,
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