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The person that mentioned taking out a $100,000 loan forgets that the maximum amount that an undergraduate can take out is around $30,000.
If anything, I would rather have had Obama put stricter regulations on private lenders that put a 9% interest rate on their student loans. I was oblivious when starting and have a $4500 loan like that, and I am paying that thing off ASAP. If things are going good in a few months, I'm paying it off in full.
Student loan debt has ballooned because the price of college itself has boomed. Yes it is a racket; colleges keep upping their tuition because of the easy funds that come from federally guaranteed loans.
I am one of those college grads with $100K+ in student loans and a sub $30K job. If it wasn't for the loans, I wouldn't have my degree....bottom line. Also I wouldn't have finished my degree if I didn't major in something that I had an interest in (I'm a liberal arts grad, with a minor in business). With the job market being what it is, employers want people with experience and they want to pay them pennies on the dollar for what they are worth. I have major issues with my job and the low pay; but at least I am working and I have benefits (i.e. health insurance, life insurance, etc.)....which is more than many people can say.
I do good to take care of myself and not collect welfare (not that I would be eligible for welfare anyway....but I really wish that I could). I'm not going to go back to not living on my own (I'm in my 30s) just to pay down my student loans. And yes, I did make sacrifices. While I was in school, I lived at home a good bit of the time so I saved thousands on rent over that time period. I've never owned a new car (every car I've driven has been in the 10 year old + range); I have very little credit card debt and I don't live extragavantly. I don't even have cable TV! Yet if I had to dish out $300 for a student loan payment...I would be financially devastated (I don't even have $300 a month left over after I pay all of my bills)!
I'm sorry but we don't live in personal vacuums. I also pay taxes. If tax payers don't want to foot the bill for my student loans, then stop sitting back and making all types of excuses under the sun not to hire me. This "society" wants young people to make something of themselves and go to college. College is heralded as a smart investment. So start making real on those claims. The anger directed at student loan debtors is misguided; this anger should be directed out towards our capitalist society that favors nepotism over proper placement of a skilled human resource pool.
Also, getting back to student loans, it is far from being a free for all. Every school has a "cost of attendence" figure....so it's not like you can borrow $20K per year to just go hang around community college for a semester or two.
^^ Having taught in a major university for a few years, I know first-hand just how inefficient and insensitive to cost they are. Also, we made a major policy mistake by denying the protection of bankruptcy to student-loan debtors. If these loans could be discharged in bankruptcy (like just about every other kind of loan), lenders would need to be more conservative. It would then follow that universities would need to be a little more careful how they spent money. So, my conclusion is that at least some of the anger should be directed toward federal policy regarding bankruptcy, and some toward the schools themselves who seem to operate in a parallel financial universe.
Student loan debt has ballooned because the price of college itself has boomed. Yes it is a racket; colleges keep upping their tuition because of the easy funds that come from federally guaranteed loans.
I am one of those college grads with $100K+ in student loans and a sub $30K job. If it wasn't for the loans, I wouldn't have my degree....bottom line. Also I wouldn't have finished my degree if I didn't major in something that I had an interest in (I'm a liberal arts grad, with a minor in business). With the job market being what it is, employers want people with experience and they want to pay them pennies on the dollar for what they are worth. I have major issues with my job and the low pay; but at least I am working and I have benefits (i.e. health insurance, life insurance, etc.)....which is more than many people can say.
I do good to take care of myself and not collect welfare (not that I would be eligible for welfare anyway....but I really wish that I could). I'm not going to go back to not living on my own (I'm in my 30s) just to pay down my student loans. And yes, I did make sacrifices. While I was in school, I lived at home a good bit of the time so I saved thousands on rent over that time period. I've never owned a new car (every car I've driven has been in the 10 year old + range); I have very little credit card debt and I don't live extragavantly. I don't even have cable TV! Yet if I had to dish out $300 for a student loan payment...I would be financially devastated (I don't even have $300 a month left over after I pay all of my bills)!
I'm sorry but we don't live in personal vacuums. I also pay taxes. If tax payers don't want to foot the bill for my student loans, then stop sitting back and making all types of excuses under the sun not to hire me. This "society" wants young people to make something of themselves and go to college. College is heralded as a smart investment. So start making real on those claims. The anger directed at student loan debtors is misguided; this anger should be directed out towards our capitalist society that favors nepotism over proper placement of a skilled human resource pool.
Also, getting back to student loans, it is far from being a free for all. Every school has a "cost of attendence" figure....so it's not like you can borrow $20K per year to just go hang around community college for a semester or two.
Soooo...
If YOU don't PAY for it... someone still have to.
If it is NOT you, and definitely NOT the government (the US GOVERNMENT is ON TAXPAYERS PAYROLL mind you)... ITS US the TAX PAYERS!!!
Do you share your car / home / all the food you eat to each & every US taxpayers??? Do YOU *PAY* for *MY* mortgage????
I'll take YOUR $100K *FIRST* if YOU would give me that money... than you can have your $100K debt released.
Its fair.
If you do not... *WHY should we the TAX payers even contribute to a penny to a COLLEGE debt that YOU YOURSELF OWES?????*
No gun to your head when you *YOURSELF* decides to take on that 100K debt and KNOWINGLY *YOU* could NEVER pay it back?????
YOU *yourself* are responsible for your own debt... not US, not the country, and definitely NOT the government's problems.
(and they have enough of their own... they ARE IN DEBT, how are they going to pay YOUR DEBT when they themselves ARE IN DEBT???)
Then KNOW...
***YOU*** in being selfish and *Guilty as CHARGED* will cause 1000X more people to be in economic crisis and made the WHOLE US TAXPAYERS to bear that DEBT *YOU* OWED (not us, **YOU** owed).
The US taxpayers do not have to pay for me (not in debt to the US taxpayers)... why only *YOU*???
That in itself is also a *discrimination*!!!
P.S. Vicious cycle... Next... "College Bubble"
In 100K... I think that is a house payment for some, but a couple may work towards contributing towards paying off that debt. BUT a solo debt??? Think what kind of economic crisis this will put *ALL* of US in.... scarier than the housing crisis!!!!
Student loan debt has ballooned because the price of college itself has boomed. Yes it is a racket; colleges keep upping their tuition because of the easy funds that come from federally guaranteed loans.
I am one of those college grads with $100K+ in student loans and a sub $30K job. If it wasn't for the loans, I wouldn't have my degree....bottom line. Also I wouldn't have finished my degree if I didn't major in something that I had an interest in (I'm a liberal arts grad, with a minor in business). With the job market being what it is, employers want people with experience and they want to pay them pennies on the dollar for what they are worth. I have major issues with my job and the low pay; but at least I am working and I have benefits (i.e. health insurance, life insurance, etc.)....which is more than many people can say.
I do good to take care of myself and not collect welfare (not that I would be eligible for welfare anyway....but I really wish that I could). I'm not going to go back to not living on my own (I'm in my 30s) just to pay down my student loans. And yes, I did make sacrifices. While I was in school, I lived at home a good bit of the time so I saved thousands on rent over that time period. I've never owned a new car (every car I've driven has been in the 10 year old + range); I have very little credit card debt and I don't live extragavantly. I don't even have cable TV! Yet if I had to dish out $300 for a student loan payment...I would be financially devastated (I don't even have $300 a month left over after I pay all of my bills)!
I'm sorry but we don't live in personal vacuums. I also pay taxes. If tax payers don't want to foot the bill for my student loans, then stop sitting back and making all types of excuses under the sun not to hire me. This "society" wants young people to make something of themselves and go to college. College is heralded as a smart investment. So start making real on those claims. The anger directed at student loan debtors is misguided; this anger should be directed out towards our capitalist society that favors nepotism over proper placement of a skilled human resource pool.
Also, getting back to student loans, it is far from being a free for all. Every school has a "cost of attendence" figure....so it's not like you can borrow $20K per year to just go hang around community college for a semester or two.
You have to take some personal responsibility at some point. Spending 100k to earn 30 is currently a poor financial decision. It will be hard to get ahead making 60k with that kind of debt.
You have to take some personal responsibility at some point. Spending 100k to earn 30 is currently a poor financial decision. It will be hard to get ahead making 60k with that kind of debt.
A poorer decision would have been to be $70K in debt and not have a degree...so...
A few months ago, I did the breakdown of how my student loan debt got to be as high as it is. However the point was lost...and I'm not doing that again. However I will say that I did attend 3 different colleges and due to changing my work focus and major, it took me 9 years to finish my degree.
Also I'm a PA resident; and college is very expensive here (even the public ones...of which we have two different types). If I could turn back the clock to when I was 15, I would have relocated to FL with my Dad and gone to college for next to nothing. But hindsight is 20/20 and what is done is done.
A poorer decision would have been to be $70K in debt and not have a degree...so...
A few months ago, I did the breakdown of how my student loan debt got to be as high as it is. However the point was lost...and I'm not doing that again. However I will say that I did attend 3 different colleges and due to changing my work focus and major, it took me 9 years to finish my degree.
Also I'm a PA resident; and college is very expensive here (even the public ones...of which we have two different types). If I could turn back the clock to when I was 15, I would have relocated to FL with my Dad and gone to college for next to nothing. But hindsight is 20/20 and what is done is done.
70k with no degree? The compare for you is making less with no debt from college.
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