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I have to say that I am appalled at the lack of empathy I see in my fellow human beings. I am the first person to admit that he made a HUGE mistake... but everyone makes mistakes in life.
I am a student at a Community College and live at home with my parents. When I graduated HS, I knew a ton of people going to local state schools or pricey private schools. Very little of my friends went to Community College, I'd have to say maybe 3 or 4 did. I can't tell you what kind of BS I got for going to CC. "Have fun in high school 2..." "At least I go to a real college" "Community College is nothing to be proud of"..and it went on and on and on.
I didn't care because I was saving money. My parents don't have the money to pay for college, but they do try to help me. That's half the reason I went..I am paying my own way through. A year later, half the idiots are either complaining about their student loans on facebook or they have already moved at home and are attending the same Community College that I am.
Sure, you can make mistakes, but empathy for what? Something that is in his control and his fault? You choose where you go to school, you do need to sign the dotted line on loans before getting them. You have to READ the fine print before taking out a loan of such caliber. He could have done very well on a Foreign Language Degree without digging a bigger hole for himself. The thing I always hear is "well when you're 18 years old you don't think about signing the dot on that loan.." WELL YOU NEED TO! You're an ADULT. You're going to be paying that 20k loan with 9% APR for years.
I have a friend who's getting a Masters in Communications. She is 250k in debt and no relevant job experience. I don't think she's done any internships yet. She goes to bars and parties constantly, goes to boy band concerts on her student loans..these are private loans btw. She'll be getting a swift kick in the butt this year when she graduates and her loans stop paying for her lifestyle and she needs to pay them back. No, I have no sympathy for that. She changed her major 50 times in Undergrad and now is going for a Masters with no job experience. I don't get it. I don't know how she's going to pay it back no matter how good her job is.
Relative to starting salary-no, it's not a lot. Relative to the actual cost of a degree, it's minimal. Relative to lifetime earning differential for having a degree vs not having a degree it's a pittance. Average debt is $27,000...it's a car payment....it's not much.
Even on an aggressive 10-year repayment schedule, that's about $275/mo, much less than the monthly payment on a Camry. That said, just like shopping for a car, it pays to do your research ahead of time and do your best to make a sound purchase. If you don't think about the long-term cost, you may not be happy when you're stuck paying the bill.
For most young people the rising cost of housing in most markets and sluggish job market are far bigger impediments to getting ahead.
I am a student at a Community College and live at home with my parents. When I graduated HS, I knew a ton of people going to local state schools or pricey private schools. Very little of my friends went to Community College, I'd have to say maybe 3 or 4 did. I can't tell you what kind of BS I got for going to CC. "Have fun in high school 2..." "At least I go to a real college" "Community College is nothing to be proud of"..and it went on and on and on.
I didn't care because I was saving money. My parents don't have the money to pay for college, but they do try to help me. That's half the reason I went..I am paying my own way through. A year later, half the idiots are either complaining about their student loans on facebook or they have already moved at home and are attending the same Community College that I am.
Sure, you can make mistakes, but empathy for what? Something that is in his control and his fault? You choose where you go to school, you do need to sign the dotted line on loans before getting them. You have to READ the fine print before taking out a loan of such caliber. He could have done very well on a Foreign Language Degree without digging a bigger hole for himself. The thing I always hear is "well when you're 18 years old you don't think about signing the dot on that loan.." WELL YOU NEED TO! You're an ADULT. You're going to be paying that 20k loan with 9% APR for years.
I have a friend who's getting a Masters in Communications. She is 250k in debt and no relevant job experience. I don't think she's done any internships yet. She goes to bars and parties constantly, goes to boy band concerts on her student loans..these are private loans btw. She'll be getting a swift kick in the butt this year when she graduates and her loans stop paying for her lifestyle and she needs to pay them back. No, I have no sympathy for that. She changed her major 50 times in Undergrad and now is going for a Masters with no job experience. I don't get it. I don't know how she's going to pay it back no matter how good her job is.
I'd say some of the situation is on the parents. I hate to blame them, but teaching a kid to make good business decisions is just as important as getting an "A" in AP calculus. 18-21 is an adult, but IMO, a parent should just about shoot them before allowing them to go $250k in debt. Some parents never went to college so it may be hard to give their child direction.
I'd say some of the situation is on the parents. I hate to blame them, but teaching a kid to make good business decisions is just as important as getting an "A" in AP calculus. 18-21 is an adult, but IMO, a parent should just about shoot them before allowing them to go $250k in debt. Some parents never went to college so it may be hard to give their child direction.
Her parents are Immigrants, who don't speak very good English. They never went to College but were very successful with starting their own business. They love their children dearly and they may have saved some money for college, I don't really know. She just told me she was worried about paying the loans back and that was about a year ago. But I think SHE knew what she was getting into, and I think her parents as business owners would try to help her. I don't really know the entire situation but I agree with you. Parents should help their children making decisions such as College, especially when the kid is the one paying the bill. My parents are very much helpful with the FAFSA and fin. aid.
it wasn't the debt itself that was the problem...it was his income. according to the article, after college/while living in the van he was making 8 or 9 dollars an hour at jobs that didn't require college degrees. he would not have been "intellectually starved" either had he had a better career after college (he cites this as his reasoning for attending grad school). if he wants to live simply and cheaply and not tie himself down to a serious career then good for him. it sounds like that is what he is doing since he is now writing books and doing hikes and such while still living in his van. again, good for him but to blame student loan debt for his own choices and especially to imply that anyone else is doomed to the same lifestyle is quite outrageous.
I am a student at a Community College and live at home with my parents. When I graduated HS, I knew a ton of people going to local state schools or pricey private schools. Very little of my friends went to Community College, I'd have to say maybe 3 or 4 did. I can't tell you what kind of BS I got for going to CC. "Have fun in high school 2..." "At least I go to a real college" "Community College is nothing to be proud of"..and it went on and on and on.
I didn't care because I was saving money. My parents don't have the money to pay for college, but they do try to help me. That's half the reason I went..I am paying my own way through. A year later, half the idiots are either complaining about their student loans on facebook or they have already moved at home and are attending the same Community College that I am.
Sure, you can make mistakes, but empathy for what? Something that is in his control and his fault? You choose where you go to school, you do need to sign the dotted line on loans before getting them. You have to READ the fine print before taking out a loan of such caliber. He could have done very well on a Foreign Language Degree without digging a bigger hole for himself. The thing I always hear is "well when you're 18 years old you don't think about signing the dot on that loan.." WELL YOU NEED TO! You're an ADULT. You're going to be paying that 20k loan with 9% APR for years.
I have a friend who's getting a Masters in Communications. She is 250k in debt and no relevant job experience. I don't think she's done any internships yet. She goes to bars and parties constantly, goes to boy band concerts on her student loans..these are private loans btw. She'll be getting a swift kick in the butt this year when she graduates and her loans stop paying for her lifestyle and she needs to pay them back. No, I have no sympathy for that. She changed her major 50 times in Undergrad and now is going for a Masters with no job experience. I don't get it. I don't know how she's going to pay it back no matter how good her job is.
Good for you! I agree with many points on this post, and it seems as if you made smart choices by not going along with "popular thinking". Paying debt for years is not going to be fun for some.
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