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In the media you often hear these stories of someone borrowing $100k for their degree in Medieval Art from Alaska Art College of Nome or whatever, but I suspect it's just media sensationalism to sell a story. You hear about plane crashes too but it doesn't make it a frequent event.
Does anyone here PERSONALLY know someone who's done this? I don't. I know a couple of people who borrowed a lot but it was for dental or pharmacy school. Nobody I know borrowed a 6-figure amount for a BA degree
In the media you often hear these stories of someone borrowing $100k for their degree in Medieval Art from Alaska Art College of Nome or whatever, but I suspect it's just media sensationalism to sell a story. You hear about plane crashes too but it doesn't make it a frequent event.
Does anyone here PERSONALLY know someone who's done this? I don't. I know a couple of people who borrowed a lot but it was for dental or pharmacy school. Nobody I know borrowed a 6-figure amount for a BA degree
Oh yea.
I know someone who graduated with 80K debt from a pretty mediocre private school, others who have ~40-60K debt from a social science Masters.
At some point, you just don't worry about paying it off. You forbear it and you can get the payments lowered.
Eventually, you will pay it off after many years, but people I know in that situation, they treat it like it's the cell phone bill. It's another bill you'll just always pay.
Also, there's things you can do. Even if you have 80K in debt and make 40K a year, if you live with your parents, throughout your 20s, you can pay that off really quickly. But the people who took out 80K in loans aren't usually willing to live with their parents. In that sense, it is a mentality type of thing. Certain people will take those risks.
It cost me $30k over 4 years for my accounting degree and I was able to graduate with no debt by working my way through school. Got a nice job to boot. I'm sorry, but I don't get people who come out of college with crushing debt. When I think of someone graduating with $100k in debt, the person I have in mind is the art or theater type living in lala land who goes to the expensive, private "art school" for an ego trip. Then after graduating and reality hits that you are only qualified to work at McDonald's while trying to service a mountain of debt, the tears start running. I have no sympathy.
I know a kid that owes 19K....not bad right? 30 yr payback spools that debt up to $49,600
Worst part: Kid took all the money available, more than needed and spent it foolishly. His dream was to borrow an extra 25K and have a killer senior year (luckily loans not approved, he had to just work vs. party all year).
Student loans are a death sentence if you don't have a high paying job upon graduation.....
I know a kid that owes 19K....not bad right? 30 yr payback spools that debt up to $49,600
Worst part: Kid took all the money available, more than needed and spent it foolishly. His dream was to borrow an extra 25K and have a killer senior year (luckily loans not approved, he had to just work vs. party all year).
Student loans are a death sentence if you don't have a high paying job upon graduation.....
Why would someone take 30 years to pay of student loan debt--that's just foolish. That 19K can EASILY be gone in just a couple years even at a minimum wage job....
Why would someone take 30 years to pay of student loan debt--that's just foolish. That 19K can EASILY be gone in just a couple years even at a minimum wage job....
What a flat out false statement.
Yea, it could be paid off in a couple years, if the person lives rent free, gets free food most the time, and lives 2 blocks to work so he can walk.
Other than that... its not possible at all.
Really scary how some people have so sense of how much things cost, and how much you need to make just to eat some ok food so you don't end up getting diabetes or other diseases.
Yea, it could be paid off in a couple years, if the person lives rent free, gets free food most the time, and lives 2 blocks to work so he can walk.
Other than that... its not possible at all.
Really scary how some people have so sense of how much things cost, and how much you need to make just to eat some ok food so you don't end up getting diabetes or other diseases.
I totally agree. Living on 8/hr is already a stretch, especially if you have no other income in the family and have to foot all the bills. Let alone piling on another 19k debt...
Yea, it could be paid off in a couple years, if the person lives rent free, gets free food most the time, and lives 2 blocks to work so he can walk.
Other than that... its not possible at all.
Really scary how some people have so sense of how much things cost, and how much you need to make just to eat some ok food so you don't end up getting diabetes or other diseases.
Wrong....been there, done that. I had 16,000 in student loans when I graduated, starting salary of 16,000, had everything paid off in 3 1/2 years. I had roommates, lived semi-frugally but was able to have enough money to go to the movies and go out most weekends, etc. Never struggled with good food on the table, etc. It's scary when people don't realize that you don't need $50,000 to live these days for a young, single person...
In the media you often hear these stories of someone borrowing $100k for their degree in Medieval Art from Alaska Art College of Nome or whatever, but I suspect it's just media sensationalism to sell a story. You hear about plane crashes too but it doesn't make it a frequent event.
Does anyone here PERSONALLY know someone who's done this? I don't. I know a couple of people who borrowed a lot but it was for dental or pharmacy school. Nobody I know borrowed a 6-figure amount for a BA degree
It usually is people that go to a private college. Private colleges are all over the place.. lots of them are like catholic, lutheran, etc universities...
Such kids grew up in a home where they were made to believe only 1 very strict viewpoint in life, thus they don't know any better. Their parents are often times delusional and only care that other people know how rich, perfect their family is. They couldn't handle telling their peers that their kid is going to "community college" or regular joe public university.
So at these types of colleges, it can easily cost 40k a year or so for just a regular business degree and such that you could get at a public college for 10 k a year.
Yea, it could be paid off in a couple years, if the person lives rent free, gets free food most the time, and lives 2 blocks to work so he can walk.
Other than that... its not possible at all.
Really scary how some people have so sense of how much things cost, and how much you need to make just to eat some ok food so you don't end up getting diabetes or other diseases.
I think you'd be hard pressed to pay off a credit card debt of $1000 living on min wage.
I think you could do it in a year if you lived with your parents.
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