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Old 01-06-2015, 02:11 PM
Location: Florida -
8,760 posts, read 10,834,959 times
Reputation: 16632


Originally Posted by GraduatewithDebt View Post
I was actively looking for jobs after undergrad with no luck. I am not currently on the job market right now because I am in grad school. I do know the small cohort of graduates in our program who finished this past December are all unemployed at this point with a graduate degree. A couple are even thinking about going to get a second Master's degree if all they can find is a minimum wage type job now, because going back for a second Master's degree means they can defer their student loans further until something better comes about. Hopefully I will not be in this situation because I do not want to be going to school for a career. My brother is 33 and still in school with over 250K in debt. He finished law school with no job prospects, and is now finishing a PhD program. He will be 35 before he starts working a real job.
It sounds more to me like young people deciding to become 'professional students', rather than get on with their lives in the real world. If this is the case, there is nothing, but, self-respect, preventing your brother from turning 50, before he starts working at a real job. However, that is neither an indictment of education or the job market, but, more like a description of 'the Peter Pan syndrome.' Your earlier discussion of you and friends running-up $85K and $200K in 'necessary' undergrad school loans, sounds like you are trying to emulate your brother's performance ... or lack thereof.

I can understand drawing-out one's masters degree in order to defer one's grad school loans. My son also did that for a couple of years ... BUT, he also worked at a 6-figure job during the process. When he decided to finish his MBA, he quickly paid-off his student loans within a year - and moved on.

Your hopes for a student-loan bailout program to further relieve you of personal responsibility for your idle ways is sadly, not surprising. Given the bleeding-heart liberal mindset in government today toward spending other people's money, you might even get it! --- But, know this: You will ultimately be the loser from meandering through life without goals or purpose... beyond your own intellectual self-indulgence.
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Old 01-06-2015, 02:20 PM
12,705 posts, read 9,964,692 times
Reputation: 9515
Originally Posted by GraduatewithDebt View Post
Yes, I am working. TA for 20 hours per week, restaurant job on the weekends, and then I substitute teach 1-2 days per week depending on my class schedule. I have to work considering my school just raised parking by $100 each semester, and the fees increased by $300 per semester, along with the usual 10-15% tuition hike every year
It is very difficult to afford a car on a grad student income. This is why you're complaining so much about parking.

If I tried to own a car, I'd be in serious financial trouble too.
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Old 01-06-2015, 02:26 PM
3,154 posts, read 3,060,480 times
Reputation: 8686
Originally Posted by KaraG View Post

Not working through school means you're missing years of building experience and contacts for future opportunities. Many students work through school to keep their debt as low as possible. My daughter and niece went to grad school while working full time professional jobs. It's not impossible.
Ironically, it is much more common and possible to get a grad degree while working at a real job if one is in one of the more practical or professional fields. It is not common in the least practical fields, such as humanities, where grad school generally means 100% devotion to study and study-related activities, and where generally the only acceptable - even required - work is as a research or teaching assistant in the department. Thus making the degree even more expensive and useless outside of academia.
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Old 01-06-2015, 11:55 PM
Location: San Francisco, CA
13,980 posts, read 10,920,048 times
Reputation: 12745
Originally Posted by GraduatewithDebt View Post
Hi CD Forum,

New here, and would like some advice. As so many here and out there all over the country, I graduated from college (undergrad) with deep student loan debt (about $85K undergrad) and couldn't find a job that pays anything, so I decided to go to graduate school. I am still living at home with my parents, and it looks like it will stay this way for the foreseeable future. Most of my friends are all in the same boat, still living at home, in big student loan debt, and pursuing an advanced degree or another undergraduate degree. A couple of my friends have over $200K in debt already.

My questions pertains to the following. There has been quite a bit of talk of a student loan bailout plan, and that it could even come about as part of the next election. I am aware of the Public Service Loan Forgiveness Program. In fact, a couple of my professors in school were even recommending taking on as much debt as possible under this program, and then only making the minimum payments for 120 consecutive payments (10 years), and having the rest of the debt load forgiven. They said they used this exact strategy, and are on track to have roughly $200K in debt forgiven after the 10 year period. So basically make interest payments for 10 years, and then have the entire principal balance of the loan(s) amount forgiven.

Does taking this maximum amount of debt out in grad school sound like a good strategy if I can land a public service sector job after graduation? How long will this legislation be on the books? I am worried if enough people are getting these large amount forgiven left and right, that they will put an end to this program. Also, what about the possibility of a bailout program for the millions of students in debt across the country. What do you think this would look like, and for what amount?

Thanks in advance for your help and advice!!
Now... I just really have to ask...

Did you get a degree from a school with a uniquely high ranking and reputation for that money?

What did you major in?

Did you have a viable plan as to how you would end up being employable with that major, and did you realistically research that sector in terms of job prospects and qualifications relative to the cost of the degree?
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Old 01-07-2015, 05:54 AM
338 posts, read 405,090 times
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What kind of undergrad degree requires $85K?
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Old 01-07-2015, 06:13 AM
18,848 posts, read 13,597,069 times
Reputation: 14263
The practice of going back to school to be able to defer loans is absurd . I'm guessing they don't teach anything about mathematics and the world of personal finance.

Since you can't pay back loan "a" you take out loan "b" which you also can't pay back. While loan "b" grows so does loan "a"

Makes total sense if you can't pay back a loan to take on more debt while accruing interest
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Old 01-07-2015, 06:23 AM
13,221 posts, read 17,767,035 times
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What school, what degree?
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Old 01-07-2015, 06:32 AM
Location: Wisconsin
7,215 posts, read 7,906,740 times
Reputation: 7740
So this is your plan:

- Work a crappy public service job for a decade (or more) that will certainly pay a crappy wage.
- Have basically no life and no disposable income. Put off buying a car, let alone a house, for probably well over a decade. Probably live with your parents for a few more years. I'm sure members of the opposite sex will be impressed.
- Hope the public service debt forgiveness program doesn't get changed or gutted.
- Pray for the "pie in the sky" idea that massive public student loan forgiveness might be around the corner after the next election in 2016. Of course, it's more than likely to not happen, but we can always hope, right?

Read that back to yourself and ask why any sane person would think that is a good idea.
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Old 01-07-2015, 11:39 AM
Location: Hampstead NC
5,578 posts, read 5,093,804 times
Reputation: 14060
This is why there will NEVER be a student loan forgiveness program. People like you describe will take advantage of it.

It will only feed entitlement and encourage more students to get useless degrees. And encourage them to take on more debt. Where does anyone think the money will come from to cover this debt? You can't get blood from a stone. What programs will we cut? Medicare? Defense? the FAA?

I'm very liberal. But the thought of coming up with a federal program that just forgives debt that people chose to take on is just insanity...well, heck, Why not forgive my car loan? My mortgage? Because I really don't deserve to pay for all that stuff either......
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Old 01-07-2015, 03:15 PM
12,705 posts, read 9,964,692 times
Reputation: 9515
Originally Posted by gumisgood View Post
but no, it is not a good idea to maximize debt. get out of debt the following ways.
*form llc, get partners, buy all your debt, sell off rest of debt, close llc.
*save up. settle debt for agreed upon sum. 20k in cash=no debt. if not, 30k..etc etc. make them offers.
*form llc, conduct life on your business's credit. never pay off personal debt in the first place. run it up.
*skip the country, make less than you need to pay off loans, but enough to still live well. research.
*fake own death
*bite the bullet and pay it off.
Many of these involve fraud - are you being facetious?
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