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2. Does he realize how much this program will cost?
What the heck does paying back only 10% of discretionary income mean? You can make 500k a year an spend most of it. Leaving yourself with less than $1000 of discretionary income. So does this mean you only have to pay $100 each month on say a $200k loan and Obama will forgive your unpaid balance after 20 years?
How much does Obama think this program will cost?
You obviously didn't read your own link. The current program limits payments to 15% of your discretionary income, and forgives the balance after 25 years. This isn't a new thing, and I'm guessing they must have a formula for payments that they currently use. So--they're cutting 5% off the minimum payment, and 5 years off the formula before the debt is forgiven. You can also consolidate loans and negotiate for a lower interest rate, which you should be able to do if you have good credit and interest rates stay low--it's just like refinancing your house. Not exactly as dramatic, is it?
Well, if you're like my niece, go to an out of state college, live in the dorm and also use student loan money to buy food, clothes, pay your bills and social life for 4 years including summers.
That's how. Now she owes $160K and is working as a receptionist at a day care center because her degree can't get her squat. Not Math or Science related degree but some esoteric liberal arts subject.
Thanks for sharing this depressing but "more people need to wake up and smell the coffee" bit of reality news.
Well, if you're like my niece, go to an out of state college, live in the dorm and also use student loan money to buy food, clothes, pay your bills and social life for 4 years including summers.
That's how. Now she owes $160K and is working as a receptionist at a day care center because her degree can't get her squat. Not Math or Science related degree but some esoteric liberal arts subject.
How does anyone run up $100,000 in debt going to school???
I can't speak for the rest of the country, but our state run university system costs about $19,000 a year for tuition, room and board (it's not much cheaper to live in an apartment), plus books are around 600 - $1000 a semester. If you're in a high demand major, like business, it can be very difficult at state universities to get into the classes you need to graduate, so lots of kids have to go 5 years to finish--it's not because they were goofing off. That's over $100,000 right there, and it's a public school. If your parents haven't saved all of the money you'll need for college, and your family doesn't qualify for need based financial aid, loans are your only option. At least in this area, the only kids who get academic scholarships at state schools are kids who are valedictorians of their graduating class, or who score very high on the ACT.
A business major is nowhere near high demand. Maybe during dot com an MBA would get you far, but nowadays a business degree 4 year or otherwise is a waste of time. Engineering, computer science, and math are far more in demand.
Well, if you're like my niece, go to an out of state college, live in the dorm and also use student loan money to buy food, clothes, pay your bills and social life for 4 years including summers.
That's how. Now she owes $160K and is working as a receptionist at a day care center because her degree can't get her squat. Not Math or Science related degree but some esoteric liberal arts subject.
Your niece is an idiot. I have a house full of teen boys, and they have friends in college now. Even the kids living at home are going to walk out of the state university with 40-50 thousand in debt, and that's if they're working to pay for their gas money and books. Most of the kids I know realize they're responsible for the debt, and they're busting their backsides. The kids who live too far to commute from home have to pay housing as well.
A business major is nowhere near high demand. Maybe during dot com an MBA would get you far, but nowadays a business degree 4 year or otherwise is a waste of time. Engineering, computer science, and math are far more in demand.
You have to be wired for advanced math to go into those fields, and not everyone is. It's great for the kids who have those skills. Some of my boys do, and some don't. Business is still a high demand field for an undergrad here.
EDIT--when I say high demand, I mean high demand at the U with crowded classes, not necessarily high demand for employers.
You have to be wired for advanced math to go into those fields, and not everyone is. It's great for the kids who have those skills. Some of my boys do, and some don't. Business is still a high demand field for an undergrad here.
Relative to photography perhaps, disagree with it being anywhere near as much in demand as the majors I listed. I think "being wired" for those majors is a convenient excuse for those who want to party and get laid a lot for 4-6 years instead of working hard.
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