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"The US will forgive over $108 billion in student debt—wildly more than anyone thought"
As someone that is currently 70k in debt, I'm one of those feeling the pain. I have a business degree and nutrition degree, and it looks like now I will be working to get into the local nursing program ($35K) for an accelerated Bachelors. So I will have over $100k when all is said and done. I'm hoping a nursing education will help put me in a position to pay down these loans. I have no desire to have it forgiven. The reality is though, right now the IBR (Income-Based Repayment) has been a saving grace. No way can I afford $750/month payments or even $350/month repayments. With my two degrees, the outcome is a $13.50/hour tutor position and a $12.00 cook position, both of which are at the highest pay grades for this area. My annual salary is estimated at under $16,000/year. If you did a job search in the area, the jobs available are "Manager Taco Bell, Manager McDonalds, Part-time post office, Administrative assistant, Food service workers, Medical Assistant etc.
If you think I'm making it up, feel free to click the link
I was planning on pursuing Medical School, but my estimated total costs are over $300k total. If you talk to a financial counselor, which is usually someone that is currently a Physician, they obviously are pointed students toward these government programs that can help "forgive" the debt.
So no doubt there is a serious problem. I'm in a better position than most. I hear people daily still defend the costs of higher education. Everyone is still rationalizing it as the better deal. When I bring up my concerns, people seem to shrug it off as no big deal. The problem is I can't shake it off. I have no idea what it's like to be over a quarter million dollars in debt, even to be a Physician. A group which looks to face salary cuts not gains.
As hard as it will be for me, I support whatever needs to be done to stop this problem. Too many kids are getting in over their head with student loan debt they will not be able to pay back. Ultimately it's a societal issue. Resources are being used to educate students. It is not free. They have to be able to find a way to pay it back off, which I think is the ultimate problem.
Making it tougher to get the loans and limiting the amount one can borrow looks like the best solution. The Government should have never gotten involved to begin with. One more example of how their involvement has screwed things up.
"The US will forgive over $108 billion in student debt—wildly more than anyone thought"
As someone that is currently 70k in debt, I'm one of those feeling the pain. I have a business degree and nutrition degree, and it looks like now I will be working to get into the local nursing program ($35K) for an accelerated Bachelors. So I will have over $100k when all is said and done. I'm hoping a nursing education will help put me in a position to pay down these loans. I have no desire to have it forgiven. The reality is though, right now the IBR (Income-Based Repayment) has been a saving grace. No way can I afford $750/month payments or even $350/month repayments. With my two degrees, the outcome is a $13.50/hour tutor position and a $12.00 cook position, both of which are at the highest pay grades for this area. My annual salary is estimated at under $16,000/year. If you did a job search in the area, the jobs available are "Manager Taco Bell, Manager McDonalds, Part-time post office, Administrative assistant, Food service workers, Medical Assistant etc.
If you think I'm making it up, feel free to click the link
I was planning on pursuing Medical School, but my estimated total costs are over $300k total. If you talk to a financial counselor, which is usually someone that is currently a Physician, they obviously are pointed students toward these government programs that can help "forgive" the debt.
So no doubt there is a serious problem. I'm in a better position than most. I hear people daily still defend the costs of higher education. Everyone is still rationalizing it as the better deal. When I bring up my concerns, people seem to shrug it off as no big deal. The problem is I can't shake it off. I have no idea what it's like to be over a quarter million dollars in debt, even to be a Physician. A group which looks to face salary cuts not gains.
As hard as it will be for me, I support whatever needs to be done to stop this problem. Too many kids are getting in over their head with student loan debt they will not be able to pay back. Ultimately it's a societal issue. Resources are being used to educate students. It is not free. They have to be able to find a way to pay it back off, which I think is the ultimate problem.
Making it tougher to get the loans and limiting the amount one can borrow looks like the best solution. The Government should have never gotten involved to begin with. One more example of how their involvement has screwed things up.
You have a business degree ? Relocate to where you can get a job.
You have a business degree ? Relocate to where you can get a job.
Do you think I have not applied to jobs elsewhere? A business degree even from respectable programs such as the Smeal Business school of Penn State are not a ticket to a job. In many market circles I'm overqualified.
I have experience working as a Director in two facilities. So I have experience working in management as well. Hated every minute of it though.
As I've been saying, the SUPPLY of degrees is far greater than the available jobs.
So the new bar that's set is the master's degree.
"Higher education costs in the United States have outgrown the rate of inflation, and getting an MBA has associated tuition expenses along with rent and book costs. MBAs, especially those who go to private business schools, can accumulate between $100,000 - $200, 000 in debt and expenses in just over a two-year period. Fortunately, for those that are highly motivated to secure an MBA, there are alternative options one can explore in order to both receive the degree as well as minimize the costs. "
Additional schooling at the graduate level costs a lot of money. I find that many of these jobs are those that are getting 300+ applicants for a position where the average turnover for the position is a revolving door every few years.
If I go back to school, it will be for medical not business as there is license to work.
Those that paid and were responsible paying the loans back lose out. So forgiving the loans is not the answer either.
Bringing the costs of education back down to what the market pays for skilled services is the answer. This can be done my the government butting out of the Student Loan business altogether.
I never mention anywhere where I'm expecting to be forgiven or waiting for a bailout. I just simply want an opportunity to pay off my loans and use the education that I've received to do so.
The government allowed the education industry to commit a fraud on the students. That is, money spent equals money earned. And that is why there is such a problem with student debt. The degrees simply are not generating high paying jobs to support the debt. Now, in many cases the students were ignorant or did not care choosings fields of study that clearly offered little financial return. The questions should the taxpayers pay for this fraud? Should the taxpayers pay for the carelessness of students?
The government allowed the education industry to commit a fraud on the students. That is, money spent equals money earned. And that is why there is such a problem with student debt. The degrees simply are not generating high paying jobs to support the debt. Now, in many cases the students were ignorant or did not care choosings fields of study that clearly offered little financial return. The questions should the taxpayers pay for this fraud? Should the taxpayers pay for the carelessness of students?
That's not "fraud." Nobody made any guarantees on income.
Those that paid and were responsible paying the loans back lose out. So forgiving the loans is not the answer either.
Bringing the costs of education back down to what the market pays for skilled services is the answer. This can be done my the government butting out of the Student Loan business altogether.
I never mention anywhere where I'm expecting to be forgiven or waiting for a bailout. I just simply want an opportunity to pay off my loans and use the education that I've received to do so.
How pretty was your campus?
I've returned to UT a few times and have gone into a couple of the new buildings.
They are gorgeous!
Let me ask you a question. If you owned your own business and had to go on a business trip to see a customer at their factory, are you going to stay at the most beautiful resort in the area? If the answer is no, can you tell me why?
I know.
Why the heck did I put off buying a house and new car or taking vacations or having kids so I could pay my loans off early?
That was dumb.
Should have seen the writing on the wall and taken all the free crap.
My daughter did.An she is paying he college loans also.
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