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Old 05-10-2013, 11:39 AM
 
1,222 posts, read 1,064,388 times
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Rising Student Debt is Slowing Growth as Young Spend Less - NYTimes.com
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Old 05-10-2013, 03:18 PM
LSX
 
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College student checking in.

I was worried about my rising student loans but realized my loans are dawrfed by some of my friends, exceding 80k for a 4 year degree.

I'm going through the Community College for 2 years then transferring to a major 4 year university to keep cost down. (already reduced loans by about 25k from sticking out 4 semester and 1 summer term at the local community college.

I'm most likely going to graduate with about 35k-45k and have a higher 200 dollar a month payment for 10 years.

Alot of it is the students fault for thinking they're too grown up to still live at home and are too embarassed to stay at a community college so instead go to a 40k/year private Uni.

At the end of the day an investment into yourself is always a good investment. (for the most part LOL).

It does bother me that everyones interest rates regardless of credit is 6.8% and after a certain amount the additional is 7.8%.
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Old 05-10-2013, 03:26 PM
 
19,346 posts, read 17,032,106 times
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Quote:
Originally Posted by LSX View Post
College student checking in.

I was worried about my rising student loans but realized my loans are dawrfed by some of my friends, exceding 80k for a 4 year degree.

I'm going through the Community College for 2 years then transferring to a major 4 year university to keep cost down. (already reduced loans by about 25k from sticking out 4 semester and 1 summer term at the local community college.

I'm most likely going to graduate with about 35k-45k and have a higher 200 dollar a month payment for 10 years.

Alot of it is the students fault for thinking they're too grown up to still live at home and are too embarassed to stay at a community college so instead go to a 40k/year private Uni.

At the end of the day an investment into yourself is always a good investment. (for the most part LOL).

It does bother me that everyones interest rates regardless of credit is 6.8% and after a certain amount the additional is 7.8%.

6.8 %? Wow. That these days is confiscation.


Now I can assume all this extra money is increasing the quality of the education and not some sort of credit fueled bubble or anything....
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Old 05-10-2013, 03:37 PM
 
24,497 posts, read 37,616,747 times
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Quote:
Originally Posted by LSX View Post
It does bother me that everyones interest rates regardless of credit is 6.8% and after a certain amount the additional is 7.8%.
This is not true. I have a friend who was getting a 6.8% rate from a federal loan. He had good credit and was able to get an interest fixed rate much much lower for a student loan from a private bank. Private lenders do take credit into consideration.
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Old 05-10-2013, 03:43 PM
 
621 posts, read 597,453 times
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Remember back in 2008 they said go to school get better trained then you can get a job. Now where is that job? And where is the pay? Oh well.
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Old 05-10-2013, 05:18 PM
 
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The jobs and pay are right where they have always been. In fact, the premium in the ROI for education over the ROI for working has only increased since 2008.

The debt problem is meanwhile tied to dingbat politicians and stingy taxpayers undercutting public support for higher education. People crow about saving a ten-cent direct hit on the front end while not noticing the indirect 15-cent hit that they are taking on the back end. It's the definition of stupid.
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Old 05-10-2013, 06:00 PM
 
24,497 posts, read 37,616,747 times
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Originally Posted by oaktonite View Post
The jobs and pay are right where they have always been. In fact, the premium in the ROI for education over the ROI for working has only increased since 2008.

The debt problem is meanwhile tied to dingbat politicians and stingy taxpayers undercutting public support for higher education. People crow about saving a ten-cent direct hit on the front end while not noticing the indirect 15-cent hit that they are taking on the back end. It's the definition of stupid.
The debt problem is tied to idiots taking on massive debt in order to get a college degree. College tuition is still cheaper than it was 100 years ago (given inflation). The only difference is that we have low performing students (below the top 10%) entering college. And they are taking on massive amounts of debt to do so. College isn't for everyone. If you're looking at taking on massive debts, it's probably not for you.

There's nothing wrong with some technical training.
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Old 05-10-2013, 06:10 PM
 
Location: USA
3,966 posts, read 9,852,598 times
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Quote:
Originally Posted by NJBest View Post
The debt problem is tied to idiots taking on massive debt in order to get a college degree. College tuition is still cheaper than it was 100 years ago (given inflation). The only difference is that we have low performing students (below the top 10%) entering college. And they are taking on massive amounts of debt to do so. College isn't for everyone. If you're looking at taking on massive debts, it's probably not for you.

There's nothing wrong with some technical training.
Low performing because everything is rushed? Or low performing because they are using college as an open ended credit card?

Quote:
Originally Posted by pie_row View Post
Remember back in 2008 they said go to school get better trained then you can get a job. Now where is that job? And where is the pay? Oh well.
No where to be found. Now bow down and serve your queens and kings in Washington DC.
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Old 05-10-2013, 06:22 PM
 
24,497 posts, read 37,616,747 times
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Originally Posted by shiphead View Post
Low performing because everything is rushed? Or low performing because they are using college as an open ended credit card?
100 years ago, the only folks going to college were those who had merits to get funded (your typical straight A student capable of discussing academic research right out of high school) and those who had a means of funding their own education. Their degrees paid off well since they were attending decent schools *UPenn, Yale, etc.)

Today, we have low performing students (less than 3.5 GPA) taking out loans to attend less rewarding academic programs. They're digging themselves in deep.
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Old 05-10-2013, 07:17 PM
 
Location: Metro Detroit, Michigan
18,218 posts, read 16,653,878 times
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I think college is still a great investment for someone looking to enter the private sector. I have an associates degree, and there is some comfort knowing I could always go back for 2 years to get a degree, but there are some discouraging factors. Seems a lot of working professional types are getting salaried positions. 40 hours pay for 50 hours work, etc. I have a lot of educated friends who are either working menial jobs, and a few who aren't even able to get a job. At least around here, tuition costs are unbelievable. One of the guys I work with is sending both his kids to Northwestern. I think he said he's paying 5K for each a semester. Or maybe it's a year. Either way, that seems outrageous.

I also have an idea of what others are earning. The engineers I have worked with have the same complaints about money that everyone else has these days. They're not paid enough for what they do! Most of them are salary and complain that the hourly folks like me can earn more at the end of the year. So really, where's the motivation to join the ranks of the educated?

I can imagine student loans are having an impact on the younger folks ability to start out in the world. Many are paying the equivalent of an auto loan. Less money to actually spend on a new auto! And if you can't actually find a decent paying job to cover the bill... Ouch.
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