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But she's not a victim. Your friend is in the position she's in because of the choices she made. It's highly unlikely all student loans will be washed away. My suggestion would be to focus on what she can do instead of the negatives.
I will assume she has no plans to repay the loans or at least not until she's exhausts all legal means to have them removed.
In the meantime the money she owes will affect her credit score/ability to get a loan.
Most of her debt issues at the moment are private loans, and her federal loans weren’t applicable to the ones Biden canceled earlier this year because it is under a different loan provider. But her inability to get a loan or improve her credit score prevents her from qualifying for a lot of things, or to improve her education.
In cases like my friend, cheap options still need to EXIST period. The problem is, is that as long as every city in the US continues to be reactive instead of preventative, rents will skyrocket nationwide. Phoenix bringing the most apartments is progress, but it’s still reactive to the past 70 decades of under building for residential building nationwide. As a result rents will still rise and quite a bit so.
Quote:
Originally Posted by Valley Native
Practically everybody is met with unfortunate incidents, setbacks, and hard times. That's part of life. What matters is how a person deals with these things. Too many people throw their money away on new smart phones and other frivolous items instead of saving & investing. You like to complain about the large gap between the middle class & rich. Well, instead of complaining, maybe try to find ways to become richer. Many wealthy people came from poorer backgrounds, and didn't get rich just from working 8 to 5 all their lives. It takes more than that. I'm not wealthy, but I'm more so than I used to be because of the investments I made. The free market doesn't discriminate against the unfortunate souls who are disabled or victims of whatever. At some point, you have to stop PLAYING the victim, Prickly!
Back to the topic about apartments: I said they're perfectly fine for some people ... mainly the younger ones who are out on their own for the first time, or fresh out of college in a new job (and great for some who are older & retired too). Eventually, many people become tired of paying rent that keeps increasing, as well as being stuck in a cramped box where you often put up with questionable neighbors. Buying a condo is the way to go for those who don't want the high mortgage payments of a house, nor all the upkeep. They're usually smaller, so the payments are much more affordable for the average person.
All you keep doing is saying people need to stop working 8-5 and dedicate every working hour as if they aren’t already doing that. Lots of people working 2-3 jobs right now. Do you have any advice that’s actually practical, or are you here just to act holier than thou and say “you’re soaked, go find a dryer” as if people aren’t already doing that and not finding avenues? Stating the obvious changes nothing and if you don’t have any advice that applies to the modern times and not 30 years ago then maybe you should stop repeating it.
I’m one of the few Gen Z/Millennials with a positive net worth. I’m not a victim. But I’m sympathetic for other people. I come from an upper middle class family and that’s the only reason I’m in the position I am in now, since they could pay for my college in full without any loans. Most people don’t though.
I agree with your assessment about condos, but the biggest issue here relies in supply. Cities have long favored commercial and office development because they could get more tax revenue than residential, and now that’s coming back to bite in the rear to A) the people paying exorbitant rents nationwide, and those trying to get a mortgage in the modern times B) cities with a bunch of vacant and boarded up properties zoned for commercial/office.
Cities need to rezone a lot of strip malls (mixed use even with a parking garage) and office development for housing. Like there is the old BMO office building that is being converted to apartments up top and the bank on the ground floor is staying, at central and camelback. This is great and I hope that this route gets pursued more, there’s a lot of vacant space in underfilled office buildings.
Most of her debt issues at the moment are private loans, and her federal loans weren’t applicable to the ones Biden canceled earlier this year because it is under a different loan provider. But her inability to get a loan or improve her credit score prevents her from qualifying for a lot of things, or to improve her education.
In cases like my friend, cheap options still need to EXIST period. The problem is, is that as long as every city in the US continues to be reactive instead of preventative, rents will skyrocket nationwide. Phoenix bringing the most apartments is progress, but it’s still reactive to the past 70 decades of under building for residential building nationwide. As a result rents will still rise and quite a bit so.
All you keep doing is saying people need to stop working 8-5 and dedicate every working hour as if they aren’t already doing that. Lots of people working 2-3 jobs right now. Do you have any advice that’s actually practical, or are you here just to act holier than thou and say “you’re soaked, go find a dryer” as if people aren’t already doing that and not finding avenues? Stating the obvious changes nothing and if you don’t have any advice that applies to the modern times and not 30 years ago then maybe you should stop repeating it.
I’m one of the few Gen Z/Millennials with a positive net worth. I’m not a victim. But I’m sympathetic for other people. I come from an upper middle class family and that’s the only reason I’m in the position I am in now, since they could pay for my college in full without any loans. Most people don’t though.
I agree with your assessment about condos, but the biggest issue here relies in supply. Cities have long favored commercial and office development because they could get more tax revenue than residential, and now that’s coming back to bite in the rear to A) the people paying exorbitant rents nationwide, and those trying to get a mortgage in the modern times B) cities with a bunch of vacant and boarded up properties zoned for commercial/office.
Cities need to rezone a lot of strip malls (mixed use even with a parking garage) and office development for housing. Like there is the old BMO office building that is being converted to apartments up top and the bank on the ground floor is staying, at central and camelback. This is great and I hope that this route gets pursued more, there’s a lot of vacant space in underfilled office buildings.
The United States is a huge country. It's up to your friend to find an area in which she can afford. At present one of my nieces lives in San Antonio. She shares a $1000 a month apartment with a roommate.
But her inability to get a loan or improve her credit score prevents her from qualifying for a lot of things, or to improve her education.
Then she needs to start paying back what she owes. Many of us make poor financial decisions at some point in our life. In 2005 I invested AZ real estate and a few years later my properties were worthless. Had to work my ass off just to stay afloat. To wait until the housing market turned around but that's what I did.
Your friend has learned a valuable lesson about borrowing money. You've got to do your homework very carefully before going into debt. Especially if you don't have anyone to properly advise you.
Lots of people working 2-3 jobs right now. Do you have any advice that’s actually practical,
1. If possible find a way to get by without a car. Difficult I know but people do it.
2. Live with a roommate or two.
3. Bring your lunch to work.
4. Set a goal as to how much you can save each month.
5. Remember life isn't fair and never has been. You want a helping hand? Then it's best to look at the end of your arm.
Today at the age of 64 I guess some might consider me rich or at least well off and perhaps I am. However, that's not how I view myself. And maybe that's because for most of my life I never had much discretionary income. Everything I earned usually went towards my investments and after I paid my bills there wasn't much left.
As a landlord I run credit reports on potental applicants and it never ceases to amaze me the amount of debt some people have accumulated. 10k or more on a credit card isn't unusual. And why someone would buy a 30k truck when they can't really afford it is beyond me.
Most of her debt issues at the moment are private loans, and her federal loans weren’t applicable to the ones Biden canceled earlier this year because it is under a different loan provider. But her inability to get a loan or improve her credit score prevents her from qualifying for a lot of things, or to improve her education.
My parents never uttered the word "college". None of my 5 brothers stepped a toe in any post-secondary education (some dropped out). My HS (worthless) counselor never bothered to explain EFC (Expected Financial Contribution) which was zero for my parents. That meant I could have attended any college for "free" and "free" room and board. Instead, I decided to live at home and go to a 2-year tech school for electronics. None of which would transfer to a university.
If I was giving her advice, I'd recommend she apply at a larger tech company entry-level job that has free college tuition and books (reimbursement) as a benefit like Intel or MicroChip or ________. That's what I did. Honeywell paid for my UofMN electrical engineering degree while I worked full time at Honeywell. Heck, I worked a massive amount of overtime too. Obviously, I didn't have a lot of free time (the understatement of the year). Plus, I was married and I bought a house that I had to maintain. But that's how it can be done! If she is as smart as you say, especially in 2022, companies are forced to look at just about everyone to fill a position. Now, it's all about executing that plan. Unfortunately, most people don't have the fortitude to make that happen. If I were in her shoes, I know I could make that happen again.
All you keep doing is saying people need to stop working 8-5 and dedicate every working hour as if they aren’t already doing that. Lots of people working 2-3 jobs right now. Do you have any advice that’s actually practical, or are you here just to act holier than thou and say “you’re soaked, go find a dryer” as if people aren’t already doing that and not finding avenues? Stating the obvious changes nothing and if you don’t have any advice that applies to the modern times and not 30 years ago then maybe you should stop repeating it.
Repeating it? I never said that anybody should stop working 8 to 5. I'm simply stating that becoming wealthy involves more than the standard workday routine. The problem is too many people have attitudes that they deserve to be wealthier than they are just because they put in 40+ hours a week. My advice about investing applies to anybody. Historically, the market is bullish 3 out of 4 years ... and in recent times, the percentage is even greater. I'm not suggesting to buy call options or get involved in hedge funds. Doing basic research and investing wisely for the long term is almost guaranteed to increase wealth.
Quote:
Originally Posted by Prickly Pear
I’m one of the few Gen Z/Millennials with a positive net worth. I’m not a victim. But I’m sympathetic for other people. I come from an upper middle class family and that’s the only reason I’m in the position I am in now, since they could pay for my college in full without any loans. Most people don’t though.
MN posted some good advice for your friend: tuition reimbursement. Most large companies will do this for their employees if they meet the qualifications, and that's how I got my business degree. I don't know why or how your friend got involved in a fraudulent mess, but what's done is done.
Quote:
Originally Posted by Prickly Pear
Cities need to rezone a lot of strip malls (mixed use even with a parking garage) and office development for housing. Like there is the old BMO office building that is being converted to apartments up top and the bank on the ground floor is staying, at central and camelback. This is great and I hope that this route gets pursued more, there’s a lot of vacant space in underfilled office buildings.
I agree, especially with the increased demand. Again, I never said there's anything wrong with apartment living. In a large, growing city like this, there actually should be sufficient supply for whatever the demand is. It would be better overall to have more ownership, even if it's higher density condos. With the way home prices have escalated, and renting is basically a dead end, condo units are the the best affordable option ... especially for younger singles.
As a landlord I run credit reports on potental applicants and it never ceases to amaze me the amount of debt some people have accumulated. 10k or more on a credit card isn't unusual. And why someone would buy a 30k truck when they can't really afford it is beyond me.
The question is WHY are lenders giving a loan to someone like that in the first friggin place? None of these boneheads learned d**k during the 2008 recession??? So tired of seeing and hearing ads saying "bad credit? No problem! You're approved regardless!"
The question is WHY are lenders giving a loan to someone like that in the first friggin place? None of these boneheads learned d**k during the 2008 recession??? So tired of seeing and hearing ads saying "bad credit? No problem! You're approved regardless!"
It's an eye-opener reading some credit reports. 10k or more in credit card debt, 15k or more on a car loan and 5k on other things. Rarely is anything medical related. Sometimes an applicant has outstanding student loans but not too often.
Basically it's the credit cards and a loan for a car or truck which the person really can't afford. I look at their income and wonder why? Why the Ram 1500 truck. I don't know. Maybe a fancy truck is a status symbol in AZ.
In any case it's not my place to judge someone's spending habits but I do want the rent on time.
So, if an applicant doesn't have at least a 600 credit score it's best they look somewhere else.
If I was giving her advice, I'd recommend she apply at a larger tech company entry-level job that has free college tuition and books (reimbursement) as a benefit like Intel or MicroChip or ________. That's what I did.
Quote:
Originally Posted by Valley Native
MN posted some good advice for your friend: tuition reimbursement. Most large companies will do this for their employees if they meet the qualifications, and that's how I got my business degree. I don't know why or how your friend got involved in a fraudulent mess, but what's done is done.
Speaking of Honeywell, I know they have some divisions down here in the PHX metro too.
Managing time can be easier for students if the UofA or ASU has something like the UofMN did/does called "UNITE" See https://cse.umn.edu/unite . I am sure they do. Basically, companies have a room where students can attend classes during work hours remotely during the same campus time. So you are piped into the classroom and you can ask the professor questions just as any student sitting in front of the prof or TA. So you don't have to drive anywhere! A huge benefit!
Mind you, I was taking many of these classes in the late 80's and through the 90's. In our case, one of Honeywell's division HR proxied the tests. I took stats, calc sequence, physics, and several other courses during the day while at work (one or two classes total per day). I also drove on campus during evening extension classes as well as summers.
Speaking from experience, it is a long and difficult road to travel. Like many sub-colleges (inside of the mother college), you can take extension classes all you like even before entering that college. But at the end of the day, you have to apply to the college and get accepted into the degree in order to graduate. So minimum GPA's etc still apply. Make no mistake, getting an engineering degree while working full-time was a stressful and difficult path for me. For a decade, I had my nose to the ground. As in, I studied my butt off and I literally didn't have a social life for a decade. But maybe Prickly friend is more gifted in the engineering category. With some classes that tapped my technical brainpower, had to study 3x harder than some other people.
But I was determined to finish: nothing was going to prevent me from accomplishing my goal. I wish I had more nurturing parents giving me guidance or a counselor that bothered to do her job. I learned that lesson and started indoctrinating our kids early. I joked, I didn't want their 1st words to be "mommy or daddy". Rather, "college". My wife stayed home while I worked my 100 hours a week for years. And IMO, she knocked it out of the park with her nurturing including our kid's track to success. So people are where they are for a reason. And I'm more impressed hearing about what kids had to overcome to kick butt versus when the system was gamed for them (our kids had massive advantages). Therefore, I have a soft spot of Prickly's friend. I've been there. I happened to be born with the inquisitive street-smart gene so getting taken on debt fraud would be impossible for ME. So I am not going to judge her friend as it sounds like she had to learn lives lesson the hard way. I wish her the best. I'm rooting for her!
Last edited by MN-Born-n-Raised; 01-18-2022 at 05:57 AM..
ALL the Apts being built will follow the Market rate which will never come back down to Pre Covid, Pre explosive growth levels . Unless you are making 50K or more a year renting even a one-bedroom in any of the Apts that are not in the Ghetto will be hard to qualify for with just one income. forget all the new " luxury " apts and they don't build any other kind anymore. You have to pay for all the " amenities ". True soon there will be a lot more available Luxury and boxy places to rent at over 1500 a month for one bed and they all look the same, grey walls, quartz , simulated granite countertops, chrome or black appliances, grey to tan Vynil wood plank floors tan carpet in the bedrooms, too bright led lights all over the place, small to the unusable balcony, one parking space, don't even try to own two vehicles! tall non-shade tree palms,
yeah! buy a CONDO but pay 400 a month in HOA fees! it just keeps getting better and better! but don't talk or think like a Victim or the people with money and no worries will PONCE on you! The solution: get two jobs, you don't need sleep. See?
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If she is as smart as you say, especially in 2022, companies are forced to look at just about everyone to fill a position. Now, it's all about executing that plan. Unfortunately, most people don't have the fortitude to make that happen. If I were in her shoes, I know I could make that happen again.
