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Get the federal government out of the student loan process! Tuition will drop like a rock, when this happens!
For the unfortunate soul who took out $347,000 in loans, you signed on the dotted line. There is no one else to blame but yourself. Have fun for the next thirty years...
Law schools now advise folks against enrolling who do not have connections involved in law practice. For decades there have been more law graduates than legal jobs. I know of legal secretaries and paralegals who were members of the bar.
There are 81 legal jobs advertised in the paper? I bet they got 300 applicants.
That's what we grew up with.
Naive students are taken advantage of by predatory lenders
We were told to go to college or we might be stuck in McDonalds. Only to find out it's more about who you know than what you know. Education is important but it's nothing without connections.
He is 32 years with a degree in social worker, so "naive" doesn't cut it!
Quote:
Originally Posted by Cape Cod Todd
$347,000 !! That is Stupid Money to both borrow and now have to pay back. What was this guy thinking?
There was a funny cartoon the other day. A smiling old guy sitting in a chair at the nursing home with a cake. One nurse asks the other, Is it his Birthday? She responds No he just paid off his student loans...
Good luck guy. $347,000 is a House!
You would think someone with a degree in social work would have been able to figure this out though.
Quote:
Originally Posted by Chuckity
There's 82 attorney jobs listed in his town on Indeed right now.
You aren't supposed to use "facts" when it comes to the "narrative" that we, the taxpayers should pay off the loan. Job? He had a job as a social worker before taking out that loan, so I don't think he is looking for a job.
Quote:
Originally Posted by James Bond 007
Lots of people do that. Many people don't really know what they want to do, so they go into a field just because it pays well.
He got a degree as a social worker, and he is 32 years old. I think I know exactly what he wanted to do, be a "professional" student and have the taxpayers pick up the tab!
Quote:
Originally Posted by AnesthesiaMD
"Predatory lenders" is a concept created to shift the blame from the "poor, naive, borrower" to the "rich, evil, lender".
It's all a bunch of BS.
Nobody is forcing anybody to take out a loan. There are types of lawyers that can easily pay off that loan, and there are types of lawyers who cant. He should have know the difference and become the type of lawyer that can. Or, he should have not taken out the loan in the first place.
An 18 year old can live on his/her own.
An 18 year old can decide to join the military and go to war.
An 18 year old can sign his/her own consent for a medical procedure.
An 18 year old can decide to change their gender.
But an 18 year old can't decide whether or not to take out a loan?
What a bunch of crap.
And, again, he is 32 years old and had a degree in social work. Does he realize how many people would like to have that degree? I still say he is a "professional" student, aka "bum".
Why anyone would choose a degree and field based on others saying it would be high paying and all, is beyond me. One should choose something because they want to do it.
Second, I have a feeling he used some of his loans to pay other expenses.
She's recently been promoted to "senior economic policy reporter" for a supposed "Business" media outlet. She only has her journalism degree, not any sign of economics expertise.
Student loan debt, she's determined is her specialty. Not repayment mind you, but reporting on efforts to forgive it or promote ideas that lay the blame for student loan on any entity other than students.
She's recently been promoted to "senior economic policy reporter" for a supposed "Business" media outlet. She only has her journalism degree, not any sign of economics expertise.
Student loan debt, she's determined is her specialty. Not repayment mind you, but reporting on efforts to forgive it or promote ideas that lay the blame for student loan on any entity other than students.
making a career out of student debt? what a novel idea.
$347,000 !! That is Stupid Money to both borrow and now have to pay back. What was this guy thinking?
There was a funny cartoon the other day. A smiling old guy sitting in a chair at the nursing home with a cake. One nurse asks the other, Is it his Birthday? She responds No he just paid off his student loans...
Good luck guy. $347,000 is a House!
People end up at those ridiculous levels because of interest. If you are not paying principal any loan will take forever- but if you take advantage of any of the periods you can defer payment you are really going to see the debt accelerate.
The real issue is colleges lying about the value of their degrees. This is particularly true of professors in some pretty useless fields that swear learning critical thinking alone will pave your way to success. And law schools are notorious for feeding students and prospective students BS salary ranges. They will tell kids the salaries for the Big Law law firms when something like 1% even end up in those firms. People do not realize most lawyers spend the first couple of years at pretty middle class earning levels before the most of them find a niche or the better ones separate from the pack. And many borrow money for both tuition and living expenses.
I endorse what the poster upthread said about society lying to kids about the impact of a college education.
Why anyone would choose a degree and field based on others saying it would be high paying and all, is beyond me. One should choose something because they want to do it.
Second, I have a feeling he used some of his loans to pay other expenses.
People end up at those ridiculous levels because of interest. If you are not paying principal any loan will take forever- but if you take advantage of any of the periods you can defer payment you are really going to see the debt accelerate.
The real issue is colleges lying about the value of their degrees. This is particularly true of professors in some pretty useless fields that swear learning critical thinking alone will pave your way to success. And law schools are notorious for feeding students and prospective students BS salary ranges. They will tell kids the salaries for the Big Law law firms when something like 1% even end up in those firms. People do not realize most lawyers spend the first couple of years at pretty middle class earning levels before the most of them find a niche or the better ones separate from the pack. And many borrow money for both tuition and living expenses.
I endorse what the poster upthread said about society lying to kids about the impact of a college education.
If someone does not do research on what occupation they want to get into and how much it pays - the joke's on them. I can see professors, loan officers, ect misleading kids back in the 60's / 70's - but that is no longer the case when the internet has more info than anyone can absorb - the kids are just stupid and lazy.
Note from the article: If you're eligible to receive a grad PLUS loan, you'll receive and repay it as follows:
Fill out a Direct PLUS Loan Master Promissory Note (MPN) to formally communicate your intent to repay the loan. You'll also need to take entrance counseling about your rights and responsibilities pertaining to the loan.
He should have gone to a state university. At least it'd be cheaper and he'd have the same job prospects.
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