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The student loan crisis
Mark Cuban Explains the Student Loan Crisis in Less than 90 Seconds http://www.youtube.com/watch?v=ohLrNlY_TBk Do you have any student loans? If so how much do you owe, what is your payment and how long to pay it off? Do you feel the degree you received was worth the debt you incurred? Jun 23 14 12:00 pm Link I owe about 43K from an original loan that was 18K. My school was 26K a year. Why didn't I pay that shit off years ago? Well I never had an extra 2/300 bucks paying for rent, living all over the country, etc. My debt makes me want to throw myself on a bed of nails each and every day and what's ultimately disturbing is that it's not a lot of money, but to me it is. My education was worth it if you count the numerous corporate jobs I've had in my life that made me want to projectile vomit. Still glad I have a degree from a university though. Some of my musician friends don't and they can't get a decent job without breaking their back or doing something a 15 year old would. Every job is an honest one though. With a degree, the pain is somewhat less... sometimes. https://www.youtube.com/watch?v=cpbbuaIA3Ds Jun 23 14 12:14 pm Link Last job I worked at selling franchises, a girl there has over 100K in debt and never finished her Masters. One of her parents got sick, etc. She had an administrative job (secretarial), quit and now is working as a receptionist at some car dealership. She and her husband are living in her parent's basement. That monkey on my back in a basement would make me want to blow my brains out. Jun 23 14 12:22 pm Link 
Model Posts: 6639 MacMurdo - permanent station of the US, Sector claimed by New Zealand, Antarctica I got my degree a couple years ago. My student loans were about 36K, I think. Most of that money I borrowed to buy a new car, because nobody gives out 4% interest car loans... I have already paid it in full. I did it the old-fashioned way - by getting naked on the internet! Jun 23 14 12:29 pm Link What Fun Productions wrote: I owe about $6k I think, and I'm supposed to pay $100 a month. It's that big mostly due to me ignoring the loan for many years and barely paying on it every chance I got. My degree was well worth the loan, but I only needed the loan because I was a lousy student and I expended all my financial aid screwing around not passing classes. Through neglect I've racked up significant interest, but that's entirely my own fault. Jun 23 14 12:31 pm Link MoRina wrote: People that owe money wish the same. Jun 23 14 12:33 pm Link MoRina wrote: I see what you did there! Jun 23 14 12:38 pm Link I could have my student loan debt paid of by December if I was more old fashioned too. Said "No thank you" just recently to this exact scenario. Jun 23 14 12:40 pm Link Jules NYC wrote: Pretty much spot on. Whaddya know Jules, again! Jun 23 14 12:44 pm Link
Model Posts: 6639 MacMurdo - permanent station of the US, Sector claimed by New Zealand, Antarctica DivaEroticus wrote: Hey, who says modeling nude to pay for college has to be just for the young chicks? Jun 23 14 12:45 pm Link
Model Posts: 6639 MacMurdo - permanent station of the US, Sector claimed by New Zealand, Antarctica Jules NYC wrote: You are so much better than me. Except I don't "want to throw myself on a bed of nails each and every day", so I sleep just fine at night with my choices. Jun 23 14 12:47 pm Link MoRina wrote: I didn't mean that as insulting at all to you. Jun 23 14 12:49 pm Link Jun 23 14 12:50 pm Link He hit the nail on the head. Whenever politicians think everyone should have something the cost goes out the window. Back in the dark ages when I was in college a year at a private Catholic college in New England was about 8K a year, student loans were limited to about a 1K a year with no interest till you graduated or left school. I had a 4K loan and a job out of college that paid 8K and a nice new car ran about 2 to 4k. Now Tuition is $44K per year and a dorm room $7.5 and a meal plan another 5.5 or 57K a year. Back then four years was standard now five is common. The campus has more than doubled in size and now has a hockey rink, competition pool and a million dollar + fitness center. Our weight room was 20x20 had four barbells and benches and a mat and we had a top 20 Basketball team, regional champion Hockey team ,Nationally ranked Cross Country team and a national champion Baseball team during a five year period. Now how many BA/BS jobs have a starting pay of $114,000 a year? Jun 23 14 01:12 pm Link I think people that have debt feel horrible about it and people that don't are proud of it. I think we all want to feel good in life and being reminded how hard the struggle is doesn't feel good if one is a part of the 'in debt' crowd. No debts make life easier but doesn't steal away happiness. It's just money. You work hard and pay it off.  Jun 23 14 01:14 pm Link Bob Helm Photography wrote: I think people that make that kind of money are either: Jun 23 14 01:16 pm Link My HS Economics teacher taught us that there were two types of people in this world: Those that owe money and pay interest and those that own money and earn interest. Back then people saved money and interest rates paid at least 5% but that was before everyone wanted buy now/pay later or better yet for some pay never and the government facilitated that with interest payment deductions and very low interest rates. With banks paying a fraction of a percent on savings why save for anything,especially a college education? Jun 23 14 01:22 pm Link Jules NYC wrote: I agree but Law or Medical School is all on top of that $200,000 BA/BS. Jun 23 14 01:29 pm Link Bob Helm Photography wrote: True. Jun 23 14 01:29 pm Link Agreed. Jun 23 14 01:30 pm Link Bob Helm Photography wrote: There are a lot of young Doctors/lawyers, etc. that are terrified of their debt. Takes a while to pay that kind of education off! Jun 23 14 01:32 pm Link Jules NYC wrote: My kid is a lawyer....he won't see that much for at least 3-4 years. Jun 23 14 01:36 pm Link I must find humor in everything. These two clips make me chuckle https://www.youtube.com/watch?v=tQCjx6fDWak https://www.youtube.com/watch?v=cKUvKE3bQlY Jun 23 14 01:37 pm Link Cherrystone wrote: Oh my. Jun 23 14 01:38 pm Link In regards to the idea of "is it worth it" wiped mine out when I went to school for health sciences, then I have no idea where I'm at now. Don't really care either. A friend of mine owed over 200 grand in loans, he wiped them out in a couple of years after he started working (Doctor, mind you, but still) I'll have a diploma in business, a marketing degree in early 2016 and late 2016 perhaps an HR degree. At the end of that it will have been about a total of 6 years pursuing it I'm not in school to get work, or a "job" after but for personal satisfaction..4 years ago I was where my teachers were at.. I've turned down half a dozen serious job opportunities in the last two years, internationally.. I want to show myself that I can accomplish a goal I didn't think was possible before I started. I'm gifted with finances, with attracting opportunities..so repayment, for me, is of no consequence. That said, I'm not intelligent. I just make a goal and then have a system in place, almost an obsession, with completing it. If I'm not working at something 350 hours a month, I'm not working hard enough. School was never my strong suit. every other week I want to quit..and I have a form of dyscalcula but, it is worth it for the character building, the experience, the network and referrals and the lifestyle, the maturity built from that and the skills learned. I probably wouldn't recommend anyone do anything for the sake of it, but wait until you know what you're interested in first. Many people get screwed in the system because, I theorize, they figure the degree is a "ticket" to a good life and now that they hand in their last paper; society owes them. Society owes you nothing. You owe society. You have your entire life to figure out how to pay it back and take care of yourself as well. However you do that is up to you Jun 23 14 01:41 pm Link Karl JW Johnston wrote: Helps with all things in life, paying bills, getting to the next plateau in life/profession, etc. Jun 23 14 01:51 pm Link MoRina wrote: Right? I'd do it in a heartbeat, if I could, in order to get my master's. Jun 23 14 02:07 pm Link My husband and I will have an outrageous amount of money to pay back, but when he's done in 3 years he'll be making 70-80k starting, and I will be making about the same. Though I won't be done for about 7 or 6 years. It's heavy taking that plunge, but you have to weight it against how much you believe in yourself and the wisdom of what you've chosen to go into. Jun 23 14 02:08 pm Link
Model Posts: 6639 MacMurdo - permanent station of the US, Sector claimed by New Zealand, Antarctica Erin Holmes wrote: You are basically borrowing the money to make an investment. Just like any investment, you have to decide if the payoff is worth the risk. Jun 23 14 02:16 pm Link I think education is a great investment. No one can ever take it away from you. I know I wouldn't have been able to build up my business résumé and have the opportunity for many things (some highly creative and full of enjoyment) without a college education. I'm up for an art job that pays well. Without an education I wouldn't be qualified. The things that I do on the regular and make money for, I didn't go to school for it at all. Most of my peers went to Juilliard, NYU or Berkeley. Jun 23 14 03:04 pm Link I never went, so my debt is 0. Thats pretty cool, but I also dont have a degree. I almost threw away quite a hefty bit of money, but my life changed unexpectedly and school wasn't an immediate post-highschool option anymore and then I just never wound up going. In some ways Im glad, others Im not. I'd have a whole fuckton of debt and probably not a job in the field I was going for, if I had gone to school when I had the opportunity, so Id wind up like most everybody else. If I do wind up going ever I'll be going in Canada where its a fuckton cheaper, so that will help. I know at least one person who filed for bankruptcy before 30 because their school loans buried them. And they're not using their degree at all. Jun 23 14 03:39 pm Link Student loan programs are a scam so universities and teachers unions can continue to jack their prices and budgets up higher than normal people can afford to pay. If we had more freedom of choice with vouchers and other free-market based access to money for education, to use at more private schools who compete for their business, then kids would receive a higher quality of education at lower prices. The government run student loan program creates many billions of dollars of false liquidity and pork barrel funding for too many people who are paid far more than they earn, and for too many other inflated budgets and handouts for things that do not contribute to the education of children. That's it. No more, no less. Suckers. Jun 23 14 03:48 pm Link Click Hamilton wrote: Too bad I'm not an American Indian. Jun 23 14 03:51 pm Link A lot of these people that are caught up in this student loan crisis are in it because they attended college for some useless degree. They obtained a degree in black studies, women studies, history....or some other useless field that isn't in demand. So of course they're not gonna be able to find jobs. On that note, I'm gonna short S.L.A.B.S. because I too feel that the student loan bubble is gonna burst. Jun 23 14 03:54 pm Link Jun 23 14 03:55 pm Link Jun 23 14 03:57 pm Link Jules NYC wrote: I thought we are now encouraged to claim any ethnicity, national heritage or gender we want, based on how we feel and what we want to identify ourselves as. Jun 23 14 03:58 pm Link Click Hamilton wrote: Jun 23 14 04:03 pm Link Jules NYC wrote: Thanks! Jun 23 14 04:06 pm Link Click Hamilton wrote: Two degrees is enough for me unless I want to yuk it up more at parties. Jun 23 14 04:08 pm Link |
