Forgive my student loan!

MFPAddict

So how does a young person who is lucky to make $40K/year out of college (if they are lucky enough to find a job) supposed to pay down on their $50K student loan debt, pay their $1200/month apartment rent, while making payments on their $20K honda civic, while saving up for their $40K down payment, so they can buy their $200K townhouse before they turn 30, because heaven forbids one day they might want to actually start a family. See its almost impossible to start from scratch these days. Most of the young people cannot get out of debt without their parents' help.

Perhaps they should move to a more affordable location and buy a used car.

mrmanmeat

I expected a response like this from you. So just as I stated, you are perfectly fine with the burden of your hardship going on to anyone other than your daughter.

I was raised to never buy something you can't afford.

Its impossible to not buy things you can't afford when you live in an environment where nothing is affordable! Nobody can afford colleges these days. Nobody can afford to buy a house these days. I am guessing you are middle-aged, I don't think many of these types have the slightest clue what the young workforce has to deal with these days. High student loan debts, high mortgages, lack of jobs, etc.

Not sure what the definition of middle-aged is, but I am 42. I am well aware of the issues the young workforce are dealing with. Not going to debate the high student loan debt again. I worked my way through college. High mortgages because they bought more than they could afford. Possibly bought using an ARM.

Will definitely give yout he lack of jobs, but that isn't just a young workforce issue. Many "middle-aged" workers have that same problem.

So how does a young person who is lucky to make $40K/year out of college (if they are lucky enough to find a job) supposed to pay down on their $50K student loan debt, pay their $1200/month apartment rent, while making payments on their $20K honda civic, while saving up for their $40K down payment, so they can buy their $200K townhouse before they turn 30, because heaven forbids one day they might want to actually start a family. See its almost impossible to start from scratch these days. Most of the young people cannot get out of debt without their parents' help.

Find cheaper rent.
Find a cheaper car.
Find a cheaper house if you can't afford a 200k townhouse.

Why on earth should I help them pay off their student loan bills?

odusgolp

The feeling of entitlement! Wow.

I went to a public University in WI costing roughly $10,000/year (without housing, etc). My parents paid precisely zero. I did not qualify for assistance other than Unsubsidized Stafford Loans.

I took those loans, I worked full-time throughout the school year and summers. I worked year round, I went to school year round. I also worked in High School to save - concept.

Upon graduation at the age of 21, I got a job paying in the $20K range, started paying back my student loans and living "small." Within two years I tripled my income through hard work and dedication.

I bought my first house at the age of 23.

I am now 35, continue my career path, a single mom, have zero debt, zero credit cards, and a 10 year old car, and a crappy lil' house to live in.

My point?? I don't owe you *kitten* if you can't pay your own student loans.

grinch031

I expected a response like this from you. So just as I stated, you are perfectly fine with the burden of your hardship going on to anyone other than your daughter.

I was raised to never buy something you can't afford.

Its impossible to not buy things you can't afford when you live in an environment where nothing is affordable! Nobody can afford colleges these days. Nobody can afford to buy a house these days. I am guessing you are middle-aged, I don't think many of these types have the slightest clue what the young workforce has to deal with these days. High student loan debts, high mortgages, lack of jobs, etc.

Not sure what the definition of middle-aged is, but I am 42. I am well aware of the issues the young workforce are dealing with. Not going to debate the high student loan debt again. I worked my way through college. High mortgages because they bought more than they could afford. Possibly bought using an ARM.

Will definitely give yout he lack of jobs, but that isn't just a young workforce issue. Many "middle-aged" workers have that same problem.

So how does a young person who is lucky to make $40K/year out of college (if they are lucky enough to find a job) supposed to pay down on their $50K student loan debt, pay their $1200/month apartment rent, while making payments on their $20K honda civic, while saving up for their $40K down payment, so they can buy their $200K townhouse before they turn 30, because heaven forbids one day they might want to actually start a family. See its almost impossible to start from scratch these days. Most of the young people cannot get out of debt without their parents' help.

Find cheaper rent.
Find a cheaper car.
Find a cheaper house if you can't afford a 200k townhouse.

The point is in many areas like Washington DC suburbs you can't find much cheaper living and job opportunities together. Sure you don't need a new car, but the point is a Honda Civic which is one of the most basic cars out there can break the bank nowadays.

mrmanmeat

The feeling of entitlement! Wow.

I went to a public University in WI costing roughly $10,000/year (without housing, etc). My parents paid precisely zero. I did not qualify for assistance other than Unsubsidized Stafford Loans.

I took those loans, I worked full-time throughout the school year and summers. I worked year round, I went to school year round. I also worked in High School to save - concept.

Upon graduation at the age of 21, I got a job paying in the $20K range, started paying back my student loans and living "small." Within two years I tripled my income through hard work and dedication.

I bought my first house at the age of 23.

I am now 35, continue my career path, a single mom, have zero debt, zero credit cards, and a 10 year old car, and a crappy lil' house to live in.

My point?? I don't owe you *kitten* if you can't pay your own student loans.

And this is why I love you.
Along with the fact that you're horny 24/7

odusgolp

So how does a young person who is lucky to make $40K/year out of college (if they are lucky enough to find a job) supposed to pay down on their $50K student loan debt, pay their $1200/month apartment rent, while making payments on their $20K honda civic, while saving up for their $40K down payment, so they can buy their $200K townhouse before they turn 30, because heaven forbids one day they might want to actually start a family. See its almost impossible to start from scratch these days. Most of the young people cannot get out of debt without their parents' help.

First, you get a god damn reality check, a roommate, a less expensive car and apartment, and thank you lucky STARS you have a job that pays so well.

mrmanmeat

I expected a response like this from you. So just as I stated, you are perfectly fine with the burden of your hardship going on to anyone other than your daughter.

I was raised to never buy something you can't afford.

Its impossible to not buy things you can't afford when you live in an environment where nothing is affordable! Nobody can afford colleges these days. Nobody can afford to buy a house these days. I am guessing you are middle-aged, I don't think many of these types have the slightest clue what the young workforce has to deal with these days. High student loan debts, high mortgages, lack of jobs, etc.

Not sure what the definition of middle-aged is, but I am 42. I am well aware of the issues the young workforce are dealing with. Not going to debate the high student loan debt again. I worked my way through college. High mortgages because they bought more than they could afford. Possibly bought using an ARM.

Will definitely give yout he lack of jobs, but that isn't just a young workforce issue. Many "middle-aged" workers have that same problem.

So how does a young person who is lucky to make $40K/year out of college (if they are lucky enough to find a job) supposed to pay down on their $50K student loan debt, pay their $1200/month apartment rent, while making payments on their $20K honda civic, while saving up for their $40K down payment, so they can buy their $200K townhouse before they turn 30, because heaven forbids one day they might want to actually start a family. See its almost impossible to start from scratch these days. Most of the young people cannot get out of debt without their parents' help.

Find cheaper rent.
Find a cheaper car.
Find a cheaper house if you can't afford a 200k townhouse.

The point is in many areas like Washington DC suburbs you can't find much cheaper living and job opportunities together. Sure you don't need a new car, but the point is a Honda Civic which is one of the most basic cars out there can break the bank nowadays.

If you buy it new, yes. Buy a used car. Or find a cheaper car.

And, gasp, don't live in a big city if you can't afford it. If you must, get a roommate. Live w/in your means.

onedayillbeamilf

The feeling of entitlement! Wow.

I went to a public University in WI costing roughly $10,000/year (without housing, etc). My parents paid precisely zero. I did not qualify for assistance other than Unsubsidized Stafford Loans.

I took those loans, I worked full-time throughout the school year and summers. I worked year round, I went to school year round. I also worked in High School to save - concept.

Upon graduation at the age of 21, I got a job paying in the $20K range, started paying back my student loans and living "small." Within two years I tripled my income through hard work and dedication.

I bought my first house at the age of 23.

I am now 35, continue my career path, a single mom, have zero debt, zero credit cards, and a 10 year old car, and a crappy lil' house to live in.

My point?? I don't owe you *kitten* if you can't pay your own student loans.

A bouquet of :flowerforyou:

odusgolp

The point is in many areas like Washington DC suburbs you can't find much cheaper living and job opportunities together. Sure you don't need a new car, but the point is a Honda Civic which is one of the most basic cars out there can break the bank nowadays.

Then move. You're young.

TylerJ76

All I know is the one year I went to a state school, was really freaking expensive for a place to go drinking..

jnh17

I expected a response like this from you. So just as I stated, you are perfectly fine with the burden of your hardship going on to anyone other than your daughter.

I was raised to never buy something you can't afford.

Its impossible to not buy things you can't afford when you live in an environment where nothing is affordable! Nobody can afford colleges these days. Nobody can afford to buy a house these days. I am guessing you are middle-aged, I don't think many of these types have the slightest clue what the young workforce has to deal with these days. High student loan debts, high mortgages, lack of jobs, etc.

Not sure what the definition of middle-aged is, but I am 42. I am well aware of the issues the young workforce are dealing with. Not going to debate the high student loan debt again. I worked my way through college. High mortgages because they bought more than they could afford. Possibly bought using an ARM.

Will definitely give yout he lack of jobs, but that isn't just a young workforce issue. Many "middle-aged" workers have that same problem.

So how does a young person who is lucky to make $40K/year out of college (if they are lucky enough to find a job) supposed to pay down on their $50K student loan debt, pay their $1200/month apartment rent, while making payments on their $20K honda civic, while saving up for their $40K down payment, so they can buy their $200K townhouse before they turn 30, because heaven forbids one day they might want to actually start a family. See its almost impossible to start from scratch these days. Most of the young people cannot get out of debt without their parents' help.

I'm using myself as an example here -- because I"m not THAT old. I graduated early (because it's cheaper to graduate early) BEFORE state schools waved tution for any classes you take over a full load because...kids these days, why finish? Anyways, my husband and I bought a house (we made exactly the same amount at the time) when I was 24. No help at ALL from family. 200k. I chose a school I could afford, a degree that could get me a decent job, and a husband that works. If you choose a school you can't afford, get a worthless degree, and end up with a deadbeat -- those are your choices (and consequences) to accept. Not mine.

Just like someone else said, every person I know with student loans could have reduced them if they WANTED to.

StarkLark

As someone who borrowed too much for school I can say without a doubt that I don't need anyone to pay my debt for me. Loan payments are a huge part of my monthly budget and surely my finances would be much easier without that debt, but that's not how personal responsibility works.

/lucky enough to have a decent job
//still a crazy amount of debt, but that's on me

angryguy77

Is this for real?

How about you take care of yourself and don't demand other taxpayers to pay for your poor choice?

How about you get a second job to help pay for the loan?

I have student loans that I still owe on, but I went to a school that wasn't going to out me in debt for decades either.

See what I did there? It's really not that hard now is it?

You people really make me sick to be honest. You are not owed a damn thing.

grinch031

The point is in many areas like Washington DC suburbs you can't find much cheaper living and job opportunities together. Sure you don't need a new car, but the point is a Honda Civic which is one of the most basic cars out there can break the bank nowadays.

Then move. You're young.

Moving wouldn't do anything for me at this point. But I have empathy for the younger folks who are going to even have it tougher than I did. I walked out of school with $12K in student loan debt which I'm still paying, but that's better than the $40-50K some have.

onedayillbeamilf

Is this for real?

How about you take care of yourself and don't demand other taxpayers to pay for your poor choice?

How about you get a second job to help pay for the loan?

I have student loans that I still owe on, but I went to a school that wasn't going to out me in debt for decades either.

See what I did there? It's really not that hard now is it?

You people really make me sick to be honest. You are not owed a damn thing.

I normally don't give guys flowers, but since there's no blow job smiley, here....:flowerforyou:

WarriorMom2012

So how does a young person who is lucky to make $40K/year out of college (if they are lucky enough to find a job) supposed to pay down on their $50K student loan debt, pay their $1200/month apartment rent, while making payments on their $20K honda civic, while saving up for their $40K down payment, so they can buy their $200K townhouse before they turn 30, because heaven forbids one day they might want to actually start a family. See its almost impossible to start from scratch these days. Most of the young people cannot get out of debt without their parents' help.

Perhaps they should move to a more affordable location and buy a used car.

Maybe your debt should come before your aspirations of buying a $200K home before you're 30.

angeldaae

I worked my butt off in high school so that I could get a scholarship that sent me to college for free. I did not go to a “fancy” college; I went to one that offered me a free ride. I got an excellent education and now have a very well-paying job, and no debt.

So, if we are going to forgive all the student loans, I will be expecting a lump-sum payment for the value of my tuition that my hard worked earned me.

jnh17

The point is in many areas like Washington DC suburbs you can't find much cheaper living and job opportunities together. Sure you don't need a new car, but the point is a Honda Civic which is one of the most basic cars out there can break the bank nowadays.

Then move. You're young.

Moving wouldn't do anything for me at this point. But I have empathy for the younger folks who are going to even have it tougher than I did. I walked out of school with $12K in student loan debt which I'm still paying, but that's better than the $40-50K some have.

Can you break that 40-50k figure down in specifics?

doorki

The point is in many areas like Washington DC suburbs you can't find much cheaper living and job opportunities together. Sure you don't need a new car, but the point is a Honda Civic which is one of the most basic cars out there can break the bank nowadays.

Then move. You're young.

Moving wasn't really an option for me. In the field I chose (Finance), the good jobs are only in expensive areas. Choices were - Boston, NYC, Chicago or San Francisco. Oh, there were some lower tiered companies in DC.

rml_16

My entire college education, four years of it, cost around $10K. And I have a very good job. Maybe people should consider their budgets when choosing a university to attend.

Just sayin'.

Yeah, but we are middle-aged.

lol

This was 10 years ago. And my daughter, because we're in a different state that's even cheaper!, could go four years for even less than that.

But how good is their football team? And would someone feel out of place wearing their Croc boots?

Good points! Good points!

But we're in Florida now, so we're talking FSU (which is not as good as its rep) and the Gators. My alma mater? Not so great, but an alumnus did play in the Super Bowl two years ago.

TylerJ76

I worked my butt off in high school so that I could get a scholarship that sent me to college for free. I did not go to a “fancy” college; I went to one that offered me a free ride. I got an excellent education and now have a very well-paying job, and no debt.

So, if we are going to forgive all the student loans, I will be expecting a lump-sum payment for the value of my tuition that my hard worked earned me.

Love that!

rml_16

My entire college education, four years of it, cost around $10K. And I have a very good job. Maybe people should consider their budgets when choosing a university to attend.

Just sayin'.

Another nail hit on the head. Too many people are borrowing too much money to get an education in a field that doesn't make much money, and then they complain about the cost of education.

I'll take my wife for an example, so I don't offend anyone else. She went to an expensive private school to get an education degree. She knew the exact job she wanted, and the exact school she wanted to teach at. Luckily for her, she got the job. Unfortunately for her, her salary was half of what one year at college cost her.

There are too many people making similarly poor fiscal decisions for me to give any real sympathy to the student loan forgiveness idea.

Even state schools are all hitting the $10K/year just for tuition alone. It was $4K/year for my school a decade ago and now its $10K/year. There is no avoiding it. You either get a 4-year degree and take on massive student loan debt, or you take a job with low wages. Or if you're the 1% you start a business but that's not going to work for most.

What state schools are $10K a year for in state tuition? I have a child graduating high school this year and tuition for in state here are nowhere near that.

rml_16

So how does a young person who is lucky to make $40K/year out of college (if they are lucky enough to find a job) supposed to pay down on their $50K student loan debt, pay their $1200/month apartment rent, while making payments on their $20K honda civic, while saving up for their $40K down payment, so they can buy their $200K townhouse before they turn 30, because heaven forbids one day they might want to actually start a family. See its almost impossible to start from scratch these days. Most of the young people cannot get out of debt without their parents' help.

My parents didn't buy their first house until they were in their mid-30s. You can have children without owning a house. I just bought a used (and in very great shape) Toyota for $7,800. The three bedroom/two bathroom townhouse next door to me sold for $60K.

PlanetVelma

So how does a young person who is lucky to make $40K/year out of college (if they are lucky enough to find a job) supposed to pay down on their $50K student loan debt, pay their $1200/month apartment rent, while making payments on their $20K honda civic, while saving up for their $40K down payment, so they can buy their $200K townhouse before they turn 30, because heaven forbids one day they might want to actually start a family. See its almost impossible to start from scratch these days. Most of the young people cannot get out of debt without their parents' help.

Perhaps they should move to a more affordable location and buy a used car.

THIS!!!

bluiz13

i borrowed and i paid back...that's what you do....you work in order to payback and if you are struggling you need to ask for help/forbearance or whatever it is called (it's been so long since i had mine lol)....anyway, i agree with an above poster dont borrow or spend what you can't afford....just my opinion as well....goes for schools/colleges, cars, houses, anything you are lent money for.....living within your means is the only way to go....again, in my opinion....denise

Sox90716

I joined the Army to pay for my college education. Pay for it yourself or go without. Where did this overwhelming sense of entitlement come from?

BullDozier

I expected a response like this from you. So just as I stated, you are perfectly fine with the burden of your hardship going on to anyone other than your daughter.

I was raised to never buy something you can't afford.

Its impossible to not buy things you can't afford when you live in an environment where nothing is affordable! Nobody can afford colleges these days. Nobody can afford to buy a house these days. I am guessing you are middle-aged, I don't think many of these types have the slightest clue what the young workforce has to deal with these days. High student loan debts, high mortgages, lack of jobs, etc.

Not sure what the definition of middle-aged is, but I am 42. I am well aware of the issues the young workforce are dealing with. Not going to debate the high student loan debt again. I worked my way through college. High mortgages because they bought more than they could afford. Possibly bought using an ARM.

Will definitely give yout he lack of jobs, but that isn't just a young workforce issue. Many "middle-aged" workers have that same problem.

So how does a young person who is lucky to make $40K/year out of college (if they are lucky enough to find a job) supposed to pay down on their $50K student loan debt, pay their $1200/month apartment rent, while making payments on their $20K honda civic, while saving up for their $40K down payment, so they can buy their $200K townhouse before they turn 30, because heaven forbids one day they might want to actually start a family. See its almost impossible to start from scratch these days. Most of the young people cannot get out of debt without their parents' help.

Find cheaper rent.
Find a cheaper car.
Find a cheaper house if you can't afford a 200k townhouse.

The point is in many areas like Washington DC suburbs you can't find much cheaper living and job opportunities together. Sure you don't need a new car, but the point is a Honda Civic which is one of the most basic cars out there can break the bank nowadays.

Which is why people just out of college should not aspire to buying a brand new car out of college, when other more immediate financial needs are present.

Plus on top of that, one of the most basic financial truths is that buying a new car is a bad financial decision, and it is certainly not a birthright of a recent college grad.

zmanincredible

This is such a touchy subject....
The fact is, things keep getting more expensive while salaries increase at a less steady rate. That is a FACT!
School, cost of living, groceries, gas, cars... etc. Those are all things that cost 200-300% more than they did 15 years ago.
The average salary for a college graduate is the same as it was back in the late 70's.

A lot of us made the mistake to go to college, not worrying about the consequenses, because we are raised to believe that a college education will land us a good job with good pay and we would be able to raise a family and live happily ever after. No one predicted the recession as much as no one ever predicted we would have a black president. We went to college to learn what a rip off college actually is, and now we are stuck with enormous debt and limited opportunities.

I am a high believer in education, but I will never suggest to any high schooler to take on enormous school loans. Therefor, we are going to have a very stupid country. Even dumber than we already are.

grinch031

So how does a young person who is lucky to make $40K/year out of college (if they are lucky enough to find a job) supposed to pay down on their $50K student loan debt, pay their $1200/month apartment rent, while making payments on their $20K honda civic, while saving up for their $40K down payment, so they can buy their $200K townhouse before they turn 30, because heaven forbids one day they might want to actually start a family. See its almost impossible to start from scratch these days. Most of the young people cannot get out of debt without their parents' help.

Perhaps they should move to a more affordable location and buy a used car.

Maybe your debt should come before your aspirations of buying a $200K home before you're 30.

I guess you and the others are missing the point. If 20-somethings cannot afford to buy houses and start families because they can't avoid massive debt, then our economy is doomed. I'll leave it at that.

Murphy15

I left college and law school with over $200K in student loans. And you know what, I'm paying every single dime back. I've already made a huge dent and it's my responsibility to pay back what I chose to borrow. I would never have been able to go to law school without loans (tuition being $40K/year), but that was my choice.