More on student loans / debt...

lour441

So that student loan thread got me thinking...

If you found out your SO had significant debt would that effect your relationship?

When I met my future wife in 1991 I had 15k in student loans that I was paying. She had about 5k in debt. We worked it out. Had she been up over 50k I don't think I would have signed up for that. I am happy I never had to find out.

What would you do?

neverstray

It depends on the situation and how they are dealing with it.

As an example, a divorce, a failed business, and a lost home, and I'm in the toilet right now from a debt perspective. Taxes and business debt have me imprisoned financially. But, those are circumstances that happened to me. It's not quite the same as someone that runs up $50,000 in debt on credit cards on vacations and new clothes.

So, I would have to understand what it was about. If she was a neurosurgeon paying off $90k or more in student loans, I'd probably hang for the long term.

Kennkaru

That amount of student loan debt my significant other had wouldn't make any difference to me. If they had a steady job and were paying their monthly payments according to their contract, that is.

If it was credit card debt, or some other kind of debt indicative of a lack of financial responsibility, that would raise more questions. Student loan debt is just a reality of modern times and a person shouldn't seem unfit for marriage just because they had a quality education and are taking care of it per their original agreement.

new2locs

Now for the good news: there’s finally hope on the horizon! Representative Hansen Clarke of Michigan has just introduced H.R. 4170, the Student Loan Forgiveness Act of 2012, in the House of Representatives – legislation designed to lend a helping hand to those struggling under massive amounts of student loan debt.

For a brief summary of H.R. 4170′s main provisions, please copy & paste this URL into your browser: http://tinyurl.com/7akydbk

Bahet

It would depend on he debt. Student loans, car loan (for a car he can afford, not so he can drive a brand new sports car while making $20,000/yr or something stupid like that), mortgage, business loan, etc are acceptable, normal, and responsible. Being in credit card debt because you keep shopping for things you don't need or eat out all the time or other fiscally irresponsible purchases is different. If it was a small amount and he stopped the nonsense I'd be OK. But I won't let myself get dragged into financial ruin just because my SO wants the latest and greatest iPhone, computer, video game.

When DH and I were dating we were both in school. Mine was fully paid for so I never had any loans. He had some small loans. I paid them off within a year of us getting married. We also bought a house that year because I was a saver, not a spender. We've never had credit card debt. We live within our means.

jnh17

Now for the good news: there’s finally hope on the horizon! Representative Hansen Clarke of Michigan has just introduced H.R. 4170, the Student Loan Forgiveness Act of 2012, in the House of Representatives – legislation designed to lend a helping hand to those struggling under massive amounts of student loan debt.

For a brief summary of H.R. 4170′s main provisions, please copy & paste this URL into your browser: http://tinyurl.com/7akydbk

Thank GOD there is an additional way to pay for irresponsible decisions of others out of my own pocket. I was so worried there for a minute.

tsh0ck

Now for the good news: there’s finally hope on the horizon! Representative Hansen Clarke of Michigan has just introduced H.R. 4170, the Student Loan Forgiveness Act of 2012, in the House of Representatives – legislation designed to lend a helping hand to those struggling under massive amounts of student loan debt.

For a brief summary of H.R. 4170′s main provisions, please copy & paste this URL into your browser: http://tinyurl.com/7akydbk

Thank GOD there is an additional way to pay for irresponsible decisions of others out of my own pocket. I was so worried there for a minute.

understand the sentiment and, in a sense, agree. but having student loans is really an irresponsible decision?

I've got 10s of thousands to pay for. I'd like them to let me pay a little less a month and be less militaristic in demanding full and complete payments when they can see I'm giving them as much as I can each round. but otherwise I have no problem paying it back. I borrowed the money, after all.

jnh17

Now for the good news: there’s finally hope on the horizon! Representative Hansen Clarke of Michigan has just introduced H.R. 4170, the Student Loan Forgiveness Act of 2012, in the House of Representatives – legislation designed to lend a helping hand to those struggling under massive amounts of student loan debt.

For a brief summary of H.R. 4170′s main provisions, please copy & paste this URL into your browser: http://tinyurl.com/7akydbk

Thank GOD there is an additional way to pay for irresponsible decisions of others out of my own pocket. I was so worried there for a minute.

understand the sentiment and, in a sense, agree. but having student loans is really an irresponsible decision?

I've got 10s of thousands to pay for. I'd like them to let me pay a little less a month and be less militaristic in demanding full and complete payments when they can see I'm giving them as much as I can each round. but otherwise I have no problem paying it back. I borrowed the money, after all.

Most are pretty irresponsible. If you're borrowing 10's of thousands to be a teacher where you know 1. what your salary will be and 2. it will no increase much, then yes.

The only time it's responsible is if someone is completely extending themselves to NOT borrow money (that will HAVE TO BE PAID BACK). You can't borrow and then get upset about it? Did the person work? Where? How much? How many classes were taken (the more at a time, the cheaper) Where did the person choose to go? All these decisions roll into the responsibility of loans.

tsh0ck

classes everywhere I've ever heard of cost the same per credit hour no matter how many classes you take. never have heard of a buy-in-bulk discount.

but, in any case, my parents paid for what they could. I worked a work study on campus and a part-time job off campus while taking a full class load. but that still didn't scratch the surface. so I needed loans. and I'd do the same thing again.

like I said, I'm not trying to get out of paying anything I borrowed back. that's fairly ignorant to think that would be OK. I'm just saying to label people with student loans irresponsible is painting with a pretty large brush.

jnh17

classes everywhere I've ever heard of cost the same per credit hour no matter how many classes you take. never have heard of a buy-in-bulk discount.

but, in any case, my parents paid for what they could. I worked a work study on campus and a part-time job off campus while taking a full class load. but that still didn't scratch the surface. so I needed loans. and I'd do the same thing again.

like I said, I'm not trying to get out of paying anything I borrowed back. that's fairly ignorant to think that would be OK. I'm just saying to label people with student loans irresponsible is painting with a pretty large brush.

People can borrow all day long, when they advocate for help paying it back -- then we have a problem.

And even before many state schools instituted a program that any classes over 12 hours were at no additional charge (to give incentive to students to actually graduate in 4 years), there has ALWAYS been a built in buy-in-bulk discount. 1. the "fees" part of tuition are typically there if you take 1 class or 6 classes. 8 semester of fees vs 6 semester of fees -- well, you do the math. Additionally, 4 (or 5 or 6) years of not having a "real" job equates to those years of living expenses vs only 3 years or so of living expenses not having a "real job".

lporter229

I agree with having programs to make it easy on students to pay back loans...forbearance, consolidation, lower interest rates, etc. But I do not support complete forgiveness of student loans. I financed my entire college education, working two jobs waiting tables six nights per week, and sacrificing a lot in my younger years to pay back my loans. Never once did I regret my decision to get an education. It took a lot of time to get to where I want to be, but it has paid off in the long run. And the idea of forgiving loans for others is just a complete slap in the face to me. We have to stop perpetuating this notion that we can just do whatever we want and if we don't get the instant outcome we expected, somebody else will just come along and clean up the mess.

I would never say that taking on a student loan is an irresponsible decision, but honoring the commitment you made to pay it back, regardless of circumstances (there are some exceptions, of course), if part of that responsibility.

Coyla

I would never say that taking on a student loan is an irresponsible decision, but honoring the commitment you made to pay it back, regardless of circumstances (there are some exceptions, of course), if part of that responsibility.

I agree completely. I'm not in favor of complete student loan forgiveness, but the way the payback is structured makes it almost impossible to get out from under that debt. It's so easy to get a student loan, but it takes nearly a lifetime of work to pay it back. I hate to put on my Conspiracy Theorist Cap (even if it really brings out my eyes), but I think there's a reason why the government needs so many young people saddled with debt.

/paranoia