Forgive my student loan!
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The news today is reporting that 1 out of 2 college grads from 2012 is either underemployed or completely jobless. That is a sad state of affairs. My son is a sophomore in high school this year. I do not know what job prospects will look like when he's entering the career fields, but he had a hell of a time just finding an after school job, because positions like grocery bagger or cashier are being taken by adults who cannot find work in their fields. That sort of thing is hard to anticipate for a new grad.
Has your son considered going in to the yard care business? It's almost summer time. It beats making cones at the DQ.0 -
i think if this bill passes then more loans will be paid back.0
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The news today is reporting that 1 out of 2 college grads from 2012 is either underemployed or completely jobless. That is a sad state of affairs. My son is a sophomore in high school this year. I do not know what job prospects will look like when he's entering the career fields, but he had a hell of a time just finding an after school job, because positions like grocery bagger or cashier are being taken by adults who cannot find work in their fields. That sort of thing is hard to anticipate for a new grad.
Has your son considered going in to the yard care business? It's almost summer time. It beats making cones at the DQ.
hey now... making that swirly at the top should be considered an art form. I know I can't do it. lol0 -
Okay, I'll bite. I went to a good school and got a degree in Philosophy and Religion. I now make a very good income and the only reason I got in the door for the interview was where I went to school. Everyone else in my office has either an advanced degree or undergrad degree from a prestigious institution. Did I overpay for college?
You already answered your own question. How could I improve on that? I'm going to assume you got your education without obtaining federal guaranteed student loans, or you earned enough with your new degree that you paid them back. Either way, nice job.
I am still paying off my student loans....after the refi, I only have another 20 years to have it paid off. But my point is that the expensive school is the reason that I am able to do this so while you will say that someone overpaid for a $40k per year school, I have to say that it was the expensive school that got me where I am.0 -
Sadly we are human and often do not turn our minds to the consequences of our actions. More loans = more debt just as more calories = more pounds. I still don't think it is right to condemn those who need help in rectifying their bad choices. I see this bill as trying to help people manage to pay back their loans and I think more money will be recouped this way. It is always better to empower people. If a person feels their situation is hopeless then they will not attempt to repay their loan at all.Really? My husband put himself through school without taking any student loans and no help from his parents. Took him a lot longer, sure, but he graduated with no debt.
This may sound harsh, but you chose the school and its tuition, you chose the amount of debt to accumulate, you chose your career field...it's time to pay up.
That's the problem, people want things right now and its become a society of credit and loans. No one is teaching about saving anymore and as I wrote on this thread before so many students want the pricey prestige school when they can get the same degree at a state school which would be much cheaper. I got several friends who worked and paid for their schooling without loans and it was a wise choice since now they don't have debt and are living the American dream because of it, but they made proper choices is why and no they are not privilege, they've worked hard. Sadly that isn't being taught anymore, the choices and how a loan should be a last resort.0 -
i think if this bill passes then more loans will be paid back.
I agree with this. IF you look at the debt forgiveness. as long as you are paying back at least 10% of your income for 10 years then it will be forgiven. IF YOU are not paying that back then it wont be forgiven. You have to pay to have your debt forgiven YES i made the decision did I have any other choice in it. NO. THe goverment denied me grants as my parents made to much when the goverment let people who owned their own business and made alot of money grants like the pell. at one point i made 11,000 dollars in one year and I still did not get the pell grant. So FIrst off. they need to revamp how they do their pell grants and give it to the people who really need it.
Also, just because you go into and industry that you have a "chance" to get a job right of does not mean you will get one. I have a business degree which you would think would be a guarenteed managment job. NO. they want 1 Year work experince in the field education just to be paid minimum wage at a assistant management position at somewhere like mcdonalds. SO no generalizing here that just because you went to a school to become something in high demand means you are going to be in that career.
I think this is a good incentive to get more people to make consistent payments on thier loans. IT would be nice if I was able to pay them off in 10 years but with interest rates so high i'll be lucky to have it paid of in 30 years. I pay regularly and I do believe that if my debt were forgiven they will free up more money as I would have 600 extra dollars a month to go buy stuff and pay of credit cards and mortgages etc. I would be happy if they would make all student loans interest free where my money acutally went to my loan and not the government because of that loan. I have been paying for 6 years and havent seen a single drop in the overall amount and i am at 3.2 percent interest which is much lower than some i have seen.
And for those stating that they dont want to pay for others education. THINK PELL GRANT! hate to tell you, you are paying for others educations, and most of the time they are business owners that have the money to pay for their kids educations but they put their whole income into the business to make it look like they dont make anything. I didnt believe it till i had a friend tell me thats how she got the pell grant.. And, just because I may eventually have my loans forgiven doesnt mean im not paying taxes either because I do pay taxes just like everyone else.0 -
Has your son considered going in to the yard care business? It's almost summer time. It beats making cones at the DQ.
hey now... making that swirly at the top should be considered an art form. I know I can't do it. lol
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Oh my...if I worked at the DQ, every cone I make would be taste tested. I'd last there less than an hour. That's why i cut grass when I was a kid. Hehehe.0 -
I am still paying off my student loans....after the refi, I only have another 20 years to have it paid off. But my point is that the expensive school is the reason that I am able to do this so while you will say that someone overpaid for a $40k per year school, I have to say that it was the expensive school that got me where I am.
Your expensive school got you a job that allows you to take 20 years to pay back all that money. I sincerely hope you love your job, it sounds like you owe a mountain of money. Best of luck.0 -
Sadly we are human and often do not turn our minds to the consequences of our actions. More loans = more debt just as more calories = more pounds. I still don't think it is right to condemn those who need help in rectifying their bad choices. I see this bill as trying to help people manage to pay back their loans and I think more money will be recouped this way. It is always better to empower people. If a person feels their situation is hopeless then they will not attempt to repay their loan at all.
i would like to see the feds start forcing the schools to pay back the money that got for selling worthless degrees. PT Barnum said it, there is a sucker born every minute, and some of these schools take advantage of that by allowing students with bad grades to come in and borrow money for two years to play catch up...before they even get a class that gives them any credit toward their field of study.
If you start your freshman year without knowing what your goals are, then you might as well stay home and work another year and saving all the money you can. These "General Studies" degrees are worth almost as much as a generic high school diploma and cost more than 50K in most cases.
I also think more of these kids need to consider cheaper voc-tech educations, learn a trade kids...be your own boss.0 -
I'm not eligible:(. Luckily I have a good job and can pay my loan payments. My interest is low (3%) so I can't complain there. I was not eligible for grants (my mom had too many assets) and I worked three jobs while going to school but still couldn't afford college without loans.0
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Student Loan Forgiveness...please. Why should my tax money go to pay for someone else's loans? Nobody forced them to take out big loans. I had loans while in college and for a few years after I graduated but I worked my *kitten* off to get them paid off.
Amen my Brother0 -
This ^^^^ You decide to get loans to better your education so that you can make more money, then YOU pay back the loan. You read the fine print and signed your name. Why should someone get an education using loans and then get out of paying for. Own up to what you have chosen to do. Same goes with getting loans for houses. Pay attention to what you are signing and deal with it.0
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I agree. My dad always said to get a trade. I went to law school just so I would make enough money to pay back my loans from undergrad. I know guys that went to trade school and were loaded by the time they were 22.Sadly we are human and often do not turn our minds to the consequences of our actions. More loans = more debt just as more calories = more pounds. I still don't think it is right to condemn those who need help in rectifying their bad choices. I see this bill as trying to help people manage to pay back their loans and I think more money will be recouped this way. It is always better to empower people. If a person feels their situation is hopeless then they will not attempt to repay their loan at all.
i would like to see the feds start forcing the schools to pay back the money that got for selling worthless degrees. PT Barnum said it, there is a sucker born every minute, and some of these schools take advantage of that by allowing students with bad grades to come in and borrow money for two years to play catch up...before they even get a class that gives them any credit toward their field of study.
If you start your freshman year without knowing what your goals are, then you might as well stay home and work another year and saving all the money you can. These "General Studies" degrees are worth almost as much as a generic high school diploma and cost more than 50K in most cases.
I also think more of these kids need to consider cheaper voc-tech educations, learn a trade kids...be your own boss.0 -
I agree. My dad always said to get a trade. I went to law school just so I would make enough money to pay back my loans from undergrad. I know guys that went to trade school and were loaded by the time they were 22.
I have a 29 yr old son that got his undergrad while he was in the Marine Corps, we bought the books, USMC bought the classes. He was in for 8 years, and spent a year in Iraq. He worked as a paralegal for JAG for most of the time. He's out now and working a civilian job for DOD...and they are paying for him to go to law school. He had no student loan debt...but he was in Iraq for a year...suck factor on both is pretty high.
You can't swing a dead cat around here and not hit 25 lawyers looking for work...his job pays a whole lot better after he graduates from law school..it's not the field he really wanted to work in, but with a mortgage, a wife, and a couple of kids...you do what you have to do. I think he'll be a pretty good lawyer.
One of the guys he graduated HS with went to a local tech school to learn HVAC...and started his own company in 2004...he's rolling in it. He's a very bright and hard working kid though.0 -
No one forced us? I didn't WANT to take out a ton in student loans, but when college is $40,000 a year, you kind of have no choice. I worked my *kitten* of to get the scholarships I could and that still didn't covor the costs...I worked 2 jobs while IN college, plus a 3rd jobb part time. and I am stil over 20,000 in debt, and graduated without being able to find a job. I currently have an extremely low paying job and am living paycheck to paycheck just to pay my bills and make sure I have enough gas to get to work to pay for those bills...a little help would be amazing wth the ridiculous interest rates that they apply.
40K a year? They saw you coming. No one forced you to overpay for a college education, you overpaid because you didn't want to make the sacrifices required to attend a school you could afford. What did you get your degree in?
Suck it up, buttercup.
I agree 100%. I went to a state school and still had to take out some student loans - $8000 for 4 years. That's it! I got a great education and worked hard and have a great career in biotech, which was booming at the time. My older son joined the military and they are paying for his education at a STATE SCHOOL. He's not complaining. My younger son worked incredibly hard in high school, graduated near the top of his class and is going to a very good private school (bio/premed major) on major academic scholarships for the most part. I am paying 1/2 of the rest and the other 1/2 is student loan. We will owe <20K after he graduates and we will pay it. We signed for it and we will pay it - bottom line.0 -
Reading all these comments just makes me NOT want to go to a university. OY! :noway:0
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HealthyHappy, Don't get us "older folk" wrong, getting a college education is a wonderful thing, but you need to be smart about it, budget think, and work hard.0
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Wow . . . so people can potentially get their student loan debt forgiven if they've paid on it for at least 10 years? Sounds like a good deal.
I paid my loans back over 17 years.
17 YEARS
When I finished grad school I owed a huge amount of money; more than many here are listing. It was 1992 in NYC and jobs were scarce -- 14% unemployment. I worked as a waitress for nearly a year after I finished school, and eventually moved to Atlanta where the job market was better. Once I got there, I worked as a waitress for a while longer; and those loan payments were due. Guess what? I paid them along with my rent, insurance, gas, food, etc.
I remember my first "real" job -- sales. $18k draw against commission. Do you know what that means? That means I was BORROWING my salary against the hope that I would close deals successfully. I had a wreck that totaled my car. I got $5k from insurance and put it down on a $10k car; payments were $118/month. Ya. I didn't go lease a C-class Mercedes because I "deserved" luxury at age 24, people. I bought a car within my means.
During those 17 years, I sometimes had jobs, sometimes not. I had car wrecks, injuries, illnesses, deaths in my family, a divorce, even a hurricane. I had 4 kids. I had loans for cars and houses during those 17 years, and had some credit card debt too. It did not even occur to me ONCE to walk away or wriggle out of the debt that I had. I did not ask my parents or the government to pay my bills, or forgive my debt. I just figured I had signed up for it, so I would pay for it.
Life is complicated, kids. Responsibility is good.
I'm expecting each one of my kids to suck it up and WORK for their education, take loans, and pay them back. If they don't, they will get not ONE iota of sympathy from their mother.
That being said, maybe I can apply for refund of the last 7 years of payments.0 -
I'm expecting each one of my kids to suck it up and WORK for their education, take loans, and pay them back. If they don't, they will get not ONE iota of sympathy from their mother.
My wife and I both worked our way through college, and we expect our daughter to do the same. She will be encouraged to work hard in high school and apply for scholarships and grants. Providing she does well in school and earns a degree, we will help her with any student loans she needed IF we have the means to do so. I have no intention of delaying my retirement so I can pay her tuition.0 -
I agree. My dad always said to get a trade. I went to law school just so I would make enough money to pay back my loans from undergrad. I know guys that went to trade school and were loaded by the time they were 22.Sadly we are human and often do not turn our minds to the consequences of our actions. More loans = more debt just as more calories = more pounds. I still don't think it is right to condemn those who need help in rectifying their bad choices. I see this bill as trying to help people manage to pay back their loans and I think more money will be recouped this way. It is always better to empower people. If a person feels their situation is hopeless then they will not attempt to repay their loan at all.
i would like to see the feds start forcing the schools to pay back the money that got for selling worthless degrees. PT Barnum said it, there is a sucker born every minute, and some of these schools take advantage of that by allowing students with bad grades to come in and borrow money for two years to play catch up...before they even get a class that gives them any credit toward their field of study.
If you start your freshman year without knowing what your goals are, then you might as well stay home and work another year and saving all the money you can. These "General Studies" degrees are worth almost as much as a generic high school diploma and cost more than 50K in most cases.
I also think more of these kids need to consider cheaper voc-tech educations, learn a trade kids...be your own boss.
Loaded at 22 probably means different things to different people. What seems like a lot at 22, probably doesn't seem like a lot at 55. Generally, the law school route works out better than the trade school route in the long run, however t's an investment decision either way. Investment opportunities don't come with guarantees. That's the entire point. Regardless, failing to learn responsibility means failing at life.0
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