Its official: Student Loan Rates To Double on Monday.

I've done this going on 7 years now so I see it first hand so I think people do t see what I see

A med degrees average debt is $170k roughly

The bigger the starting salary the easier it is to pay back

The low end stating salaries are about $145k in the field

If you are the low end $145k who owes $170k:

Monthly income after all said and done is about $8000

Student loan payment is about $1700

I am not really seeing a problem here and after 5 years or so you see big pay increases and I used the LOWEST salary doing that breakdown

There is always an exception to the rule but too many people cry about loan debt but do NO research or find the best school to put them with minimal debt but that was just my med degree point

Your numbers are arbitrary and flat out wrong honestltly... as one of my best freinds is doin his residence.. that starting salary is about 30 k high for his specialty... n the debt.... almost 130k higher haha where r u getting these numbers? Averages? Because some lucky ppl get scholarships the whole ride n skew the numbers.

Room n board? Food? I have a feeling that number repreaents the tuiton costs not the true costs...

MaY be wrong but in my experience... my mother noir my mans started at 140

I know you deal with this on the day to day but u dont thibk those nunbers r skewed?. Plus averaging salaries where some are sub 100k and some are more than 3/4 of a mill seems like a waste... its all highly subjective

SAme with the loan debt. Some of you have 0 debt n some of you have 300k debt... lets average it to get the true story of whats goin out there (see how its not nessecarilly thay easy)
 
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This isnt really relevant but more insight...

HEalthcare is like everybody else at the end of the day... tryna make a buck. My moms hospital jus got bought out by UPMC not too long ago. They essiently fired everyone with tenure and hired new frads at a fractionnnn of the price. A good freind of hers an anestesiologist who was makin over 400k a year lol canned day 1. They hired 3 new annestitists for the same money the NEXT day. Anyone who makes good money is n hot water... anyoneee. Theyre gunna fire some of the best doctors n the state with no dambs given to expand and get that $

They wont b unemployed long im sure but def take huge paycuts at their new facilities b/c of the *******
 
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Nice...create a permanently subjugated underclass through inadequate free education and exorbitantly expensive "real" education that is less accessible and will have people working to pay it off for decades. That's how you make sure there are personnel to drive the buses, flip the patties and (wo)man the poles in the future.

Seriously, it's ****** up that this couldn't be avoided in some way. I've often wondered how effective a bailout of student loan holders would be as an investment in the people...it would certainly free up income that would theoretically stimulate the economy. Then again, I'm no financial anything so I could be way off base.
 
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Let's say that this bubble of student loans bursts. What happens then? How does that affect people? :nerd:


Also, what seems just absolutely wrong is how interest capitalizes every quarter. :x

It's already "bursting". The cost of school is already getting to the point that it's strangling other parts of the economy like new home purchases, retirement savings, and health care contributions. Once we finally get the federal government to stop subsidizing these loans will be when the cost of higher education finally starts coming down. The real issue here isn't the interest rate. It wouldn't matter how high the interest rate were if people didn't borrow the money. The real issue is that we have over $1 Trillion in outstanding student loans which has surpassed outstanding credit card debt in America. When it takes most people well over 10 years to pay back their 4 year education, we need to step back and ask ourselves what happened and why we believe that everyone needs to to to college instead of pursuing other avenues of education (i.e. trade school, online education/certification, etc.).

completely agree, I think a good solution would be to tell most, if not all, of these high school "guidance" counselors to stop telling average kids (like me) to go to college right off the bat. Most people seem to get this now and are going to community colleges for 2 years before transferring off to a major college. That is what smart kids (and older people just now getting their education) are doing these days. I wish I went to a community college to get my pre-reqs for engineering classes out of the way to begin with, but literally all of my classmates and peers in my AP classes were going off to college and not the local CC. Sounds really stupid now, but I remember how some of the dudes in my class cracked jokes about going to the local CC's advertised on TV. Of course everyone thought they should be going to a recognized university just like they thought they should be taking those honors/AP courses. Let's not even get into gauging just how prepared for college work those classes made us.

Another thing that was looked down upon at my school was going the trade education route. Our school district had a partnership to send kids to learn a trade. I think a minority, maybe only 20 kids out of our 320 attended. Most of my class was suburban, upper middle class which explains why nearly everyone was going off to some sort of college.

alot of people go to school to get some bs degree just to say they have a degree. for example some guy is getting a kinesioligy degree and i ask what hes gunna do with it and hes like work at a gym right below the manager :lol:

in my mind i would rather use that 4 years to work at the gym and work my way up while making some money rather than digging a hole for myself.

but its hard to not go to college because there are not as much manufacturing jobs and alot of labor jobs like construction are taken by foreigners so i dont understand what are the options that people have besides college

Different routes for different people but if working or managing a gym is what you wanted to do as your only career, this makes the most sense.

College degree seems like the minimum requirement to get a higher salary, because some of these tech jobs reach a ceiling regardless of how long you work there.
 
Your numbers are arbitrary and flat out wrong honestltly... as one of my best freinds is doin his residence.. that starting salary is about 30 k high for his specialty... n the debt.... almost 130k higher haha where r u getting these numbers? Averages? Because some lucky ppl get scholarships the whole ride n skew the numbers.

Room n board? Food? I have a feeling that number repreaents the tuiton costs not the true costs...

MaY be wrong but in my experience... my mother noir my mans started at 140

I know you deal with this on the day to day but u dont thibk those nunbers r skewed?. Plus averaging salaries where some are sub 100k and some are more than 3/4 of a mill seems like a waste... its all highly subjective

SAme with the loan debt. Some of you have 0 debt n some of you have 300k debt... lets average it to get the true story of whats goin out there (see how its not nessecarilly thay easy)

My numbers aren't wrong I used actual debt not tuition cost, I have access to every system out there


You said residency which is still considered a student so he's not obligated to pay that loan back at that time

Believe me I know what I'm talking about
 
Wow my typing is attrocious. Anyway ok let me rephrase... even if the numbers are spot on donyou see how averaging numbers like these doesnt paint the true situation really at all... its like taking the avg age of people at a 1 yrs old birthday party.... the ppl n that room are about 15 according to the avg. Yet not one person is even a teenager.
 
I used an average for the lowest field vs overall average med school debt

There is exceptions to every rule like I said but doctors for the most part shouldn't have a problem

It's people spending $50k on a liberal arts degree who we should be concerned about
 
I used an average for the lowest field vs overall average med school debt

There is exceptions to every rule like I said but doctors for the most part shouldn't have a problem

It's people spending $50k on a liberal arts degree who we should be concerned about

Lol word my rule of them is don't take out loans more than the lowest starting salary for an entry level position in your field. Kids taking out 60k for a communications degree. In my opinion if you don't have most of your education paid for after your Soph year you are doing it wrong, no reason not to be getting scholarships, so much money out there. My last year of college I was getting like 2-3k refunds from me having too much scholarship money. I wish I was smart enough to have applied it to my initial loans but I used it to pay rent which isn't bad but I ended up blowing my regular pay checks from work smh
 
I dont think young people should be choosing career paths based on the financial soundness of said decision... next thing u know everybodyyy well jus be lawyers... wait. Lol its sad world we live n. Systems a mess. Got 17 yr olds gettin into crippling amounts of debt jus so they "can be somebody"

SIgh
 
Are you joking? 250k. You come from rich family at least to help right?
250K here as well, does not feel good bros.
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  Make it three.

I don't even want to calculate how much I dipped into the little i had saved already just paying off the end of my rent til I had to ditch my studio apt/commuting to a ****** no-paying "internship" and job interviews.  Just to still not get a steady earning job.

Sallie Mae got me sneaking out the crib like

Frankie%20in%20Disguise.jpg


everytime they call.
 
Keep in mind that 1/3 of college graduates DON'T have any college debt. These are the people who likely went to inexpensive public community colleges/universities, got scholarship money and/or financial aid, graduated in 4 years or less, worked and paid off tuition costs immediately, took AP/CLEP courses and lived with their parents. They sacrificed something, whether it be living in a dorm, studying hard in high school and college, etc, but at least they aren't complaining about how they can't pay their loans. Unfortunately, a lot of 18 year olds don't have this forward thinking and have poor role models (their parents are financially illiterate) and end up suffering for 20+ years later.


Graduate/professional school is different, but then again there is usually a clear payoff by that point and by then it should be obvious if an additional degree will pay off financially.
 
Keep in mind that 1/3 of college graduates DON'T have any college debt. These are the people who likely went to inexpensive public community colleges/universities, got scholarship money and/or financial aid, graduated in 4 years or less, worked and paid off tuition costs immediately, took AP/CLEP courses and lived with their parents. They sacrificed something, whether it be living in a dorm, studying hard in high school and college, etc, but at least they aren't complaining about how they can't pay their loans. Unfortunately, a lot of 18 year olds don't have this forward thinking and have poor role models (their parents are financially illiterate) and end up suffering for 20+ years later.
Unfortunately, this is advice that most students don't want to hear. College to most now is about the experience and a good paying job more than the education and work ethic it creates. Another thing most people don't know is that half of people entering a 4 year school and 70% of Junior College students never graduate yet still are required to pay off their student loans despite not having the same earning potential as a graduate.
 
Keep in mind that 1/3 of college graduates DON'T have any college debt. These are the people who likely went to inexpensive public community colleges/universities, got scholarship money and/or financial aid, graduated in 4 years or less, worked and paid off tuition costs immediately, took AP/CLEP courses and lived with their parents. They sacrificed something, whether it be living in a dorm, studying hard in high school and college, etc, but at least they aren't complaining about how they can't pay their loans. Unfortunately, a lot of 18 year olds don't have this forward thinking and have poor role models (their parents are financially illiterate) and end up suffering for 20+ years later.


Graduate/professional school is different, but then again there is usually a clear payoff by that point and by then it should be obvious if an additional degree will pay off financially.

DING DING DING!!!!

Two years of CC before transefering to a 4 year is beautiful IMO. I was accepted into a 4 year out of highschool but through immaturity and stupid decisions I lost that opportunity. I went a CC and man was it positive move my life. I enjoyed college that much more cause those first two years I worked fulltime and learned to be a adult so my next years were really smooth in terms of managing money and focusing on school. I really feel that my kids should explore that option if given the opportunity. CC's have really flexible schedules, online course and cheap. Set yourself up for the future by making sacrifices like my man said.
 
The problem with loans largely starts to be felt when jobs REQUIRE a degree though, and those [ for example: graduate programs] realizing that education is becoming more of a product to sell at a high price than a service are hiking the costs up exponentially.

A grad degree for almost any field costs twice as much now as it did ~10 years ago.  THAT'S the problem. 

The costs of education are skyrocketing and the job market is plummeting.  There's no offset.  You can't tell people not to go to school when they can't get a job otherwise and people that did go to school are unemployed and taking the few openings there are so employers are telling those without grad degrees they now have to go get them.

There's jobs you don't even need to be a licensed attorney to do that now require state bar admission just because there are so many overly qualified people desperate for anything they can get employers can afford to be jerks and demand over 5 years of experience and certification for entry level jobs.
 
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Man, **** school... I'm still paying those bastards...

Salie Mae stay lurkin :nerd:
 
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Keep in mind that 1/3 of college graduates DON'T have any college debt. These are the people who likely went to inexpensive public community colleges/universities, got scholarship money and/or financial aid, graduated in 4 years or less, worked and paid off tuition costs immediately, took AP/CLEP courses and lived with their parents. They sacrificed something, whether it be living in a dorm, studying hard in high school and college, etc, but at least they aren't complaining about how they can't pay their loans. Unfortunately, a lot of 18 year olds don't have this forward thinking and have poor role models (their parents are financially illiterate) and end up suffering for 20+ years later.


Graduate/professional school is different, but then again there is usually a clear payoff by that point and by then it should be obvious if an additional degree will pay off financially.
so much of this!

i live at home and have about a year of college left. yeah sure, i never got to live that "college life", but i have absolutely no debt which is worth it imo
 
So you just aren't paying your loans and ignoring Sallie Mae?

You do have better opinions than just ignoring them and destroying your credit because eventfully your tax returns and wages will be garnished
 
so much of this!

i live at home and have about a year of college left. yeah sure, i never got to live that "college life", but i have absolutely no debt which is worth it imo
I have minimal debt and would not trade the social experience of college for anything. The friends, yambs, memories, sporting events, meeting people from all over the world, studying abroad and experiencing different cultures, alumni relations, etc... I don't mind paying off $20K debt. Very manageable. Those dudes with $250K though...
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So you just aren't paying your loans and ignoring Sallie Mae?

You do have better opinions than just ignoring them and destroying your credit because eventfully your tax returns and wages will be garnished
what tax returns?
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i've been working an unpaying job for "experience".   zero wages or income for the past year.

they're wasting their breath at this point. i've been deferring but i actually need to hit them up. i've been ignoring them for the past 3 months out of frustration.

And you get to $250k either through college + a grad degree or going to a major graduate program such as medicine or law.

All med and law grads who go the loan route to pay off all their debts (necessary because most full time doctorate programs like that won't let you work as well as school, it's actually an ethical violation) come out with anywhere between $100k-250+k in debt.

I worked two jobs through undergrad and had parental help so i had zero debt graduating from a top 20 university.

Went and got a law degree and had to take out about $60k loans a year. after interest, capitalization, etc. it's actually sitting right around $230k+ right now.

I tried to pay some of it off with personal savings even though i was unemployed when i first graduated, just to realize that even if i made regular payments to the interest, it still wouldn't touch the principle in the end and i'd still be flat broke after one year.

so i deferred.  L swallowed.
 
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Maybe in the burbs but two year colleges are traps in the hood lol every one I know who went to a two year spent like 4-6 years there. And they aren't even that much cheaper than 4 yr state schools
 
Maybe in the burbs but two year colleges are traps in the hood lol every one I know who went to a two year spent like 4-6 years there. And they aren't even that much cheaper than 4 yr state schools
this too... maybe out west or in the south a two year first is a good idea, but from what i've seen, in the north east it isn't  easy to transfer out of a two year to a top school.  and community colleges aren't that much cheaper than the state colleges and universities.
 
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