Its official: Student Loan Rates To Double on Monday.

[luckyluchiano]

Yup biggest scam in college is room and board. I saved like 3k a semester moving off campus. And most people now just become non traditional students. Only people who need to be at a 2yr are people who had terrible grades in HS. Unless you're in the country you can be a non traditional student at the school you want to go to or what ever state college is in your city.

Most these folks getting screwed now aren't your traditional college kids but are folks going to these unaccredited for profit colleges that have TV commercials and crap.

 

[nako xl]

Man, **** school... I'm still paying those bastards...


Salie Mae stay lurkin

calling me from unlisted numbers and ****

****** called me from Hawaii once...

Had me like "I don't know anyone from North Dakota mannnn!"

 

[PRIME]

Man, **** school... I'm still paying those bastards...



Salie Mae stay lurkin

calling me from unlisted numbers and ****

****** called me from Hawaii once...

Had me like "I don't know anyone from North Dakota mannnn!"

 

[stillin729]

So you got the law degree or no?

I'm confused by your situation

 

[ronsweedroom]

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 do you do again?

I got paid (FAFSA) to get my bachelors. My finance has 100k in school debt with an MBA. I refuse to get my masters' unless it's free. These bamas out here in L.A. think 80k for a credential/masters' is a "deal". 

And isn't true that 60% of M.D. degrees (dentist, doctors) and lawyers DEFAULT on their school loans?

 

[Chiron]

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

So you basically bring home 6k a month as a doctor after 8-10 years of schooling.
You could start as a police officer for 8 -10 years and probably bring home the same amount with no debt, not to mention the head start earning income. 72,000 a year is very attainable for a number of management type jobs you can receive with 10 years of employment. 
 

Plus i punched 170k into the loan calculator and at the basic 6.8% it takes 10 years to pay that off with payments of 2k. Is it a problem? No 2k payments are a drop in the bucket. Is it a ripoff. YES. You're dedicating 10 - 20 years of your life to attain this status and you could die tomorrow. You better be in it to save lives, not for money.
To me for med school to be worth it, you NEED to see that big pay increase or you haven't really widened the gap with all the work you put in, and thats not at all a guarantee. 

 

[andycrazn]

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,

And this is the illusion of our wealth. All of this, the student loans, the credit cards, the home mortgages have been booked as revenue and income RIGHT NOW for the various companies involved, when in reality none of this stuff will actually be paid for until years down the line. The entire countrys future earnings have been pulled into the current economic system. Credit is growth. It has to be paid for, with interest, at some point or the music stops, the illusion is revealed. Oh and while past growth is being paid for over the coming decades assuming people can pay their debts, the system will also require us to continue borrowing at exponentially increasing rates to maintain present/future growth, which at some point will have to be paid for....Hopefully you can see the end result of this.

that exponential fiat money printing life that we are all about.

 

[stillin729]

So you basically bring home 6k a month as a doctor after 8-10 years of schooling.

You could start as a police officer for 8 -10 years and probably bring home the same amount with no debt, not to mention the head start earning income. 72,000 a year is very attainable for a number of management type jobs you can receive with 10 years of employment. 

 
Plus i punched 170k into the loan calculator and at the basic 6.8% it takes 10 years to pay that off with payments of 2k. Is it a problem? No 2k payments are a drop in the bucket. Is it a ripoff. YES. You're dedicating 10 - 20 years of your life to attain this status and you could die tomorrow. You better be in it to save lives, not for money.

To me for med school to be worth it, you NEED to see that big pay increase or you haven't really widened the gap with all the work you put in, and thats not at all a guarantee. 

That's a lot of jibber ish to me, you completely just went way of track from what my point was even about

$6000 a month to live right out if school is not the same as spending 10 years working to get a job at $72k

After 10 years doctors salaries are going to be pretty healthy

Not even really sure where you are going with all this

 

[str8drop]

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.

Y'all dudes man ...

The MAJORITY of that "1/3" of people graduating without debt are in this position thanks to their parents either financing the cost out of pocket or through parent PLUS loans.

Not saying it's an excuse, it is a fact tho

 

[crcballer55]

So you basically bring home 6k a month as a doctor after 8-10 years of schooling.

You could start as a police officer for 8 -10 years and probably bring home the same amount with no debt, not to mention the head start earning income. 72,000 a year is very attainable for a number of management type jobs you can receive with 10 years of employment. 

 
Plus i punched 170k into the loan calculator and at the basic 6.8% it takes 10 years to pay that off with payments of 2k. Is it a problem? No 2k payments are a drop in the bucket. Is it a ripoff. YES. You're dedicating 10 - 20 years of your life to attain this status and you could die tomorrow. You better be in it to save lives, not for money.

To me for med school to be worth it, you NEED to see that big pay increase or you haven't really widened the gap with all the work you put in, and thats not at all a guarantee. 

That's a lot of jibber ish to me, you completely just went way of track from what my point was even about

$6000 a month to live right out if school is not the same as spending 10 years working to get a job at $72k

After 10 years doctors salaries are going to be pretty healthy

Not even really sure where you are going with all this

 Time value of money. 10 years of making $60-70k is a pretty healthy start. Even making $45/yr. is almost a half a million dollar head start while doctors aren't able to earn an income during that time in addition to paying off school loans for the next 10-20 years. It's not how much you make, it's about how much you keep.

 

[stillin729]

 Time value of money. 10 years of making $60-70k is a pretty healthy start. Even making $45/yr. is almost a half a million dollar head start while doctors aren't able to earn an income during that time in addition to paying off school loans for the next 10-20 years. It's not how much you make, it's about how much you keep.

70k you bring home roughly $4000 a month
$140k you bring home $6000 after loan payment and you earn more as time goes on

I'm baffled by some replies plus you act like that $70k job doesn't come with any debt

There aren't too many starting salaries at $70k out there either most people are around $35-40k

 

[bigtrg insd]

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

I think this mostly has a lot to do with the students themselves. Community college is a place where a lot of kids 'grow up' and figure out what they want to work towards. It sucks but that process usually takes awhile. There's kids that transfer in 2 years flat, but they must have been very focused from the start.

I am one of those students that was there for a long time, 5 years in my case. I don't blame it on the school, it was entirely my fault. I got there not having any kind of plan and before I knew it one year had gone by and I had only finished a couple classes. A couple years later I was ready to transfer but failed a required math class so that set me back another year.

I owe everything to community college, though. I transferred to a pretty good university that I never would have been able to attend out of high school and i'll graduate next year without any debt. I always let kids know that it is a good option but the key is going in with a good plan, otherwise you do fall into the trap.

 

[nako xl]

So you got the law degree or no?

I'm confused by your situation

got the degree. but so do the other 15 people i see in the waiting room at every interview i go to

small non-profits can't afford to hire more than 1 person a year and the comp is heavy.  Big firms can afford to pick and choose so they'll interview me and go "hmmm... so only two years of experience huh?"

 

[Chiron]

70k you bring home roughly $4000 a month
$140k you bring home $6000 after loan payment and you earn more as time goes on

I'm baffled by some replies plus you act like that $70k job doesn't come with any debt

There aren't too many starting salaries at $70k out there either most people are around $35-40k

You're right. Everyone in the world should go to school for 10 years and get into massive debt because it is completely worth it. You'll love your job for sure. You'll always be able to pay your loans every month. You'll never lose your job. You'll never get sued and have to pay a good chunk of income to malpractice insurance. No other job that starts at 35k leads to a promotion making 80k without far less debt. 

You're blind. Doctors sacrifice a huge portion of their young adult life, and future income before they're even hired to make 2-4 thousand dollars more a month. It isn't the route for EVERYONE. People with you're mindset are the reason there's so much student loan debt now. This isn't the "doctors can pay their bills" thread. Its the "student loan system is getting worse" thread. and quite frankly it sickens me that you defend it so much. If you're so baffled you should of went to school longer, so you could comprehend the arguments being made.

 

[semf]

Wikipedia educates me for free.

ha, don't believe everything you read just because it's on the web (or in print) . . . ANYONE can edit a wikipedia page and put the wrong info.

 

[stillin729]

You're right. Everyone in the world should go to school for 10 years and get into massive debt because it is completely worth it. You'll love your job for sure. You'll always be able to pay your loans every month. You'll never lose your job. You'll never get sued and have to pay a good chunk of income to malpractice insurance. No other job that starts at 35k leads to a promotion making 80k without far less debt. 


You're blind. Doctors sacrifice a huge portion of their young adult life, and future income before they're even hired to make 2-4 thousand dollars more a month. It isn't the route for EVERYONE. People with you're mindset are the reason there's so much student loan debt now. This isn't the "doctors can pay their bills" thread. Its the "student loan system is getting worse" thread. and quite frankly it sickens me that you defend it so much. If you're so baffled you should of went to school longer, so you could comprehend the arguments being made.

Everytime you reply you start a different argument

Who EVER said anything about everyone should go to school for 10 years?

Do you even know what the original topic toy commented on was?

 

[Chiron]

Everytime you reply you start a different argument

Who EVER said anything about everyone should go to school for 10 years?

Do you even know what the original topic toy commented on was?

YOU are saying everyone who comes out of med school comfortably affords their loan debt.
who's toy?

 

[stillin729]

YOU are saying everyone who comes out of med school comfortably affords their loan debt.

who's toy?

Yeah but you just said everyone should go to school for 10 years and before you said someone is better off putting in 10 years and getting a $72k management job

Your arguments are ludicrous

You have a hell of a lot better chance going to med school to live comfortably than you do taking your chances that in 10 years you will be a manager

 

[Chiron]

Yeah but you just said everyone should go to school for 10 years and before you said someone is better off putting in 10 years and getting a $72k management job

Your arguments are ludicrous

You have a hell of a lot better chance going to med school to live comfortably than you do taking your chances that in 10 years you will be a manager

1) I was being sarcastic in my last post. 
2) They are better off if they are forgoing $200k in loan debt. I understand thats a bit of an opinion, which is why its controversial. But anyone who is looking at debt that high is not doing well until its paid. You become a slave to employment. If you live extremely meagerly and pay it off in 2 years. Great! But a lot of those loans never get fully paid back, hence the bubble.
3) My arguments are all with the mindset that the loan bubble is a bad thing and will collapse as per the original thread topic. I hope that clears up the perspective. They are not ludicrous.
4) Now you admit what I'm getting at. "You have a better CHANCE". You're not guaranteed anything by going to med school except the debt. People are going into huge debt for a CHANCE. The pay off is nice but it isn't wise for America to keep pushing this college agenda is for everyone, advertising it as guaranteed. Just think if federal loans were given out freely to everyone like they are for students in law or medical school w/ such lenient repayment plans. Someone who got a job straight out of high school could save more money and have a huge head start to use that money to build a business, or trade, or work for themselves. 

 

[jordanhead718212]

I had no idea about this
Ruined my day. I'll probably graduate with around 30k of debt, and that's low only because my parents paid the rest. Thank God for them.
I'm studying Computer Security, and the jobs pay pretty well in the NYC area, but i'm still worried about how i'm going to pay my loans off.

 

[utvol23]

That's a lot of jibber ish to me, you completely just went way of track from what my point was even about

$6000 a month to live right out if school is not the same as spending 10 years working to get a job at $72k

After 10 years doctors salaries are going to be pretty healthy

Not even really sure where you are going with all this

Right out of school huh. Well not so much its 4 yrs undergrad 4 yrs med school then 3-7 years of residency. Add fellowship onto that too. Mine personally is 5 yrs residency and 1 yr fellowship. That 6 yrs post MED school before you see a salary bump

 

[stillin729]

Right out of school huh. Well not so much its 4 yrs undergrad 4 yrs med school then 3-7 years of residency. Add fellowship onto that too. Mine personally is 5 yrs residency and 1 yr fellowship. That 6 yrs post MED school before you see a salary bump

Residency is part of school champ, already said that

You are still considered a student and therefore not required to pay the loans at that point

 

[utvol23]

Residency is part of school champ, already said that

You are still considered a student and therefore not required to pay the loans at that point

Not sure I would call it school more like training. IE a physician in training. You have completed medical SCHOOL.

Also while you are able to forebear your loans they are still accruing interest at over 6% interest