Student debt "Crisis"

[ODB]

I'm 37. A lawyer. I'm about $160k deep in loans. I graduated law school in 2010.
My sister is 31, presidential scholar in med school, will finish residency in 6 years with about $300k in loans.
Our parents are blue collar. Told us to work hard and get "good jobs." The only thing I have to say to this thread is the below. If you haven't read it by now, get.out.of.your.cave.

https://www.buzzfeednews.com/article/annehelenpetersen/millennials-burnout-generation-debt-work

That article is exhausting...I have to go listen to some Mozart now...

 

[Savage99]

I swing a hammer, each and every day....set my own schedule, pretty much do what I want, when I want, make awesome money.....
.....college? Suckers....

Good for you, my father did that and basically told me my whole childhood to not do what he did. Making a decision at 18 yo with which direction to head in isn’t as simple as “objectively look at at all the choices and make a ROI decision”. Many familial factors weigh in. I came from a small town in central FL. The world was pretty small back then.

(Most of my comment isn’t directed at you, just the swingin’ a hammer part )


Sent from my iPhone using Tapatalk

 

[BuzzH]

YES! an investment, not an entitlement!

and to the guy that paid off everyone's student debt at that one school, instead he should have given $X to each graduate and let them do what they wanted with it. he rewarded those that didn't plan for school and didn't work during school so they wouldn't have a mountain of debt. i went to an affordable (but good) school and worked my azz off throughout high school and college and graduated without a penny in debt. i highly resent bailing out those that racked up debt willy nilly.

I did the same, the problem is you're living in fantasyland if you think kids today can do the same thing.

I played Pulaski motor during my college years and also graduated with no debt. I paid 100% of my own freight, no grants, no scholarships, no help from my family. I paid it all out of pocket. I could make enough money in a summer to pay for school and still have enough left over for a car payment/insurance, and still afford to hunt/fish and recreate. I supplemented my summer work, working part-time for a friend who had a taxidermy business when my college workload wasn't too demanding. My last 2 years of college, costs of tuition was going up very fast. So, my last 2 semesters, I chose to work 6 months and go to school for only one semester a year. I couldn't work just the summers anymore like I had 2-3 years prior and swing everything.

That scenario isn't happening in 2019. The cost of everything has went through the roof and wages have not kept up with those costs, at all. Whether college tuition, rent, food, clothes, cars, insurance, medical care, fuel, electricity, you name it.

If, by some miracle, a person has a summer job in 2019 that pays well enough that they can get through college debt free like I did...I say they better just keep that job and work it full time.

It wears me out listening to people trying to compare what they did in the past, to what is going on now. Its simply not a fair comparison.

 

[mooretitan]

There is no easy solution here. It all sucks when it comes to paying for college but it a choice and responsibility people have to make. My last year of college I decided quit sports which meant I was not on scholarship anymore. Out of state tuition is not cheap. I basically had roughly a 1 1/2 - 2 years of school left. I was not going to pay two years of out of state tuition. I took 22 units the 1st semester with a part time job. 2nd semester I did my student teaching and 2 classes plus another part time job. It sucked I saved a year of college and came out with about $10,000. Paid that off quick.

What I see from young people today is living way past their means at 22-28 years old. Most of them think they deserve a new car, new house, best clothes, big TVs, new phones, ect.... They dont realize it takes time to build wealth and you dont need all that crap. My sister is still paying off year student loans but man she has had ever new thing in the world.

 

[BeaverHunter]

I did the same, the problem is you're living in fantasyland if you think kids today can do the same thing.

I played Pulaski motor during my college years and also graduated with no debt. I paid 100% of my own freight, no grants, no scholarships, no help from my family. I paid it all out of pocket. I could make enough money in a summer to pay for school and still have enough left over for a car payment/insurance, and still afford to hunt/fish and recreate. I supplemented my summer work, working part-time for a friend who had a taxidermy business when my college workload wasn't too demanding. My last 2 years of college, costs of tuition was going up very fast. So, my last 2 semesters, I chose to work 6 months and go to school for only one semester a year. I couldn't work just the summers anymore like I had 2-3 years prior and swing everything.

That scenario isn't happening in 2019. The cost of everything has went through the roof and wages have not kept up with those costs, at all. Whether college tuition, rent, food, clothes, cars, insurance, medical care, fuel, electricity, you name it.

If, by some miracle, a person has a summer job in 2019 that pays well enough that they can get through college debt free like I did...I say they better just keep that job and work it full time.

It wears me out listening to people trying to compare what they did in the past, to what is going on now. Its simply not a fair comparison.

I think it still can be done. My wife graduated 8 years ago with a Bachelors in Education from the University of Oregon with $0 in student loans. She applied for every grant and scholarship she could get(mostly christian based organizations) and had a very very small college fund from her parents. She drove a 86 honda Civic and almost never went out to eat and had the most basic cell phone plan. I'm not saying its easy, but it can be done. Her first year out of college she was able to pick from several teaching jobs(all being pretty low paying, we live in Idaho) but she always dreamed of being a teacher and was able to get her dream job with no student loans. If you convince your kids that it can't be done, you'll probably be correct.

 

[Kilboars]

I can't believe we're letting skilled businesses/collages create these huge loans to 18 year old children who've never even had a job for the most part. Why is that not considered predatorial?

In 2008 they blamed the banks for giving out loans to adults that couldn't afford it but the kids should be more responsible?

 

[BeaverHunter]

I can't believe we're letting skilled businesses/collages create these huge loans to 18 year old children who've never even had a job for the most part. Why is that not considered predatorial?

In 2008 they blamed the banks for giving out loans to adults that couldn't afford it but the kids should be more responsible?

I didn't agree with that sentiment in 2008 and I don't agree with it now. If you sign on the dotted line, it's your responsibility to pay it off. No gray area for me. All loans are predatory in a way, they charge interest, some a very high percentage.

 

[BuzzH]

I think it still can be done. My wife graduated 8 years ago with a Bachelors in Education from the University of Oregon with $0 in student loans. She applied for every grant and scholarship she could get(mostly christian based organizations) and had a very very small college fund from her parents. She drove a 86 honda Civic and almost never went out to eat and had the most basic cell phone plan. I'm not saying its easy, but it can be done. Her first year out of college she was able to pick from several teaching jobs(all being pretty low paying, we live in Idaho) but she always dreamed of being a teacher and was able to get her dream job with no student loans. If you convince your kids that it can't be done, you'll probably be correct.

Again...apples to aardvark comparison.

I didn't have a grant, a scholarship or even a small college fund from my parents.

How does a person without any of those outside funding sources your wife had, afford to go to college and pay their own way on a summer job?

Answer: They cant.

 

[flatlanderhuffandpuff]

I didn't agree with that sentiment in 2008 and I don't agree with it now. If you sign on the dotted line, it's your responsibility to pay it off. No gray area for me. All loans are predatory in a way, they charge interest, some a very high percentage.

And just like with the housing market I think we will see education costs correct over time. There are a lot of people upside down on their homes and it's no different with a diploma.

I went to high school with a guy who racked up a bunch of college debt then moved to the Czech Republic with no intention on ever coming back. That's one option I guess.

 

[BeaverHunter]

Again...apples to aardvark comparison.

I didn't have a grant, a scholarship or even a small college fund from my parents.

How does a person without any of those outside funding sources your wife had, afford to go to college and pay their own way on a summer job?

Answer: They cant.
[/QUOTE
I wasn't just responding to your situation so I apologize for not being more clear. I think you can still go to college and graduate debt free. I think its harder now than it ever has been, but it can still be done. I also wasn't narrowing it down as far as you did by excluding things like grants and scholarships which take work to get.

 

[Kilboars]

I may not of made my 2008 comment clear.

I agree all loans you asked for and agree to pay should be paid. If you got a loan to buy a home for $100k and sold it later for $200k you're not obliged to pay the bank extra $ for your profits. Same is true if you sold that house for $50k. You ask ,even pleaded to borrowed the money so if you sold it at a loss you shouldn't blame the bank for that.

I was upside down on an investment home for 10 years but sold it at a profit in the end.

I went from being an idiot for not foreclosing on the home to a genius for holding out and making a nice profit.

If you don't want to play with the big dogs stay on the porch.

 

[Okhotnik]

But you do acknowledge that a significant chunk of the population who are in their earning prime are partitioning a significant amount of their income to pay for education and that there are economic ramifications because of this and these ramifications may very well effect you directly or indirectly now or in the near future?

They can get a second job. I worked 3 jobs plus GI bill and graduated with masters no debt

My nieces and nephews all graduated with jobs wating with minimum college debt.


Not my fault they are lazy and poor planners

 

[Okhotnik]

If you start a business and you fail, most obligations are eliminated. Our current president is a solid example of using bankruptcy laws for an advantage.You fail in education or if you get sick, student loans and medical bills are attached to you forever. Education and health care have this special treatment. Interesting no doubt.

The government taking over student loans Sure made it worse just like healthcare

But a university diversity coordinator makes over 150 k and university administration keeps getting pay raises and incredible retirement on the backs of poor students

Someone young and healthy going into debt 150 k for a sociology or psychology degree. I’ve noticed since supervisi g milleniels the past 6 years that many like scream and cry and avoid work that isn’t “fun” until they get what they want. Been a nightmare dealing with them.

I have a friend whose daughter just graduated high school. Zero money saved for college but the family goes out to eat a few times a week, many vacations a year, all kids have new iPhones. I found the daughter a job this summer but she said she needs to relax this summer before college.
She’s going to a big state school that costs over 30 k a year. She plans on getting her doctorate in psychology. She’ll run up over 200 k in debt probably and will have a hard time finding a job and the job will not pay that great. I told the mom, my friend who is a teacher and still has student loan debt at age 50, that she should maybe go to a local community college first and join the reserves or national Guard and major in something more useful. The mom started screaming at me as to why I wanted to kill her daughter’s dreams.

That’s why we have a big student loan debt problem


And someone going into debt 150 for cancer treatment .


Amazing how of the younger generation I know living at home with parents with high student debt refuse to budget and refuse to get a second and third job to pay off their debts. Their parents sure love to brag how special and talented they are.

This was standard practice in previous generations.

And they all love Bernie because he is gonna take money from rich people (me) and pay off their debts for being lazy and stupid and their parents for doing a crappy job of raising their kids.

No sympathy at all for them

 

[BuzzH]

Someone young and healthy going into debt 150 k for a sociology or psychology degree. I’ve noticed since supervisi g milleniels the past 6 years that many like scream and cry and avoid work that isn’t “fun” until they get what they want. Been a nightmare dealing with them.

I have a friend whose daughter just graduated high school. Zero money saved for college but the family goes out to eat a few times a week, many vacations a year, all kids have new iPhones. I found the daughter a job this summer but she said she needs to relax this summer before college.
She’s going to a big state school that costs over 30 k a year. She plans on getting her doctorate in psychology. She’ll run up over 200 k in debt probably and will have a hard time finding a job and the job will not pay that great. I told the mom, my friend who is a teacher and still has student loan debt at age 50, that she should maybe go to a local community college first and join the reserves or national Guard and major in something more useful. The mom started screaming at me as to why I wanted to kill her daughter’s dreams.

That’s why we have a big student loan debt problem


And someone going into debt 150 for cancer treatment .


Amazing how of the younger generation I know living at home with parents with high student debt refuse to budget and refuse to get a second and third job to pay off their debts. Their parents sure love to brag how special and talented they are.

This was standard practice in previous generations.

And they all love Bernie because he is gonna take money from rich people (me) and pay off their debts for being lazy and stupid and their parents for doing a crappy job of raising their kids.

No sympathy at all for them

I'll bet you're a load of fun to share a hunting camp with...and just a blast to be around at parties.

 

[Okhotnik]

If you start a business and you fail, most obligations are eliminated. Our current president is a solid example of using bankruptcy laws for an advantage.You fail in education or if you get sick, student loans and medical bills are attached to you forever. Education and health care have this special treatment. Interesting no doubt.

Ten of thousands of people in all economic levels of society claim bankruptcy every year . Don’t let the truth cloud your biases though

And the president employees hundreds of people around the world

If only our government would punish business owners. Sounds right out of Ocrazio Kotex’s ( part time bar tender who stole tips from Co workers) and crazy Bernie’s ( who has never worked a day in his life btw) play book

 

[Okhotnik]

I'll bet you're a load of fun to share a hunting camp with...and just a blast to be around at parties.

I’m not into dudes

Sorry buzz

Flattered that you’re stalking me though

 

[flatlanderhuffandpuff]

I'll bet you're a load of fun to share a hunting camp with...and just a blast to be around at parties.

how many threads per year do we see about "my camp partner didn't help at all and showed up unprepared!"

Despite what how you read his response he probably handles his own just fine.

 

[Okhotnik]

how many threads per year do we see about "my camp partner didn't help at all and showed up unprepared!"

Despite what how you read his response he probably handles his own just fine.

Don’t mind Buzz he’s just lonely and bored because he has no greenie funded fake wolf studies to brag about.

 

[Poser]

Someone young and healthy going into debt 150 k for a sociology or psychology degree. I’ve noticed since supervisi g milleniels the past 6 years that many like scream and cry and avoid work that isn’t “fun” until they get what they want. Been a nightmare dealing with them.

I have a friend whose daughter just graduated high school. Zero money saved for college but the family goes out to eat a few times a week, many vacations a year, all kids have new iPhones. I found the daughter a job this summer but she said she needs to relax this summer before college.
She’s going to a big state school that costs over 30 k a year. She plans on getting her doctorate in psychology. She’ll run up over 200 k in debt probably and will have a hard time finding a job and the job will not pay that great. I told the mom, my friend who is a teacher and still has student loan debt at age 50, that she should maybe go to a local community college first and join the reserves or national Guard and major in something more useful. The mom started screaming at me as to why I wanted to kill her daughter’s dreams.

That’s why we have a big student loan debt problem


And someone going into debt 150 for cancer treatment .


Amazing how of the younger generation I know living at home with parents with high student debt refuse to budget and refuse to get a second and third job to pay off their debts. Their parents sure love to brag how special and talented they are.

This was standard practice in previous generations.

And they all love Bernie because he is gonna take money from rich people (me) and pay off their debts for being lazy and stupid and their parents for doing a crappy job of raising their kids.

No sympathy at all for them

Gen Xer here who came of age in the 90s being called a slacker by baby boomers. I manage a team of Millennials as well. Just got out of a meeting with a group of them -all in their late 20s. They are sharp, full of ideas and generally very positive. My generation tends to be generally negative and always looking for the next disaster coming around the corner. I feel we balance each other out in that respect. The baby boomer higher ups tend measure success by who puts in the most office hours and who listens to their rambling lecturing about archaic ideas the most attentively.

Maybe you’re just not very good at hiring?

 

[IdahoElk]

The entire planet is in a debt crisis,our government is on the hook for 22 trillion.