Anyone here have over $100k in Student Loan DEBT? vol. $

[philly035]

It's easy for students to become drenched in so much debt, because loan companies will get their money. The law needs to be changed so these companies have some risk in giving so much $$$ to these dumb kids.

Actually... if the kids are going to college, you think they'd be smart enough NOT to take all the loans. Giving them money is just an excuse to buy a new laptop every year, or new clothes. I can tell you 90% of college kids take that money and spend away - not on living expenses or books for college but junk they don't need.

Financial planning needs to be a requirement in high school.

 

[philly035]

It's easy for students to become drenched in so much debt, because loan companies will get their money. The law needs to be changed so these companies have some risk in giving so much $$$ to these dumb kids.

Actually... if the kids are going to college, you think they'd be smart enough NOT to take all the loans. Giving them money is just an excuse to buy a new laptop every year, or new clothes. I can tell you 90% of college kids take that money and spend away - not on living expenses or books for college but junk they don't need.

Financial planning needs to be a requirement in high school.

 

[usainboltisfast]

Originally Posted by philly035

It's easy for students to become drenched in so much debt, because loan companies will get their money. The law needs to be changed so these companies have some risk in giving so much $$$ to these dumb kids.

Actually... if the kids are going to college, you think they'd be smart enough NOT to take all the loans. Giving them money is just an excuse to buy a new laptop every year, or new clothes. I can tell you 90% of college kids take that money and spend away - not on living expenses or books for college but junk they don't need.

Financial planning needs to be a requirement in high school.

Around 50% of Student Loan Defaults come from For Profit schools which are like ITT Tech, Keiser, and University of Phoenix. These schools basically pray on low income uneducated people to go to their schools.

 

[usainboltisfast]

Originally Posted by philly035

It's easy for students to become drenched in so much debt, because loan companies will get their money. The law needs to be changed so these companies have some risk in giving so much $$$ to these dumb kids.

Actually... if the kids are going to college, you think they'd be smart enough NOT to take all the loans. Giving them money is just an excuse to buy a new laptop every year, or new clothes. I can tell you 90% of college kids take that money and spend away - not on living expenses or books for college but junk they don't need.

Financial planning needs to be a requirement in high school.

Around 50% of Student Loan Defaults come from For Profit schools which are like ITT Tech, Keiser, and University of Phoenix. These schools basically pray on low income uneducated people to go to their schools.

 

[kickinheadz1010]

 

[kickinheadz1010]

 

[juju]

Originally Posted by ninob1213

Originally Posted by JuJu

Originally Posted by ForeverDecember21

Originally Posted by JuJu

ForeverDecember21 wrote:

at the type of person who thinks 100k is debt that isn't managable... its not like cats is dropping 100k to be communications majors, im SURE most these cats with large student loans are going to med, law, grad school to get a job where 100k in debt wont be %!%. 

I never said it isnt managabel but COT %$+%#++ DAMN thats like a house. Thats OD as **%+. And even if they do become surgeons and lawyers. Itll still take them a handful of years to pay it off. Not for me.

naw you right about that one, it is manageable but i will be paying for a while. cause even with the loan forgiveness i was talking about you have to pay a reduced some for the 10 years. but the loan forgiveness isnt a lock, soooooooooooooooooooooo if i didn't get it, id have to pay about 1200-1500 a month in student loans to pay it off in 10 years like you are suppose to... i swear to god imma be doing all kinds of #$% to get those billable hours when i become an attorney if i don't get that loan forgiveness.

Can you explain this loan forgiveness you speak of? I live in Florida as well. We all know people that think working FT while in school is great. I understand because graduating with 0 debt in this economy is ideal(C.Y.A) when no career is secure. However I feel that loans even in a low- cost state like ours can be beneficial to supplementing you(in addition to a PT job maybe) to live or pay tuition while in college. Therefore you can study more or position yourself for that top notch job or get in that grad school that such and such didn't get because he/she worked 40 hours at the mall,made b's and c's, didn't retain any knowledge etc.... Risk= reward

Well there is a national and state forgiveness programs for attorneys who work for legal aid. Because most people in law school want the big bucks nobody goes into legal aid public service law. SOOOOOOO the government started these programs which help to get attorneys to work in those areas of law. so although ill start off at a job making like 45k-50k as an attorney ill also have about 100k paid off for me after 10 years so its really like an additional 10k you earn each year. Fortunetly as you know in FL you can live pretty nice on 45k a year, not so much in other states lol. I believe they have something similar for doctors, as well as the new programs  at school like UCF where they let you go to med school for free in hopes of producing better doctors who are more focused on school than thinking about all the debt they are accumulating.

 

[juju]

Originally Posted by ninob1213

Originally Posted by JuJu

Originally Posted by ForeverDecember21

Originally Posted by JuJu

ForeverDecember21 wrote:

at the type of person who thinks 100k is debt that isn't managable... its not like cats is dropping 100k to be communications majors, im SURE most these cats with large student loans are going to med, law, grad school to get a job where 100k in debt wont be %!%. 

I never said it isnt managabel but COT %$+%#++ DAMN thats like a house. Thats OD as **%+. And even if they do become surgeons and lawyers. Itll still take them a handful of years to pay it off. Not for me.

naw you right about that one, it is manageable but i will be paying for a while. cause even with the loan forgiveness i was talking about you have to pay a reduced some for the 10 years. but the loan forgiveness isnt a lock, soooooooooooooooooooooo if i didn't get it, id have to pay about 1200-1500 a month in student loans to pay it off in 10 years like you are suppose to... i swear to god imma be doing all kinds of #$% to get those billable hours when i become an attorney if i don't get that loan forgiveness.

Can you explain this loan forgiveness you speak of? I live in Florida as well. We all know people that think working FT while in school is great. I understand because graduating with 0 debt in this economy is ideal(C.Y.A) when no career is secure. However I feel that loans even in a low- cost state like ours can be beneficial to supplementing you(in addition to a PT job maybe) to live or pay tuition while in college. Therefore you can study more or position yourself for that top notch job or get in that grad school that such and such didn't get because he/she worked 40 hours at the mall,made b's and c's, didn't retain any knowledge etc.... Risk= reward

Well there is a national and state forgiveness programs for attorneys who work for legal aid. Because most people in law school want the big bucks nobody goes into legal aid public service law. SOOOOOOO the government started these programs which help to get attorneys to work in those areas of law. so although ill start off at a job making like 45k-50k as an attorney ill also have about 100k paid off for me after 10 years so its really like an additional 10k you earn each year. Fortunetly as you know in FL you can live pretty nice on 45k a year, not so much in other states lol. I believe they have something similar for doctors, as well as the new programs  at school like UCF where they let you go to med school for free in hopes of producing better doctors who are more focused on school than thinking about all the debt they are accumulating.

 

[juju]

Originally Posted by CarolinaPack04

Originally Posted by dmxgod

Originally Posted by CarolinaPack04

Originally Posted by dmxgod

I have 107 but with interest right now it's 138K..

I'm goin to grad school for Special Education..

My school that I went to for Undergrad was 25K a year..but i hadda stay extra or else i would've been under 100..

NY/Education field doesn't have a great loan forgiveness program..so i'ma start paying once my grad work is done..

*sigh* it sucks..but i gotta deal with it..

 

 and wat did you go to undergrad for?
#yourdoinitwrong

Social Studies 7-12..but the school I went to is one of the top education colleges in NY state..hell in the nation..plus the extra two years added a lotta money onto my debt or I would've been good..

6 years to complete undergrad for an education degree? You just slacking off the first few years or what? at 25K a year and trying to become a teacher, i woulda been tryina get through undergrad in like 3.5 years. Damn son, best of luck to you though. Sounds like youll be in debt for the rest of your life 
undergrad put me in debt of 40k (academic scholarships FTW).  Graduated in May of last year, started workin full time in September makin 42k a year. Im payin 500$ a month right now, moved back home and i feel like ill be debt for years to come. Cant even imagine buying a house anytime in the foreseable future. 

time doesnt = money in college. if i take 120 credits in 3 years it still cost as much as taking 120 credits over 6 years.

 

[juju]

Originally Posted by CarolinaPack04

Originally Posted by dmxgod

Originally Posted by CarolinaPack04

Originally Posted by dmxgod

I have 107 but with interest right now it's 138K..

I'm goin to grad school for Special Education..

My school that I went to for Undergrad was 25K a year..but i hadda stay extra or else i would've been under 100..

NY/Education field doesn't have a great loan forgiveness program..so i'ma start paying once my grad work is done..

*sigh* it sucks..but i gotta deal with it..

 

 and wat did you go to undergrad for?
#yourdoinitwrong

Social Studies 7-12..but the school I went to is one of the top education colleges in NY state..hell in the nation..plus the extra two years added a lotta money onto my debt or I would've been good..

6 years to complete undergrad for an education degree? You just slacking off the first few years or what? at 25K a year and trying to become a teacher, i woulda been tryina get through undergrad in like 3.5 years. Damn son, best of luck to you though. Sounds like youll be in debt for the rest of your life 
undergrad put me in debt of 40k (academic scholarships FTW).  Graduated in May of last year, started workin full time in September makin 42k a year. Im payin 500$ a month right now, moved back home and i feel like ill be debt for years to come. Cant even imagine buying a house anytime in the foreseable future. 

time doesnt = money in college. if i take 120 credits in 3 years it still cost as much as taking 120 credits over 6 years.

 

[rocman23]

damn, thats ridiculous, my loan is 4500, got it forbeared

 

[rocman23]

damn, thats ridiculous, my loan is 4500, got it forbeared

 

[bruza]

$100k in debt is not too big a deal if you come out with a doctrate making well over $200K (of course that won't be til you're in your 30s). worth it IMO.

Mine is under $20K (BS in Engineering).

I saw a special once where people had near $100k in student loan debt but were only making $13/ hr. 

 

[curiousgeorg3]

time = money if you have to pay for housing

I looked at some student loan calculators online and they say you need 140k salary to pay off 100k in 10 years, or 90k salary to pay in 20 years.

how are these salaries possible with any B.A.?

 

[bruza]

$100k in debt is not too big a deal if you come out with a doctrate making well over $200K (of course that won't be til you're in your 30s). worth it IMO.

Mine is under $20K (BS in Engineering).

I saw a special once where people had near $100k in student loan debt but were only making $13/ hr. 

 

[curiousgeorg3]

time = money if you have to pay for housing

I looked at some student loan calculators online and they say you need 140k salary to pay off 100k in 10 years, or 90k salary to pay in 20 years.

how are these salaries possible with any B.A.?

 

[swizzc]

I started with 60k, have payed off 30k of it in 18 months. Will have it all payed off by July 12.

 

[swizzc]

I started with 60k, have payed off 30k of it in 18 months. Will have it all payed off by July 12.

 

[essential1]

An idea for some of us who have a lot of loans.... If your folks allow you to stay rent free... When you get out of college and get your first full time job, for the first year or two stay with your parents, and pay off $20-30K off a year...

You would still have $10-15K in money for yourself.. Which sounds like crap but if you could tolerate it, isn't so bad

 

[essential1]

An idea for some of us who have a lot of loans.... If your folks allow you to stay rent free... When you get out of college and get your first full time job, for the first year or two stay with your parents, and pay off $20-30K off a year...

You would still have $10-15K in money for yourself.. Which sounds like crap but if you could tolerate it, isn't so bad

 

[airforce1king]

This is why I didn't go to college (graduated in '04). My sister graduated high school in '95. She owed like $20K in loans or something like that. Had 2 kids and was NOT allowed to finish her last year for whatever reason. I remember they began garnishing her paychecks in like '04. They were taking something like $150 out of each paycheck or something like that. And they yanked her for her $6700 tax return 

. I made up my mind then that school was NOT for me if I could not get in free.

On one hand, I made a wise decision because I am living comfortably, make pretty good money, and am debt free. However, I'll be picking up a CNC trade come fall. I'm too smart to NOT be using my brain...

 

[airforce1king]

This is why I didn't go to college (graduated in '04). My sister graduated high school in '95. She owed like $20K in loans or something like that. Had 2 kids and was NOT allowed to finish her last year for whatever reason. I remember they began garnishing her paychecks in like '04. They were taking something like $150 out of each paycheck or something like that. And they yanked her for her $6700 tax return 

. I made up my mind then that school was NOT for me if I could not get in free.

On one hand, I made a wise decision because I am living comfortably, make pretty good money, and am debt free. However, I'll be picking up a CNC trade come fall. I'm too smart to NOT be using my brain...

 

[bruza]

Originally Posted by AirForce1King

This is why I didn't go to college (graduated in '04). My sister graduated high school in '95. She owed like $20K in loans or something like that. Had 2 kids and was NOT allowed to finish her last year for whatever reason. I remember they began garnishing her paychecks in like '04. They were taking something like $150 out of each paycheck or something like that. And they yanked her for her $6700 tax return 

. I made up my mind then that school was NOT for me if I could not get in free.

On one hand, I made a wise decision because I am living comfortably, make pretty good money, and am debt free. However, I'll be picking up a CNC trade come fall. I'm too smart to NOT be using my brain...

College is def not for everyone but there have been several studies showing most people that go to college end up "better" off financially even with the student loan debt. 

  

 

[bruza]

Originally Posted by AirForce1King

This is why I didn't go to college (graduated in '04). My sister graduated high school in '95. She owed like $20K in loans or something like that. Had 2 kids and was NOT allowed to finish her last year for whatever reason. I remember they began garnishing her paychecks in like '04. They were taking something like $150 out of each paycheck or something like that. And they yanked her for her $6700 tax return 

. I made up my mind then that school was NOT for me if I could not get in free.

On one hand, I made a wise decision because I am living comfortably, make pretty good money, and am debt free. However, I'll be picking up a CNC trade come fall. I'm too smart to NOT be using my brain...

College is def not for everyone but there have been several studies showing most people that go to college end up "better" off financially even with the student loan debt. 

  

 

[usainboltisfast]

Originally Posted by AirForce1King

This is why I didn't go to college (graduated in '04). My sister graduated high school in '95. She owed like $20K in loans or something like that. Had 2 kids and was NOT allowed to finish her last year for whatever reason. I remember they began garnishing her paychecks in like '04. They were taking something like $150 out of each paycheck or something like that. And they yanked her for her $6700 tax return 

. I made up my mind then that school was NOT for me if I could not get in free.

On one hand, I made a wise decision because I am living comfortably, make pretty good money, and am debt free. However, I'll be picking up a CNC trade come fall. I'm too smart to NOT be using my brain...

So what are you doing now since you arent in college? I dont really see a good alternative for not going to college for most people. Im not saying to get yourself in 100k debt but 20k of student loan debt isnt THAT bad if you go to college for a good major. That is basically a car. Most people who graduate should be able to pay back 20k. But there are a lot of people who are in college now that shouldnt be in college.