DEFAULT...Student Loans

SneakerHeathen said:
sheesh I wish I was a hedgefund billionaire.


Who'd need college with that kind of money?


:lol:



But I went to a private school initially, decided that school wasn't for me and left with 20K in debt. Had a partial scholarship which mitigated some of the blow, if not for that I would've owed more.


Moved to AZ, worked for a few years, eventually went to CC, saved up, paid off debt.


Maybe because I moved it forced me to slow down. I couldn't qualify for in-state residency at ASU since I'm from NY. It forced me to take my time and get my money up.



Maybe more kids should go to CC out of High School, a lot cheaper that way. Again a lot of kids want to follow their peers, run off to out of state universities in cool cities, live that college life with complete disregard of the financial implications down the road.
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Going to CC instead is just not that simple of a solution.

Many factors go into why a person can or can't go this route. Maybe a person like a woman got knocked up while in high school or a guy has to support a kid or his family.Also the financial aspect of it CC tuition itself ain't cheap and you still got to pay for other expenses like mainly books.Then there's the problem of schedueling classes and what & when certain classes are available during each semester.

I know 2 of my closest friends who went the 2 years at CC route and then transfered to a UC or Cal State University program. They eventually finished but it took them both 7 year to finish and get their bachelors degrees.

These are just some of the common reasons why kids out of high school end up going up the private school route and end up going to places like University Of Phoenix or National University or people end up signing up for the military for a few years to get that Montogomery GI tuition bill to pay for their college education in the future.
 
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bartleby929 said:
 
yeah that'd be great but tell your 16 year old they have to go to CC instead of college and it won't be so much in a vacuum. kids commit suicide over bullying these days, you think they'll be rushing to go to CC cause it'll help them in the long run?

and for the people who don't own up to their debts - would you want to pay your debts if you found out your law school lied to you and said the average attorney makes $90,000 - and after you are $200k in debt, you find out only 18% legal grads are employed (not as attorneys, just generally employed).... 

it's a blame game. they lied about their transparency. we're not going to pay. and meanwhile normal people will feel the **** end of it. 
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I'm a little confused. 

For you the liars are the lenders and the universities. The borrowers are the repudiators. The "normal people" are those who are on the hook when student debt is repudiated? 
 
bartleby929 said:
yeah that'd be great but tell your 16 year old they have to go to CC instead of college and it won't be so much in a vacuum. kids commit suicide over bullying these days, you think they'll be rushing to go to CC cause it'll help them in the long run?

and for the people who don't own up to their debts - would you want to pay your debts if you found out your law school lied to you and said the average attorney makes $90,000 - and after you are $200k in debt, you find out only 18% legal grads are employed (not as attorneys, just generally employed).... 

it's a blame game. they lied about their transparency. we're not going to pay. and meanwhile normal people will feel the **** end of it. 
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waitwut?


:lol:


suicide?


boy.......c'mon with that.

cannot be serious right now.


CC isn't that bad. There are plenty of kids that go to CC that are well-adjusted mentally and emotionally.

It's 2 years and then they can transfer. Not the end of the world.



As far as me being mad at my law school for "lying to me" um, what? Hopefully anyone going to law school takes the time to do the research on the school they're going to. Finding out any and all pertinent information such as employment rates, graduation rates, etc etc.


People can go to top-law-schools.com forum and find out everything they need to know. Reddit school of law and find out whatever you need to find out.


A lot of universities offer a career services center. Where they offer guidance, mentoring and professional development.


No reason to go to a school that doesn't have these resources in place.


What prospective law student would just blindly go to a school w/o doing the research? I mean seriously.


Folks need to take their time do their homework.


It's not a secret that unless you went to a Tier 1 law program or a top tier 2 program you're going to find it harder to be employed out the gate.


I'm not going to a tier 1 program, I'm still finishing my undergrad but unless I pull out a stellar LSAT I doubt I go to a Tier 1 school. I'll have to go tier 2.


I understand the risk, I'm under no false impressions.
 
bartleby929 said:
yeah i would go liars: diploma mill schools, federal loan servicers/sallie mae, housing development (especially huge parking lots and new condos), local government, etc. 

direct victims: repudiators aka idiots who don't know what they are getting into 

normal people: people who weren't idiots or the older generation... the people who used to pay like $5k for their entire college tuition and had solid 9-5 + white picket fence. 

no one is going to "beat" me in this argument only because i had to write a huge f-ing paper on it. 
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My 8 years in the industry > your paper
 
bartleby929 said:
the sad thing is just by saying tier 1 and tier 2, i know you already don't know what you are talking about. but it's ok. i shouldn't even say that because it makes all this animosity when i should just be telling you how ugly it is in a nicer way. i tutor lsat too by the way, $50/hr. 
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:lol: U mad bro.


Sorry it didn't work out for you.


I know attorneys that attended sorry *** Touro law center and are making bank right now.


In the end it's who you know.
 
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bartleby929 said:
 
do i really? because if that's all you got out of it, then yeah, i agree. 
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Disregard my earlier question about liars, repudiators, and normal people.

Instead of setting up a more sophisticated discussion about the commonalities among different kinds of debtors, I see now that you're only interested in generalities. 
 
bartleby929 said:
do i really? because if that's all you got out of it, then yeah, i agree. 
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You wrote a paper so you are an expert :lol:

I have documented stats I'm not even allowed to discuss when it comes to this stuff but I digress because you did some Googling and wrote a paper

You didn't even know what 6 payments to clear default meant, that's Stafford Loan:101 my man
 
MR J 858 said:
Going to CC instead is just not that simple of a solution.

Many factors go into why a person can or can't go this route. Maybe a person like a woman got knocked up while in high school or a guy has to support a kid or his family.Also the financial aspect of it CC tuition itself ain't cheap and you still got to pay for other expenses like mainly books.Then there's the problem of schedueling classes and what & when certain classes are available during each semester.

I know 2 of my closest friends who went the 2 years at CC route and then transfered to a UC or Cal State University program. They eventually finished but it took them both 7 year to finish and get their bachelors degrees.

These are just some of the common reasons why kids out of high school end up going up the private school route and end up going to places like University Of Phoenix or National University or people end up signing up for the military for a few years to get that Montogomery GI tuition bill to pay for their college education in the future.
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Right, it's taking me a while to finish my undergrad, I have kids. I've had family members die and I've had to leave to go back to NY to help out.


Things happen, life is not a marathon. I wish I could've finished school in 4 years but that isn't my reality and isn't the reality for a lot of people.


CC gave me the flexibility to have the work/life balance I need to address the other things in my life.
 
bartleby929 said:
lol i only brought up my googled paper cause i knew someone would pop up in here and call me out for plagiarizing. i misread the default. yeah i'd say i'm an expert on the subject of consumer protection, predatory lending, student loans, and the legal workplace environment generally 
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You didn't misread it, you had no idea what it was
 
bartleby929 said:
why would i be mad bro. i'm sure you know attorneys who attended bumble**** law school and are doing awesome. in the end it isn't who you know, especially not in law... and sadly the people who "make it" are a tiny percent. it is what it is. 

and that's great that you've concluded i'm only about generalities and idiotic statements. it is possibly true. 
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Hey, maybe I won't make it in law. Hell I probably won't.


It's a sobering thought. One I'm reminded of everyday when I meet people who did everything right and still live pay check to pay check.



Guess I'll find out one day.
 
Sup guys. I see some folks are posting their financials and I am willing to give mine as well to contribute to the discussion. I live in Philadelphia for reference. I got rid of my car in 2013. Don't have any costs associated with a vehicle. I contribute 10% of my pretax pay to my 401k. I paid off all of my credit card debt as well.

Rent: $1200
Internet (no cable): $54.99
Water: $33.99 (every 2 months)
Electricity: $38 (no air conditioning. keeps the bill crazy low)
Gas: $38
Cell phone: $90 (Sprint unlimited everything)
Netflix: $7.99
Gym: $10 (work discount)
Groceries: $250
Amazon Prime: $100 (annually tho not monthly)
Student loan: $475 (trying to pay it down faster than the 10 years)
Scottrade account: $50
Savings: $100 (I need to do better I know)
Public transportation: $91 (comes out of my check pre tax)
Health Insurance: $44

Totals :$2392.97

I'm bringing in over $3k monthly so I still have money to play around with. I'm in my late 20s.

Create a budget and find a formula that works for you. Ever since I started counting pennies I've had more money in my pocket and all my bills are paid. My credit score is great too. So paying the student loans is manageable. They will work with you so you don't ruin your credit for the next 10 years of your life. Just pick up the phone and call them. Simple as that.

I'm an electrical engineer and I advise folks to do STEM all the time. I live the lifestyle I want at the pay I want and I have no complaints.

I will try to answer questions and help out as best I can.
 
SneakerReaper said:
Sup guys. I see some folks are posting their financials and I am willing to give mine as well to contribute to the discussion. I live in Philadelphia for reference. I got rid of my car in 2013. Don't have any costs associated with a vehicle. I contribute 10% of my pretax pay to my 401k. I paid off all of my credit card debt as well.

Rent: $1200
Internet (no cable): $54.99
Water: $33.99 (every 2 months)
Electricity: $38 (no air conditioning. keeps the bill crazy low)
Gas: $38
Cell phone: $90 (Sprint unlimited everything)
Netflix: $7.99
Gym: $10 (work discount)
Groceries: $250
Amazon Prime: $100 (annually tho not monthly)
Student loan: $475 (trying to pay it down faster than the 10 years)
Scottrade account: $50
Savings: $100 (I need to do better I know)
Public transportation: $91 (comes out of my check pre tax)
Health Insurance: $44

Totals :$2392.97

I'm bringing in over $3k monthly so I still have money to play around with. I'm in my late 20s.

Create a budget and find a formula that works for you. Ever since I started counting pennies I've had more money in my pocket and all my bills are paid. My credit score is great too. So paying the student loans is manageable. They will work with you so you don't ruin your credit for the next 10 years of your life. Just pick up the phone and call them. Simple as that.

I'm an electrical engineer and I advise folks to do STEM all the time. I live the lifestyle I want at the pay I want and I have no complaints.

I will try to answer questions and help out as best I can.
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how many liberal arts majors were you friends with in college and what are they doing now. and damn should i keeping track of all my expenses like that too? that's solid 
 
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bartleby929 said:
how many liberal arts majors were you friends with in college and what are they doing now. and damn should i keeping track of all my expenses like that too? that's solid 
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Def keep track of where your money is going. It really opens your eyes to where you are wasting money and where you can put your money to better use.

I honestly did not have any friends that were liberal arts majors. Funnily enough my sister is one now but she did chemical engineering for her undergrad so she could have a good fallback
 
A budget? That's what most people who know where there money is going do. It's not some earth shattering idea, or something only nerds do. Actually... it's what most people who've paid off significant debt do.
 
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crcballer55 said:
 
A budget? That's what most people who know where there money is going do. It's not some earth shattering idea, or something only nerds do. Actually... it's what most people who've paid off significant debt do.
wink.gif
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I wasn't making fun of him or being sarcastic. I never thought about having a budget. I don't exactly want to write down where some of my money goes and I've been awful with money in the past and present so it is cool to see someone else in my age group having it all mapped out. That's all.
 
bartleby929 said:
I wasn't making fun of him or being sarcastic. I never thought about having a budget. I don't exactly want to write down where some of my money goes and I've been awful with money in the past and present so it is cool to see someone else in my age group having it all mapped out. That's all.
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dude you sound really clueless, never thought a budget when paying back loans? :lol:
 
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