Would you have a serious relationship with someone with 200k in student loan debt?

[Anonymous]

I would welcome a kind teacher as a DIL with or without 200k student loans.

I had 100k student loans 20 years ago. I worked in finance though and had a high income.

[Anonymous]

Anonymous wrote:From med school or a top ten law school or business school, yes, assuming we were about thirty or younger.

Otherwise, no. What was she thinking????

It KILLS me when kids do this.

Well yeah why are KIDS being approved for this much debt to begin with? They aren’t allowed to drink, rent a car, etc. but as a society we have somehow decided they are mature enough to understand the consequences of taking hundreds of thousands of dollars in loans? Most haven’t even had a financial literacy course.

[Anonymous]

Anonymous wrote:

Anonymous wrote:From med school or a top ten law school or business school, yes, assuming we were about thirty or younger.

Otherwise, no. What was she thinking????

It KILLS me when kids do this.

Well yeah why are KIDS being approved for this much debt to begin with? They aren’t allowed to drink, rent a car, etc. but as a society we have somehow decided they are mature enough to understand the consequences of taking hundreds of thousands of dollars in loans? Most haven’t even had a financial literacy course.

The "kids" (18/19 yo) are not being approved for these loans. It has to be their parents taking the loans with the side deal that it's the kid's responsibility to pay them back.

But yes, IMO, any kid wanting to take student loans should be required to sit in a 2-3 hour financial literacy course so they fully understand what the debt means. And we need to teach kids/families that it is not a good idea to take 200K in loans

[Anonymous]

Anonymous wrote:

Anonymous wrote:From med school or a top ten law school or business school, yes, assuming we were about thirty or younger.

Otherwise, no. What was she thinking????

It KILLS me when kids do this.

Well yeah why are KIDS being approved for this much debt to begin with? They aren’t allowed to drink, rent a car, etc. but as a society we have somehow decided they are mature enough to understand the consequences of taking hundreds of thousands of dollars in loans? Most haven’t even had a financial literacy course.

They aren't. There are strict limits on the amount of loans students can take on at the undergraduate level. These have to be parental loans--if OP isn't a troll (I think it's the latter because of the "full-ride at UVA" claim--there are only a very few full rides at UVA and it's highly specific).

[Anonymous]

Woof. That's a tough one.

I was fortunate enough to graduate without debt but my wife had $200k in loans from grad school. Fortunately she was in school to be an NP and we just threw her entire low six figure salary at the loans until they were gone.

$220K to earn $50k out of undergrad though. Ouch.

[Anonymous]

Have the girlfriend come live with you. You will both have free housing then. Include your GF at the aunt and uncle’s for the free meals. Have the GF save and payback her loans with her take home pay. She could knock this out in 4-5 years. Then if you are compatible, get married.

[Anonymous]

Anonymous wrote:I am dating this wonderful 23 years old woman who recently graduated from Wake Forest with 220K in student loan debt majoring in education. She is about to start her job at FCPS for 53k/yr. I graduated from UVA debt free. I would like to get serious with her but the student debt is a big concern for me. WWYD?

She's 23, and presumably you too.

Have fun, life is short.

And, nope, someone with so bad financial acumen is not a keeper.

[Anonymous]

Anonymous wrote:

Anonymous wrote:From med school or a top ten law school or business school, yes, assuming we were about thirty or younger.

Otherwise, no. What was she thinking????

It KILLS me when kids do this.

Well yeah why are KIDS being approved for this much debt to begin with? They aren’t allowed to drink, rent a car, etc. but as a society we have somehow decided they are mature enough to understand the consequences of taking hundreds of thousands of dollars in loans? Most haven’t even had a financial literacy course.

+ a million.

[Anonymous]

Anonymous wrote:I am dating this wonderful 23 years old woman who recently graduated from Wake Forest with 220K in student loan debt majoring in education. She is about to start her job at FCPS for 53k/yr. I graduated from UVA debt free. I would like to get serious with her but the student debt is a big concern for me. WWYD?

Nope.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:From med school or a top ten law school or business school, yes, assuming we were about thirty or younger.

Otherwise, no. What was she thinking????

It KILLS me when kids do this.

Well yeah why are KIDS being approved for this much debt to begin with? They aren’t allowed to drink, rent a car, etc. but as a society we have somehow decided they are mature enough to understand the consequences of taking hundreds of thousands of dollars in loans? Most haven’t even had a financial literacy course.

The "kids" (18/19 yo) are not being approved for these loans. It has to be their parents taking the loans with the side deal that it's the kid's responsibility to pay them back.

But yes, IMO, any kid wanting to take student loans should be required to sit in a 2-3 hour financial literacy course so they fully understand what the debt means. And we need to teach kids/families that it is not a good idea to take 200K in loans

Right- the parents would have had to co-sign these loans beyond the federal loans. They bear a huge part of the responsibility here and should know better.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:From med school or a top ten law school or business school, yes, assuming we were about thirty or younger.

Otherwise, no. What was she thinking????

It KILLS me when kids do this.

Well yeah why are KIDS being approved for this much debt to begin with? They aren’t allowed to drink, rent a car, etc. but as a society we have somehow decided they are mature enough to understand the consequences of taking hundreds of thousands of dollars in loans? Most haven’t even had a financial literacy course.

They aren't. There are strict limits on the amount of loans students can take on at the undergraduate level. These have to be parental loans--if OP isn't a troll (I think it's the latter because of the "full-ride at UVA" claim--there are only a very few full rides at UVA and it's highly specific).

Yeah- my dad took out a bunch of loans for my sister and I even though there was no way my parents would ever have been able to pay them back. We didn't realize the extent of it until we graduated. I sent my parents money every month for years, on top of my own federal loans, whereas my sister eventually just had my dad sign the loans over to her.

I was a stupid 18yo for sure but plan to provide more guidance and limits for our kids. Thankfully my now DH was not turned off by my student loan debt although I didn't have nearly that much. 200k on a 50k salary sounds pretty darn daunting.

[Anonymous]

$220,000 of student loan debt for an undergraduate degree in education is astonishing. How did this happen ?

Undergraduate student loans should never be in excess of one's expected first year salary. $220,000 of student loan debt for a $50,000 a year position just won't work.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:From med school or a top ten law school or business school, yes, assuming we were about thirty or younger.

Otherwise, no. What was she thinking????

It KILLS me when kids do this.

Well yeah why are KIDS being approved for this much debt to begin with? They aren’t allowed to drink, rent a car, etc. but as a society we have somehow decided they are mature enough to understand the consequences of taking hundreds of thousands of dollars in loans? Most haven’t even had a financial literacy course.

They aren't. There are strict limits on the amount of loans students can take on at the undergraduate level. These have to be parental loans--if OP isn't a troll (I think it's the latter because of the "full-ride at UVA" claim--there are only a very few full rides at UVA and it's highly specific).

Yeah- my dad took out a bunch of loans for my sister and I even though there was no way my parents would ever have been able to pay them back. We didn't realize the extent of it until we graduated. I sent my parents money every month for years, on top of my own federal loans, whereas my sister eventually just had my dad sign the loans over to her.

I was a stupid 18yo for sure but plan to provide more guidance and limits for our kids. Thankfully my now DH was not turned off by my student loan debt although I didn't have nearly that much. 200k on a 50k salary sounds pretty darn daunting.

If the OP is NOT a troll, the teacher is living at home, being frugal, so she should be able to pay $25K off per year.

But people need to stop taking these ridiculous loans (or stop complaining that they are poor and will be poor for a long time because of it). There are plenty of ways to get a great college degree without more than $20-30K debt total, and it can be done for less. It's all about responsibility and choices. Especially as a teacher, there are plenty of state schools that have education degrees that cost only $20-25k/year. A kid can take $5K in fed loans, earn $10K and they are left with 5-10K which hopefully parents can help with. Or take first 1-2 years at a CC and transfer for last 2-3 years. It can be done. Someone just needs to explain what these massive loan amounts really translate to when you are 22.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:From med school or a top ten law school or business school, yes, assuming we were about thirty or younger.

Otherwise, no. What was she thinking????

It KILLS me when kids do this.

Well yeah why are KIDS being approved for this much debt to begin with? They aren’t allowed to drink, rent a car, etc. but as a society we have somehow decided they are mature enough to understand the consequences of taking hundreds of thousands of dollars in loans? Most haven’t even had a financial literacy course.

They aren't. There are strict limits on the amount of loans students can take on at the undergraduate level. These have to be parental loans--if OP isn't a troll (I think it's the latter because of the "full-ride at UVA" claim--there are only a very few full rides at UVA and it's highly specific).

Yeah- my dad took out a bunch of loans for my sister and I even though there was no way my parents would ever have been able to pay them back. We didn't realize the extent of it until we graduated. I sent my parents money every month for years, on top of my own federal loans, whereas my sister eventually just had my dad sign the loans over to her.

I was a stupid 18yo for sure but plan to provide more guidance and limits for our kids. Thankfully my now DH was not turned off by my student loan debt although I didn't have nearly that much. 200k on a 50k salary sounds pretty darn daunting.

If the OP is NOT a troll, the teacher is living at home, being frugal, so she should be able to pay $25K off per year.

But people need to stop taking these ridiculous loans (or stop complaining that they are poor and will be poor for a long time because of it). There are plenty of ways to get a great college degree without more than $20-30K debt total, and it can be done for less. It's all about responsibility and choices. Especially as a teacher, there are plenty of state schools that have education degrees that cost only $20-25k/year. A kid can take $5K in fed loans, earn $10K and they are left with 5-10K which hopefully parents can help with. Or take first 1-2 years at a CC and transfer for last 2-3 years. It can be done. Someone just needs to explain what these massive loan amounts really translate to when you are 22.

The problem is that no kid is taking on this loan burden, the adults in their life are (either directly or via co-signing). Obviously they were not well informed. The federal loan limit for all of your undergraduate years is 31,000 total. That's a very reasonable loan burden for any college graduate to pay off.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:From med school or a top ten law school or business school, yes, assuming we were about thirty or younger.

Otherwise, no. What was she thinking????

It KILLS me when kids do this.

Well yeah why are KIDS being approved for this much debt to begin with? They aren’t allowed to drink, rent a car, etc. but as a society we have somehow decided they are mature enough to understand the consequences of taking hundreds of thousands of dollars in loans? Most haven’t even had a financial literacy course.

They aren't. There are strict limits on the amount of loans students can take on at the undergraduate level. These have to be parental loans--if OP isn't a troll (I think it's the latter because of the "full-ride at UVA" claim--there are only a very few full rides at UVA and it's highly specific).

Yeah- my dad took out a bunch of loans for my sister and I even though there was no way my parents would ever have been able to pay them back. We didn't realize the extent of it until we graduated. I sent my parents money every month for years, on top of my own federal loans, whereas my sister eventually just had my dad sign the loans over to her.

I was a stupid 18yo for sure but plan to provide more guidance and limits for our kids. Thankfully my now DH was not turned off by my student loan debt although I didn't have nearly that much. 200k on a 50k salary sounds pretty darn daunting.

If the OP is NOT a troll, the teacher is living at home, being frugal, so she should be able to pay $25K off per year.

But people need to stop taking these ridiculous loans (or stop complaining that they are poor and will be poor for a long time because of it). There are plenty of ways to get a great college degree without more than $20-30K debt total, and it can be done for less. It's all about responsibility and choices. Especially as a teacher, there are plenty of state schools that have education degrees that cost only $20-25k/year. A kid can take $5K in fed loans, earn $10K and they are left with 5-10K which hopefully parents can help with. Or take first 1-2 years at a CC and transfer for last 2-3 years. It can be done. Someone just needs to explain what these massive loan amounts really translate to when you are 22.

The problem is that no kid is taking on this loan burden, the adults in their life are (either directly or via co-signing). Obviously they were not well informed. The federal loan limit for all of your undergraduate years is 31,000 total. That's a very reasonable loan burden for any college graduate to pay off.

I agree. Kids heading to college deserve for their parents to tell them how its being financed. In reality, if the parents sign the loans, the kid is not responsible. If my parents did that and didn't consult with me first, the loans would have been their responsibility. Note: my parents were not dumb enough to sign loans for that amount---they refused to pay any more than they could afford, which wasn't much, and I was made well aware of that by freshman year of HS. They knew that college was expensive and told me to find a place we as a family could afford, so I did, as they needed to smartly focus on saving more for retirement.