Insane Generation-Z Graduation Debt of $400,000

[Anonymous]

Anonymous wrote:As my financial planner told me when I complained about student loan debt, imagine what your life would look like without it. You’d likely be making minimum wage. If you think about that, even with massive debt, everyone of these people is living better than a family of minimum wage earners is living.

My son who is 30 didnt fo to college and my DH does his taxes (hes a CPA) last year he made 280k. Hes always been smart and creative. He also is a very hard worker and never gives up.

[Anonymous]

Anonymous wrote:

Anonymous wrote:All of you people herping and derping about “personal responsibility” are totally missing the point. Let me spell it out for you, MED SCHOOL AND COLLEGE SHOULD NOT COST THAT MUCH, EVER, UNDER ANY CIRCUMSTANCES. Yes, even if the student intends to work as a plastic surgeon in Hollywood. It is terrible for the economy, society, and the field of medicine. No one benefits except student loan companies, med school administrators, and the politicians who take their lobbying money to keep the status quo.

+1

Plus, don’t we as a society need MD researchers?

Apparently most people on this thread are healthy as horses.

I'm not. I give medical researchers a subject to research.

[Anonymous]

Anonymous wrote:All of you people herping and derping about “personal responsibility” are totally missing the point. Let me spell it out for you, MED SCHOOL AND COLLEGE SHOULD NOT COST THAT MUCH, EVER, UNDER ANY CIRCUMSTANCES. Yes, even if the student intends to work as a plastic surgeon in Hollywood. It is terrible for the economy, society, and the field of medicine. No one benefits except student loan companies, med school administrators, and the politicians who take their lobbying money to keep the status quo.

+ 1,000,000 It blows my mind that people defend the insane cost of college and graduate school. They cost so much due to a bubble created by unlimited student loans backed by the federal government that cannot be discharged in bankruptcy. It is a racket and the primary victims are middle and working class kids whose parents can’t pay for school out of pocket (so basically everyone under 40 who didn’t have rich parents). End federally backed student loans, and make private student loans dischargable in bankruptcy and the cost of higher education will plummet overnight. But even though this is a simple legislative fix, it won’t happen because the education lobby and student loan providers are way too rich and powerful at this point.

[Anonymous]

Anonymous wrote:All of you people herping and derping about “personal responsibility” are totally missing the point. Let me spell it out for you, MED SCHOOL AND COLLEGE SHOULD NOT COST THAT MUCH, EVER, UNDER ANY CIRCUMSTANCES. Yes, even if the student intends to work as a plastic surgeon in Hollywood. It is terrible for the economy, society, and the field of medicine. No one benefits except student loan companies, med school administrators, and the politicians who take their lobbying money to keep the status quo.

That is your opinion. A unsubstantiated one at that.

It never ceases to amaze to amaze me how little Americans value their health. $1000 for an iPhone? A-ok. $500 for a handbag? gotta carry all stuff somehow. $40 for a 4K blu ray? How else are we going to watch our favorite movies. Kitchen renovation? Of course.

But $75,000 for a life saving emergency open heart surgery? Too much. $500 for an appointment with a medical specialist? Noooo, in Sweden they actually pay you to go to the Doctor

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I thought the millennials had it bad but the college grads today are f*cked.

https://www.reddit.com/r/personalfinance/comments/906m2l/fiance_has_390000_in_student_loan_debt_how_on/

In sum, the man has $390,000 in student loans and a starting salary of $47,000.

The woman will have $100,000 in student loans and a starting salary of $80,000.

It's their own problem. Sorry if you're graduating med school with 390k in loans, you don't "choose" to go down the research road -- you knew what your loans would be; you should only have gone in if you were willing to go into a competitive specialty and be a sub specialist. If you're taking out 390k for research, pediatrics or family med -- I don't feel that bad bc you didn't do your homework.

Not even sure what the woman studied as they mentioned "grad" school so I am guessing it's not professional school. Again if you're taking out a 100k in debt for your masters in public policy -- whatever - you gotta own your own problems.

This

America is a liberal democracy- government won't hold your hand

Not saying it isn't. Still think they're screwed. Starting out in your late 20s with $500,000 in debt. Most people can't even afford mortgages that large (outside of the D.C. bubble and within).

Doctors aren't most people. Even a doctor in the lower earning specialties can earn $500k per year easily.

Umm. No. That's after 10 years of degree-earning (don't forget most med school students take time between the BA and MD program to get hospital experience) and then residency (another 3). And then specialization (another 2). So you're talking 35 year-olds who have then amassed north of $450,000 in medical student loans. And the beginning salaries are $200,000 - $350,000.

At which point you probably have kid(s), a mortgage in an expensive city (because specialties!) and compounding interest on the loans.

Besides the fact that this kid isn't even going into medicine, he wants to do research.

lol come back when he's 40. He'll be taking his BMW to the car wash when he leaves his practice at 12 on a Wednesday en route to the golf club. Unless he is incredibly specialized in a big city, in which case he'll be complaining about how all the women he meets are only interested for his money, before leaving for the club at 3.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I thought the millennials had it bad but the college grads today are f*cked.

https://www.reddit.com/r/personalfinance/comments/906m2l/fiance_has_390000_in_student_loan_debt_how_on/

In sum, the man has $390,000 in student loans and a starting salary of $47,000.

The woman will have $100,000 in student loans and a starting salary of $80,000.

It's their own problem. Sorry if you're graduating med school with 390k in loans, you don't "choose" to go down the research road -- you knew what your loans would be; you should only have gone in if you were willing to go into a competitive specialty and be a sub specialist. If you're taking out 390k for research, pediatrics or family med -- I don't feel that bad bc you didn't do your homework.

Not even sure what the woman studied as they mentioned "grad" school so I am guessing it's not professional school. Again if you're taking out a 100k in debt for your masters in public policy -- whatever - you gotta own your own problems.

This

America is a liberal democracy- government won't hold your hand

Not saying it isn't. Still think they're screwed. Starting out in your late 20s with $500,000 in debt. Most people can't even afford mortgages that large (outside of the D.C. bubble and within).

Doctors aren't most people. Even a doctor in the lower earning specialties can earn $500k per year easily.

Umm. No. That's after 10 years of degree-earning (don't forget most med school students take time between the BA and MD program to get hospital experience) and then residency (another 3). And then specialization (another 2). So you're talking 35 year-olds who have then amassed north of $450,000 in medical student loans. And the beginning salaries are $200,000 - $350,000.

At which point you probably have kid(s), a mortgage in an expensive city (because specialties!) and compounding interest on the loans.

Besides the fact that this kid isn't even going into medicine, he wants to do research.

lol come back when he's 40. He'll be taking his BMW to the car wash when he leaves his practice at 12 on a Wednesday en route to the golf club. Unless he is incredibly specialized in a big city, in which case he'll be complaining about how all the women he meets are only interested for his money, before leaving for the club at 3.

If he were doing dermatology or optho -- absolutely. He's going into full time RESEARCH. It's not the same over the top lifestyle at all.

[Anonymous]

Anonymous wrote:All of you people herping and derping about “personal responsibility” are totally missing the point. Let me spell it out for you, MED SCHOOL AND COLLEGE SHOULD NOT COST THAT MUCH, EVER, UNDER ANY CIRCUMSTANCES. o.

Why? It’s not like there aren’t cheaper alternatives. There are. Just beacause some people get in over their heads buying Maseratis doesnt mean we should only have Fords for sale.

[Anonymous]

Anonymous wrote:

Anonymous wrote:As my financial planner told me when I complained about student loan debt, imagine what your life would look like without it. You’d likely be making minimum wage. If you think about that, even with massive debt, everyone of these people is living better than a family of minimum wage earners is living.

My son who is 30 didnt fo to college and my DH does his taxes (hes a CPA) last year he made 280k. Hes always been smart and creative. He also is a very hard worker and never gives up.

y

That’s awesome. What does he do? iT related or a trade? I wish my brother had done this. He went to top schools and got an mba, got derailed by problems in life and no earns zip and takes care of our aging parent. I admire people who are hard working and can find a way around the college debt quagmire! I feel like I’m doing it wrong with a mid level magager jib in pr making $146k. I would love $200 and above but would have hated law or medicine.

[Anonymous]

It actually scares me that we are deterring our best and brightest from becoming doctors because of the enormous cost of a medical degree. Instead, they are smartly looking for positive ROI on education and going into finance or similar.

America will be screwed in 20 years when all the doctors retire and there aren't enough to fill the need.
The gov't should be funding the highest caliber of people to study medicine. Also we need research scientists to continue finding cures for the varying ailments our culture is creating.

[Anonymous]

Anonymous wrote:

Anonymous wrote:All of you people herping and derping about “personal responsibility” are totally missing the point. Let me spell it out for you, MED SCHOOL AND COLLEGE SHOULD NOT COST THAT MUCH, EVER, UNDER ANY CIRCUMSTANCES. Yes, even if the student intends to work as a plastic surgeon in Hollywood. It is terrible for the economy, society, and the field of medicine. No one benefits except student loan companies, med school administrators, and the politicians who take their lobbying money to keep the status quo.

+ 1,000,000 It blows my mind that people defend the insane cost of college and graduate school. They cost so much due to a bubble created by unlimited student loans backed by the federal government that cannot be discharged in bankruptcy. It is a racket and the primary victims are middle and working class kids whose parents can’t pay for school out of pocket (so basically everyone under 40 who didn’t have rich parents). End federally backed student loans, and make private student loans dischargable in bankruptcy and the cost of higher education will plummet overnight. But even though this is a simple legislative fix, it won’t happen because the education lobby and student loan providers are way too rich and powerful at this point.

+2

[Anonymous]

Anonymous wrote:It actually scares me that we are deterring our best and brightest from becoming doctors because of the enormous cost of a medical degree. Instead, they are smartly looking for positive ROI on education and going into finance or similar.

America will be screwed in 20 years when all the doctors retire and there aren't enough to fill the need.
The gov't should be funding the highest caliber of people to study medicine. Also we need research scientists to continue finding cures for the varying ailments our culture is creating.

Most doctors I know went to med school to make more $$....pure greed. This is what they tell me in confidence...if docs made as much as professors, they would never get into it. And....they are not the brightest and the best. I'm a RE developer and consider engineers as the brightest and best....true problem solvers and innovators.

[Anonymous]

Anonymous wrote:I thought the millennials had it bad but the college grads today are f*cked.

https://www.reddit.com/r/personalfinance/comments/906m2l/fiance_has_390000_in_student_loan_debt_how_on/

In sum, the man has $390,000 in student loans and a starting salary of $47,000.

The woman will have $100,000 in student loans and a starting salary of $80,000.

If you take out $390K in loans to make $47K you get what you deserve

[Anonymous]

Anonymous wrote:

Anonymous wrote:I thought the millennials had it bad but the college grads today are f*cked.

https://www.reddit.com/r/personalfinance/comments/906m2l/fiance_has_390000_in_student_loan_debt_how_on/

In sum, the man has $390,000 in student loans and a starting salary of $47,000.

The woman will have $100,000 in student loans and a starting salary of $80,000.

If you take out $390K in loans to make $47K you get what you deserve

A lot of financial issues involve preventing banks from taking advantage of unsavvy people. Why does this idea not apply to students?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I thought the millennials had it bad but the college grads today are f*cked.

https://www.reddit.com/r/personalfinance/comments/906m2l/fiance_has_390000_in_student_loan_debt_how_on/

In sum, the man has $390,000 in student loans and a starting salary of $47,000.

The woman will have $100,000 in student loans and a starting salary of $80,000.

If you take out $390K in loans to make $47K you get what you deserve

A lot of financial issues involve preventing banks from taking advantage of unsavvy people. Why does this idea not apply to students?

Like anything in life, just because you CAN, doesn't mean you SHOULD.


If you bought a house on a 3/1 ARM with 1% down in 2005 and then lost your house and thought it was reasonable to have a $1100 mortgage on a $500K house - that is the bank's fault?

Let's say that the government imposed a cap - you are not able to borrow more than $100K for an education - would you support that? No - you would say that it favors the deep pockets who can pay cash.


Personal responsibility is the answer to a ton of questions in life

[Anonymous]

Anonymous wrote:

Anonymous wrote:I thought the millennials had it bad but the college grads today are f*cked.

https://www.reddit.com/r/personalfinance/comments/906m2l/fiance_has_390000_in_student_loan_debt_how_on/

In sum, the man has $390,000 in student loans and a starting salary of $47,000.

The woman will have $100,000 in student loans and a starting salary of $80,000.

This is nothing more than financial Darwinism. Total idiots.

Nope, pretty smart. They can do IBR (income base repayment) or PAYE/REPAYE, pay just a portion and have the loan forgiven after 25 years.