Insane Generation-Z Graduation Debt of $400,000

[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.

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

No. America is a capitalist democracy. Big business runs this country and specialize in separating you from your money until you fall into a category of people that can't afford to support their offspring and therefore don't produce any. Natural selection at its best..

[Anonymous]

Anonymous wrote:They need to learn American economy.

They should declare bankruptcy, get debt forgiveness and be all good in 7 years.

federal student loans are not discharged in bankruptcy. . . for a reason.

[Anonymous]

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.

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

Reminds me of a quote I saw:

When I was 17 I went to get a Limp Bizkit tattoo and when they wouldn’t let me because I didn’t have a guardian’s approval, I cried and punched a lamp post. 3 months later I was allowed to take on $119,000 in loans to go to art school.

https://twitter.com/BillDixonish/status/1015995596396642304

Just because its legal and thrown to 'personal responsibility' doesn't mean its right. I don't agree with capping a person's ability to get financial help based on their potential career or area of study though, so I'm not sure what the answer is.

[Anonymous]

Anonymous wrote:

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.

Hes an electrician. He started his own company a few years back and it is just starting to take off. He's won some great commercial contracts this year and I bet he'll be making more. His biggest challenge is hiring.

[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.

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.

Yep.

[Anonymous]

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.

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.

Yep.

Brilliant.

[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.

I might agree with you if the earnings potential were not so high. But when someone wants or expects to earn more than 10x what a high school grad is going to make, it should come with a cost.

This doesn’t at all help our society to address the STEM shortage. Agree that no college program should lead to this much debt.

[Anonymous]

Anonymous wrote:In 2018, there's absolutely no reason students should be "shocked" about the costs of going to college and beyond.

Absolutely agree! College is for the rich, who needs meritocracy?

[Anonymous]

Anonymous wrote:

Anonymous wrote:In 2018, there's absolutely no reason students should be "shocked" about the costs of going to college and beyond.

Absolutely agree! College is for the rich, who needs meritocracy?

My daughter just finished up 2 years and nova community college and is off in the fall to UVA with a partial scholarship. She and I will have no debt.

[Anonymous]

Anonymous wrote:

Anonymous wrote:In 2018, there's absolutely no reason students should be "shocked" about the costs of going to college and beyond.

Absolutely agree! College is for the rich, who needs meritocracy?

Anyone with as much merit as you imply would not need to hide behind a $100,000 college degree

[Anonymous]

Anonymous wrote:

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.

I might agree with you if the earnings potential were not so high. But when someone wants or expects to earn more than 10x what a high school grad is going to make, it should come with a cost.

This doesn’t at all help our society to address the STEM shortage. Agree that no college program should lead to this much debt.

The STEM shortage in America is being addressed by hiring immigrants. Our family has doctors from Africa, Japan and India via our Kaiser insurance. At my place of employment, our onshore IT dept is filled with literally hundreds of immigrants from India. We have several more hundreds of Indians offshore doing all kinds of support work for the finance and accounting depts.

With foreign labor being just as educated but cheaper and possibly more hard working , I don’t see why our American govt or big business would invest any large amounts of $$$ to make our local American STEM labor pool larger. They don’t seem interested in doing that.

[Anonymous]

Anonymous wrote:

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.

Well it costs what it costs. If you can't afford or take on debt for it it or an ivy undergrad or b school or law school or whatever, don't go. It's like any other investment -- you have to put your investment to use wherever there will be the greatest ROI. Don't see what's so terrible about this. I did it back in the day and went down the Wharton undergrad + law road. I had friends who went down the med school road. As long as you make smart decisions (including your exact schooling, jobs you pursue after, for medicine - specialties), you will pay off the debt and come out way ahead of Joe Schmoe who went to Rutgers for his psychology BA and couldn't hack it in sales.

I have an unimpressive bachelor’s degree from a state school and seem to be doing just as well as some of my peers who went to “designer” law or graduate schools, and I have no student loan debt. Maybe not typical, but I feel like I came out ahead because I didn’t try to play the game.

+1
Except check the college forums and everyone insists Ivy is the only path to success. They’d be wrong.

[Anonymous]

Exorbitant student loans is such a uniquely American problem. I highly recommend going to university somewhere in Europe if you're able. EU citizens are entitled to free or almost-free higher education. Even if you have to pay international rates as a US citizen, you could complete an entire degree for less than what a semester would cost at an American university.

[Anonymous]

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

No. America is a capitalist democracy. Big business runs this country and specialize in separating you from your money until you fall into a category of people that can't afford to support their offspring and therefore don't produce any. Natural selection at its best..

That's not the definition of capitalism or how capitalism works.

[Anonymous]

Anonymous wrote:Exorbitant student loans is such a uniquely American problem. I highly recommend going to university somewhere in Europe if you're able. EU citizens are entitled to free or almost-free higher education. Even if you have to pay international rates as a US citizen, you could complete an entire degree for less than what a semester would cost at an American university.

And look how it turned out for Europe