Anonymous
Post 07/19/2018 22:38     Subject: Insane Generation-Z Graduation Debt of $400,000
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.
Anonymous
Post 07/19/2018 22:28     Subject: Insane Generation-Z Graduation Debt of $400,000
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?
Anonymous
Post 07/19/2018 22:23     Subject: Insane Generation-Z Graduation Debt of $400,000
Anonymous wrote:There is no reason for anyone to be $500,000 in debt for college. Go to a states school and skip the slac's and the ivy's. Geez. It really isn't that complicated.


This.

And: live at home and commute, or get a bunch of roommates.

And: get a PT job during the school year, and a ft job during the summer.

This is what smart people do.
Anonymous
Post 07/19/2018 22:19     Subject: Insane Generation-Z Graduation Debt of $400,000
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.
Anonymous
Post 07/19/2018 22:18     Subject: Insane Generation-Z Graduation Debt of $400,000
Anonymous wrote:Or just do this. https://www.wsj.com/articles/mike-meru-has-1-million-in-student-loans-how-did-that-happen-1527252975


If I recall correctly he's going to spend the next 25 years paying a monthly student loan balance equal to his mortgage, a mortgage that his wife + MIL signed for that he doesn't even own, and he still won't have the finances to help his three children go to college.

Yeah, brilliant plan.
Anonymous
Post 07/19/2018 22:15     Subject: Insane Generation-Z Graduation Debt of $400,000
Anonymous wrote:Generation Z doesn't really start until birth year 2000, at the earliest. 2001 in some minds (i.e. post-911). These are just young millennials.

And, yes, regardless of when you are born, you need to understand and own the decisions you make when taking on debt. But I do feel a bit sorry for them...


Yes. I was noticing that these are Millennials, not Gen Z.

Anonymous
Post 07/19/2018 22:13     Subject: Insane Generation-Z Graduation Debt of $400,000
Or just do this. https://www.wsj.com/articles/mike-meru-has-1-million-in-student-loans-how-did-that-happen-1527252975
Anonymous
Post 07/19/2018 22:13     Subject: Re:Insane Generation-Z Graduation Debt of $400,000
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:They need to learn American economy.

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


It is almost impossible to discharge student loans via bankruptcy and you would have to go into legal debt to even try. https://www.nerdwallet.com/blog/loans/student-loans/student-loans-bankruptcy/


Rule #2 as an American, its better to pay a lawyer and an accountant than to pay your debt.

Only suckers actually pay their way out of debt.


That's assuming your lawyer can win the case. Because whether or not they succeed - you're still going to pay them and ducking a lawyer is a lot less fun.
Anonymous
Post 07/19/2018 22:07     Subject: Re:Insane Generation-Z Graduation Debt of $400,000
Anonymous wrote:
Anonymous wrote:They need to learn American economy.

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


It is almost impossible to discharge student loans via bankruptcy and you would have to go into legal debt to even try. https://www.nerdwallet.com/blog/loans/student-loans/student-loans-bankruptcy/


Rule #2 as an American, its better to pay a lawyer and an accountant than to pay your debt.

Only suckers actually pay their way out of debt.
Anonymous
Post 07/19/2018 22:00     Subject: Re:Insane Generation-Z Graduation Debt of $400,000
Anonymous wrote:They need to learn American economy.

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


It is almost impossible to discharge student loans via bankruptcy and you would have to go into legal debt to even try. https://www.nerdwallet.com/blog/loans/student-loans/student-loans-bankruptcy/
Anonymous
Post 07/19/2018 21:58     Subject: Insane Generation-Z Graduation Debt of $400,000
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.
Anonymous
Post 07/19/2018 21:57     Subject: Re:Insane Generation-Z Graduation Debt of $400,000
They need to learn American economy.

They should declare bankruptcy, get debt forgiveness and be all good in 7 years.
Anonymous
Post 07/19/2018 21:49     Subject: Insane Generation-Z Graduation Debt of $400,000
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.
Anonymous
Post 07/19/2018 21:23     Subject: Re:Insane Generation-Z Graduation Debt of $400,000
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.
Anonymous
Post 07/19/2018 20:55     Subject: Insane Generation-Z Graduation Debt of $400,000
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.