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.

I am Generation X...right before the millennials.

My college debt was $60,000 in 1999 and unheard of. My job paid $22,000. Destroyed my career plans. I was miserable for 13 years working 3 jobs to pay it off.

How did this happen? My parents had a decent income and cut me off in college because they decided not to pay for anything. The student still has to pay the family's expected family contribution whether the parents agree to pay or not. I had to take max out federal and take out private loans.

Owing $100,000 for a $80,000 salary is really not that bad compared to what I had to deal with.

I came out of law school with a combined $140K in school debt. My starting salary was $50K. All of my loans were paid off in 15 years.

Anonymous wrote:

Anonymous wrote:I don't believe any student loans should be dischargeable in bankruptcy. There are so many options for higher education and taxpayers should not be forced to support individual decisions. https://www.forbes.com/sites/zackfriedman/2018/06/18/bankruptcy-student-loans/#62443eb844f8

Nor should there be loan forgiveness after specified periods of repayment. The only exception on reduction should be for amounts based on costs of community college and public institutions when a borrower has 20 years of service/employment in a govt job, police, or public schools.

But again the forgiveness amount should not be based on amount borrowed if the borrower chose to attend an expensive private school.

I agree with this. It's arguably reasonable to offer it for attendance at public institutions for undergrad once. Or for public service.

A friend got a four year degree from a public school with no loans. Wasn't happy and went back to school for another degree that required another four years of school. He worked in the field for a year or two, found it wasn't as lucrative as he thought, and then went back to school again for a master's degree. In the process, he amassed 200k total in loans. Because this third field doesn't pay much, he pays a tiny loan payment that will eventually forgiven. All of his choice.

I'm first PP. Amazing that even 1 cent will be forgiven. Again-only amounts equal to instate tuition only should even be on reduced payment plans.

That 200,000 comes out of taxpayer money. Another example is if a person decides to be a teacher after accumulating massive loans to a SLAC. We're supposed to eat that?

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.

You are confused. No one is "defending the insane cost of college and graduate school." No one is saying that it is good for college and grad school to cost so much.

When we are saying is that it is an open, notorious, obvious fact that college and graduate school *do* cost that much, and it's idiotic to get oneself in this kind of predicament. We live in the actual world, not in the "well, things should be different " world.

Also, it's nice that the Dr. wanted to go into research. But, there are a lot of things I'd rather do with my life that I don't get to do because I have effin' bills to pay. You know, obligations that I incurred and need to satisfy. So no, I don't feel sorry for him. And to suggest that this idiot's loans should be dischargeable in bankruptcy because he decided to incur loans and then take a relatively low-paying job is just lunacy. Come on.

Anonymous wrote:I don't believe any student loans should be dischargeable in bankruptcy. There are so many options for higher education and taxpayers should not be forced to support individual decisions. https://www.forbes.com/sites/zackfriedman/2018/06/18/bankruptcy-student-loans/#62443eb844f8

Nor should there be loan forgiveness after specified periods of repayment. The only exception on reduction should be for amounts based on costs of community college and public institutions when a borrower has 20 years of service/employment in a govt job, police, or public schools.

But again the forgiveness amount should not be based on amount borrowed if the borrower chose to attend an expensive private school.

I agree with this. It's arguably reasonable to offer it for attendance at public institutions for undergrad once. Or for public service.

A friend got a four year degree from a public school with no loans. Wasn't happy and went back to school for another degree that required another four years of school. He worked in the field for a year or two, found it wasn't as lucrative as he thought, and then went back to school again for a master's degree. In the process, he amassed 200k total in loans. Because this third field doesn't pay much, he pays a tiny loan payment that will eventually forgiven. All of his choice.

I don't believe any student loans should be dischargeable in bankruptcy. There are so many options for higher education and taxpayers should not be forced to support individual decisions. https://www.forbes.com/sites/zackfriedman/2018/06/18/bankruptcy-student-loans/#62443eb844f8

Nor should there be loan forgiveness after specified periods of repayment. The only exception on reduction should be for amounts based on costs of community college and public institutions when a borrower has 20 years of service/employment in a govt job, police, or public schools.

But again the forgiveness amount should not be based on amount borrowed if the borrower chose to attend an expensive private school.

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.

+ 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.

You need to realize that Obama and the changes he made to student loans and financial aid are a big part of the problem.

Can you tell explain what you mean? I thought he made it easier for students to repay their debt.

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.

You need to realize that Obama and the changes he made to student loans and financial aid are a big part of the problem.

^^^no chance to sit for your Arbitur^^^

Anonymous wrote:

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

Right? Aside from Northern Europe, the results are not too impressive. And as for Germany and their free college, not everyone gets a chance at going to college. By 6th grade if you dont have your shit together, you go to Realschule or Hauptschule with all the other 12yr old dummies. No Gymnasium, no DNA ce to sit for your Arbitur, no soup for you loser!

^^ here come the excuses....

Anonymous wrote:My kids both went to State schools, worked while there, and learned to budget. They both graduated with no debt, and both bough a house at 23. This is within the last 5 years.

It can be done, if you want to do it.

They didn't go to med school.

I don't know why you people want to discourage people from going to med school and being doctors. Is it really better to import many/most of our GPs and specialists because med school is cheaper in other countries, too expensive in this country? I guess so, from a purely monetary perspective.

[b wrote:Anonymous]My kids both went to State schools, worked while there, and learned to budget. They both graduated with no debt, and both bough a house at 23. This is within the last 5 years.

It can be done, if you want to do it[/b].

This is why we sent both kids in-state with only the minimum FAFSA loan. Now one of them wants to go to law school. My law school is now almost $100K a year. We've banked the difference between in-state and private so may be able to help do with with the assistance of loans. Had they both gone to SLACs or privates there is just no way we could provide them with a graduate education.

My kids both went to State schools, worked while there, and learned to budget. They both graduated with no debt, and both bough a house at 23. This is within the last 5 years.

It can be done, if you want to do it.

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.

STEM shortage? My young adults have friends who majored in STEM...hard to get a job if the major leads to competing with the HB1 racket. Luckily most ended up employed by defense contactors. Many schools don't have instate tuition reductions for graduate work and some award scholarships for out of staters to bring tuition down to instate costs.


Some people as undergrads chose more expensive schools and even transferred as well as majors - expensive SLAC or other [even large] private schools as opposed to state schools. I do believe that all student loans need to be paid directly to the educational entity. Community college to state school route is sensible. Some people the young adults know have made some very foolish decisions and most have made wise decisions. If school x had a better financial deal they went there. Others were c'est la vie and now complain.