-
Ever wanted an RSS feed of all your favorite gaming news sites? Go check out our new Gaming Headlines feed! Read more about it here.
-
We have made minor adjustments to how the search bar works on ResetEra. You can read about the changes here.
I thank my non-shitty parents every day for helping to pay my loans as I struggle to scrape together some meager pocket change.
I would say allowing the loans to be absolved through bankruptcy is a (temporary) solution, but imagine the thousands, even millions, of millennials who would rush to a courtroom the moment such a law was enacted.
Kind of tells you that unemployment stat is basically garbage as a metric of economic prosperity. Just because people have shitty jobs doesn't mean everything's all good.
There is, but the tax implications are rough if you aren't working in the public sector. It also takes at least a decade, I think.
Basically only if you work in public service for 10 years (and the GOP is trying to get rid of that). You can't even bankrupt yourself to get rid of student loans.
Despite being $500k in debt from student loans since 2015, I made my first loan payment this month because I applied for the income based repayment program. I'm not exactly sure what the long term consequences are for doing this since I've never found a good explanation of it. But this was my only option because otherwise they wanted me to pay $4200 a month for 10 years. This whole thing is unsustainable.
The more I see about student debt, the more I think it's an intentional system to keep classes separated. I have finished college just last month and have paid a whopping 380€ every 6 month, which also includes free access to public transportation (biggest part of the price). The US really needs free education. Maybe once a democrat party with a supermajority is elected?
What?! No way...500K?!? Damn man how did it get so high? Good luck
This is one area where I am admittedly cold and callous. Pay your loans. They are not going away. You are fucking up your life.
I think you have trickle down economics confused with the way stuff actually works.
;)
This means fuck all for actual wages.
WOW WHAT A MYSTERY! SEEMS LIKE EVERYONE IS GETTING POORER EVEN THOUGH THE STOCK MARKET IS GOOD
Usually debts that high correspond to attainment of professional credentials (e.g. pharmacy, medicine, law). Even with such high-powered careers, I can't imagine having to pay off a mortgage-sized student debt.
My stupid ass just defaulted due to my own negligence. Thank goodness this loan was only $1900. Only $150k+ left!
My parents have been reluctant to help since I'm one of the more accomplished of my siblings. They would be so proud of me if I were working 6 days a week and ignoring my children.
My parents have been reluctant to help since I'm one of the more accomplished of my siblings. They would be so proud of me if I were working 6 days a week and ignoring my children.
OP
OP
Keyboard
Guest
That reminds me of an op-ed written about UK stay-at-home boomerang generation: https://www.theguardian.com/commentisfree/2012/jun/03/barbara-ellen-kick-out-stay-at-home-kids
I defaulted on my student loans years ago, when I was stuck in a deep depression and didn't even want to bother with anything. That said, your credit dips pretty hard when you default, luckily for those do default you have a ONE TIME forgiveness to make good on your loan agreement. Once you get your default lifted, your credit score goes back to normal numbers. For anyone in default: Get your shit together. They will give you one chance, but only one chance. If you fuck up on that chance, well say goodbye to ever buying a home, paying decent rates for insurance, etc etc. That is the scary part to me.
What helped the situation out was that they were doing income based loan repayment, so I only had to make 20-30 dollar a month payments. I am not saying student loans and higher education costs aren't bullshit, but for those that took out loans, we knew what we were getting ourselves in to. Whether or not a degree is worth the "investment," is moot. Pay your loans that you agreed to, no one forced us to sign these loans, even if higher education is somewhat necessary in this day and age.
Higher education costs are bullshit either way. If you have the grades and the will to learn, why should we be penalizing our future work force with crippling fucking debt? It such insane logic.
What helped the situation out was that they were doing income based loan repayment, so I only had to make 20-30 dollar a month payments. I am not saying student loans and higher education costs aren't bullshit, but for those that took out loans, we knew what we were getting ourselves in to. Whether or not a degree is worth the "investment," is moot. Pay your loans that you agreed to, no one forced us to sign these loans, even if higher education is somewhat necessary in this day and age.
Higher education costs are bullshit either way. If you have the grades and the will to learn, why should we be penalizing our future work force with crippling fucking debt? It such insane logic.
Do they think the DOE is joking when they force you to sign a dozen promissory documents?
Also, you have graduated from high school, Get out the calculator and figure out what your monthly payment will be for your education BEFORE you take the money. If it's some crazy number like $4200, you probably shouldn't take that loan.
Also, you have graduated from high school, Get out the calculator and figure out what your monthly payment will be for your education BEFORE you take the money. If it's some crazy number like $4200, you probably shouldn't take that loan.
OP
OP
Keyboard
Guest
Slightly outside of the topic: I suppose you haven't met anyone who went to a law or medical school (especially dental school).
I know this article is specifically picking on 30 year olds and is talking about the UK and not the US. But man if my friends heard her argue even half of this articles points they'd go ballistic.
I mean when you're a recent graduate with 100k in debt and all you can snag is a shitty retail job (non STEM of course) then yeah this is the result
Sure, let me just pull the amount needed every month out of my ass.
I need to know how the hell you built up that much debt from student loans.
I don't think medical doctors as a group are having tremendous difficulty paying off their loans. Most physicians can easily pay off their entire balance within 5 years after completing residency, if they choose to.
It would also lead to the end of the educational loan industry as a whole overnight.
I feel like higher education for those that aren't fortunate enough to afford it is modern day slavery especially when you have people like the above having ~500k in student debt.
My brother went to med school so I know how disgusting the costs are. It's seriosuly fucking stupid. You become a doctor, start making 100k+ after your fifth year saving peoples lives, serving society, and you have to pay fucking 200-300k? Fuck that, how is that logical in any sense. Anyone not claiming 200-300k isn't tremendously difficult to pay off is out of their minds.
Whats worse in med school is that you have to pay for your supplies. Like your stethoscope which is like 500+ alone, and thats just one component. So on top of paying for the insane cost of the education + saving peoples lives (Arguably one of the most important jobs in the world,) you also have to pay for the supplies and tools that you will be using. The cost of education in our country is a disgusting joke.
Mind Boggling.
WRONG.
My brother went to med school so I know how disgusting the costs are. It's seriosuly fucking stupid. You become a doctor, start making 100k+ after your fifth year saving peoples lives, serving society, and you have to pay fucking 200-300k? Fuck that, how is that logical in any sense. Anyone not claiming 200-300k isn't tremendously difficult to pay off is out of their minds.
Whats worse in med school is that you have to pay for your supplies. Like your stethoscope which is like 500+ alone, and thats just one component. So on top of paying for the insane cost of the education + saving peoples lives (Arguably one of the most important jobs in the world,) you also have to pay for the supplies and tools that you will be using. The cost of education in our country is a disgusting joke.
Mind Boggling.
Last edited:
I'm glad I transferred away from my out of state private school after a semester, its prestige was much better than where I am now - but not worth tens of thousands of loans a year good. American education is fucked.
OP
OP
Keyboard
Guest
True although they have to work to that stage with a lot of training. Not everyone can take stress and work load.
I do in fact personally know both dentists and attorneys. A freind of mine moved to a small town to practice dentistry due to a loan forgiveness program. My brother, who is an attorney, makes like three times the money I do so he never brings up money stuff, but I can assure you, he isn't hurting for anything. Also, when I worked for a wealthy suburb, the doctors all seemed to be doing quite fine.
I'm sure the loans can be burden for them, they are for me (just paid off undergrad last month! now three more years on grad school), but debt is always a burden.
But is he having difficulty making his monthly loan payments? Like I said, as a group the profession isn't having anywhere near the same difficulty as the average graduate is having.
If you want to talk anecdotes, I'll be happy to counter with mine. I graduated with $145K total debt (undergraduate + med school) about a decade ago. I made my minimum payments during residency, then blew the remainder away after 2 years of becoming an attending. I fucking laughed away the $90K or whatever was left after I signed my attending contract. I have personally never met an attending-level physician who was actually having trouble making their monthly payments, and I've probably closely interacted with this group more than you have.
If your brother is quoting you "$100+K" as his attending salary, he's seriously low-balling you. He's probably closer to $230K, if not more, after including incentives, bonuses, buy-ins.
I have no doubt that the costs for all the professional schools are rising faster than their respective wages. But for US medical doctors, that threshold of "it actually costs too much now" is nowhere close to being met.
Don't disagree with that. I was just replying to your own reply to what Darth Vapor said, who I assume was talking about people having difficulty paying their student loans.
Last edited:
Funny thing is Bill Clinton was the one who made it so students couldn't file for bankruptcy at the urging of loan companies because a small number of doctors and lawyers (pretty positive the quoted percent was less than 8% someone correct me if I'm wrong) were filing for bankruptcy as soon as they left college. Side effect of not being able to dismiss student loans is that coincidentally tuition rates could increase unchecked, again pure coincidence I'm sure PURE COINCIDENCE
