Posted on 07/09/2023 9:20:37 AM PDT by Libloather
Jarrett, 38, isn't feeling too hot about President Joe Biden's new plan for student-loan forgiveness.
After graduating with an undergraduate degree during the 2008 financial crisis, Jarrett - who requested his last name be withheld for privacy but whose identity is known to Insider - was laid off from his job. He decided pursuing an MBA would make him more appealing to employers, so that's what he did, and he graduated with his advanced degree in 2012 with the help of student loans.
But Jarrett said the degree didn't pay off as intended. For years after graduating, he struggled to find steady employment and placed his initial student-loan balance of about $60,000 on forbearance. During that period when he was not making payments, interest was still growing, and it surged his balance to about $80,000.
Now, Jarrett's student-debt load is just over $101,000, according to documents reviewed by Insider - and he doesn't see himself ever paying it off.
"I'm never going to be able to pay it down," Jarrett told Insider. "The interest rates on them have put me in a trap where it is literally impossible to do. The interest is accumulating faster than I can put any money down on it, making it impossible to get out from under if you're not being compensated at a much higher level than I've had."
Jarrett now works in the energy industry and earns five figures. He said he felt "fortunate" to be able to live reasonably on his salary during the student-loan payment pause - but that could all change soon when payments resume in October without Biden's broad student-loan forgiveness. At the end of June, the Supreme Court struck down the president's plan to cancel up to $20,000 in student debt for federal borrowers...
(Excerpt) Read more at businessinsider.com ...
“ Can anyone tell me what his degree is for?”
I skimmed it for that info. Not only is it not in the first paragraphs it’s no where in the piece
An MBA is not overrated as much as it is misunderstood. It is a supplement to a skill whether the skill is self taught or through an undergrad or a second masters
He ‘works in the energy industry’. That’s how propaganda works. This could be any job but it’s to lead us to think it’s more. He could be working as a cashier at the commissary at an oil field.
And Biden has taken all resources out of the energy industry
We want to pretend there’s an energy industry like the one trump reestablished. Like there’s an admin taking care of it
No.
Completely agree, maybe not the entire amount, but half would do the trick.
Five figures? That’s 10,000 to 99,999.
“...I’m never going to be able to pay it down,”
Sure you will Jarrett. IRS will send some hoods with guns and badges to “help” you pay the loan sharks you borrowed from. They’ve got to get their vig plus principal don’t you know.
That is, until some left-wing scheme like self-driving electric trucks renders them unemployed.
Ya. SUNY took good care of my education as well. Now tuition in my degree is $38000 per year. One has to think of the way above the rate of inflation increase in tuition long before slamming these kids.
““Five figures” is less than $100,000.”
Okay, $99,999.
Well, I guess it could happen. It’s 10 time what it was only 30+ years ago.
100k @5% 240 months is ($659.96)/month
100k @5% 360 months is ($536.82)/month
A fool and his money are soon parted. No sympathies for the useful idiot democrat voter.
I don’t know, you couldn’t have roped me into that when I was 18. And some/all this debt is from his MASTERS.
$650 for 30 years. No. 2600 for ten years and get debt free. Pay much less interest
Live in a city close to work no car $2000 per month. No tv. Vacations? No vacations till it gets paid off
Investigate why the Dean of the school is pulling in 3 million and why the administrative staff is quadruple what it was in 198o when there were no computers and baby boomers crowded the school
Gas monkey in one of the commie states that don’t think you’re qualified to pump gas.
A masters was 10 k when it was feasible in my career and I had no real reason to pursue. So no.
Exactly. Every government intervention into a segment of our society such as health industry and education prices soar because they know there is an endless supply of money from the taxpayer.
Jarrett, 38, hasn’t had to make any payments for 3 and a half years and his loan has been intrest free since March 2020.
If Jarrett, 38, wants to know what the problem is, he can simply look in the nearest mirror, that will answer this all-important question.
From what I have read....6 figures is 100,000 up to much higher. So if this guy is 5 figures...it is 10,000 to 99,999...He probably makes 40,000/year as a cashier at a gas station(he is in the energy business)
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