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Meet a student-loan borrower with $101,000 in debt who doesn't have 'any hope' with Biden's new plan for loan forgiveness: 'I'm never going to be able to pay it down'
Business Insider ^ | 7/09/23 | Ayelet Sheffey

Posted on 07/09/2023 9:20:37 AM PDT by Libloather

click here to read article


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To: NorthMountain

“...I’ve heard of courses held in enormous lecture halls, in which the professor has no interaction with the students. I’ve never experienced one....”

My first undergraduate programming class was like that!
There was a couple of 100 people in the class. A professor did lecture. She used slides on an overhead projector. If you arrived a little late or even on time and got a seat in the back, you couldn’t read them!


81 posted on 07/09/2023 10:23:50 AM PDT by Reily (!!)
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To: NorthMountain

[I’ve heard of courses held in enormous lecture halls, in which the professor has no interaction with the students. I’ve never experienced one.]

I remember my older brother saying that a low level class was in an enormous lecture hall with a video feed from another enormous lecture hall where the professor was actually speaking.


82 posted on 07/09/2023 10:25:43 AM PDT by Farmerbob
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To: Farmerbob
n enormous lecture hall with a video feed from another enormous lecture hall where the professor was actually speaking.

That's robbery. Or fraud. Or something like that ...

A couple of my grad-school engineering classes were live-fed to a handful of students on an Army base a couple of hours' drive away. I felt a bit sorry for those guys; they really couldn't have the interaction with the prof that we did.

83 posted on 07/09/2023 10:30:44 AM PDT by NorthMountain (... the right of the peopIe to keep and bear arms shall not be infringed)
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To: FlingWingFlyer

(People still haven’t figured out this is the Democrats’ way of increasing money for liberal colleges ... using the students to carry the bag money ... then get stuck with the debt.


84 posted on 07/09/2023 10:31:13 AM PDT by ThePatriotsFlag (When Ashli Babbitt’s video-taped murderer Michael Byrd is indicted, I’ll start paying attention.)
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To: Lonesome in Massachussets
He earns “five figures”, a minimum of $100,000 bucks. Student loan interest is typically 5%. The monthly payment on $100,000 of student debt at 5% and 20 years is $660/month or 7920 per year. Less than 8% of his income.

Yep. He could pay off his loans in only 15 years at $791 per month, less than 9.5% of his current income. If he wanted to pay off his loans in only 10 years, it would cost him $1,061 per month, less than 13% of his current income.

These all assume that his income would never increase over the next 10 to 20 years. The payments would be fixed, so as his income increases over the years, they would take up a smaller and smaller percentage of his income.

The magic of compound interest. Pay as much as you can as early as you can or you will end up paying a whole lot more over the life of the loan.

85 posted on 07/09/2023 10:36:36 AM PDT by Bubba_Leroy ( Dementia Joe is Not My President)
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To: meyer

Athletics.


86 posted on 07/09/2023 10:37:11 AM PDT by crusty old prospector
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To: Lonesome in Massachussets
He earns “five figures”, a minimum of $100,000 bucks.

Five figures is less than $100,000.

87 posted on 07/09/2023 10:38:18 AM PDT by ladyjane
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To: Libloather

Cry me a river. You took the money and had a good time. Now, it is time to pay the Man.


88 posted on 07/09/2023 10:40:15 AM PDT by crusty old prospector
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To: NorthMountain
I've heard of courses held in enormous lecture halls, in which the professor has no interaction with the students. I've never experienced one.

I started out at a large state university over 40 years ago and most of my freshman classes were like that. There were over 400 students in my freshman chemistry class. Once a week the class would be broken into smaller labs with a graduate student teaching assistant and that is the only time we could actually ask anyone questions. My freshman calculus class had 200 students and the professor barely spoke English.

I did much better in upper-level college and graduate school classes that were limited to 20 or 30 students.

89 posted on 07/09/2023 10:43:29 AM PDT by Bubba_Leroy ( Dementia Joe is Not My President)
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To: Libloather
I would like to know how much he is paying now. I'll bet it is zero. He could pay if he wants but feels entittled.
90 posted on 07/09/2023 10:45:41 AM PDT by Dandy (Drain the swamp baby!!!)
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To: Libloather

This clown’s lazy. Quit complaining and get to work.


91 posted on 07/09/2023 10:48:54 AM PDT by chopperk
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To: meyer

Some universities are much better than the one you described. Some professors are truly inspiring, especially those who demand that you to master very challenging material. Memorizing factoids belongs in elementary school, not college.


92 posted on 07/09/2023 10:50:10 AM PDT by ladyjane
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To: Libloather

Apparently his mba is worthless.


93 posted on 07/09/2023 10:50:36 AM PDT by ealgeone
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To: ladyjane
Five figures is less than $100,000.

Five figures could be anything from $10,000 to $99,999. I would be surprised if someone with an MBA is currently earning much less than $100,000 per year in the energy industry. Roughnecks on drilling rigs currently make $60K to $100K per year.

94 posted on 07/09/2023 10:53:10 AM PDT by Bubba_Leroy ( Dementia Joe is Not My President)
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To: Libloather

How many useless classes was Jarrett forced to take to satisfy the woke gods for the sake of employing useless racist America hating DIE adminstrators and professuhs?


95 posted on 07/09/2023 10:53:22 AM PDT by Organic Panic (Democrats. Memories as short as Joe Biden's eyes)
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To: Trump Girl Kit Cat

He got the lucrative winter months assignment


96 posted on 07/09/2023 10:53:45 AM PDT by cableguymn
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To: Libloather

Bet a dollar to a doughnut that his car loan is over 50k.


97 posted on 07/09/2023 10:55:42 AM PDT by KC Burke (Diversity, Inclusion and Equity is not another way to spell GOD but it is a way to spell DIE.)
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To: Libloather
Nephew spent 4 years at Williams College and approx. $74K per year then another 4 years at Univ. of Mich. Med School for I don't know how much and beyond.

That was all necessary for the career he was pursuing so I guess it was all worth it.

Just because one has a general college degree doesn't guarantee a good, lasting job. I think those days are over.

98 posted on 07/09/2023 10:56:26 AM PDT by Hot Tabasco
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To: FlingWingFlyer

“ Why haven’t we heard of even one of these damn schools offering to refund at least half of the money back to their students. They don’t give a ****, that’s why.”

B/C they’d hiding behind Obama’s 2009 Ponzi scheme of having the government fund the student loan program

Tuition went up exponentially and all involved forgot to factor in that the victims they’re ripping off are the least able to pay it back and the interest makes them hopeless

We need now to focus on colleges and away from the complete
Careless Obama who started this and will never care

Look at administrators professors. Their salaries. Ex politicians and their salaries, phoning it in Politicians’ kids how much are they actually paying

And the deans of students completely not held responsible for allowing kids to study worthless
Skill-less majors and no responsibility for letting these kids graduate
Without internships and jobs

I have many examples of kids in supposed good schools let out struggling to get internships, let alone jobs, who took classes
From teachers who’s English they could not understand

There’s no mention of this kid’s major. Who let him through an MBA with no skill background. Am MBA is like an English degree. It only enhances a skill set

I know a kid who lost her free ride in a law program. They sucked he in and dropped the free ride. She has a worthless under grad. Supposed smart kid. They took advantage of her.

The colleges are ripping off these idiotic kids. Their parents refuse to get with the program and bypass these deans and advise their kids

Take out as much as you want in loans but get a skill set. PT, finance, language, nursing,

Film making? No. History? No, psychology ? Duh! No social work? Please

Stop. Think. And do something you like

And two to three majors

Accounting, public policy.

And stop f ing partying. Stop!


99 posted on 07/09/2023 11:00:05 AM PDT by stanne
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To: Jim Noble

“ Sorry to disagree with you all - these loans should be illegal.”

Totally

This is a scam

Wait ll sights get set on the schools ripping off the entire generation of adolescents.


100 posted on 07/09/2023 11:03:17 AM PDT by stanne
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