so he’s got an MBA but HR doesn’t understand compound interest?
I did not have any hope that the federal government would pay off my student loans, so I worked my way through college and graduate school, lived in crappy apartments (furnished with garage sale and thrift store furniture), and drove the cheapest working vehicles I could find. I did not have any college loans and paid off my graduate school loans (covering the fraction of tuition and fees that I could not pay while working my way through graduate school) in one year, so I would be debt free when I married my wife.
During the almost 40 years we have been married, we did not have any hope that the federal government would pay off our mortgages, business loans, car loans, credit cards, etc., so we paid them all off ourselves. We also waited until five years after we were married to start having kids, so that we could afford for my wife to be a full-time mother.
When our kids went to college, we did not have any hope that the federal government would pay off their college loans, so we made them go to state colleges with low-cost tuition (most of their high school friends went to high-cost private colleges) and work their way through college, so that they would not have any college loans. One of our kids worked crap jobs full time for two years after high school and before starting college and then finished four years of college in three years. Our other kids worked part time during the semesters and full time each summer. All graduated debt free.
I am going to feel like a real rube if we end up paying off everyone else’s college loans.
Cry me a river. You took the money and had a good time. Now, it is time to pay the Man.
This clown’s lazy. Quit complaining and get to work.
Apparently his mba is worthless.
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?
Bet a dollar to a doughnut that his car loan is over 50k.
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.
People manage to pay off much, much, bigger home mortgages and do it in a reasonable time span. The thing is, you can afford anything, if you make the necessary sacrifices to obtain and retain the possession of the object of your desires.
But thrift and sacrifice are no longer understood to be virtues.
Can anyone tell me what his degree is for?
My first five years out of engineering school were in field service engineering, three in the western US and two overseas. I never kept a permanent home and lived on the road and had a company car in the U.S. I was able to bank about 75% of my paycheck.
I worked with an obsessive guy who would live off of bargain-basement saltines and peanut butter and bank his per-diem, so he saved even more than me. He was the biggest penny-pincher you would ever want to know.
I hate it when these kids get into financial trouble through their own stupidity, claim “there’s no way out,” and want us to bail then out.
Get the right degree, focus on growing industries, work hard and long hours and you can do it, too.
He got an MBA?!
That explains a lot.
“...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.
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.
There is no way this guy could graduate from an MBA program without knowing how to calculate compound interest and loan repayment schedules. Either this is complete BS or he's just a lazy SOB who won't work.
Sounds like he way over estimated his ability to land a $100,000+ a year job and keep it.
He obtained an MBA but doesn’t understand that a loan needs to be repaid. I have no sympathy for this man.
Sad. Numerous young people who lack prudence and thriftiness are encouraged to go to college. As a result, numerous young people are stuck with huge loans. Parents need to stop encouraging college. Young people need to learn the joy of having credit. Ignoring huge loans is like having a rock in one’s shoe. Half of college graduates wish they could return their degree for a full refund. Growing up with a mother and a father and weekly church attendance solves a lot of problems.