Posted on 09/16/2023 6:42:40 AM PDT by where's_the_Outrage?
I'm often blamed for complaining about my student-loan debt.
But I was never taught financial literacy, and I built up debt as a kid based on misguided advice.
I was trained to believe the more expensive colleges were better.
After a three-year pause, my student-loan repayments are starting again, and I'll be paying $350 a month.
During the payment pause, I've finally been able to save up a chunk of money for a down payment on a house. It's been my goal to buy a condo and rent it out on Airbnb as an investment. But now I won't be able to afford that down payment because any extra money I have won't go toward my savings but instead toward my $35,000 in student-loan debt. I have to put my dreams on hold.
When I wrote about this recently, a lot of readers reached out with their thoughts. Most emails I received accused me of wanting a handout and blamed me for my debt. One person told me I shouldn't have taken out all that money in student loans for college if I didn't want to pay it back.
Even though I made a mistake when I took out my student loans, people should know it's more nuanced than that......
Unfortunately, I'm now stuck with a stupid decision I made as a kid.
(Excerpt) Read more at businessinsider.com ...
There are two types of education. They kind you get between the ears, and the kind you get between a rock and a hard place.
O'le Frank didn't get much out of the former, hopefully he get a little more out of the latter.
He says his mother never had any loans yet also says she filed for bankruptcy. Now it is possible to seek bankruptcy due to civil judgments, etc., but I’d bet his mama ran up credit card debt, etc. (If it was medical emergency expenses, the guy would have mentioned that immediately. What he reveals is a family that lived beyond it’s means, however meager those might have been. Acorn...tree.
Kids from families with limited knowledge of the world ARE at a disadvantage. But even wealthy parents often do not involve their children in financial management or understanding the family’s economy and they don’t necessarily understand the “college” game.
It is also true that most schools do a poor or non-existent job teaching about personal finance, bank accounts, credit cards, loans, credit ratings, etc. Many likely push the notion that “big name” schools provide lifelong advantages since the elites perceive each other as superior. Emerson College gets good marks as a small liberal arts school, but has no special cache in the Big Time job market.
So to the extent his purpose is to promote teaching schoolniks about common sense money management and life in general, I applaud his effort, and exposing himself to ridicule as a counterexample.
Olito’s worst problem is that he was not taught (by others or himself), a mentality of foresight, prudence, and personal responsibility (to his credit, he says he will be paying back the loans). We could all say that we didn’t know in our youth what we know now, and blame others for not having wised us up in time. College students are for the most part no longer minors. Society has to require adults to stand on their own two feet — not to extend childhood into the thirties.
Reads like a fake hypothetical article
He listened to the wrong advisors and I bet he still consorts with these type people, Biden supporters. He needs to be bitchslapped into understanding personal responsibility. But not going to happen, he is a confirmed snowflake gay liberal.
And start taxing endowments!
No argument there. Immature people blame others rather than learning the lessons that seem obvious. Leftists see individual responsibility as a form of oppression.
But I was never taught financial literacy....
You have this pile of money here and over there are potential debts. Do you buy those things or not?
Seems pretty easy to figure out not to go into debt.
FTA: “After a three-year pause, my student-loan repayments are starting again, and I’ll be paying $350 a month”
If he had continue to pay the debt he would have paid off $12,600 at $350 x 36 months. He could have doubled the amount and paid off much more.
He was waiting to see if all of the rest of us who did not take that loan out would be paying for HIS LOAN!
Mike Rowe DEMOLISHES Student Loan “Forgiveness” with Charles C. W. Cooke
https://www.youtube.com/watch?v=5s3KSry3eFc
THANK YOU for voicing your COMMON SENSE logic! It is that SIMPLE.
New Hampshire is a 50-50 state...
These kids are entering into commitments at 17 that they are not equipped to make.
As minors, 17-year olds generally cannot bind themselves into a contract. An adult of the age of majority must co-sign and accept liability for the loan. Many are doing it at age 18.
These same children are eligible to vote for President. They really can't accept college loans for four years and expect people who did not go to college to pay for it. At some time during those four years, they stopped being 17 or 18 years old. They kept taking the money in their twenties.
The stupid still flows from this one.
So a basic part-time second job could net them $1000/mo, allowing repayment much quicker.
There. Loan paid, lesson learned, dreams still intact. But wait...
“It’s been my goal to buy a condo and rent it out on Airbnb as an investment.”
Stupid people can have stupid, financially non-viable dreams.
The fact that these loans have no immediate consequences as other debt is one of the problems. The loans are invisible until 6 months after they graduate. A car loan starts the next month. The maker is very aware he needs to have the means to pay.
And this person still hasn’t learned much about finance and budgeting. Lesson one: You have to pay back the money you borrow-—with interest.
I too would be able to save more money if I just didn’t have to pay the house and auto insurance. Could tax-payers just make those payments for me? I could then save for that new(used) car I have my eye on. It’s only fair that they do so I think.
I never had a spring break, either. The first four days of every spring break were spent at Fort Lewis for ROTC. The summer prior to my senior year was at ROTC Summer Camp, so there was no opportunity for a summer job.
No complaints, the Army paid for my college education, my parents never had to spend a time towards my 4 years at Gonzaga. The Army also paid for my masters degree, thanks to the GI Bill.
Those who did not take advantage of the THREE YEAR moratorium on their loan payments do not deserve any sympathy. Every dollar paid would have gone to principal...what an opportunity that was wasted.
IMO, individual responsibility is one of our greatest freedoms. It gave me an attitude of, "if my neck is on the line, then stay the hell out of my way and let me do my job."
I was told by a hard assed uncle, "I don't recognize you", after my 4 years in Germany. I went from an immature young man to a very self confident, mission oriented man of 26. All he ever thought of me before that was your typical bratty kid, which wasn't far from the truth.
He was my first faculty advisor, and kept pushing me to change my major to accounting. 50 years later, I can unequivocally say that was the right decision.
Thank you, Dr. Erwin Graue.
Women hit hardest:
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