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 ...
I’m sick of people blaming me for my bad decisions, I DINT ASK TO BE BORN!!!
>Tongue-in-cheek. Well done.<
I thought that too, until I checked.
“Frank Olito
Frank is a senior reporter at Insider, covering alternative living, travel, entertainment, and the LGBTQ community. Previously, he has written for ABC News, The Boston Globe, RyanSeacrest.com, and Daily Burn. He studied journalism at Emerson College and lives in Brooklyn, New York.
Email him at folito@insider.com or follow him on Twitter at @Frank_Olito “
The dude chooses to buy a house in Brooklyn and complains about a $350 per month payment. I’d wager his bar bill is more than that every month.
Rather than second guessing the expensive school he chose, he should be second guessing picking a career that cannot pay back a $350 per month loan.
EC
Weed and “My Mental Health”. Zoomers justify every foolish expenditure with “My Mental Health”.
This thread is reminding me of what I learned in the Army, where to get sympathy here (as I expected)? In the dictionary, right between sh!t and syphilis.
My Dad wasn’t much older than him when he started flying combat missions over Europe in WW2. “I was just a little boy who didn’t know about the big, mean world” doesn’t cut it. I wasn’t all that much older than him when I started flying in the military and watched my first plane crash...
I really like it.
.... Except the complete abolishing of the feral agencies, rules and regulations etc has to be done first ... and only then will the loans start to be paid off.... with the money that was allocated to those institutions. The extra 80,000 IRS agents will be assigned to disperse it ... provided the student undergoes and audit.
Until then (never), to all the future potential beneficiaries of the taxpayers ... quit your whining about how difficult life is and make your payments.
But I was never taught financial literacy, and I built up debt as a kid based on misguided advice.
*** Stop blaming others for YOUR decisions***
I have a sister that blames everyone around her when things go wrong based on HER poor choices. She’s never at fault for anything.
Interesting that the author didn’t mention what his degree was in…..
I’ll bet my large paycheck that I EARNED from both experience in the real world and education through my GI Bill it’s some liberal arts Women’s Studies or Minority Studies degree that he applied to some failed non profit group he couldn’t keep afloat….
RLTW
Well, at least you didn't decide to get trans surgery as a kid.
I know how this person feels. I’m getting sick and tired of people blaming me for my mortgage and my car loan.
$350 a month is probably her average Starbucks bill.
Tighten her provenly loose spending belt and she’d be fine.
Or, with that down payment saved up, do you think she’ll pay off her debt before starting to save up again? Me neither.
Bad advice isn’t illegal.
Congrats.
I thought this was going to be all Crybaby Waaaahh, but it really is a tremendous summation on why government driven student loans and vanity-useless-education have destroyed two generations. Boy, you kids got SCREWED. (And rather than fix the PROBLEM, democrats just want everybody else to shut up and pay for it.)
PS “She”?
Obama is this guy’s hero I bet. Obama who admitted to not knowing that his liability car insurance didn’t cover repairs to his car after an accident. And this article should be used to highlight the recent Times article about ywo vs one parent families.
Why do students take out loans? In order to pay for college.
Why is college so expensive, with its cost increases running far higher than inflation? Because the government made student loans (and grants) easy to get.
In other words, Inflation Model #1: You throw a bunch of money at what is essentially a static supply, and price of that item will increase to the point of consuming the new money.
High schools are graded on the number of students who go on to college. The counseling to students contains very little information on the consequences of debt. In addition, the colleges present student loans as if they are scholarships. These kids are entering into commitments at 17 that they are not equipped to make. Those counseling them have no repercussions.
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