Frank Olito, author of this pity party of an article. I'm actually embarrassed for him.
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 ...
The whining is epic, and frankly embarrassing. One shouldn’t admit this level of ignorance in public. The corrolary is that his education, however expensive it may have been, was totally wasted.
The whining is epic, and frankly embarrassing. One shouldn’t admit this level of ignorance in public. The corrolary is that his education, however expensive it may have been, was totally wasted.
I assume it would be very very difficult to “make it” in New York on a $55,000 salary. Another poor choice he made, IMO.
And now, his mayor, Adams, wants to tax him and NY City residents further to pay for the mass of illegal invaders that have recently arrived in NY City.
This guy with the debt will no doubt vote Democrat in the next and all further elections.
Well…yes it is.
Let me be frank, Frank. Nobody cares that you can’t buy a house now. You made the decision to go into debt to enrich yourself at a future point in time. Many kids didn’t get the chance to go to college by going into debt. Some kids just did it the old fashioned way....they worked their way through college (gasp!). Others actually paid off their college loans by working and struggling.
And then there are those kids that went straight into working for a living instead of attending college and many of those are ALSO unable to buy a house due to the leftist dismal economy that Democrats always end up creating when put in positions of power. So cry me an effing river, Frank. Again...
nobody cares.
“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.”
Wouldn’t “pause” suggest this was a temporary arrangement? Wouldn’t that be the perfect time to save up a chunk of money for when payments became active again? Or if not that, to pay other bills and obligations. What business does this person have using this windfall (for want of a better word) for non-necessary expenditures? That his goal was to buy a condo pretty much tells me he never intended to pay the loan and was hoping it would be cancelled in total.
So yeah it was his fault. From the excerpt we are not talking about someone struggling to pay day to day expenses while doing their best to pay down the loan. We are talking about someone in a comfortable financial position who figures he is owed that money and to heck with paying it back.
My husband was a high school counselor for almost 40 years - these “technical” schools would come in and talk to the kids about signing up to be X-ray technicians, phlebotomists, medical billing personnel and other low-level, low-paid positions in offices and health care facilities - they made it sound great and would help the kids take out hefty loans to pay for it all. My husband tried to explain to them with the salaries they’d get from these jobs, they’d never be able to pay off the loans.
He finally got these “technical institutes” banned from his campus for misleading the students.
Frank Olito, author of this pity party of an article. I'm actually embarrassed for him.
If he was college age he was hardly a kid. If he did not understand the loan there were those who would have explained it.
Better. They repay their debt and abolish the dept of uneducation.
Yeah we all know what condo you were gonna buy, on the fringes of Miami Beach near Matt Drudge.
This kid doesn’t want to take responsibility for his school debt, he wants to blame other people. How can he expect to be responsible for running an Airbnb? As a landlord he’ll be blaming others for his failures.
And why did he choose to bo to Emerson? It’s expensive, yes, and all the party kids want to go to school in Boston but it’s not prestigious. Okay, Norman Lear went there and Fonzie but...
$55K in NYC(Bronks?) is equivalent to around $30K in my flyover city..
Enjoy the suck.
“Solution - 1. End all federal and state student loans and subsidies. 2. - I’ve said in past threads, make it EASY for students and parents who signed for student loans to get bankruptcy protection. Make the banks and schools eat the debt!!!. These institutions would then think twice about lending money to poor security risks. These 2 steps would greatly curb loan defaults IMHO/”
Have the schools make the loans. They have huge endowments. If they took the risk we’d see all those useless programs vanish in an instant.
Whining is sooooo much easier.
How much of that loan did you use for tuition and how much did you use for your own personal pleasure???? Embrace the suck, Frank!
Forgive their debt. Then immediately add an additional 30% increase to their income tax until it is paid off.
See how they like it then.
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