Posted on 04/01/2009 9:40:35 AM PDT by Arguendo
Im about to talk about two little words that make most people cringe. The mere mention of these words usually incites the same reaction in everyone: a) fear b) denial c) a throbbing headache and d) the desire to run away screaming and crying and begging to go to a happy place. Yes, I am talking about STUDENT LOANS. If you dont have one, you know someone who does and you sympathize with them. In the midst of the credit crisis, home foreclosures and bailout turmoil, the amount of debt that graduates are facing is overwhelming.
I am 23-years-old, two years out of college and I am sitting on $115,000 of student debt. And based on my lenders loan terms, I only have roughly 12 years to pay it off. How much does that make my monthly payment, you ask? A whopping $1,200 a month. And lets just say my lifelong dream career in television doesnt lend itself to that. The only option my bank is giving me is to go on graduated repayment plan. That means that for four years I will only be paying off the interest every month. How much is that? Well, $115,000 with interest rates between 4-8% thats about $600 a month and that doesnt even touch the principal amount. People dont pay off houses in 12 years and I am expected to pay off this student loan in an entry level position?
Some might say, Sam, you shouldnt have gone to a private school in New York City if you wouldnt be able to pay it off. Well, I made a lot of mistakes when signing up for my loans, but I was uneducated on the process and on the repayment and now Im stuck.
(Excerpt) Read more at ac360.blogs.cnn.com ...
Well I just took an exec position in the Federalist Society to give me something to occupy the time 3L year... and a platform from which I can indoctrinate the first-years.
That’s not so. It is primarily to an person to be self-responsible, but to argue that it is no one else’s burden is wrong too. Part of the burden of life must be shared.
Cost-benefit analysis is not part of the curriculum. You need to be more diverse and look at the value of human relation’s courses. Please report to the Indoctrination Department for mandatory counseling.
I didn’t bother. It was well phrased the first time, and you don’t want to understand the point, you just want to argue.
Awwwwright! The virus will spread. Good luck and I hope you can find New York life affordable and conducive to your future. I doubt you will have trouble with the bar if you take it seriously, unlike plenty of trust fund babies who party away their study time on Martha’s Vineyard or The Hamptons.
Well, duh.
Actually, that's EXACTLY what it means. Choices have consequences. I'm not a huge fan of Dr. Phil, but sometimes he nails it. "You choose the behavior, you choose the consequences." And while we're asking questions, how about this one? I chose not to live beyond my means. I chose not to go deeply into debt to fund my education. I chose to enter a career field that earns me a decent living. Why should I now have to fork out extra money in taxes to bail out Sam's sorry behind, because he chose poorly?
Yes, I am increasing of the opinion that the “college degree” and the “student loan” are working hard together to sap our youngest and most promising citizens. The cost of a college education is nuts, the private loans are usurious, and you can’t discharge them in bankruptcy.
I agree. There is no excuse for not paying the loans back, though today they represent a poor investment for most. The correlation between education and remuneration are less reliable as the costs increase and intrinsic value is replaced by compulsory mediocrity.
It is no one else’s burden unless you bargain for it and pay for it. People aren’t responsible for you, not even your parents once you become an adult. You can purchase responsibility with money and other barter but no one has a duty to look after your needs unless they voluntarily assume it in a contractual relationship where the duty is valued and somehow paid for accordingly. You might counter with “tuition is paying for a course”, and it is but only to deliver the advertised content of that course. If you want the universities to assume a higher responsibility towards the students, the students have to bargain for it ahead of time.
I read some of the comments but none topped this:
“Isabel (Brazil) March 30th, 2009 9:30 am ET
Money spent on education is always valid, even if the person is a bit broke after the investment. (within a minimum of sense)
The person may lose the house, you can lose the car, but what learn never lose. Knowledge is a legacy that no one takes.
And the more the better! After the university, (within the conditions of each one, of course), the person should go to a post-graduate, MBA and so on
This is an investment
Im just me recapitalised for begin a masters degree. We cant stop - never!”
A true edjakashun junkie.
we pre-obama a program was passed that would be a percentage of the income for the loan payment starting in 2009.
In addition if you work for the government they have loan forgivnes for each year of work. Essentially if they work for the governemnt for 10 years the loan goes away. (can you say slave wages)
Further on top of this student loans are not dischargable in bankruptcy UNLESS you successfully apply for a hardship discharge. Hardship has to be a legit hardship such as dying, you have no viable chance at a job because you are prohibited from working in an industry, or some other impossible to overcome circumstance.
I think this is about pushing for mandatory public service as a means of dealing with the student loans. IOW the rich kids or those with connections will go to school without the obligation and the serf class will have to serve obama.
Where in the hell were her parents.
When my daughter was looking at schools, I sat her down with a calculator. As someone who was pretty high up in a regional bank, I knew what I was talking about.
The cost of an education, aside from a specialty such as engineer or MD, is not directly correlated to the income you can get from that education.
I showed her what four years at $45,000 would cost her in loans. Then I showed her what four years of state colleges would cost her. Then we looked at monthly loan payments. She would have to make almost $10-15,000 a year upon graduation MORE before taxes, to break even. And that doesnt count the opportunity savings/costs associated with getting out debt free.
And she thought she was going to make that in TV?
This chick is a moron of the highest degree. I guess that would a PhD Moron
I can’t believe a slacker like you works for the Federalist Society.
And...
If you were running a university, strapped for operating cash like everyone else, wouldn’t you simply raise your tuition to match any increased tax credit, or reduction in student loan costs?
For the most part, college is a racket. I look back at what I learned, and the most important classes for me were the ROTC Leadership classes, and my Business Taxation class. One taught me not to be a victim. And so did the other.
You’re being ridiculous.
Thanks!
A lot of the scary stats on failure to pass the bar come from two groups: graduates of decent law schools who either partied too much or are gambling they can pass without studying (and they will retake if they don’t pass), or graduates of the cheapo correspondence or night law schools. They can really drag down the stats but serious graduates of good schools usually pass without a problem. I’m sure you will be in the latter group.
Sue your high school for not teaching you math.
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