What a disgusting, entitled attitude.
I'm going to graduate from law school with over $100,000 in student loans, and I made that decision knowing I would have to pay them back (and should have no problem doing so given the job I'll be able to get with my degree). I might benefit from a student loan bailout personally, but I strongly oppose one nonetheless and will be furious if taxpayer dollars go to bail out idiots like this.
One for the Dave Ramsey ping list, perhaps?
I will dance for joy the day we kick Sallie Mae out of the house (only $1400 left to go). Student loan will be a phrase not heard in our house again (nor any other non-mortgage debt!).
Bail them out.
My son owes $250,000 in student loans. We helped him get through college initially, but he decided to go on for advanced degrees and also went to Oxford. After his first degrees, we had to opt out as we could no longer afford to finance it.
I told him a while back that $250,000 is not all that much money in the scheme of things, and that it is like how you eat an elephant - one bite at a time. So, that’s what he’s doing, living lean and paying it off. A hard lesson.
It is so depressing to see kids running up credit card debts of maybe $9,000 and then committing suicide because of the hassle - and $9,000 to a child from a poor background looks like such a large sum of money. These credit card companies have used some stinkin’ nasty tactics for the almighty dollar.
You’ll soon see that your $100,000 debt is very do-able and you’ll knock it out pretty quick.
This is exactly WHY you must investigate the average starting salary for your chosen field! If you won’t make a lot starting out - you have no business going to the school that will keep you in the poor house the rest of your life!
I have to agree with you. All of us who took a student loan out knew the contract we signed. Death or mental disease is the only other two options to eliminate the debt: aside from paying them.
Hardship deferments are ok in times of hardships...but the interest is horrible.
College has become de rigueur, but the educational standards have degraded such that the degree is almost superfluous. Colleges used to grant degrees for a well developed curriculum; today most are no more than a capstone of socialist indoctrination.
My advice for student loans is that students should try to limit the total amount of loans to the average yearly salary of the profession they are going to school for.
I’d say a good general rule is to never borrow money for undergraduate education. Young people who do are just enriching the Ward Churchills of the world. No bachelor’s degree by itself is worth $120K.
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?
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.
Sue your high school for not teaching you math.
You betcha.
My daughter refuses to acquire debt for college. She’s got the first two years fully funded and nothing for after that.
Her answer? “I guess I’d better find a field that I can excel in with a two year degree. If I want more, I’ll pay as I go.”
My husband is *furious*. He demands that she get at least a BA. My daughter says that that’s what *he* wants, he’d better pay for it. Unless he’s writing the check, he has no say.
I’m stuck in the middle. I agree with my daughter, but I see my husband’s point. Too many times have I known people who paid a lot more for their education than it was worth, but most professions with *any* promise require at least a 4 year degree.
My favorite was the girl with an $80,000 student loan and a BA who ended up becoming a housewife. *ug!*
Sallie Mae in the extra bedroom ping.
Thanks Hoosier for the ping.
I sympathize with anyone that has student loans, but I don’t sympathize with authors writing articles filled with complaints about situations that she needs to buckle down and fix. $115K in student loan debt? That’s pure insanity!
BTW, I kicked the USDEPT of Ed out of my house last fall! Good riddance.
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This student missed the day at school that ?”indentured servant” was defined.
Depends. I took a pay cut from teaching when I became an attorney.