Posted on 07/09/2023 9:20:37 AM PDT by Libloather
Jarrett, 38, isn't feeling too hot about President Joe Biden's new plan for student-loan forgiveness.
After graduating with an undergraduate degree during the 2008 financial crisis, Jarrett - who requested his last name be withheld for privacy but whose identity is known to Insider - was laid off from his job. He decided pursuing an MBA would make him more appealing to employers, so that's what he did, and he graduated with his advanced degree in 2012 with the help of student loans.
But Jarrett said the degree didn't pay off as intended. For years after graduating, he struggled to find steady employment and placed his initial student-loan balance of about $60,000 on forbearance. During that period when he was not making payments, interest was still growing, and it surged his balance to about $80,000.
Now, Jarrett's student-debt load is just over $101,000, according to documents reviewed by Insider - and he doesn't see himself ever paying it off.
"I'm never going to be able to pay it down," Jarrett told Insider. "The interest rates on them have put me in a trap where it is literally impossible to do. The interest is accumulating faster than I can put any money down on it, making it impossible to get out from under if you're not being compensated at a much higher level than I've had."
Jarrett now works in the energy industry and earns five figures. He said he felt "fortunate" to be able to live reasonably on his salary during the student-loan payment pause - but that could all change soon when payments resume in October without Biden's broad student-loan forgiveness. At the end of June, the Supreme Court struck down the president's plan to cancel up to $20,000 in student debt for federal borrowers...
(Excerpt) Read more at businessinsider.com ...
“...I’ve heard of courses held in enormous lecture halls, in which the professor has no interaction with the students. I’ve never experienced one....”
My first undergraduate programming class was like that!
There was a couple of 100 people in the class. A professor did lecture. She used slides on an overhead projector. If you arrived a little late or even on time and got a seat in the back, you couldn’t read them!
[I’ve heard of courses held in enormous lecture halls, in which the professor has no interaction with the students. I’ve never experienced one.]
I remember my older brother saying that a low level class was in an enormous lecture hall with a video feed from another enormous lecture hall where the professor was actually speaking.
That's robbery. Or fraud. Or something like that ...
A couple of my grad-school engineering classes were live-fed to a handful of students on an Army base a couple of hours' drive away. I felt a bit sorry for those guys; they really couldn't have the interaction with the prof that we did.
(People still haven’t figured out this is the Democrats’ way of increasing money for liberal colleges ... using the students to carry the bag money ... then get stuck with the debt.
Yep. He could pay off his loans in only 15 years at $791 per month, less than 9.5% of his current income. If he wanted to pay off his loans in only 10 years, it would cost him $1,061 per month, less than 13% of his current income.
These all assume that his income would never increase over the next 10 to 20 years. The payments would be fixed, so as his income increases over the years, they would take up a smaller and smaller percentage of his income.
The magic of compound interest. Pay as much as you can as early as you can or you will end up paying a whole lot more over the life of the loan.
Athletics.
Five figures is less than $100,000.
Cry me a river. You took the money and had a good time. Now, it is time to pay the Man.
I started out at a large state university over 40 years ago and most of my freshman classes were like that. There were over 400 students in my freshman chemistry class. Once a week the class would be broken into smaller labs with a graduate student teaching assistant and that is the only time we could actually ask anyone questions. My freshman calculus class had 200 students and the professor barely spoke English.
I did much better in upper-level college and graduate school classes that were limited to 20 or 30 students.
This clown’s lazy. Quit complaining and get to work.
Some universities are much better than the one you described. Some professors are truly inspiring, especially those who demand that you to master very challenging material. Memorizing factoids belongs in elementary school, not college.
Apparently his mba is worthless.
Five figures could be anything from $10,000 to $99,999. I would be surprised if someone with an MBA is currently earning much less than $100,000 per year in the energy industry. Roughnecks on drilling rigs currently make $60K to $100K per year.
How many useless classes was Jarrett forced to take to satisfy the woke gods for the sake of employing useless racist America hating DIE adminstrators and professuhs?
He got the lucrative winter months assignment
Bet a dollar to a doughnut that his car loan is over 50k.
That was all necessary for the career he was pursuing so I guess it was all worth it.
Just because one has a general college degree doesn't guarantee a good, lasting job. I think those days are over.
“ Why haven’t we heard of even one of these damn schools offering to refund at least half of the money back to their students. They don’t give a ****, that’s why.”
B/C they’d hiding behind Obama’s 2009 Ponzi scheme of having the government fund the student loan program
Tuition went up exponentially and all involved forgot to factor in that the victims they’re ripping off are the least able to pay it back and the interest makes them hopeless
We need now to focus on colleges and away from the complete
Careless Obama who started this and will never care
Look at administrators professors. Their salaries. Ex politicians and their salaries, phoning it in Politicians’ kids how much are they actually paying
And the deans of students completely not held responsible for allowing kids to study worthless
Skill-less majors and no responsibility for letting these kids graduate
Without internships and jobs
I have many examples of kids in supposed good schools let out struggling to get internships, let alone jobs, who took classes
From teachers who’s English they could not understand
There’s no mention of this kid’s major. Who let him through an MBA with no skill background. Am MBA is like an English degree. It only enhances a skill set
I know a kid who lost her free ride in a law program. They sucked he in and dropped the free ride. She has a worthless under grad. Supposed smart kid. They took advantage of her.
The colleges are ripping off these idiotic kids. Their parents refuse to get with the program and bypass these deans and advise their kids
Take out as much as you want in loans but get a skill set. PT, finance, language, nursing,
Film making? No. History? No, psychology ? Duh! No social work? Please
Stop. Think. And do something you like
And two to three majors
Accounting, public policy.
And stop f ing partying. Stop!
“ Sorry to disagree with you all - these loans should be illegal.”
Totally
This is a scam
Wait ll sights get set on the schools ripping off the entire generation of adolescents.
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