In WHAT???
pursuing an MBA
A vastly overrated degree, IMO.
Borrowing $101,000 for an MBA means Jarret was too stupid for college. Also too stupid to be employed anywhere but Starbucs, McDonalds is above his pay grade.
Jarrett is the problem—can’t get a job because he’s too stupid? hasn’t made payments so Duh, no wonder he won’t pay it off.
Our government's intrusion into lending and other industries has resulted in a society that more and more depends on government (tax payers) taking responsibility for both individuals and businesses/corporations that won't take responsibility for their decisions or failures. E.g., Biden & Dem attempt to buy student votes through a tax-payer bail out of student loans. 2008 bank bail outs using tax-payer $$. Our government needs to get our of our lives and it has to stop putting its finger on the scales. Is anyone else tired of this nonsense? Here are the choices debtors have:
1 - Pay off the debt.
2 - Restructure the debt payment.
3 - Similar to 2, negotiate a smaller amount to pay back.
4 - File bankruptcy.
All politicians should be required to take and pass a test on the book: "The Wealth of Nations", which happened to be published in 1776.
A guy that I worked with did everything right:
1) Had a technical BS degree.
2) Went to a top-rate MBA program (top 20 in the country)
3) Get a REAL MBA, rather than “Executive MBA”
Two year of studying his ... off, while working. Left work for another technical job, came back to our company, to the same job...never advanced.
I, too, thought it was the ticket to wealth, but I was too lazy to put the effort in, so never tried. He should have done more research.
In the end, I think it was all personality, his was a bit rough.
You borrow the money, you pay it back. Period.
Freeloading idiots. If they don’t even understand the bare basics of economics, are they truly educated?
I think the real question ought to be ‘why does college cost this much in the first place?’. I mean, how much does it cost for a “professor” to rattle off factoids for maybe 4 hours a day? How much does maintenance on the classroom cost? Heat? Lighting? I’d say nowhere near what they charge students. Where’s all that money going?
Usual conservative comments regarding student loans first, but after that, the cost of college has increased dramatically, and it amazes me that Republicans and conservatives don’t talk more about this issue. The universities are run and controlled by leftists yet are all about taking $$$ from their poorer students. Too few people point this out and instead allow the left to steer peoples’ anger toward capitalists. Use it to explain why the left’s approach to education is a bad idea. Point out their hypocrisy and elitism. Say something. Don’t just let them control the narrative. But I guess that’s asking too much of the GOP.
If legislation were passed that required a dollar for dollar recoup from whatever school a defaulter went to, the leftwing push to “forgive” these loans would disappear overnight.
Welcome to Serfdom, Jarrett.
Ya should have availed yourself of some free wisdom rather than debt slavery.
“Earns five figures?”
Snark, snark.
Now, snarking aside, who would ever write something like that? A freelance “journalist” living in mom’s basement for whom a five figure income is still aspirational?
Or a highly credentialed member of the guild demonstrating the financial acumen and mathematical prowess learned in J-school?
What a pointless factoid. That ranges from minimum wage at 30 hours per week to just short of $100,000. The general rule I've heard is that you shouldn't borrow more for college than your first year salary. If he is on the high end of the five figure income he's not too far above that limit.
These are the same people who rake up debt and never pay it back. They get everything for free while others suffer the consequences of their actions through increased costs.
In my opinion a lifetime student debt isn’t appropriate. I think that student loans, like most other debts, should be dischargeable in a bankruptcy proceeding some suitable number of years after a student leaves school. 10 or 12 years, let the experts pick the best duration.
The colleges got the money. They are like a flying school charging big money for pilot training and graduating people who still have not learned to fly an airplane.
It is really fraud on a grand scale.
If these large unpaid loans are a societal outrage, the colleges should pay off the loans. They received the money and provided nothing of value to the borrowers for it. Most of these colleges have huge endowment funds from which they could repay the loans.
The silver lining in this will be young people considering college will be reluctant to borrow money to attend.
I hope these Leftist hellholes go bankrupt. Society does not need to financially support communist indoctrination by kooks, racists and perverts who hate America.
So if this guy makes approximately $85,000 per year (I’m estimating a net pay of $5000 per month), he should be able to pay a $700 per month student loan payment plus an extra $100 to $150.00 per month on the principle. Unless he has an otherwise extravagant lifestyle. If he can’t do so, he needs to develop a strategy to reduce his other payments and expenses so it can be done.
If I wanted to replace my 350000 miles truck with a new one and set it up for my business it’d cost about what this guy owes.
“Jarrett now works in the energy industry and earns five figures.”
That’s $10,000 to $99,999
Second, I don't remember reading stories about people complaining about their $200,000 mortgages that they will have to live with for the rest of their lives. The difference is that you already have to have a steady income before a bank will give you a mortgage loan, but Obama's nationalized student loan industry no longer requires proof of future earnings ability (i.e., profitable majors) before handing out the big student loans.
Third, mortgages are liabilities against real assets. Those assets build equity as property values rise and/or mortgages are paid down. Most people don't expect to pay off their mortgage because they roll the equity into newer homes with renewed mortgages. It becomes a lifestyle payment akin to rent that eventually gets paid off as one approaches retirement. School loans are not backed against real assets except for the person himself and his future earnings abiltiy. In fact, parents who take out loans to pay for their children's college might consider taking out life insurance policies on their kids to pay off the school loans if the child dies prematurely.
-PJ
For the past few years, every dang news site has published one of these “meet the college student who can’t pay their debt” articles with regular frequency. I have no desire to meet them since I suspect we would have little in common.
Why don’t they do articles on the young 30 year old who didn’t go to college but instead went to tech school, paid their own way, and now owns a plumbing business? Or the young couple married straight out of high school and never went to college, but now own their a home cleaning business.