This is the basic crux of the entire issue.....very very few 18-22 year olds have any idea as to the relative value of money if it's more than a few thousand bucks. Especially when you factor in the additional interest on top of the loan itself.
Forgiving Student Loans
- Thread starter roguemocha
- Start date
This is the basic crux of the entire issue.....very very few 18-22 year olds have any idea as to the relative value of money if it's more than a few thousand bucks. Especially when you factor in the additional interest on top of the loan itself.
If any one or any two people rack up $600K in debt of any sort they should just be exterminated. At that point you should lose the privilege of life for being that damn stupid.
I'm not sure why more people don't join the military if they don't want a bunch of debt, it worked for me. I had 4k in loans after I finished, which was used as my party/traveling fund.
Yep, and when you're talking nearly 6 figures (lolz), get real.
She regrets it every day...but not too much I don't think given how it worked out. Just annoying to think about, which we rarely do. Given who she is now, I think it's more embarrassment for her than anything. Like "how/why did I do that? that's not me, I know better"
Same girl went without a car in HS for an entire year so she could save up enough (working at Moby Dick) to not have to take a loan to buy one. She's basically a female PTI(pti). Got caught up in the moment, a BIG moment, I guess. Think it has do with how sheltered she was...she didn't even know Louisville (the town she was born in) until she met me -- Went to UK for 3 years and never went to Two Keys. [laughing]:weary: Still remember having to tell her how to get to places in St Matthews, Hurstbourne, etc when we first started dating. Beyond bizarre, she pretty much lived in a South End bubble her entire life, and finally got out of it and went a little noots up in Cincy.
Maybe an extry year would have helped...she didn't even graduate college (UK), so she was 20 when she signed the Loan Papers. UC Pharmacy accepted her after all of her requirements were fulfilled after 3 years.
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Let's be honest, there are a lot of pussies out there.
I mean I really feel my whole point was missed and everyone just got distracted by the original high number. I was complaining about the interest you guys.
Um, because in the case of a mortgage, the bank has your house as collateral. With that massive student loan, it's basically a signature loan...no collateral whatsoever. 6.5% seems cheap.
$600K in debt is starting to make a little more sense now.
Let me guess...you all are "chiropractors"?
Remember when colleges gave credit card companies free reign to set up kiosks all over campus? No telling how many lives and credit scores were effed up for a free t-shirt.
Except if you went to school starting in 2006 your interest was 2.5% and if you started in 2007 it became 7% (6.5 if you have automatic withdrawal), which IMO is complete ********.
So your answer to the thread about how much is in your bank account: Negative $612,123.00 [laughing].
I always heard it referred to as knife & fork school. I almost entered the Navy as a direct commissioned officer (not an MD) and was told that I would be sent to a 3-4 week course to basically learn how to wear a uniform and when to salute. It may be different now.
Which branch is she?
They had a special OCS for healthcare professionals when I went, back in 2000. It was 6-8 weeks for us I think.
Yeah, I heard (and was told by my recruiter) how it was no big deal. They teach you to march and salute and you play lots of golf and drink beer...well that couldn't have been further from the truth.
Evidently the new base commander was pissed we had been getting by so easy, so he gave us the real deal. Lot of people complained, I don't know what they are doing now tbh.
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Mike Rowe crushes this topic. Worth a listen.
THANKFULLY my parents pushed me to a small liberal arts college they were willing to pay for in full. For that I graduated on time in 4 years. Had to take some summer courses and go 18/19 hours my final year but I didn't misuse their money because I was too busy partying. .
Just opened G's college savings account. So if all goes well he will be able to pick which school he wants to attend without worrying about the expense and we'll have to teach him how to be financially responsible elsewhere.
Personal finance not being stressed in HS and guidance counselors being worthless or worrying about total $$ of scholarships earned for a class isn't helping the situation.
I know trade school student loan debt will prevent my employees from getting licensing if the loan is not current. So there is a little penalty for not paying it. But in most trades you don't even need an education. Be an apprentice. Show up to work on time, work hard, and you're already ahead of 95% of the workforce.
THANKFULLY my parents pushed me to a small liberal arts college they were willing to pay for in full. For that I graduated on time in 4 years. Had to take some summer courses and go 18/19 hours my final year but I didn't misuse their money because I was too busy partying. .
Just opened G's college savings account. So if all goes well he will be able to pick which school he wants to attend without worrying about the expense and we'll have to teach him how to be financially responsible elsewhere.
Personal finance not being stressed in HS and guidance counselors being worthless or worrying about total $$ of scholarships earned for a class isn't helping the situation.
I know trade school student loan debt will prevent my employees from getting licensing if the loan is not current. So there is a little penalty for not paying it. But in most trades you don't even need an education. Be an apprentice. Show up to work on time, work hard, and you're already ahead of 95% of the workforce.
Some girls had a problem with people screaming in their face and trying to mentally break them down, but they kind of needed to be weeded out anyway. If you can't pass boot camp, they would have been eaten alive on hospital rounds, which is a much more malignant environment.
She played competitive ball, I'm sure she'll be fine.
Ron Mehico pretty much used the exact rationalization I was expecting. He just HAD to get that much education, just HAD to go to that school, just HAD to specialize in everything, and just HAD to select that career.
Poor guy was forced into it.
Poor guy was forced into it.
Okay, fine you ********, I'll give you my personal information.
I'm a prosthodontist (specialist in implant and cosmetic dentistry) and my wife is an orthodontist (braces). We went to the cheapest dental school in the united states of america (WVU) with both having zero loans whatsoever, as we both had full rides for undergrad. We each graduated with 150K in student loans. Since graduating in 2011, WVU has jacked up tuition 35% (Because they can) and now the average dental school graduate from the cheapest dental school in USA has 200K in debt. If you go to NYU dental school as out of state, you will be in 550K debt. I went to speciality training at Ohio State University, one of the cheapest residencies in all of the USA (along with my wife), and we racked up an additional 150K each (includes food, cost of living, etc.). An in-state ohio resident that graduates from Ohio State Dental school has an average graduating debt of 235K. Out of state is 400K. Dental school is the most expensive professional school there is, and the universities keep cranking it up every year because they will always get applicants. My brother graduated from Medical School in 2003 with 135K debt as a comparison.
We both decided to do a speciality because we love our specialties, were both in the top 10% of our class, and as an added bonus we both make significantly more than an average general dentist. But IMO its complete ******** that if someone wants to be a dentist for a living they basically have to graduate with 250K debt in order to do it. I just think its complete BS. The few rare kids that had their parents pay for their dental school are living the damn life right now, and its annoying, but whatever. It is what it is. Anyway, my whole damn point was why the hell am I paying 6.5% interest. Its ********.
I'm a prosthodontist (specialist in implant and cosmetic dentistry) and my wife is an orthodontist (braces). We went to the cheapest dental school in the united states of america (WVU) with both having zero loans whatsoever, as we both had full rides for undergrad. We each graduated with 150K in student loans. Since graduating in 2011, WVU has jacked up tuition 35% (Because they can) and now the average dental school graduate from the cheapest dental school in USA has 200K in debt. If you go to NYU dental school as out of state, you will be in 550K debt. I went to speciality training at Ohio State University, one of the cheapest residencies in all of the USA (along with my wife), and we racked up an additional 150K each (includes food, cost of living, etc.). An in-state ohio resident that graduates from Ohio State Dental school has an average graduating debt of 235K. Out of state is 400K. Dental school is the most expensive professional school there is, and the universities keep cranking it up every year because they will always get applicants. My brother graduated from Medical School in 2003 with 135K debt as a comparison.
We both decided to do a speciality because we love our specialties, were both in the top 10% of our class, and as an added bonus we both make significantly more than an average general dentist. But IMO its complete ******** that if someone wants to be a dentist for a living they basically have to graduate with 250K debt in order to do it. I just think its complete BS. The few rare kids that had their parents pay for their dental school are living the damn life right now, and its annoying, but whatever. It is what it is. Anyway, my whole damn point was why the hell am I paying 6.5% interest. Its ********.
Everyone that complains about the cost of college could bust the pricing bubble by using PTI's plan. The only reason it's so high is because dumbasses pay it anyway because the loan programs.
Also the forgiveness plans are actually a fair deal. I signed up for it and had 70K in debt for a dbl in accounting/finance and a MBA. The deal is based on my updated annual pay. Whatever the monthly cost is just comes out based on previous years taxable income. At the end of 25 years whatever is left is written off.
Basically the govt is so starved for money they are setting up anything to have a cash flow coming in.
We are 20T in debt and 1.3T is student loans! I wonder what our interest rate is on the 20T.
Also the forgiveness plans are actually a fair deal. I signed up for it and had 70K in debt for a dbl in accounting/finance and a MBA. The deal is based on my updated annual pay. Whatever the monthly cost is just comes out based on previous years taxable income. At the end of 25 years whatever is left is written off.
Basically the govt is so starved for money they are setting up anything to have a cash flow coming in.
We are 20T in debt and 1.3T is student loans! I wonder what our interest rate is on the 20T.
You are paying 6.5% because your loan is only secured by your future earnings. What happens to your student loan if you drop dead, lose your license or become disabled? Your loan is more risky than a mortgage which has real collateral.
To your point about interest, I think that a lot more of it should be tax deductible and the phase out removed. That change would save you 25%-30% of your interest cost. The current limits are a joke to someone with huge student debt like you.
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I bet Ron and his wife have Joel Osteen white teeth.
That's kind of like a homeless man selling you real estate. :stuck_out_tongue_winking_eye:
The best way to get school and your lifestyle paid for and avoid taxes is to build your own church.
I know a guy on Catpaw who has jaw dropping school debt and specializes in cosmetic dentistry. Maybe I can get you his contact info.
Apple sucks. And there would be smart phones without steve jobs.
Great marketing and design pioneer, though.
Your thetans are too low. Here, let L. Ron Hubbard show you how to improve your life.
RM is in cosmetics? Unless he's in academic cosmetics (lol), ZERO sympathy for his $600k in debt [laughing]
While we're forgiving student loans, why don't we forgive mortgage payments too then.
The student loan crisis is as dumb as the housing crisis. In both cases, the finance industry was giving way too much people who couldn't afford it. I'm not in favor of forgiving them. I'd be ok lowering the interest rate and extending the time to pay them back. If you are in an occupation where there is a true shortage / high need, then maybe they could be forgiven if you fulfill certain requirements.
This is one of my main concerns? Why do you forgive student loans and not credit card debt or mortgages? I mean everyone involved in these either overspent or would just like to not have debt any more. Why are student loans special and deserve forgiveness when CC and mortgages don't receive the same?
Lesson one on life as an adult. When you enter into an arrangement and agree to pay for something, don't be surprised if they hold you responsible to pay.
I was 24 when I bought my first house and knew what was getting into. And I only have $900 left on my student loans. And I know the difference between a "write off" and a "right off."
Maybe they should start forgiving the loans of intelligent people. I could use $698 a month for a forgiven mortgage.
You'd see the race card played like never before if they gauged giving student loans to someone based on wether they would likely be able to pay it off.