500K in college loan debt, earning 80K a year!!!!

maxpi · May 21, 2011

Quote from daveyc:

I can't figure out why students don't just go to a community college for the first couple of years and then transfer into a university and save many thousands of dollars.

I know some that did that. One went to UCLA, shared a place the size of a closet with a friend, worked part time and lived on $900/month!! She got grants and she got a few thousand bucks in loans. Her Grandfather paid off the loans when she graduated... He was Scotch, if she owed half a mil he would have put a bounty on her..

Lucrum · May 21, 2011

Quote from KINGOFSHORTS:

Imagine going to college to improve your life and walking away with $500,000 in student debt. That number is no typo. A young Seattle couple ended up so mired in debt on the way to their degrees that they "couldn't even make the initial payments," says Christina Henry, of Seattle Debt Law. After the collection agencies started calling, the couple, who have two children and earn a total of $80,000, visited Henry for help. "They took out as much as they were able to and didn't even know how much they had. It's the most egregious case I've ever seen."

Read more: http://www.kiplinger.com/magazine/archives/how-to-fix-student-loan-default.html#ixzz1Mw04Gutb
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Just imagine how much he has to pay a month to cover that margin.

So they're "smart" enough to go to college but they aren't smart enough to use a calculator and do a little financial planning ahead.

HeSaidSheSaid · May 21, 2011

instructors are overpaid!!!! cut off sabactical leaves. adopt the policy if you use it, you pay for it;
reduce the athletic department & other extracurricular activities.
focus on educating.

Vinny1 · May 21, 2011

Student loans should be eliminated. If you want to go to college, it should be where you have to pay cash upfront before the start of each semester. I bet that would make tuition prices drop.

southbeach4me · May 21, 2011

Quote from daveyc:

I can't figure out why students don't just go to a community college for the first couple of years and then transfer into a university and save many thousands of dollars.

For alot of those kids, its all about status. I alot of them are embarrased to tell their friends and relatives they are going to a community college, they think that others will assume they don't have enough smarts to get into a "real college". Same thing with so many young ppl going for a carreer in while collar jobs and shunning blue collar jobs bcuz blue collar jobs are seen nowadays as being for dumber and/or low class people. Numerous studies have proven this. Kids are obsessed with how others perceive them, really sad.

Vinny1 · May 22, 2011

Who cares if you are blue collar or white collar... what matters in the end is money. My dad has a friend who started a pipe fitting business in NYC 40 years ago. The guy is now worth around $100 million.

southbeach4me · May 22, 2011

Quote from Vinny1:

Who cares if you are blue collar or white collar... what matters in the end is money. My dad has a friend who started a pipe fitting business in NYC 40 years ago. The guy is now worth around $100 million.

Vinny, the point is: kids nowadays have a different attitude on employment than they did 30-50 yrs ago. Hardly any of them likes to do any kind of manual labor. They want easy money but don't want to sweat for it.

southbeach4me · May 22, 2011

Quote from Vinny1:

Student loans should be eliminated. If you want to go to college, it should be where you have to pay cash upfront before the start of each semester. I bet that would make tuition prices drop.

never gonna happen unless their parents are very well off financially or have had the forethought to save years in advance, and we know only maybe 10-12% of parents can do that

AK Forty Seven · May 22, 2011

They give these kids too much money for school.My neighbors kid gos to a jr college.Goes part time 2 hrs a night monday-thursday.

Tuition was around 600.00 for the classes,got over 5600.00 in financial aid.4500 in loans and 1000 pell grant

Getting 5600 in aid when tuition is only 600 is ridiculous and he only goes to school 2 hours a night

Ghost of Cutten · May 22, 2011

Quote from southbeach4me:

For alot of those kids, its all about status. I alot of them are embarrased to tell their friends and relatives they are going to a community college, they think that others will assume they don't have enough smarts to get into a "real college". Same thing with so many young ppl going for a carreer in while collar jobs and shunning blue collar jobs bcuz blue collar jobs are seen nowadays as being for dumber and/or low class people. Numerous studies have proven this. Kids are obsessed with how others perceive them, really sad.

Hey I know, I'll get 500k in debt that I can't even discharge in bankruptcy court, just so I can tell people how cool I am for 3 years!

Seriously though, why are student loans not discharged in bankruptcy? That's fucked up.