Student Loans

[Merc]

That's just insane to me. I always wonder what these kids are thinking when they come out of school, thousands and hundreds of thousands of dollars in debt. Are they just that near sighted, or do they not fully understand that they are going to have to pay those loans off and think they gov't is going to forgive them?

So glad I've still got the GIbill to use if I ever do decide to go to school (8yrs remaining).

[Hooverfb]

I've payed off about half of my 35k debt from school so far since I graduated almost 4 years ago. I worked a ton during college ( 2-3 jobs at a time and good grades) and just didn't get how peope could just be totally ignorant of the amount of debt they were accumulating.
As a side note, one of the colleges I applied for (different major) would have cost me triple a semester. Interestingly, when I got hired, one of the other guys happened to have got his degree there. Now we have the same job and unfortunately for him same pay.

[Fajkus7]

Sounds like an issue with the person borrowing. 4700 a semester in loans is enough to pay for a regular university tuition. Some people would rather take the loans out then work a part time job, but then complain about the debt.

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I had grant money, scholarships, and a full time job and still had to take out money... not going to say you are wrong, but you are not completely right either.

[Lonestar_HOYT]

Student loans are the reason college has gotten so expensive imho.

[HeyMikey]

Congrats to the OP

I've been fortunate (blessed), to get 3 kids thru college (UT, Texas State, and A&M) with each receiving BA degrees, and all 3 of them walked across the stage, debt free. I made a point of informing them, just how lucky they all were, and each of them were greatfull for what we were able to help them achieve.

[HFD38]

Student loans are the reason college has gotten so expensive imho.

Bingo

Guaranteed $$$ coming from the federal govt. why wouldn’t they raise rates.


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[WItoTX]

That's it.

We'd pay over 4K per month to them. There's no trick or anything, just making a budget and not doing anything except a few well thought out vacations.

Honestly we followed dave Ramsey's approach. Sallie Mae had all the loans rolled into one. We MADE them split them, SM didn't want to do it, and started with the lowest. Paying minimums on all but the smallest. Rolling up the payment each time till we paid one off. Till we were paying 4K to only one and watching that balance DROP.

It was a lot of discipline but now we are free of them.

Nice work.

I was one of the ones who took out loans, then took sweet vacations. Financially, not the best decision, but I learned so much on those vacations, mostly seeing that I didn't want to live at home when I graduated, I would not change a thing. And I paid back every penny, with interest, graduated above 3.5, and had a career lined up before I left school.

[M16]

[QUOTE=rtp;13188809]I cant tell you how many of my sons' friends(guys and girls) that were going to college on loans were using the money to live a great life while in college. Big Spring Breaks and summer vacations. I would just smh when they would tell me what they were doing.I always wondered why their parents weren't telling them not to do that./QUOTE]

The parents spending habits are probably the ones they are emulating.

[Tony Pic]

My youngest son is in his senior year now and going to do an extra year for graduate school. We went the Sallie Mae route because I wanted him to have some skin in the game. I mean...If I pay for college and one day he decides to go chasing butterflies, I was on the hook for all that wasted money. I am paying the interest now on his loans until he graduates and takes over them himself.
What gets me nuts about the student loans is the rates they charge these kids. We have four Sallie Mae loans going now at 8.75%, 7.5%, 5.75%, 5.75%. I co signed and I have credit in the 800's and they still kill these kids. I can take a jumbo mortgage out for a million dollars and not be charged what they are charging these kids for interest

[Rescue1]

And let me say, it was not easy in the least. There were several times where we really wanted to do something but just couldn't.

also helps that she sells drugs!


side note: the cost is crazy now.

wife and I both attended SHSU. she stopped when I graduated. I remember I had 1 or 2 books that just broke $100 pricetag. 10 years later she went back and graduated. every book was almost or just north of $100. even the workbooks were like $60 something. for something like 11 credit hours that she needed to graduate it cost us 30 grand.

[BTGuard]

I had grant money, scholarships, and a full time job and still had to take out money... not going to say you are wrong, but you are not completely right either.

Where'd you go to school? Don't get me wrong, I also took out loans. 4700 a semester was what tuition cost, plus living expenses, books, and booze.

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[stickbowcoop]

I went to a small school in PA. I started at the Pitt Swanson School of Engineering, but realized I was going to quickly rack up so many loans that I would be 75 and still paying (I went back to school at 38 graduated at 41 in 2013). I still have $60k in student loan debt. I never kept any extra. I make more than that as an engineer but it's still been tough to get them paid off along with other bills.

[sharkhunter]

I had 45k but not until I went to a 4yr school. Really no reason to take out that loan for a associate degree.

[txcooker10]

All depends on the borrower. My wife and I both went to the same school. When we graduated she had 30k in debt and I had 13k, but I usually only took what I needed for tuition every semester. Luckily my parents helped me out with rent. She on the other hand, used that extra money to pay for her rent and bills and stuff.

[jlp04c]

It's a travesty.... a shell game really. To buy a 100k house, it's a huuge process, income checks, debt/income etc etc. Yet to rack up a 100k in college loans is nothibg. Very minimal signatures. In most cases, no clear definition of rates and everyone you talk to is "pro university" obviously. Honestly it's entrapment. There were a buncha people I went to school with that had loans that they were under the impression they were grants ����. Wrong. But I think the trick is stsrting To turn, in playing all these games they have devalued the degree and I think we will see a tremendous turndown in colllege attendance in the generation being born right now. Especially if prices stay static, or increase as projected. I recommend for anyone attending or thinking about attending college to put together a formal business plan including reasonable post graduating salary and do the math... I think you'll see it's not that wise of an investment