Student Loans: Who's got em, and who thinks its a bubble

Do you have them? If so, is there a bubble?


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BackPressure

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I’m sitting on about 90k in student loans right now and still have 2 more years of grad school. Should be looking at about 130-150k all said and done.

Girl has 2 years left in her nursing education and won’t have more than 15k in loans.

Anyone claiming to forgive student loans is insane in my opinion. My close friends and I alone have well into $2million in student loans, and that’s just 5 of us. I don’t see the gov’t just saying oh it’s fine you guys don’t have to pay any of that back.



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me32

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I have a family member that went to a state school and then became a veterinarian. It was ~275k after all said and done. The first job paid 56k/year with no real benefits. Obviously, that didn't work. She uses the income based repayment program where you pay ~10% of your wages and then you get a balloon tax in 30 years. We're talking ~600/mo which doesn't make a dent in the interest. It's been a few years now and they are up to ~85k/yr and it's ~1050/mo. Again, not doing much in the repayment department. It was over 330k the last time I heard about it. She'll be okay as long as the IBR program exists and absolutely screwed if it goes away.

Unfortunately, the job is too much. It's physically and emotionally demanding and it's really taking a toll on her health. The burn out is real and she's not even 30.

And so she didnt do her full research prior to starting school and the actual job she wanted?
 

me32

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I’m sitting on about 90k in student loans right now and still have 2 more years of grad school. Should be looking at about 130-150k all said and done.

Girl has 2 years left in her nursing education and won’t have more than 15k in loans.

Anyone claiming to forgive student loans is insane in my opinion. My close friends and I alone have well into $2million in student loans, and that’s just 5 of us. I don’t see the gov’t just saying oh it’s fine you guys don’t have to pay any of that back.



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Now why are you at 130k in student loans?

If the girl is in a nursing program then that 15k should be paid off easy within 3 years.
 

STAMPEDE3

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I will never understand it.
I’ve read some of your horror stories. I have a niece that is one also.
Took 6 years to finish. Her mom took out almost 20k a year if I remember right.
She lived off it pretty much instead of working. She will finish owing 120k on a child psychology degree.
Welcome to 35k a year school guidance counselor.
My oldest got some decent scholarships and went to a small school. She worked a little and I paid the rest.
Total was about 2k per semester.
She finished with a TOX degree. Focus in IH and now works for a big chemical company doing pretty well.
0 student loan.
The youngest of course wanted LSU. She will finish with a total of about 20k in loans and it still cost me a average of $700 a month.
As someone who interviews and helps in the hiring process for a fortune 100 company I will say this,
I/we don’t give a flying **** where your degree is from.

Go to the small school and be smart. Save money.


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jeffh81

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My wife didn’t work while in school but got her degree from the top BSN program in the state of Texas. Everytime she applies for a job. She gets a call back immediately. Damn woman makes great money and after she gets her nurse practitioner wants to work part time. Even part time she will bring in stupid money.
 

bglf83

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Student loan forgiveness will not happen. We cannot afford it without crazy raising taxes.

People should expect to pay all the bills they signed up for. I'm in my mid 30's, me and my wife paid off over 70k of student loan debt 6 or 7 years ago. Stop spending money on wants for a while and it will be easily possible.

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IronSnake

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I wasn't discussing this to imply I should coast till it's forgiven. I was actually asking about the validity of the idea they may be forgiven in the next 10 years.

It's certainly a bubble, and by many folks stories in here, it seems to be a plague. I'm not so much convinced we will NOT see a bubble burst. When the boomers start dying off and their kids hit late 30's and 40s with 1k dollar student loan payments, it prevents car purchases, home purchases, spending in general. That hurts a lot of businesses and ultimately the economy.
 

VegasMichael

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Haven't read the thread, but I have two kids in college that I've been paying off the hip for eight years.

Increases in college expenses have far outstripped the continuing increase in healthcare expenses. Why? Because colleges can. Why? Because of student loans.

It's a damn shame.
Precisely why colleges keep raising tuition. They know the student loan biz will follow suit and raise the amount they are willing to lend. I knew a guy whose son had student loans and he moved to Chile because he didn't want to pay the money back.
 

2000GTSTANG

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Im transferring to a 4 year university after about 8 more classes at my CC. The university has a tuition calculator and told me my 42 credit hours, to finish my degree, would cost my $17000 and some change, not including books or anything else.

That is the reason why I never wanted to get my bachelors in the first place. Paying out the ass, just to get a job is insane to me.

No way I can pay for that out of pocket like I am doing now at the CC. I make good money for only having an associates now, but want to make a career change, at 28 lol.
 

OETKB

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As someone who interviews and helps in the hiring process for a fortune 100 company I will say this,
I/we don’t give a flying **** where your degree is from.

I agree with most of your post but not necessarily on this point. I placed engineers for 25 years with large manufacturing companies all over the US, and lots of biotech and pharma companies the last ten years.

Employers very often do care where they went to school, at least in the engineering arena, and I expect in other specific areas. I also discovered early on that all other things being equal, a hiring manager will hire in his own image if given the opportunity. If he went to a small or less competitive school he might not care where the prospective employee went to school, assuming his boss, peers, subordinates and the HR manager don't care, but if he went to a recognized engineering school he will want someone likewise.
 

08mojo

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You may just want to hold off. The new girl, Alexandria Ocasio-Cortez, announced that part of her presidential bid in 2020 will include a pledge to forgive all student debt and make future education free.

With any luck, you and your wife could be off the hook altogether.

I'm glad to see you changed your answer, but sadly there are many that think along these lines. I busted my ass in school, worked multiple jobs and came out debt free. I watch A LOT of 'kids' party their ass off, drive nice cars and lived in nice places--but they were in debt beyond imagination. I sincerely hope they are not rewarded for their lack of discipline by having their loans excused--which would mean I would have to pay for them through taxes. I'm tired of paying for those who made bad choices.

that's far from crazy by todays standards.

One of my brothers good friends just graduated from Ga Tech - $90k deep.

Was he out of state? I was fortunate enough to have grown up here so I paid in-state tuition at GT.

I got a BS in a smaller public school. Lived at home till I graduated. I paid off every semester in cash before I started. I had college 100% paid off before my Final semester started. The funny part is I have Engineering coworkers that went to Georgia Tech and other big engineering schools that started about the same time as me and I make more $$$ then they do.

Wife got about $2K extra in scholarships a semester so when she graduated she had money in the bank.

I can not understand how people have the big student loans. It boggles my mind. Now college was not fun as I worked multiple jobs plus lived at home and did zero partying and zero trips.

You and I went down similar paths. I started at a community college and lived at home through most of my core classes. I was fortunate enough to have parents that let me live at home rent free and paid for some of my food (at home meals). Living rent free was the biggest kicker. I understand I was very fortunate in this regard, and it was a tremendous help that allowed me to have zero debt out of college. At the same time, I know plenty of people that wanted to party and live on their own...so they refuted the offer from their parents to stay at home.

It also took me nearly 8 year to graduate with a BS degree. I had to alternate working full time and going to school--I still worked part-time during school, but it allowed me to avoid loans.

spoken like a true live of the teet of government lazy ass. she will not get the nomination and she will not get a second term IMHO. I am thinking of following her on twitter just so I can troll the **** out of her.

my father made a deal if we wanted to go to college he would pay tuition and books, food, lodging, and spending money was on us.

she has said that only applies to men. just shows what a stupid **** she is

of everything I have read from you this is about the only thing I think you are 100% wrong on. College is not for everyone and everyone is not cut out for college. Some people learn more and do better at a technical school or figuring life out the hard way.

My personal view is you signed a contract when you signed for your student loan. to drop it without paying or delaying payment hoping to get loan forgiveness makes you a thief plain and simple. because you borrowed money on false pretenses.

want to avoid college debt? live at home while going to the local community college to get your core requirements out of the way. then go to an in state school for the rest of your degree. I have zero sympathy for anyone that has student debt that didn't do it this way and insisted on going out of state.

A lot of truth in this post!

Haven't read the thread, but I have two kids in college that I've been paying off the hip for eight years.

Increases in college expenses have far outstripped the continuing increase in healthcare expenses. Why? Because colleges can. Why? Because of student loans.

It's a damn shame.

I think it's also due to demand. More and more people are viewing college as a requirement vs an option. I don't think it's needed for everyone--especially those that pursue to worthless degree.

Those are trades. Not trade schools.

There are plenty of technical schools for those trades...

I have a family member that went to a state school and then became a veterinarian. It was ~275k after all said and done. The first job paid 56k/year with no real benefits. Obviously, that didn't work. She uses the income based repayment program where you pay ~10% of your wages and then you get a balloon tax in 30 years. We're talking ~600/mo which doesn't make a dent in the interest. It's been a few years now and they are up to ~85k/yr and it's ~1050/mo. Again, not doing much in the repayment department. It was over 330k the last time I heard about it. She'll be okay as long as the IBR program exists and absolutely screwed if it goes away.

Unfortunately, the job is too much. It's physically and emotionally demanding and it's really taking a toll on her health. The burn out is real and she's not even 30.

That story is hard to read...and I feel for her, but that doesn't sound like a very well thought out plan. How in the world do you rack-up $275k in college debt?
 

OETKB

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I think it's also due to demand. More and more people are viewing college as a requirement vs an option. I don't think it's needed for everyone--especially those that pursue to worthless degree.
I got into recruiting 30 years ago and degrees were as much in demand with "recognized" large employers in the niche for which I recruited as they are now. What has happened over this time is college administrations (not necessarily the number of students they serve) have ballooned exponentially, (just like the US government).

The schools can increase costs, because students can and will get loans to feed that burgeoning school budget.
 

Revvv

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Im transferring to a 4 year university after about 8 more classes at my CC. The university has a tuition calculator and told me my 42 credit hours, to finish my degree, would cost my $17000 and some change, not including books or anything else.

That is the reason why I never wanted to get my bachelors in the first place. Paying out the ass, just to get a job is insane to me.

No way I can pay for that out of pocket like I am doing now at the CC. I make good money for only having an associates now, but want to make a career change, at 28 lol.
You're still a baby. Not too late to make a career change.

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08mojo

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I got into recruiting 30 years ago and degrees were as much in demand with "recognized" large employers in the niche for which I recruited as they are now. What has happened over this time is college administrations (not necessarily the number of students they serve) have ballooned exponentially, (just like the US government).

The schools can increase costs, because students can and will get loans to feed that burgeoning school budget.

Absolutely, I don't think demand has changed for niche jobs or large companies. However, I was referring the volume of people going to college has changed. Perhaps it's always been this way, but a lot of people have the mindset that a college degree (irregardless of the course of study) is just as important as a high school degree. There are plenty of people going to college that end up as a cashier at a big box store--but they went to school and got that piece of paper.
 

OETKB

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A However, I was referring the volume of people going to college has changed. Perhaps it's always been this way, but a lot of people have the mindset that a college degree (irregardless of the course of study) is just as important as a high school degree. There are plenty of people going to college that end up as a cashier at a big box store--but they went to school and got that piece of paper.

Agreed. The last US presidential administration would have had us believe that everyone should have a degree, and as you mentioned above they are just not all needed.
 

STAMPEDE3

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I agree with most of your post but not necessarily on this point. I placed engineers for 25 years with large manufacturing companies all over the US, and lots of biotech and pharma companies the last ten years.

Employers very often do care where they went to school, at least in the engineering arena, and I expect in other specific areas. I also discovered early on that all other things being equal, a hiring manager will hire in his own image if given the opportunity. If he went to a small or less competitive school he might not care where the prospective employee went to school, assuming his boss, peers, subordinates and the HR manager don't care, but if he went to a recognized engineering school he will want someone likewise.

Maybe times have changed, maybe region plays a part. I refer to mostly ChemE and ME and of course operations in petrochemical industry here.
State wide we have at least 12 schools.
We don’t value LSU over ULM or Nichols usually. I do see the point of the hiring manager looking for the same though.



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STAMPEDE3

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Agreed. The last US presidential administration would have had us believe that everyone should have a degree, and as you mentioned above they are just not all needed.

Agreed also.
The shortage of skilled labor particularly welders in our area is amazing.
100k+ easily now and they dont work hard.
Hell, they don’t even grind or fit their own work anymore.


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