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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gimmie11s

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I didn't go to an Ivy league College, but I did go to a Top 10 non-Ivy league and have a Bachelors. It matters to me that it carries weight, because I know when someone starts playing the game of "Who's more educated", my Alma Mater carries enough weight to sink their ships.

College choice does matter, greatly. And in the context of hiring, it matters even more when comparing applicants. Joe has a degree from Clemson in engineering- Cool A+. Dave has a degree from Kansas state Technical institute of wichita- Yea no.

Purely 100% profession dependent. Dr, lawyer, Politics, sure...

In my field, we require new supervisors/managers to have a college degree.... Any college degree.

If a guy walks in that went to Brown, we wouldn't give two shits other than the "damn.. his parents spent waaaaaaaaaaaaaaaaaay too much on college".
 

Dusten

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Purely 100% profession dependent. Dr, lawyer, Politics, sure...

In my field, we require new supervisors/managers to have a college degree.... Any college degree.

If a guy walks in that went to Brown, we wouldn't give two shits other than the "damn.. his parents spent waaaaaaaaaaaaaaaaaay too much on college".

My wifes age, position within her company, income and degrees from eastern washington, and washington state disagree with his statement.
 

sleek98

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Nothing to pop, they will just stop loaning money.

Like was posted above, there is no escaping student loan debt.

Maybe limit student loans to school books, classes, lunch rooms and dorms. That would make a huge difference. All the crazy loan people I know did not work during school so they lived for years on loans. Also take away the pay by income crap and force a payoff period.

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They would have to limit the loan to force a payoff period.

For example the girl my sister in law lives with has 80-90k in loans for her school councler job making 34k a year . If they forced a 10 year payoff after payroll deductions, required retirement and taxes, she would have less than 900ish a month to live on once she paid he student loan payment.

Their option now is to give the income based option and collect the interest basically forever or force them to do a payoff period and wait for them To default and then garnish their wages
 

Dusten

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They would have to limit the loan to force a payoff period.

For example the girl my sister in law lives with has 80-90k in loans for her school councler job making 34k a year . If they forced a 10 year payoff after payroll deductions, required retirement and taxes, she would have less than 900ish a month to live on once she paid he student loan payment.

Their option now is to give the income based option and collect the interest basically forever or force them to do a payoff period and wait for them To default and then garnish their wages

No one forced her to take out loans totaling more than 3x her expected income.
 

sleek98

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No one forced her to take out loans totaling more than 3x her expected income.

That’s exaclty what I told her.

But the problem that would come with an instant flip is the payer would chose to just simply not pay at that point. I wish the would have had limits in place 10 years ago and the cost wouldn’t have gotten as out of control
 

RDJ

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Here is what I would be willing to do for student loans that are current, with a two year history of on time payments. Freeze the interest being charged. Their debit is frozen as of the day they sign a new agreement stating that they will continue to pay on time every month and as their salary goes up their payment will go up .5% for every 5% of salary increase. its better than the taxpayers having to pay that bill. if they default on loan after the agreement is signed that interest that was being forgiven becomes due and payable
 

ssj4sadie

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Not going to lie this thread made me shit a brick that the wife may have chosen the income option thing (never heard of it before). Glad to find out for sure she didn’t and her loan is being steadily paid off.
 

bigmoose

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Here is what I would be willing to do for student loans that are current, with a two year history of on time payments. Freeze the interest being charged. Their debit is frozen as of the day they sign a new agreement stating that they will continue to pay on time every month and as their salary goes up their payment will go up .5% for every 5% of salary increase. its better than the taxpayers having to pay that bill. if they default on loan after the agreement is signed that interest that was being forgiven becomes due and payable
I agree with this. Most people can't get ahead when the govt is charging 7%+ interest on 6 figure loans. Got it that people should have made better decisions, but we are where we are now. Better to get people to just pay principal then to default.
 

me32

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I agree with this. Most people can't get ahead when the govt is charging 7%+ interest on 6 figure loans. Got it that people should have made better decisions, but we are where we are now. Better to get people to just pay principal then to default.

It all sounds good. But it still comes down to the individual that sign the contract. Why would anyone want a student loan that over 100k. Thats more than some houses in the country. Thats more than some people make in 3-4yrs. The logic behind it makes no sense. Then add the interest on top of that.
 

RDJ

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I agree with you 100%. have no idea what these kids and their parents are thinking. there are a thousand ways to cut the cost of college. and if everyone would go to instate schools places like hahvad and their ilk would find out just how useless their shit is to the average person. so going forward there need to be incentives to go to instate and local colleges/universities.

but we are talking about already existing loans and they are already there so we need to address what happens to them. which is where my proposal comes in

It all sounds good. But it still comes down to the individual that sign the contract. Why would anyone want a student loan that over 100k. Thats more than some houses in the country. Thats more than some people make in 3-4yrs. The logic behind it makes no sense. Then add the interest on top of that.
 

jpro

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People need to sack up and pay their bills.

No one helped me when I had student loan debt nor did I expect them too. I knew what I was signing.

Kids today are learning way too late about real life.

My wife and I have paid ours off. Combined we owed around $20k. I graduated in 2000 and she did in 2001. We both worked while in school but still had fun. I went back and got a masters in 2005 but had a graduate assistantship that paid for it.

If they do debt forgiveness I want our money back plus all interest paid plus interest from the government for having my money all these years.


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HudsonFalcon

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My wife and I have paid ours off. Combined we owed around $20k. I graduated in 2000 and she did in 2001. We both worked while in school but still had fun. I went back and got a masters in 2005 but had a graduate assistantship that paid for it.

If they do debt forgiveness I want our money back plus all interest paid plus interest from the government for having my money all these years.


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And rightly so. Why should they get free education? Because they whine and march in the streets lol. All that education and no one taught them life isn't fair.
 

nxhappy

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debt is debt, is debt. first pay off CCs. Then pay off cars. Then pay off student loans. in the eyes of transunion, CCs are the devil. student loans, not so much.
 

allister

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I went to a cheaper school, graduated, a coworker had let me borrow their Dave Ramsay's book Financial Peace, said someone gave it to them when they graduated, and it was life changing. I made it my number one goal to get my loans paid off. Sold my car for a cheaper one so I could get rid of loans faster, lived at home. Loans were gone by age 26. Now I'm 33, my house will be paid off next year and my only loan is for a truck that I could sell any day if I wanted. Life is good. Amazing what you can achieve when you set goals and work your butt off.
 

nickf2005

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I went to a cheaper school, graduated, a coworker had let me borrow their Dave Ramsay's book Financial Peace, said someone gave it to them when they graduated, and it was life changing. I made it my number one goal to get my loans paid off. Sold my car for a cheaper one so I could get rid of loans faster, lived at home. Loans were gone by age 26. Now I'm 33, my house will be paid off next year and my only loan is for a truck that I could sell any day if I wanted. Life is good. Amazing what you can achieve when you set goals and work your butt off.
We listened to Dave shortly after graduating as well. Really opened our eyes and gave us the fire to kick Sallie to the curb. Dave wouldn't have been too keen on our new GT500 and Edge purchases in 2012 and 2010 though. Oh well, paid those off in a hurry too. Learned our lesson and my last 2 trucks were cash deals. Now, that pesky mortgage...

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