Am I the only one who feels bad for idiots fell for the student loan meme?

girlDog
girlDog

Am I the only one who feels bad for idiots fell for the student loan meme?
I have a few coworkers who are each at least 70k in the hole, and all they have to say is "I don't know what I was thinking."
I assume most of us here have decent finance sense. Do you ever feel for those who are doomed to be in debt until the day they die, and see no fault in it? I understand they're mostly mimicking their parents. I just don't get it. I was lucky and born the son of an accountant. I can't figure it out.

Just a thought.

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census.gov/data/tables/2011/demo/wealth/wealth-asset-ownership.html

TurtleCat
TurtleCat

STOP BEING POOR

Legit though, 70k ain't shit. Just buy a house that's 70k cheaper than you would have. You can tell where people are by how they think about different amounts of money.

Sharpcharm
Sharpcharm

None of us knew what we were thinking. I mean, since first grade we're told to go to college while hints are being dropped right and left implying we're nothing if we don't get into a four year university.

implying a 16 year old has any financial literacy in the American education system
I avoided most of the college debt (small loan though), but I'm not surprised at all given the above attitude.

Emberburn
Emberburn

i think the issue is that getting a loan and graduating in debt is almost like a norm. I was lucky enough to have parents that cared enough to do prepaid.

WebTool
WebTool

70K
debt until the day they die
I don't have any student loans, but if I did, I could pay them off from my checking account right now. WTF is wrong with people that they can't pay back at least like 10K a year?

LuckyDusty
LuckyDusty

Don't be such a victim. If you can't tell that paying $40k a year in tuition is a bad investment at 18 you're going to be a retard for the rest of your life

ZeroReborn
ZeroReborn

70k debt
Why the fuck does the US education cost so much? No wonder people come to Queerbec Canada to study and leave afterwards...
Its barely 10K here, and even then why didn't your parents save up for you since you were born? Do they not care about their kids in the US? A mere 50$/month wouldn't hurt that much to put aside

WebTool
WebTool

americans don't save anything, something like half of everyone wouldn't be able to cover $500 cash in an emergency, it's fucked up.

Spazyfool
Spazyfool

Because college is pretty much a business making money on stupid kids here in freedomland

RavySnake
RavySnake

Yea if you got a shit degree, with a shit job, went out of state to a private school, and didn't get scholarships then yea you'll have a hard time.

But 70k isn't a huge amount to overcome even with the above scenario.

Fact is statistically college graduates earn more than non-college grads so all in all it's a good deal, but of course you're not going to hear about all the people who got good jobs and paid their debt off quickly. You're going to here about some fag with an art degree 100k in debt who slept through school, didn't get a portfolio going, and now just crys on the internet about his debt.

ZeroReborn
ZeroReborn

I don't see what you mean by a bad investment.

But then again I went to an Ivy League school, started working in a consulting firm fresh out of college last year, and my parents paid the entire tuition in full and then bought me a small but nice car when I graduated after having just sponsored my wedding.

We aren't rich or anything. I'm just really lucky I guess. Pretty typical white suburban TV family I think.

My degree was in Mathematics by the way. I agree with this.

CodeBuns
CodeBuns

Yea if you got a shit degree, with a shit job, went out of state to a private school, and didn't get scholarships then yea you'll have a hard time.

This is the most important thing to remember.

Nojokur
Nojokur

Really the main thing is going out of state without a full ride. That shit is expensive. There is nothing wrong with going to a good accredited state school. Even here in Texas with their shitty financial aide I still managed only 50k debt by the time I was done and had it paid off in under 3 years.

w8t4u
w8t4u

Fell for the student loan meme.
You'll make $70k your first year out user
Ok law school here I come
250k in debt
Took 4 years to get up to making $70k a year.
Haven't paid down the loans at all
Only reason I supported Bernie Sanders was to get my loans forgiven.

Deadlyinx
Deadlyinx

the sad part is you are going to be one of the successful ones. same boat but I am up to 82k after 7 years and only did a bachelors so I am finally paid off. you'll be making bank one day if you can use your degree though, and the loans will just be a memory.

Evilember
Evilember

I hope so. $70k a year is nice but not so nice when loan payments are (supposed to be) $2400 a month. Just hoping my side business takes off.

Flameblow
Flameblow

When idiots can't get into scholarships.

My student loan is only $27,890.
Graduating this year. Got a job with $65,000 starting lined up.
Gonna live with my parents for a year.
Pay off that loan in the first year.

SniperGod
SniperGod

I'm in that boat.

Go to college everyone said, it will pay off they said.

50k in debt
useless degree
now I work a trade

viagrandad
viagrandad

this. you dont have to read shit the facts are right in front of your eyes

Deadlyinx
Deadlyinx

paying $40k a year in tuition is a bad investment at 18
Again, we were being told that this was the best option for us from almost all of the resources available to us at the time. With the standard response being "oh, you'll get some scholarships when you get in", along with the fact that my state (WA) cut out financial literacy in high school for more calculus, I'm really not surprised that everyone is in debt.

Dreamworx
Dreamworx

Only reason I supported Bernie Sanders was to get my loans forgiven.

Fucking retard lawyer.

cum2soon
cum2soon

can't you already get them forgiven under the income-based plans?

Playboyize
Playboyize

Fact is statistically college graduates earn more than non-college grads
Look at the demographics of those 2 groups.

College graduate: actively pursues further education beyond bare minimum. Probably has some life goal of sorts.

Non-college graduate: didn't see value in education, probably didn't apply themselves at school, not driven, content working at Taco Bell.

Even if a non-college graduate claimed to be college educated and showed a phony degree that was never queried, they wouldn't come close to an actual mature human being.

Except those retard types who spend so much energy to avoid doing actual work that the effort to avoid work exceeds effort to simply do the work. They're a special breed.

haveahappyday
haveahappyday

just got my BS in computer science
didn't actually do much programming in my own time
still don't have many practical programming skills
realized in my last semester I don't even WANT to be a developer
wishing I'd gone into finance or even economics instead
I'm really lucky that I didn't have to pay for my own education. 18-year-olds don't know what they want to do.

PurpleCharger
PurpleCharger

or live with parents until you are ready to marry/buy a house.

Supergrass
Supergrass

they're getting shitty jobs, because the push for college to get good jobs means employers can't screen my degree status as much

viagrandad
viagrandad

I feel bad for them. I'm lucky my mom is smart about money and learned from my dad's failed attempt at college. I was close to falling into ITT Tech's bullshit for a minute there because "I just wanna do computers XD". My mom helped me see I should to go to a community college and not take out a loan. All I had to do was pick a college, pick starting courses, and get my Pell grant squared away, and I was getting about $5,500 per semester and usually had a hundred to spare.

AwesomeTucker
AwesomeTucker

incentives..
keynessianism at its best
savings are punished

SniperWish
SniperWish

Come on user
If you don't want to go work at McDonalds for your entire life, you HAVE to go to college!
Any degree is a good degree!
You can't put a price on education!
Just do what you love and the money will follow!
If you can't afford college you can just get student loans!
Don't forget to vote for democrats so they will raise our salaries!

Public school teachers are like shepherds bringing their sheep to the slaughter. Most of them deserve to be shot.

Spamalot
Spamalot

In Australia we have the hecs loan system where you pay off your student loans through your taxes.

It's a good system, however retards who are 18 with no clue what they want to do rack up lots of debts while jerking off through multiple University courses.

Gigastrength
Gigastrength

I have a young relative who had just started a ba Japanese major; how fucked is she? I'm concerned that she's throwing ten's of thousands of dollars away on something she could learn for free on the internet; She could spend 6 months backpacking in Japan and speak it like a native.

Spazyfool
Spazyfool

tell her to seriously consider a minor if she wants to learn the language, the major is probably more of a literature/culture major.

t. about to graduate with BA in Chinese and regretting it

Gigastrength
Gigastrength

Nope

I enlisted in the air force and got a bach degree and a masters degree from a private school for free. oh and they paid me 60K in fun money to do it!

Burnblaze
Burnblaze

loan payments are supposed to be $2400 a month
on 70k
What timeline are you from?

Sharpcharm
Sharpcharm

There are very affordable colleges. If they fell for the meme, took out a fucking huge loan, AND didn't spend that money responsibly they deserve their hole. I was able to pay for college as I went through it by working effectively 16 hours a day to save up the thousands every semester, but never could have if I had to spend 70k for it. I paid 20k total for my education.

Evil_kitten
Evil_kitten

16 hours a day, you are a fucking sadist m8

Poker_Star
Poker_Star

t. about to graduate with BA in Chinese and regretting it
Get an MBA soon after - you'll fly to the moon

happy_sad
happy_sad

gf thought deferrment meant no interest
now owes another $12k of interest

likme
likme

go to a shit school for free
get in get out get working
live small
retire at 40

thats how its done

Inmate
Inmate

I used to work with a guy whose girlfriend worked minimum wage at age 30 and owed $125k in student loans to the Art Institute.

I don't understand how anybody could ever recover from that. At that point you might as well eat a bullet or disappear completely and illegally immigrate somewhere.

DeathDog
DeathDog

do you not need a business degree to get into an MBA program? i'll definitely look into that then

Stark_Naked
Stark_Naked

shepherds bringing their sheep to the slaughter
I really, really hate this analogy. It's so overused.

5mileys
5mileys

tfw live in scotland
tfw i got paid to go to university
tfw leave uni with no debt

Emberburn
Emberburn

Consider that at $10k a year (inflation adjusted), a Boomer would've paid off their college in a year.

The average 2017 graduate would need 3.5 years.

And Hermes help you if you go into grad/law/med school.

This census data's from 2011, but I'll let you parse it however you want: census.gov/data/tables/2011/demo/wealth/wealth-asset-ownership.html

BunnyJinx
BunnyJinx

It'd be good to ask her what her endgame is, too.
OMG I just had to pick something and I looove anime ^_^
vs.
I'm half-Japanese, want to connect with my culture, and have some connections at a large Japanese corporation that does multinational business or needs translation work or whatever.

Typically ~5 years in the work force will be more helpful than a business degree. Most MBA students are around 30 and having real world experience makes the degree way more valuable.

A recent survey showed something like half of Millennials *plan* on having their loans forgiven.

Just curious, but what kind of taxes do you pay up there in Scotland?

haveahappyday
haveahappyday

I dont feel bad for them.
If you cant figure out that going into 6 digit debt for a 13th century french poetry degree is a bad idea, youre going to fail at life anyway.

RumChicken
RumChicken

I racked up 70k in 4.5 years with a year spent in NYC in a private apt. To work a job where starting salary is 40k with state benefits with paygrade bumps depending on the wealth of the area.

Not sure if fucked, I think I can handle this debt and pay it off in about 6-7 years without impeding my life very much.

PurpleCharger
PurpleCharger

not having rich parents who pay for your degree
not having parents who work in the same industry as you and help you get internships

It's like you guys enjoy being poor

Stark_Naked
Stark_Naked

Every Veeky Forumsraeli is working to give their kids that very opportunity, user.

Boy_vs_Girl
Boy_vs_Girl

So what happens if I already have that opportunity? Does it mean I won?

Bidwell
Bidwell

It means your goal is the next level up: enabling your kids to either blow a trust fund designing shitty video games or take out a small loan of a million dollars to get into real estate.

The sky's kinda the limit at that point though.

Methshot
Methshot

Not starting a company that becomes a household corporate name

Is that even possible anymore?

Sharpcharm
Sharpcharm

I'll let you look up how Bill Gates made Microsoft a household name.

Sure, it was in the 80s, but it's a great example, and that kind of stuff is still going on.

TalkBomber
TalkBomber

Perfect way to take care of your family for their life though as well, and you get to be known in history.

Stark_Naked
Stark_Naked

Yeah it's no wonder Bernie Sanders was so fucking popular. Thank fucking God that Hillary jewed him out of the nomination. Our country would've been so fucked.

Seriously I'm a millennial and we are such a dipshit generation. We raised hell (justifiably) when Bush bailed out the banks when they made bad investments, but when we make horrible investments in education (e.g Gender Studies degree for 80k) we want a fucking bailout too.

Just glad I never finished college or got any student loans, oh boy I would be so fucked.

Soft_member
Soft_member

I've studied and i have 0 loan, i've just payed at time.

Spazyfool
Spazyfool

Currently going to community college in my last semseter and gonna do a 2+2 with a four year, and hope to get my MBA as well I got somewhat lucky at the job i'm at now but even at min wage I could never see not being able to ATLEAST pay for the first two year degree. I work with a women who is 50k deep in student loans, hasn't paid back a cent and never even got her degree. Hope it was worth it. The government needs to stop backing student loans this shit is getting out of control.

Spamalot
Spamalot

Here's the deal guys:

It's 50/50 blame. Yes the student is an idiot for picking a dumb degree, or being a shut in that never talks to anyone. But the University system is also to blame for shoving these degrees and debt down millions of people's throats when they know damn well some of the degrees are totally useless and even among the good degrees there is oversaturation.

My biggest problem with the loan debacle is:
you can't settle the debt
The debt can not be forgiven under bankruptcy

They take a weak and naive human and fuck their lives over permanently.

Yes it's wrong, and yes it should change.

Fuzzy_Logic
Fuzzy_Logic

you can't settle the debt
The debt can not be forgiven under bankruptcy

Do you know why that is? Go ahead, take a wild guess.

Because law school grads in the 70s and 80s were intentionally racking up six figure debts, graduating, and declaring bankruptcy.

How could you oppress such a broke young person by making them pay back what they owe?
The law's the law don't you know?
*goes on to make $100k the next year*

Dreamworx
Dreamworx

Work 32 hours a week during school
Spend basically nothing, bike everywhere
15k debt total
Paid off in nine months after finding work

Forgiveness is retarded. Pay your debts, you fucking parasites.

girlDog
girlDog

Why the fuck does the US education cost so much?
Because its a scam. Eisenhower tried to warn us.

kizzmybutt
kizzmybutt

I don't feel bad for them at all. If they want to pursue further education without being in debt, don't take the loan.

People need to realize that it's a loan, not a grant. Why complain that the government is giving you money and wants it back with low interest?

I'm Canadian, so education cost is much lower than USA, but I paid off my $30k debt in 2 years.

People need to stop chasing for their dream job immediately. I worked as a telemarketer, and at a call centre support line to pay off my debts. Once I became debt free, I explored options more relevant to my field. Now a regional manager for a large automotive company.

iluvmen
iluvmen

I would if I didn't waste something more important than money: time. I got out with no debts thanks to my parents making good investments (and taking all my birthday and Christmas money) so I could go to school. So money was wasted but what's worse was the loss of time. I'd be five years ahead in my career now which has fuck all to do with my degree. Money's good these days but another half decade under my belt I'd be pulling in almost 100k before 30.