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

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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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.

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.

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.

>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?

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

>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

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.

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

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.

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

Fucking retard lawyer.

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

>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.

>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.

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

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

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.

incentives..
keynessianism at its best
savings are punished

>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.

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.

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.

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

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!

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

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.

16 hours a day, you are a fucking sadist m8

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

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

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

thats how its done

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.

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

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

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

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

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?

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.

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.

>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

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

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

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.

>Not starting a company that becomes a household corporate name

Is that even possible anymore?

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.

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

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.

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

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.

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.

> 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*

>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.

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

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.

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.