Yfw you realize that student loans are not going to be forgiven, current IBR will be cancelled...

DONT do it. there's plenty more opportunities and new things coming. suicide is a permanent solution to a temporary problem. i know that feel, bro.

but seriously, there's more good stuff coming...

you are still needed as consumers
dont forget that engineers and doctors are useless if nobody needs their services/products
now be a good goy and buy something on Amazon

because college is about the EXPERIENCE, user. how else are you supposed to meet qt's who will just ignore you and make fun of you in class?

>$200k in loans
>law degree
>thought I'd be earning 6 figures
>earning 75k/yr
>ibr is $300 a month
>still can't afford it

IBR will likely be canceled. Even if it isn't, you're going to have to pay taxes on whatever is forgiven. So if you have 200k forgiven, that's 60-70k due immediately to the IRS.

$60k is a years wage. If you live off half of your after tax income you could pay it off in 3 years. Holy shit what are you even doing?

>going to law school

mistakes were made

>$200k in loans

That's your own fault for going to an expensive school and not earning scholarships on the way. My entire bachelors in finance cost ~$11k, and I'm now earning $70k/yr at 23. People like you piss me off
>hurrrr durrr spent munnies I don't have how cum lyf so haaarrd

Law school doesn't allow you to work your 1st year, so you have to live off loans/savings. I did both. I had a 10k/year scholarship, too.

It was a lifelong dream and I realize now I've gotta do more than punch the clock. Started a business on the side and am investing what I can.

Good news is no tax paid on forgiven debt if it would make you insolvent. Plus I also will qualify for PAYE (pay as you earn) so hopefully that one sticks around.

Citation on it not being taxable? I did a ton of research on this last year, and I never saw any concrete evidence of this, just rumors.

Also, what law school did you go to?

>B.S in Chemistry
>20K in debt from mid-tier school
Making 170K/year

Check out IRS Form 982. I'm a tax lawyer. Just did this for a client this month.

this has to be bullshit
I could pay my $800 a month loan working a 30k/yr factory job and still afford my (granted shitty) house and other expenses.

I have 4 kids and a mortgage.

What law school did you go to?

should've used birth control

Gonzaga

Eurofag here can someone explain to me what's a student loan and why do you need one?
It seems like a big deal everytime I see it mentioned.
Is it to pay school fees ? If so it should only be a few hundreds maybe thousand max right? so what's all the fuss about it?

>If so it should only be a few hundreds maybe thousand max right?

Education costs alot. If you're paying that little it's because your university gets government subsidies to keep its entry price low. The real cost is way higher and that's what Americans pay loans for. Also student loans can encompass stuff like student housing too, so it can ramp up if you're dragging on your academic career.

> so what's all the fuss about it?

People get stupid degrees with no value because they think having any university degree is enough to land a great job, and they end up not being able to pay back their loans.

Are you at a firm?

I suspect spending every few minutes surfing Veeky Forums on your phone isn't good for your billables.

Get a government job - loans are forgiven after ten years of payments.

Supposedly. There was an article about that recently on CNN, about whether or not the government would follow through with that program and if it would remain in place. I plan on doing that myself if I can.

DeVos already canceled that program.

Source?

i love banks ok

My bad - she said some orgs weren't actually public service, which fucked them. But in general, it's just been announced that it's going to be canceled with next budget:
slate.com/blogs/moneybox/2017/05/17/the_trump_administration_wants_to_end_the_public_service_loan_forgiveness.html

People with student loans should just escape to another country. Ignore your loans. Make crypto gains, make money in general. Move to third world.

Unless you have a good degree. If you spent a lot of money in a meme degree, then do the above. You're probably a loser anyway.

Son of a bitch
Don't forget that a lot of fresh-out-of-high-school students can't get loans on their own. They gotta get a cosigner, and if they skip town the burden falls on the cosigner's shoulders.

If they cancel IBR, a lotta people will default and go bankrupt right away and they won't get shit back from a lot of them. Keeping IBR at least gets them something and the people on it can keep spending money like good little consumers. I don't see how cancelling it benefits anybody except bankruptcy lawyers.

You can't bankrupt on student loans in the USA.

>Make 170k a year with a bachelors in Chemistry
L A R P

They will never cancel IBR. the moment they cancel it, the student loan bubble will burst completely. The only thing stopping default rates from mooning is IBR.

If you are American or Kiwi you are most likely screwed. The feds will hunt you down forever.

I don't have a Pepe that expresses my frustration with this.

In America, schools cost a fuck ton of money. Going to a public university without scholarships will run around $15,000 a year. Private universities cost much more money. Some private universities cost >$40,000 a year.

As you can see, a four year degree can cost anywhere from $60k to $200k in America. If a family cannot afford college, the kid will take out (((loans))). These loans will will have to start being payed back by six months after graduation. The interest rate for the loan is ~4.5% for undergrad and ~6% for graduate school.

In primary school, kid are told to "follow their dreams." In other words, it does not matter if you choose a degree that is completley bullshit, as long as you """love""" what you are doing. So idiots get degrees in gender dance theory and pay for it completely with loans. They come out with 80k and debt and cannot get a job that pays more than $25k a year. As a result, they are debt slaves for 15 years.

reminder that the principal difference between a phd and a pizza is that only one of those can feed a family of 4

Sure, but you can bankrupt on everything else. I have a mortgage and car payment and a nice lifestyle after paying hundreds a month on my student loans through the IBR plan. If they cancelled it, I wouldn't be able to afford all of that, so I'd have to go bankrupt and possibly lose the house, lose the car, etc. Then the student loan debt couldn't be discharbable so I'd basically be permabroke. Why would I ever work again in this country in that scenario? The government wouldn't get jack shit back from me at that point.

>The interest rate for the loan is ~4.5% for undergrad and ~6% for graduate school.
WHAT

>15-40k a year
Lol what???!!!! You could employ a personal teacher at home for half that money what the fuck?!! No one is retarded enough to pay 40k to go to university right?

Hahaha
Haha
Ha
Hahaha
Ha

=( I've got seven years in.

My university cost me about $60,000 for tuition alone per year.

But it was Ivy League.

But my parents paid the whole thing so there were no loans. I'm grateful and all but to be honest now that I'm out and making about 85k per year (90-100k with investments and trading my paycheck) I don't see what the super big deal is.

SeeI don't get the big deal and I'm serious. Why is that considered so much when a paycheck usually starts around a level that would allow someone to save that much and goes higher?

Damn, son.

studentaid.ed.gov/sa/types/loans/interest-rates
I do not have loans so this is what I pulled up
It gets even better! Kids will want to go to their "dream" school on the other side of the country to get a fucking English degree. Look at the two links I have, the first is a public school and the second a private school. Nonresident means you do not live in the state (province) that the school is in. Public schools are funded by taxpayers, so they charge twice as much for nonresidents.
financialaid.uoregon.edu/cost_of_attendance
new.oberlin.edu/parents/finances/tuition-and-fees.dot

I don't get it, what's the university teacher pay in USA , a fucking million per day or something ?
In France it's around 5k€, you could literally have a full time personal university teacher at home with 60k a year.

What did you major in?

Oh I see what you mean. Yeah government loans have interest rates like that.
Most people in America take private loans, which have much higher interest rates.

university teacher pay is 5k€ PER MONTH

I majored in mathematics and now I'm an actuary.

Are you French? How high are taxes in France, like 50%? That is the only real benefit in America, lower taxes.

>he took up loans to acquire skills
if people thought you were qualified to succeed in the field, you would've got a scholarships. But you tried to force your way into it, and you're going to pay the price.

Universities the US are dirty slushpits of money. There are countless admin positions that didn't exist 20 years ago where the workers do fuck all all day, assuming they even exist, and the administration overspends insane amounts of money for athletic facilities and "luxury" accomodations that nobody asked for. They're massive money pits. Nobody does anything about it. That's why it's 40, 50, 60k per year to go to a private school.

I don't know that depends on the salary and the sector you work in, and there are several waves of taxes so you never really know how much you payed in taxes.
When I was math teacher in high school I gained 2k without taxes wich was a net salary of 1.6k, so I'd say 20% taxes for small revenues.

>mfw my university was building shiny, all-glass brand new neurobioligical research buildings but couldn't put air conditioning in our dorm houses
>mfw they cut our mathematics library in half citing "lack of funding" the same fucking year
Fuck the "ivy league" they don't take care of their students.

It's all about fucking advertising to parents.

That's fucked up. I went to college in Canada. I never even had a job or assets and the government was throwing money at me. Thankfully I dropped out after a year and quickly paid my loans off.

Different circumstances for different folks though. Never nice to fuck over an individual that you are close to

The reason is what you major in. You went to expensive school, but did not get a meme degree or job. There are kids who go to Yale and get degrees in African American studies. The kid from University of Texas who got a 3.7 in finance will make 10x as much as the Yale kid unless they go to YLS.
Also, there are options of postgraduate school. I fucked around senior year of hs and did not really apply to elite schools, but I am also not getting a meme degree. When I graduate, I will go into management of finance. I can do that for 4 years and get a top 15 MBA and make at least 150k a year at 28. There are less expensive options

You can't default on a student loan in the US. It's impossible for the bubble to pop.

what I'm interested in knowing is, what percentage of those loans will never end up being repaid at all
I know plenty of people who simply stopped paying their loans and work cash businesses and don't even report their incomes

Like another poster did, colleges are often times giant slush funds for employees. I transferred to a regionally reputable business school in the same city as my old college which is fucking unknown outside of my state. The president at my old uni made $600,000 a year and lives in a mansion on campus (no taxes
).

>African American studies
Also what the fuck with those meme degrees, they don't exist in europe, what's do you learn here? The contribution of niggers to american history or something like that?

oh, I can actually confirm this
I work for a private university and there's a shit ton of positions where I'm not even sure what those people are doing, there's like 10 different deans for everything and just as many people working under each one
even in my job there's barely even work to be done, so I just waste time lurking Veeky Forums and studying

if anyone wants a cushy, laid back job, I recommend finding employment with a university, you'll probably never earn a lot but you won't be an easily disposable wagecuck like with most companies

>max out unemployment deferment
>still unemployed
woops

>There are kids who go to Yale and get degrees in African American studies
Yeah, true.

I guess that makes sense..

I saw a lot of kids do that. Hell I got a "meme degree" in Korean alongside my Mathematics and actuarial studies because it was fun. When STEM work got too stressful I could always enjoy my language classes and I loved them and excelled in them. I can understand that. Not as a main major of course but as a side project.

But a lot of the time students get pulled in by temptation in universities like mine of things like
>Well we have the best professor in the world in African studies with 10 published books, world-renown research, etc.
>We're in the ivy league anyway so we'll probably be successful no matter what
>I think following my dreams is important and I will be a professor some day
>I just need a degree and want something easy. I need a better GPA
>My degree won't matter. Ever. I'm rich.
>lol I'll just go to law school

Isn't it possible to land a decent career in USA without fancy degree?

>europoor highschool dropout making 2x country average doing it

Would have loved going to such private school on parents money - probably would've dropped out tho. But 'dem parties..

entire college system in the US needs to be btfo for a bunch of different reasons

The popping of the bubble isn't loans being forgiven. It's stuff like what this user is talking about:
If they cancel all the IBR plans, a hell of a lot more people will be doing stuff like that and you can kiss goodbye a whole lof of normal consumer expenditure demand from the people who are still paying on those loans. The government getting stiffed for a few hundred billion sucks, but what sucks even more is having millions of consumers financially disappear from your economy.

Do IBR. Your income is zero.

>dropped out after a year because I didn't know what I was doing
>$5k in debt, not so bad, could pay it off if I wanted to
>turning 22 soon and only have two summers of job experience stocking shelves
>worthless NEET the rest of the time

I'm not even that dumb, I just have no idea what to do

American education is a fucking joke. It used to not be that way before. Our "top" universities inflate grades to make themselves seem more "prestigious." The academic advisors also tell never tell the kids getting these bullshit degrees. They all say "you could go to law school." Guess what, unless you graduate from a top 14 law school in the top quartile of your class, you are another 200k in debt making 60k a year.

Wrong. Keeping them buried under loans that never go away ensures that they stay shackled to shit jobs.

Yes, if you go to a trade school, you can live a nice upper-middle class lifestyle. If you start a business in a trade, you can make a killing.

Yeah, there are plenty of trades jobs like electrician and plumber and stuff that make good money. Clever guys who go into construction can end up running their own company and making loads of money if they put the work in, even if they start at the bottom as roofers or something.

studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/borrower-defense

Look here, you fags. There is a forgiveness program for federal loans. Pay attention.

How do I set this up? Thanks for the tip.

?? No it isn't. I owe more on my student loans than the value of my house and I have a nice job, car, house, etc. and I spend just as much money as I feel like while also keeping up with my student loan payments.

Isn't this only if you're in REALLY deep shit? Like, you have cancer or something?

here's a crazy idea: why don't you people just pay off your loans instead of buying houses and cars and avocado toast? that's what i plan to do once i graduate.

>CS/Math degree from decent-tier Canadian public university
>paid $7k a year for it for a total of 20k debt when i graduated after co-op positions
>now in sunny California, making 175k base + bonuses/options for 230k total compensation
>been in crypto since 2012 and got in early on other ventures
life's pretty good senpaitachi

don't take away avocado toast you fascist skum i spent 8 years in college working on my gender studies degree for that

But how will I buy the latest $1000 iphone each year and drink $12 craft beers every night in Brooklyn?

I'm able to settle about 45k in loans for 4k.....anyone wanna front me?

Not white collar jobs though?

Only shitty thing is that money doesn't really cure >tfw no gf
though

Not anymore brother. Before, you could work up your way into a nice middle/upper-middle-management job in the company. Since everyone is getting degrees now, employers ask for more.

Just work on your social skills, take good care of your appearance, lift, and have the mindset of "I make 230k a year" when talking to women.

Just google IBR. Make sure you go through official gov't sites, there are hucksters out there. It'll walk you through applying. Also, if you make 20 years of IBR payments (even if it's zero), under current law the balance is then forgiven.

To show your appreciation for this knowledge, you must: (a) clean your room right now, and (b) apply to IBR immediately after cleaning your room.

Reminder that if you are in a relationship or want to be in a relationship with a non-virgin then you are a cuck.

Lol, thanks for the tip. My room is rather clean—I'm not a disgusting neckbeard loser, I'm just in a tight spot at the moment and getting my shit together (no money fo dem programs)

Just organize for few minutes then. Important thing is you get off the computer and do something productive for at least 15 minutes.