Current Events > Yooo how the fuck do people rack up 6 figure student loan debt LMAO

(+) Yeah! (+)

sktgamer_13dude posted...

Squall28 posted...

Antifar posted...

Squall28 posted...

Malfunction posted...

Wild how people see stuff like this and blame the individuals instead of the dysfunctional system

No one forced them to make bad decisions. And cut the "only" 18 bullshit. 18 is adult.

Would you let an 18 year old handle your finances?

I won't let anyone handle my finances, but myself. I handled my finances since I was a teen.

And lol at people saying you can't spend hundreds partying. You easily can drop that much in one weekend on a night out. And let's not forget all the trips people take.

I won't call it partying. "Drinking festivities" happy?

This might shock you, but there is a large amount of student who go to college and dont drink AND still dont have money.

I'd actually like to see some data on that
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International fees.
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emblem boy posted...

I can't help but feel like a big portion of those costs are living expenses also. Like, for room and board and shit

To add to this, like, how much of peoples student loans are tuition and fees, and how much is associated with cost of living like rent and food
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emblem boy posted...

emblem boy posted...

I can't help but feel like a big portion of those costs are living expenses also. Like, for room and board and shit

To add to this, like, how much of peoples student loans are tuition and fees, and how much is associated with cost of living like rent and food

That's another reason I would encourage people to wait a few years before going to school. Lots of kids just don't understand cost of living and just want to go to the most popular school. I easily could have gotten into UT, but picked A&M instead because as someone that's already lived on his own I understood that living in Austin as a full time student would basically require me to take out loans or get a job and have no free time after classes, even with my GI Bill.
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Two_Dee posted...

https://pbs.twimg.com/media/D7KyL7jWkAAHI2U.jpg

Jesus Christ

Here's what just a little bit more than that gets you in my city:

https://www.zillow.com/homedetails/2207-N-176th-St-Omaha-NE-68116/118761787_zpid/

Fucking crazy
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lol so I just checked my last statement

Total borrowed: 4375.00 (community college woo)
Total paid: ~2400.00
Remaining balance: 4665.00

ayyy lmao

Gonna pay it off in August
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Ignorant TC.
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Godnorgosh posted...

"Why is K-12 education in the US so bad?"

"LOL why would you become a teacher? They make next to nothing!"

I have to say that, anecdotally, the biggest deterrent seems to be the kind of work as much as the level of pay
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Umbreon posted...

When you have it hammered into your head that "You need to go to college to get a good degree so you can get money!" at a young age, while also being told to "not worry" about how much you borrow because "You'll make it back in no time", then yeah you're going to have people who just barely became an adult making poor financial decisions.

What's that? Trade schools? They never even mention that when I was in high school.

Finances? "tHaT sHoUlD bE tHe PaReNtS jOb".

You're not wrong. When I was in high school, long ago, they really pushed college. No one ever mentioned trade school or the military as viable options.
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Squall28 posted...

Malfunction posted...

Wild how people see stuff like this and blame the individuals instead of the dysfunctional system

No one forced them to make bad decisions. And cut the "only" 18 bullshit. 18 is adult.

Agreed. If they're old enough to vote, then they're old enough to stupidly take on way too many student loans.

To really fix things, Economics should be a mandatory class for about 7 or 8 years in public schools. This is the same country where everyone & their dogs have massive credit card debt too. Fucking idiots spending too much money.

spudger posted...

persons not wrong
our system is corrupt and disgusting and creates debt slavery

Debt slaves en masse. And 90% of Congress is for it.
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Nobody forced them to take a student loan. They, and their parents, made irresponsible choices which they aren't taking accountability for.

If everyone had made the smart choice, and refused to go to school because they didn't have enough money and didn't want to go deep into debt, then we'd quickly have went into a huge skilled labour shortage and forced the market to change.
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Steve Nick posted...

Nobody forced them to take a student loan. They, and their parents, made irresponsible choices which they aren't taking accountability for.

The conversation is far more nuanced than that, especially when professional jobs require degrees for the most part.
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Steve Nick posted...

They, and their parents, made irresponsible choices which they aren't taking accountability for.

They are taking accountability for it. That's the problem, because "accountability" in this case is being in debt for a decade or more because the idiotic interest rates are somehow legal, and a lot of high paying jobs demand a degree of some sort.

It wouldn't be nearly as bad if you could "try before you buy" when it came to college courses. Better hope you guess what you want to do for most of your life on the first try, otherwise you're going to be paying for it.
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it's interesting to have people talk about what a ripoff higher education is and how it doesn't set you up for success, and then people also rip people for being uneducated and say they deserve to have minimum wage jobs if they don't get an education.

it's like people want to blame people for being poor or in debt no matter what you do

It's part of why I had to abandon any hope for an education, it costs too much.
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Medical school

Studying most or all of one degree, changing your mind on your career choice and studying something else from square 1

Is law school also expensive?
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Squall28 posted...

Malfunction posted...

Wild how people see stuff like this and blame the individuals instead of the dysfunctional system

No one forced them to make bad decisions. And cut the "only" 18 bullshit. 18 is adult.

18 is a young adult. You make much better decisions at 30 than you did at 18.
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I mean having six figure debt sucks but i would venture to guess that anyone making 250K+ and didnt come from money probably has accrued significant debt getting there. Luckily if you can budget or hedge for gov loan forgiveness its really not that big of an issue
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Two_Dee posted...

https://twitter.com/QasimRashid/status/1131190954017402880

I mean how can you ask for a better candidate to govern other people?

Guy takes out huge amounts of debt he never plans on paying back. This guy was born to be a congressman!
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Also why is this such a scam in america

Like in australia i finished a 3 year bachelors degree (internationally certified and equivalent to a 4 year american bachelors), my total debt was like $17k AUD.

The "loan" i got was a government provided, interest free loan. Where theres no mandatory repayments until you earn over a certain threshold per year, and if you were earning over the threshold and drop down below it then the mandatory repayments stop.

And if you made voluntary repayments then (at the time) they contribute like 10% extra for free on top of what you pay to encourage you to repay earlier

Yet in america they give you mandatory filler classes to make you study for a 4th year for no reason and they charge like 3-4x per year over there than they do over here for the entire degree.

You have to get real loans with real interest from real predatory providers/sharks and i assume theres minimum monthly repayment no matter what your capability to repay it actually is, with real consequences if you dont

Americas education system is fucked
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Having a dream
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If 18 year olds are smart enough to make their own decisions, one must ask why college is even necessary in that case.
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I agree TC. most degrees are the same level of value regardless of college.
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People can't do basic math and risk/reward assessments. If you took a loan you can't pay off in 5 years, that's your fault and no one else's. You could've gotten scholarships or certificates or gone to trade school or community college, etc.
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Rika_Furude posted...

Also why is this such a scam in america

Like in australia i finished a 3 year bachelors degree (internationally certified and equivalent to a 4 year american bachelors), my total debt was like $17k AUD.

The "loan" i got was a government provided, interest free loan. Where theres no mandatory repayments until you earn over a certain threshold per year, and if you were earning over the threshold and drop down below it then the mandatory repayments stop.

And if you made voluntary repayments then (at the time) they contribute like 10% extra for free on top of what you pay to encourage you to repay earlier

Yet in america they give you mandatory filler classes to make you study for a 4th year for no reason and they charge like 3-4x per year over there than they do over here for the entire degree.

You have to get real loans with real interest from real predatory providers/sharks and i assume theres minimum monthly repayment no matter what your capability to repay it actually is, with real consequences if you dont

Americas education system is fucked

I stop listening to anyone who says 'predatory lenders.' If you think banks are out to give you money they know you can't pay back, you really have no business talking about it.
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Umbreon posted...

Steve Nick posted...

They, and their parents, made irresponsible choices which they aren't taking accountability for.

They are taking accountability for it. That's the problem, because "accountability" in this case is being in debt for a decade or more because the idiotic interest rates are somehow legal, and a lot of high paying jobs demand a degree of some sort.

It wouldn't be nearly as bad if you could "try before you buy" when it came to college courses. Better hope you guess what you want to do for most of your life on the first try, otherwise you're going to be paying for it.

OR you could research what a job in your chosen field actually pays, and decide if that can realistically pay off your student loans.

Then again, most current college students are incapable of making a realistic budget, so they never could actually do that.
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darkjedilink posted...

Rika_Furude posted...

Also why is this such a scam in america

Like in australia i finished a 3 year bachelors degree (internationally certified and equivalent to a 4 year american bachelors), my total debt was like $17k AUD.

The "loan" i got was a government provided, interest free loan. Where theres no mandatory repayments until you earn over a certain threshold per year, and if you were earning over the threshold and drop down below it then the mandatory repayments stop.

And if you made voluntary repayments then (at the time) they contribute like 10% extra for free on top of what you pay to encourage you to repay earlier

Yet in america they give you mandatory filler classes to make you study for a 4th year for no reason and they charge like 3-4x per year over there than they do over here for the entire degree.

You have to get real loans with real interest from real predatory providers/sharks and i assume theres minimum monthly repayment no matter what your capability to repay it actually is, with real consequences if you dont

Americas education system is fucked

I stop listening to anyone who says 'predatory lenders.' If you think banks are out to give you money they know you can't pay back, you really have no business talking about it.

Dodger
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darkjedilink posted...

Rika_Furude posted...

Also why is this such a scam in america

Like in australia i finished a 3 year bachelors degree (internationally certified and equivalent to a 4 year american bachelors), my total debt was like $17k AUD.

The "loan" i got was a government provided, interest free loan. Where theres no mandatory repayments until you earn over a certain threshold per year, and if you were earning over the threshold and drop down below it then the mandatory repayments stop.

And if you made voluntary repayments then (at the time) they contribute like 10% extra for free on top of what you pay to encourage you to repay earlier

Yet in america they give you mandatory filler classes to make you study for a 4th year for no reason and they charge like 3-4x per year over there than they do over here for the entire degree.

You have to get real loans with real interest from real predatory providers/sharks and i assume theres minimum monthly repayment no matter what your capability to repay it actually is, with real consequences if you dont

Americas education system is fucked

I stop listening to anyone who says 'predatory lenders.' If you think banks are out to give you money they know you can't pay back, you really have no business talking about it.

Is that not the very definition of subprime lending, and how NINJA loans are actually real?
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Blade-wolf posted...

darkjedilink posted...

Rika_Furude posted...

Also why is this such a scam in america

Like in australia i finished a 3 year bachelors degree (internationally certified and equivalent to a 4 year american bachelors), my total debt was like $17k AUD.

The "loan" i got was a government provided, interest free loan. Where theres no mandatory repayments until you earn over a certain threshold per year, and if you were earning over the threshold and drop down below it then the mandatory repayments stop.

And if you made voluntary repayments then (at the time) they contribute like 10% extra for free on top of what you pay to encourage you to repay earlier

Yet in america they give you mandatory filler classes to make you study for a 4th year for no reason and they charge like 3-4x per year over there than they do over here for the entire degree.

You have to get real loans with real interest from real predatory providers/sharks and i assume theres minimum monthly repayment no matter what your capability to repay it actually is, with real consequences if you dont

Americas education system is fucked

I stop listening to anyone who says 'predatory lenders.' If you think banks are out to give you money they know you can't pay back, you really have no business talking about it.

Is that not the very definition of subprime lending, and how NINJA loans are actually real?

You mean, that lending system that every financial institution lobbied against, but Clinton still mandated so he could claim he increased minority home ownership?

Banks didn't want it. Liberals did.
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You still havent addressed anything mate.
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Conflict posted...

"Spending hundreds a month partying"

LMAO. The easiest way to tell someone has never been to a party in their whole life

Or college for that matter

Once I'm done with my degrees (Masters in Mech Engineering, PhD in Physics) I'll likely have close to 100k in loans
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darkjedilink posted...

Blade-wolf posted...

darkjedilink posted...

Rika_Furude posted...

Also why is this such a scam in america

Like in australia i finished a 3 year bachelors degree (internationally certified and equivalent to a 4 year american bachelors), my total debt was like $17k AUD.

The "loan" i got was a government provided, interest free loan. Where theres no mandatory repayments until you earn over a certain threshold per year, and if you were earning over the threshold and drop down below it then the mandatory repayments stop.

And if you made voluntary repayments then (at the time) they contribute like 10% extra for free on top of what you pay to encourage you to repay earlier

Yet in america they give you mandatory filler classes to make you study for a 4th year for no reason and they charge like 3-4x per year over there than they do over here for the entire degree.

You have to get real loans with real interest from real predatory providers/sharks and i assume theres minimum monthly repayment no matter what your capability to repay it actually is, with real consequences if you dont

Americas education system is fucked

I stop listening to anyone who says 'predatory lenders.' If you think banks are out to give you money they know you can't pay back, you really have no business talking about it.

Is that not the very definition of subprime lending, and how NINJA loans are actually real?

You mean, that lending system that every financial institution lobbied against, but Clinton still mandated so he could claim he increased minority home ownership?

Banks didn't want it. Liberals did.

At least you have your history down.
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I think the average law student debt is like $120k and the average med student debt is like $300k. But those jobs tend to pay you back in spades so it can be worth it.
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Fam_Fam posted...

step 1: enroll in a degree program that costs in the 6 figures

This.

I went to a very cheap CSU school that cost about 8000 a year to attend. I transferred there from a community college.

I did those things cuz I'm not a fucking idiot.

I truly don't understand how people just choose these super expensive schools for the same shitty degree they could get elsewhere.

I don't have a lot of pity for people who choose ridiculously expensive schools or get dumb advanced degrees (Cuz reasons) then whine about how fucked they are.

All that college and not a single shred of strategic thinking, planning, or critical thinking skills.
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woooooooooo

are we actually victim blaming here?

1) Cost of law school in canada:

https://www.macleans.ca/education/university/law-school-in-canada-what-will-it-cost/

Ranging from the low 2000's to 30,000$, but 30,000 is a weird anomaly, most don't go over $18,000.

2) France? :

https://www.campusfrance.org/en/tuition-fees-France

try 380 per year at the doctoral level

The US? Oh, NYU will cost you almost 70k:

https://www.usnews.com/best-graduate-schools/top-law-schools/new-york-university-03110

Yale? Close to 65k too:

https://law.yale.edu/admissions/cost-financial-aid/cost-attendance

Sure, you could go to buttfuck University and get your JD, and then never get a job, so why look into those?

We can't spend 2 or 3 generations telling kids YOU GOTTA GO TO COLLEGE!!! MAKE SOMETHING OF YOURSELF, DON'T BECOME A BURGER FLIPPER!!! While also raising student tuition to ridiculous levels, and then then laugh at them when they're balls deep in student debt.

Consider you need a 4 year bachelor's just to apply to law school and then spend another 60k

I'm really glad I didn't go to school. I'm making the same if not more than the guys who did go to school and I didn't pay a dime to get my lurneens. I just worked my way up. My life is pretty dang good.
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They agreed to take on that much debt, they wanted to go to a prestigious university...

All part of the problem though.

18 year olds are too young to make such a decision and university name is hardly important.
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iClockwork posted...

Usually because of laziness. Students spending their free time drinking and placing a high amount of emphasis on tailgating and smoking drugs rather than getting a job to pay their way through college.

I paid my way through college with one four hour shift. I dont know why you make it sound like college is expensive enough to have to get a job while youre in college.

Shuto-uke posted...

woooooooooo

are we actually victim blaming here?

1) Cost of law school in canada:

https://www.macleans.ca/education/university/law-school-in-canada-what-will-it-cost/

Ranging from the low 2000's to 30,000$, but 30,000 is a weird anomaly, most don't go over $18,000.

2) France? :

https://www.campusfrance.org/en/tuition-fees-France

try 380 per year at the doctoral level

The US? Oh, NYU will cost you almost 70k:

https://www.usnews.com/best-graduate-schools/top-law-schools/new-york-university-03110

Yale? Close to 65k too:

https://law.yale.edu/admissions/cost-financial-aid/cost-attendance

Sure, you could go to buttfuck University and get your JD, and then never get a job, so why look into those?

We can't spend 2 or 3 generations telling kids YOU GOTTA GO TO COLLEGE!!! MAKE SOMETHING OF YOURSELF, DON'T BECOME A BURGER FLIPPER!!! While also raising student tuition to ridiculous levels, and then then laugh at them when they're balls deep in student debt.

Consider you need a 4 year bachelor's just to apply to law school and then spend another 60k

Last I checked, Canada isn't known as a destination people travel for doctorates from other countries, nor are they known for a lot of medical or scientific breakthroughs.
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Conflict posted...

"Spending hundreds a month partying"

LMAO. The easiest way to tell someone has never been to a party in their whole life

Bruh partying also means going to bars which really does add up
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People: LMAO why take out massive student loans
People: YO why are doctors/lawyers so goddamn expensive its not fair
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darkjedilink posted...

Shuto-uke posted...

woooooooooo

are we actually victim blaming here?

1) Cost of law school in canada:

https://www.macleans.ca/education/university/law-school-in-canada-what-will-it-cost/

Ranging from the low 2000's to 30,000$, but 30,000 is a weird anomaly, most don't go over $18,000.

2) France? :

https://www.campusfrance.org/en/tuition-fees-France

try 380 per year at the doctoral level

The US? Oh, NYU will cost you almost 70k:

https://www.usnews.com/best-graduate-schools/top-law-schools/new-york-university-03110

Yale? Close to 65k too:

https://law.yale.edu/admissions/cost-financial-aid/cost-attendance

Sure, you could go to buttfuck University and get your JD, and then never get a job, so why look into those?

We can't spend 2 or 3 generations telling kids YOU GOTTA GO TO COLLEGE!!! MAKE SOMETHING OF YOURSELF, DON'T BECOME A BURGER FLIPPER!!! While also raising student tuition to ridiculous levels, and then then laugh at them when they're balls deep in student debt.

Consider you need a 4 year bachelor's just to apply to law school and then spend another 60k

Last I checked, Canada isn't known as a destination people travel for doctorates from other countries, nor are they known for a lot of medical or scientific breakthroughs.

and your point is?

Pharmacy school

I just saw the screenshots

Yikes

Mine wont be anywhere near that bad
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I'm at 400k from an egregiously expensive medical school, but after 4 years of residency I'll have a 350k-400k salary as an anesthesiologist.

5 years post residency living frugally to pay it down aggressively, then debt free with a physician salary for a 30+ year career.

It's called an investment in yourself. Debt is a function to escape your socioeconomic status if you're driven.
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CloudChaser462 posted...

university name is hardly important.

Depends on your goals. The value comes not from the degree, but from the networking and alumni network. If you go to a prestigious undergrad and don't learn to network, you're wasting your money. If you do network, it's pretty much a ticket into the upper echelon.

Also, depending on the career path in particular. Interested in academia/grad school? It matters. Interested in law/medicine/pharmacy. It matters.

Can you get in to a "better" grad or professional program relative to your undergrad? Sure, by being in the top percentile of college performers and having some way to stand out. In today's competitive climate? Makes more sense to go to the best university that takes you, with the added caveat that if you have multiple acceptances and one is similar in prestige/networking opportunity but cheaper, that one is preferable.

But yes, if you go to a state school/public school then your university name doesn't matter. They're more or less all equivalent.
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Trade schools are jacking up their prices too. I have an older relative who repairs transmissions. He's spent chunks of time unemployed when the economy goes down.
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