Student Loan Debt

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cantfishforshit.
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Re: Student Loan Debt

Post by cantfishforshit. » Mon Apr 20, 2015 5:50 pm

Bobwhite wrote:
cantfishforshit. wrote:I think it's holding back the economy in many areas. Tuition is increasing at 2-3 times the rate of inflation...it's laughable, if it weren't so sad.
It probably is...

And, it is.

And, when you agree to something important, put your signature on the bottom line... you best be careful. Read it through, and get some advice if you don't understand.

I was scared shitless when my folks co-signed on my student loan, and nothing was going to stop me from paying it back.

It was my word.

In the real world, you either keep your word... or you start making excuses.

Then... you sleep with who you are.

What about telling kids "it's worth it" and "you will easily make enough to pay this back?" Those are the kinds of things they are telling kids these days. When I read my paperwork on my loans there was no mention that congress could repeal bankruptcy protections, but they did and changed the deal. I can pay my loans, and have been, so it isn't a problem. Also, when you went to college, Bob, a person could make enough in one summer to pay for a year at the average state university. Now it would take two and a half years, not summers, years, to make enough to be able to pay that. When you went to college, tuition was reasonable, so you were able to pay it back. Now that people aren't in the same situation you were, you see things as though "I did it, why can't they?" That's not the way this works. Tuition is much higher these days than when you went to school, and that's with inflation taken into account for your tuition in todays dollars. Think about it.
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-Hindu Fisherman

"Do you remember, Odin, when in bygone days we mixed our blood together? You said you would never drink ale unless it were brought to both of us?" -Njal

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Bobwhite
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Re: Student Loan Debt

Post by Bobwhite » Mon Apr 20, 2015 9:36 pm

cantfishforshit. wrote:
Bobwhite wrote:
cantfishforshit. wrote:I think it's holding back the economy in many areas. Tuition is increasing at 2-3 times the rate of inflation...it's laughable, if it weren't so sad.
It probably is...

And, it is.

And, when you agree to something important, put your signature on the bottom line... you best be careful. Read it through, and get some advice if you don't understand.

I was scared shitless when my folks co-signed on my student loan, and nothing was going to stop me from paying it back.

It was my word.

In the real world, you either keep your word... or you start making excuses.

Then... you sleep with who you are.

What about telling kids "it's worth it" and "you will easily make enough to pay this back?" Those are the kinds of things they are telling kids these days. When I read my paperwork on my loans there was no mention that congress could repeal bankruptcy protections, but they did and changed the deal. I can pay my loans, and have been, so it isn't a problem. Also, when you went to college, Bob, a person could make enough in one summer to pay for a year at the average state university. Now it would take two and a half years, not summers, years, to make enough to be able to pay that. When you went to college, tuition was reasonable, so you were able to pay it back. Now that people aren't in the same situation you were, you see things as though "I did it, why can't they?" That's not the way this works. Tuition is much higher these days than when you went to school, and that's with inflation taken into account for your tuition in todays dollars. Think about it.
Thanks, Dwayne.

At your prompting, I've done some reading, and have thought about it.

I think there's too much emphasis on a college education these days... and I think a lot of kids go to college and run up a tab because, 'it's 'the thing to do', and they don't have good guidance (or won't ask, or listen to it).

Look, life is full of hollow promises. One measure of a man is his ability to navigate these... and how he lives up to his obligations once he's made them.

I'm just an old fart who had had it easy. I went to a junior college for two years (because it was all I could afford) and I lived at home while I drove 45 miles a day to finish my B.S. I would have loved to have lived on campus and partied with all my friends whose parents were paying the bill... or were wracking up a big debt... but my dad advised against it. So, I did what I could do within my means.Which included a student loan.

I know that times and circumstances and the rate of inflation have all changed.

But, in my small world, honor remains the same; if you make an agreement, you honor it.

You either have it... or you start to make excuses.
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croaker
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Re: Student Loan Debt

Post by croaker » Mon Apr 20, 2015 10:13 pm

Thanks, Dwayne.

At your prompting, I've done some reading, and have thought about it.

I think there's too much emphasis on a college education these days... and I think a lot of kids go to college and run up a tab because, 'it's 'the thing to do', and they don't have good guidance (or won't ask, or listen to it).

Look, life is full of hollow promises. One measure of a man is his ability to navigate these... and how he lives up to his obligations once he's made them.

I'm just an old fart who had had it easy. I went to a junior college for two years (because it was all I could afford) and I lived at home while I drove 45 miles a day to finish my B.S. I would have loved to have lived on campus and partied with all my friends whose parents were paying the bill... or were wracking up a big debt... but my dad advised against it. So, I did what I could do within my means.Which included a student loan.

I know that times and circumstances and the rate of inflation have all changed.

But, in my small world, honor remains the same; if you make an agreement, you honor it.

You either have it... or you start to make excuses.
That sums it up nicely Bob.

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T.J. Brayshaw
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Re: Student Loan Debt

Post by T.J. Brayshaw » Tue Apr 21, 2015 5:26 am

This documentary addresses all sorts of interesting issues in higher ed. Some of you might find it interesting.

https://www.youtube.com/watch?v=BcxDVYo2wH8

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cantfishforshit.
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Re: Student Loan Debt

Post by cantfishforshit. » Tue Apr 21, 2015 8:18 am

Bob, I am glad you were able to live with your parents while you attended college. I agree; a person should always pay their debts. If a person has proven to be insolvent they should be allowed a fresh start. There is something about forgiveness that I read somewhere. Thanks for talking with me about this subject.
“I am a fisherman. The work is simple, as is my life. Still, I take pride in my work because on these waters, I may think, and reason not to."

-Hindu Fisherman

"Do you remember, Odin, when in bygone days we mixed our blood together? You said you would never drink ale unless it were brought to both of us?" -Njal

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Hogleg
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Re: Student Loan Debt

Post by Hogleg » Tue Apr 21, 2015 3:02 pm

Bobwhite wrote:
Look, life is full of hollow promises. One measure of a man is his ability to navigate these... and how he lives up to his obligations once he's made them.

I know that times and circumstances and the rate of inflation have all changed.

But, in my small world, honor remains the same; if you make an agreement, you honor it.

You either have it... or you start to make excuses.
Gospel.

Preach Brother.

You eloquently said exactly what I was not-so-eloquently thinking.

Thank you.
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SOBF
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Re: Student Loan Debt

Post by SOBF » Tue Apr 21, 2015 3:23 pm

I do think it's a huge load on the economy- money being spent on college loan payments rather than general spending, but I don't understand why/how on earth kids get in so deep. When I took one out, in the dark ages, like Hog said, conditions were clear. Also I'd been raised to understand compounding interest, and was going to school for business where nearly everyday I saw someone salivating over the returns made in said interest.

It just baffles me that people go $50,000.00 - $100,000.00 in debt for jobs that probably won't pay more than $50,000- $60,000.

At the same time, I think there is a serious with banks borrowing money from the government (that would be us) in the neighborhood of 0% interest, and lending it to students at near loan-shark rates.
YUP
I think there's too much emphasis on a college education these days... and I think a lot of kids go to college and run up a tab because, 'it's 'the thing to do', and they don't have good guidance (or won't ask, or listen to it).
YUP
I work with a shit pile of of folks that opted not to go to college. Got a few that are millionaires and many that just do okay but will never be rich. Anyone that thinks borrowing that much money for a job that pays fair at best SUCKS AT MATH. If a kid wanted to go to a community college for a 2 yr degree in HVAC they would easily make 50,000-100,000/yr . Cost benefit analysis needs to be taught.
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