Student Loan Debt?

[kenmac]

Housing and meals are legitimate school loan expenses. On campus: dorms and dining hall, off campus a rental and groceries. Vehicles, clothes and entertainment are abuses of the purpose for these loans.

And they say they're full time students with no type of job. literally living off their student loans.

Not realizing that these loans one day will come due. The only way out of student loans is to pay it off, or die !
It's pretty simple, If you can't / don't want to pay it back, don't borrow it.
one way, or the other, Someone's going to pay

 

[jyoutz]

No, they are not in my mind. They would still need to eat and be housed if they were not going to college. What next, spring break? Is that a legitimate school loan expense?

Whatever you think, school loans were used for dorms and cafeteria meal tickets when I went to college back in the 1980s and I used my loans for those expenses. These are listed as legitimate in the loan application forms: tuition, books and supplies, housing, meals, parking passes. All of those college expenses are considered legitimate under the program. Not vehicles, clothes, insurance, or entertainment.

 

[jyoutz]

And they say they're full time students with no type of job. literally living off their student loans.

Not realizing that these loans one day will come due. The only way out of student loans is to pay it off, or die !
It's pretty simple, If you can't / don't want to pay it back, don't borrow it.
one way, or the other, Someone's going to pay

Took me 15 years to pay off. But my loans were minuscule compared to today’s expenses.

 

[kenmac]

Took me 15 years to pay off. But my loans were minuscule compared to today’s expenses.

Did you also buy a car , pay car insurance, buy clothes, etc, with your student loans ?
This is part of the reason their debt is so high. You put a 40,000 car on your student loan, along with all the other things that don't belong on student loan money and that's what happens.
My son stayed home. I paid for his college 100%. Today, He works student debt free as a hospital administrator and he thanks me every day for what I did for him

 

[jyoutz]

Did you also buy a car , pay car insurance, buy clothes, etc, with your student loans ?
This is part of the reason their debt is so high. You put a 40,000 car on your student loan, along with all the other things that don't belong on student loan money and that's what happens.
My son stayed home. I paid for his college 100%. Today, He works student debt free as a hospital administrator and he thanks me every day for what I did for him

I said those were not legitimate expenses. But when I compare my minuscule $25k loan debt for four years to current expenses it’s obvious that these costs are not sustainable. Tuition is crazy expensive nowadays for state schools and obscene at private schools. I don’t have an answer. I know that my state pays full tuition to state colleges, trade schools, and universities for in-state high school graduates solely with lottery proceeds. Other states use their lottery income for other purposes. My sons went to an in state university 4 hours from home, so living at home wasn’t a viable option for them.

 

[lilranch2001]

Yet he keeps up his arguments……..

 

[two_bit_score]

You do mean. “tractor dealer”

RIGHT?

Right.

 

[tacticalturnip]

If you want your alcoholism and partying subsidized, join the Army.

 

[MossRoad]

My granddaughter wants to go to the Fort Wayne Purdue campus and live at home so that’s how she’s even beginning to be able to pay as she goes on her college choice

That's an excellent choice. I have a nephew that went to IU bloomington and got his masters at Purdue in Fort Wayne.

 

[Hay Dude]

Why is it appealing to borrow a bunch of money to go live at a snotty college, graduate, get a job with so much debt, that you’d make more going to a cheaper college, or just working and taking night time tech/computer classes? Might even get paid for by employer.

One thing everyone forgets is when one goes to college, they lose 4 YEARS of earnings! That could be 100-250K