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

 

[riptides]

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

Depends on the career path and persons commitment to get there.

I still see higher education as a pathway to higher career opportunities. Some doors are closed shut without a college degree. That "snotty" college may be a huge difference maker when it comes down to applicant selection. Especially so if one uses the "network" of people available to turn a favorable reference in.

 

[lilranch2001]

Depends on the career path and persons commitment to get there.

I still see higher education as a pathway to higher career opportunities. Some doors are closed shut without a college degree. That "snotty" college may be a huge difference maker when it comes down to applicant selection. Especially so if one uses the "network" of people available to turn a favorable reference in.

Not so much with a fairly high percentage of degrees that teach you to be a snot nosed brat…..

 

[2manyrocks]

And there are the colleges that market themselves to students who want to make it in the music industry when mostly they don't care about degrees, but want to know who you've worked with and if you're actually any good at drawing paying fans.

 

[kenmbz]

Not so much with a fairly high percentage of degrees that teach you to be a snot nosed brat…..

Or an Electrical Engineer, or Doctor, or....

 

[2manyrocks]

I knew some guys who used to be all Vanderbilt but finally hired a University of Tennessee graduate.

 

[LittleBittyBigJohn]

Depends on the career path and persons commitment to get there.

I still see higher education as a pathway to higher career opportunities. Some doors are closed shut without a college degree. That "snotty" college may be a huge difference maker when it comes down to applicant selection. Especially so if one uses the "network" of people available to turn a favorable reference in.

I think you two are saying the same thing, maybe. College absolutely opened doors for me that were previously closed. Around my area, the school you got the degree from doesn't really play into selection. For the biggest part even the type of degree doesn't really matter, as long as it's from an accredited university. I chose the smallest college from the 3 that are available in my town. It's a private Baptist school. I really got a lot from the classes as they were small in size and the program I chose was geared for working adults. All the classes were at night, I worked my normal full time job, ran a lawn service with about 12 weekly yards, and took 12 hours per semester and graduated Summa *** Laude. Had I finished my degree as a kid straight out of high school I have no idea where I would be. I doubt I would be where I am now.

As to the loans... I started back to school married and able to pay my tuition out of pocket. But, ended up divorced mid-way through. I ended up having to take about $20,000 in loans. I got the minimum amount I could, to keep on track without getting too far in debt. For me it was a calculated investment that paid off. I don't agree that others should get saddled with my debt, but you can bet your tail I waited to see if the mass loan forgiveness was going to go through before I paid them off!

 

[2manyrocks]

My high school guidance teacher always recommended that students finish their education before having children or other responsibilities that would made it harder to get their degree. If I were hiring employees, I'd give special consideration to someone who had the determination to finish their degree while working to meet their responsibilities.

 

[ultrarunner]

No regrets graduating because I know plenty where no degree proved a career barrier.

That said my path has not been directly tied to degree…

No one was really hiring new grads when I graduated… it was a real slump and at the time called the worst job market since the Great Depression.

 

[riptides]

Not so much with a fairly high percentage of degrees that teach you to be a snot nosed brat…..

You really think that it is an institution doing that?

 

[WM75Guy]

NYC is expanding the buying of votes to medical debt.

NYC Mayor Eric Adams announces $2B medical debt bailout for up to 500K residents