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| 'Student loans have basically ruined my life’ in forum [FedUp]
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Dmj625
Posts: 434
Incept: 2010-03-01
New Orleans, LA
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Ooops! Is that the sound of the Student Loan Bubble popping? From Yahoo! Finance: http://news.yahoo.com/blogs/lookout/stud....Quote:"Student loans have basically ruined my life," says Tanya Carter, who graduated from the University of Toledo in 2008. She went to community college for two years before transferring, and attended classes part-time so she could also work. When Carter maxed out on federal loans, she turned to private loans to finish her degree. As a result of all that debt, she writes: "I never see myself owning a home, vehicle, or maybe not even getting married." Quote:The need to delay starting a family because of financial worries was a common concern. Lauren Dollard graduated from Fordham University in 2008 with $157,000 in debt, including interest. "My boyfriend won't marry me because of my debt," she says. "He doesn't want it attached to his name." Quote:April Flores graduated from San Diego State in 2008 with $80,000 in private loans and $30,000 in subsidized loans. "It is going to be hard to buy a house and start a family with our debt," she writes. "We joke and say that our baby is Sallie Mae, but it is true! Education is invaluable, but I was not wise in my early 20s and did not make the right decisions when it came to my private loans."
Flores was far from alone in bemoaning her failure to understand the implications of those promissory notes. Salvatore Aiello graduated from the University of South Carolina in 2009 with $68,000 in debt. "I blame ignorance in my pursuit of loans; my high school did a terrible job explaining our options when it came to financial aid," he told us. "They made it seem that if I wasn't rich or beyond poverty I would not have been able to go to college." Quote:"My private college was way too expensive for what it was worth," Canale writes. "I just feel like I have been beaten by the system and taken advantage of. Who is making money off my education? Because it is not me." Quote:Amber Riffey graduated from Saint Mary-of-the-Woods College in 2005, and says she was simply too naive: "I wish that schools and student loan officers [would] sit down and actually explain how Sallie Mae works [...] I was just told how much I owe SMWC and 'sign here on the dotted line so we can get you signed up for next semester's classes.'"
"If I had the knowledge then that I do now, I would have paid as I went (yes, it would have most definitely taken longer but at least I would have graduated with my diploma and debt free)," says Riffey. Quote:"Who in their right mind thinks that $100,000 of student loan debt (with a BS in a worthless field) is reasonable?"
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"The more that laws and regulations are given prominence, the more thieves and robbers there will be."
-Lao-tzu
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Lowbeyond
Posts: 16866
Incept: 2008-02-11
CO aka West NJ/East CA
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"Who in their right mind thinks that $100,000 of student loan debt (with a BS in a worthless field) is reasonable?"
Big Education. High School counselors. Government on every level. Banks
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Maybe it was a birdy bread-bomber from the future?!
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Briar
Posts: 5371
Incept: 2008-02-07
Palm Springs, CA
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The first one above is a little strange. Community college followed by part-time at a state university that charges (currently) $476/hr for part-time students, and she worked while she went to school. Did she borrow a ton to pay for an expensive apartment and fancy clothes? I mean, how much would she have needed to borrow to pay for a community college and then part-time tuition while she worked? I'm not doubting the whole student loan thing, but unless she borrowed extravagantly (way more than needed to actually pay for school), I don't see how it could have "ruined [her] life."
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Religion is what keeps the poor from murdering the rich.
Napoleon
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Randy123
Posts: 5768
Incept: 2008-09-24
Earth
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Exactly. Most kids should not go to college. The idea that an 18 year old is going to understand the ramifications of all this debt is unfair. I blame schools for pushing kids towards college and parents for being gullible.
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China is the Enemy. Wake Up.
New Normal. Same As The Old Awful.
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Jinxx0r
Posts: 4230
Incept: 2007-08-10
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Quote:"My boyfriend won't marry me because of my debt," she says. "He doesn't want it attached to his name."  |
Randy123
Posts: 5768
Incept: 2008-09-24
Earth
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It's funny but it's not funny. A generation have ruined their financial lives.
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China is the Enemy. Wake Up.
New Normal. Same As The Old Awful.
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Lodgerhead
Posts: 559
Incept: 2008-08-26
NC
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So who is left to ensnare in the debt trap?
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Capeman
Posts: 3700
Incept: 2007-07-12
San Diego
Online
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Quote:April Flores graduated from San Diego State in 2008 with $80,000 in private loans and $30,000 in subsidized loans. "It is going to be hard to buy a house and start a family with our debt," she writes. "We joke and say that our baby is Sallie Mae, but it is true! Education is invaluable, but I was not wise in my early 20s and did not make the right decisions when it came to my private loans." Really? Tuition and books for SDSU was about 20K for a 4 year program at the time and that's being liberal with the estimate. She decided that she had to spend another $90k on living expenses! She could have feasibly done 4 years for half of that amount of money living frugally and taking care of at least 60-80% of the cost with a part time job. Most of that money likely went to fine food and clothes, partying downtown and weed. She deserves the mess.
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"I believe all God's creatures have a soul... except bears, bears are Godless killing machines!"
- Steven Colbert
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Briar
Posts: 5371
Incept: 2008-02-07
Palm Springs, CA
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That was my point about the one who went to Toledo.
They make a "wise" decision to attend a less expensive school and then borrow to the max to pay for a fancier "lifestyle." College students are supposed to live like college students, not young professionals.
With all the cellphone apps out there, I wonder whether any of them ever think to just run a simple loan payment program to see what the payments are on a loan for $x for X years at X interest rate. I do it every time I even think about buying a new car and that holds me for another year.
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Religion is what keeps the poor from murdering the rich.
Napoleon
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Ponzi_unit
Posts: 8094
Incept: 2007-09-05
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Canale wrote.. "My private college was way too expensive for what it was worth," Canale writes. "I just feel like I have been beaten by the system and taken advantage of. Who is making money off my education? Because it is not me. " 
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Taxpayers witnessed a crime and stayed around long enough to get charged with it.
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Flaps10
Posts: 5146
Incept: 2008-10-17
seattle
Online
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A degree from the school of hard knocks is still an education. Quote: "I never see myself owning a home, vehicle, or maybe not even getting married." Please don't breed, please don't breed Quote: "My boyfriend won't marry me because of my debt," she says. "He doesn't want it attached to his name." Wish I'd have thought of that one.
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"Better to die on your feet than live on your knees"
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Pcaldallas
Posts: 1343
Incept: 2009-03-02
Unicorn Ranch
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Quote: Student loans have basically ruined my life Well, unless they put a gun to your head when you signed the loan documents, it was you who ruined your life. Quote: It is going to be hard to buy a house and start a family with our debt Good point. One must clear or at least minimize one pile of debt before taking on another pile. Quote: I still feel that getting my degree was an achievement worthy of pride. I guess it was all worth it then, for pride.
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"The appearance of law must be upheld, especially when it's being broken." - Boss Tweed, Gangs of New York
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Mo
Posts: 12158
Incept: 2007-06-26
Pa.
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I know someone whose daughter got a Master's degree in Theater from NYU. The people she talked to there told her the $40K spent on a one-year worthless degree would be no problem because she'd make tons of connections, would work in the entertainment industry and make millions.
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Welcome to Pottersville
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Jackl
Posts: 2228
Incept: 2008-01-17
Online
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They're supposed to inform you of the restrictions and implications of the debt, but most are worse than a greasy used car salesman. Who enforces the disclaimer clauses? Government? Why they make money hand over fist. Banks? Same. Schools? Are you kidding? Edit: Community College/Vocational School/Apprenticeship is the way to go. Get your foot in the door for cheap, work through the rest as needed. Quote:My boyfriend won't marry me because of my debt," she says. "He doesn't want it attached to his name." Good boy. Why would you want to bomb his credit score? The only way you'll own a house is through him. Hope your relationship is on good footing. |
Aztrader
Posts: 6648
Incept: 2007-09-10
Scottsdale, AZ
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Cobra2411
Posts: 10335
Incept: 2007-06-26
Philly P.a.
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Quote: Education is invaluable Yet even when shes getting beat down with a 2 by 4 she still doesn't get the lesson....
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To err is human. To really **** things up takes government.
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2dogs
Posts: 2931
Incept: 2009-03-25
Land of the Lost
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Quote:"My boyfriend won't marry me because of my debt," she says. "He doesn't want it attached to his name." Perfect FSA candidate. Pop out a few while remaining single. Rake in the welfare $$$, benefits, and services.
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You can't defeat the combined effects of massive voter fraud, the Free **** Army, and the entire bought and paid for media complex. This nation is done.
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Swingtrader
Posts: 9108
Incept: 2007-08-12
United Oligarchic Goldman Sachs States of America
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from AZtraders link Quote:Under the agreement on interest rates worked out in the Senate, the subsidies would be covered by increases to fees that companies pay to have their pensions insured by the federal Pension Benefit Guarantee Corp., and a change in the way companies compute the money they must set aside to fund their pensions. Read more: http://www.azcentral.com/news/articles/2....Lovely, just lovely.
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Swing said "Well, it is collapsing as we watch.This is what it looks like." Australian federal judge Jayne Jagot, doing what US judges need to do!
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Pj
Posts: 1211
Incept: 2009-12-07
Putnam County, New York
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Quote:As a result of all that debt, she writes: "I never see myself owning a home, vehicle, or maybe not even getting married." And now the same gov't whose good intentions completely F'd up America's college and housing markets is now taking over healthcare. Keep voting for Big Gov't kiddies....
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When the Athenians finally wanted not to give to society but for society to give to them, when the freedom they wished for most was freedom from responsibility, then Athens ceased to be free and was never free again.” Edward Gibbon
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