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(Salon)   When it comes to student loan debt, today's high school and college students are more screwed than pretty much any other college graduate   (salon.com) divider line 224
    More: Obvious, college graduates, North Dakota, food service, George H. W. Bush  
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7135 clicks; posted to Main » on 13 Mar 2012 at 1:16 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-03-13 12:00:41 AM  
Maybe the Fed could force lenders to charge the same amount of interest on student loans that the Fed charges to banks for loans. Doesn't the Fed pay banks to borrow money?
 
2012-03-13 12:07:31 AM  
Meht fo stol. Sgurd lles. Loohcs ot og t'nod.
 
2012-03-13 12:24:20 AM  
No college degree, work on the networking side of teh Intarwebz keeping the tubes clean. I can pay for my mortgage, and have no student debt.

Thankfully I never took my uncle's advice to get a student loan for college.
 
2012-03-13 12:34:19 AM  
Take two Sanduskys and call me in the morning.
 
2012-03-13 12:42:26 AM  
Meanwhile, in some parts of Europe, the total cost for a 4-year degree from a state school (not Oxford, etc) costs just under $30K. Some of these folks pay in four years what we pay in one, if not less than that.

But our system is so much better, right?
 
2012-03-13 01:04:47 AM  
I went to a small state college in the 90s, a party school in Appalachia. Tuition was less than $10,000 per year. I was able to get Sallie Mae loans that I'm almost done paying off.
 
2012-03-13 01:17:31 AM  
Thank god for G.I. Bill and small state colleges.
 
2012-03-13 01:18:24 AM  

vernonFL: I went to a small state college in the 90s, a party school in Appalachia. Tuition was less than $10,000 per year. I was able to get Sallie Mae loans that I'm almost done paying off.


La de farkin' da.

Just because you're in a certain situation doesn't mean that shiat's not farked up beyond all recognition for a lot of people. And when those people default (Congress can't legislate money into pockets) and the lenders fail AGAIN and demand to be bailed out AGAIN things are only going to get worse, even for you.
 
2012-03-13 01:22:07 AM  

aybara: No college degree, work on the networking side of teh Intarwebz keeping the tubes clean. I can pay for my mortgage, and have no student debt.


Same - except my wife has student debt. Kids are almost ready to leave home and we're still paying it off.
 
2012-03-13 01:23:01 AM  

doglover: Just because you're in a certain situation doesn't mean that shiat's not farked up beyond all recognition for a lot of people. And when those people default (Congress can't legislate money into pockets) and the lenders fail AGAIN and demand to be bailed out AGAIN things are only going to get worse, even for you.


This should be the boilerplate in every one of these threads, for student loans and for mortgages. Americans are a selfish, short-sighted, "covet thy neighbor's shiny new goods until he defaults and gets foreclosed then to hell with him" bunch. by and large.
 
2012-03-13 01:23:14 AM  
I used to work for a FFELP lender in Del Mar. Easiest job ever.
 
2012-03-13 01:23:19 AM  

Klippoklondike: Thank god for G.I. Bill and small state colleges.


THIS.

My choice in colleges was largely guided by what my GI Bill would cover. UNM FTW.
 
2012-03-13 01:25:14 AM  

vernonFL: I went to a small state college in the 90s, a party school in Appalachia. Tuition was less than $10,000 per year. I was able to get Sallie Mae loans that I'm almost done paying off.


It's taken you over 12 years to pay back your loan, almost, and to show for it you have a degree from a school in Appalachia. Wow, go you.
 
2012-03-13 01:28:09 AM  

Dr.Fey: Sgurd lles.


Isn't that a Hooverphonic line?
 
Zel
2012-03-13 01:28:16 AM  

vernonFL: I went to a small state college in the 90s, a party school in Appalachia. Tuition was less than $10,000 per year. I was able to get Sallie Mae loans that I'm almost done paying off.


I went to a small state college in the 00s, a party school in midwestia. Tuition was about $25,000 per year. I was able to get Sallie Mae loans that I'm almost done paying off.
 
2012-03-13 01:29:28 AM  

Grand_Moff_Joseph: Meanwhile, in some parts of Europe, the total cost for a 4-year degree from a state school (not Oxford, etc) costs just under $30K. Some of these folks pay in four years what we pay in one, if not less than that.

But our system is so much better, right?


Yes because FREE MARKETS AND LOW STATE SUBSIDIES are worth whatever blood oils the gears.
 
2012-03-13 01:30:12 AM  

vernonFL: I went to a small state college in the 90s, a party school in Appalachia. Tuition was less than $10,000 per year. I was able to get Sallie Mae loans that I'm almost done paying off.


Fun Fact: Tuition in the 1990s is not the same as tuition today...even at state schools.

/Where are the Engineers to comment about the stupidity of a non-hard science education?
 
2012-03-13 01:31:09 AM  
Thank God I had a mixture of my parents paying for my tuition and me helping out by working at Disney and getting laid by all the international interns. I have no student loans.

/sigh of relief
//my buddy pays 1100$ a month
///yeah yeah I know it's correlated with his salary, but still
 
2012-03-13 01:32:18 AM  
Ha ha. My family paid for mine.
 
2012-03-13 01:35:03 AM  

the_chief: Ha ha. My family paid for mine.


So did mine. No ha ha. The fact that I got away from this scam unscathed does not make me less appalled at what it's doing to my peers.
 
2012-03-13 01:36:39 AM  

the_chief: Ha ha. My family paid for mine.


Yeah...WTF is up with these kids and not having mommy and daddy pay for it? Next up, they'll be demanding access to entry level jobs they're qualified for as opposed to being shut out by insane requirements
 
2012-03-13 01:38:03 AM  

Aar1012: vernonFL: I went to a small state college in the 90s, a party school in Appalachia. Tuition was less than $10,000 per year. I was able to get Sallie Mae loans that I'm almost done paying off.

Fun Fact: Tuition in the 1990s is not the same as tuition today...even at state schools.

/Where are the Engineers to comment about the stupidity of a non-hard science education?


Pissed off that so many PhDs are pushing them out of cushy jobs?
 
2012-03-13 01:40:35 AM  

Aar1012: vernonFL: I went to a small state college in the 90s, a party school in Appalachia. Tuition was less than $10,000 per year. I was able to get Sallie Mae loans that I'm almost done paying off.

Fun Fact: Tuition in the 1990s is not the same as tuition today...even at state schools.


The amount I will pay to put one of my children through state school at in-resident rates is pretty much the same amount I paid to go to the same school at non-resident rates.

I am very, very, very fortunate that my parents started college funds for my kids so tuition is covered. I am covering room & board for each of them during school. I am hoping that their father will at least pay for books.
 
2012-03-13 01:41:21 AM  

Outshined_One: Aar1012: vernonFL: I went to a small state college in the 90s, a party school in Appalachia. Tuition was less than $10,000 per year. I was able to get Sallie Mae loans that I'm almost done paying off.

Fun Fact: Tuition in the 1990s is not the same as tuition today...even at state schools.

/Where are the Engineers to comment about the stupidity of a non-hard science education?

Pissed off that so many PhDs are pushing them out of cushy jobs?


You mean a BS in Engineering won't get me a cushy tech job that nets me 200k a year and makes me as interesting as a sack of turnips?
 
2012-03-13 01:41:26 AM  

Aar1012: Next up, they'll be demanding access to entry level jobs they're qualified for as opposed to being shut out by insane requirements


And once they get there, they might actually want their wages to grow. Gosh, they're so demanding and entitled, these kids!

/just got done biatching to TotalFark about my company screwing me out of a proper raise, so I should probably stop
 
2012-03-13 01:44:11 AM  

FishyFred: Aar1012: Next up, they'll be demanding access to entry level jobs they're qualified for as opposed to being shut out by insane requirements

And once they get there, they might actually want their wages to grow. Gosh, they're so demanding and entitled, these kids!

/just got done biatching to TotalFark about my company screwing me out of a proper raise, so I should probably stop


They'll demand something crazy after that...like health insurance or dental....or a Keurig machine
 
2012-03-13 01:45:27 AM  

Aar1012: /Where are the Engineers to comment about the stupidity of a non-hard science education?


Paid my way for an engineering degree working IT. No debt. I might not make 6 figures for a year or two.

/currently fracking (but not in ND)
 
2012-03-13 01:45:27 AM  
Hey kids! How about letting the Department of Defense pay your tuition?

Seriously. We need to broaden our representation. The military needs more of those traditionally opposed to joining.

Act now and you might also get a master's too!

/srsly.
//post 9/11 GI bill will fund my JD too...
 
2012-03-13 01:46:31 AM  
Went to UCLA in 94-96
Paid off in 03

Going to BU grad school now. 3 semesters
Will probably pay off in 10 years if and when I get a job straight out of grad school.

42 yrs old.
 
2012-03-13 01:46:42 AM  
I think that too many kids go to college to major in beer pong and Russian literature.
 
2012-03-13 01:47:05 AM  

doyner: Hey kids! How about letting the Department of Defense pay your tuition?

Seriously. We need to broaden our representation. The military needs more of those traditionally opposed to joining.

Act now and you might also get a master's too!

/srsly.
//post 9/11 GI bill will fund my JD too...


Service means citizenship

/Would you like to know more?
 
2012-03-13 01:47:26 AM  
I also went to a small state school in the late 90's early 00's. Tuition was less than 3K per year and I worked part time to help pay for books, parking, and etc. Then I went to a much larger out of state university for graduate school, but my tuition was waived and I was paid a surprisingly decent stipend to TA classes and conduct graduate research (hooray chemistry!). I completed grad school 100% debt free.

Now I earn about double the amount of my high school friends... the ones that begged their parents to pay for them go to a $40K/yr private school... so they could major in communications.


/C.S.B.
 
2012-03-13 01:47:26 AM  

vernonFL: I think that too many kids go to college to major in beer pong and Russian literature Frisbee golf.


FIFY
 
2012-03-13 01:47:31 AM  

LiquidTester: /currently fracking (but not in ND)


I know money creates ethical blind spots -- I think it did that to my dad -- but damn, dude. Come on.

Fraking fracker.
 
2012-03-13 01:49:02 AM  

Aar1012:

Service means citizenship

/Would you like to know more?


Go on...
 
2012-03-13 01:49:51 AM  
If you want a college degree, the way I see it, you either go to an Ivy League school, or you go to a state school. Don't bother with the in-between... unless you can blackmail one of your old frat brothers over that homoerotic rape thing you two losers did all those years ago.

Unless it allows you to network through a lucrative career by name dropping, paying more than $10K per year for school just doesn't make sense.
 
2012-03-13 01:50:00 AM  

doyner: Aar1012:

Service means citizenship

/Would you like to know more?

Go on...


What he's trying to say is this:

i39.tinypic.com
 
2012-03-13 01:50:50 AM  

The Skeptical Chemist: I also went to a small state school in the late 90's early 00's. Tuition was less than 3K per year and I worked part time to help pay for books, parking, and etc. Then I went to a much larger out of state university for graduate school, but my tuition was waived and I was paid a surprisingly decent stipend to TA classes and conduct graduate research (hooray chemistry!). I completed grad school 100% debt free.

Now I earn about double the amount of my high school friends... the ones that begged their parents to pay for them go to a $40K/yr private school... so they could major in communications.


/C.S.B.


Again, not really relevant.

One thing you learn in a shield wall is that your own position is only as strong as the guys in your line.

I'm sure there's plenty of people in Greece well off economically. They're still farked right up the ass because their countrymen are not so fortunate and now the whole house of cards has fallen down or will shortly.

No matter what you did, won't save you from the future and unless changes are made, the future isn't that bright with so much inescapable debt.
 
2012-03-13 01:51:42 AM  

FishyFred: doyner: Aar1012:

Service means citizenship

/Would you like to know more?

Go on...

What he's trying to say is this:

[i39.tinypic.com image 550x358]


Good. We need a little ideological diversity in the military. Until the State Department starts funding degrees, we're your best bet.
 
2012-03-13 01:55:07 AM  
Maybe all the people with degrees should found their own communities, take up arms, and...do something. My attention span wandered to the new Walking Dead episode and microbrew root beer.
 
nm
2012-03-13 01:57:03 AM  

doyner: Hey kids! How about letting the Department of Defense pay your tuition?Seriously. We need to broaden our representation. The military needs more of those traditionally opposed to joining.Act now and you might also get a master's too!
/srsly.
//post 9/11 GI bill will fund my JD too...

Enjoy unemployment!
/Went to a good law school (aren't many)
//Actually has a job
///Extremely lucky to have one
////Don't go to farking law school.
 
2012-03-13 01:57:19 AM  

Kimothy: Maybe the Fed could force lenders to charge the same amount of interest on student loans that the Fed charges to banks for loans. Doesn't the Fed pay banks to borrow money?


And why would they make this loan again?

How is it the Bank's fault that the schools are charging ungodly tuition?
 
2012-03-13 01:58:10 AM  

Klippoklondike: Thank god for G.I. Bill and small state colleges.


THIS. If you want your college tuition subsidized then give your four years in military service and you won't be under crushing debt. I do feel bad for those trying to go through college, I am sure it isn't easy to finance. But sometimes I have to think about how much planning actually went into their choices. I didn't got to college, but my wife did and graduated with less than $6,000 in debt. She worked in High School and saved to pay for college. All the money she got for birthdays, Christmas and such was not spent that weekend at the mall. It went into her savings account for her education. She worked in college while carrying a full load, in fast food. It didn't pay much, but she didn't spend money on things she didn't need. I realize that not everyone is able to find work at this time, but what about the last 4 years when they were in high school?

Also, what about the parents? Between my wife and I we have 6 kids (4 from her previous marriage and 2 from mine). We started pre-paid college funds for them when they were infants and right now 4 of the six have fully funded college plans. Also, in some States such as Georgia where my kids live with their mother, if you maintain a good GPA in high school you are eligible for State funded scholarships. I have stressed to both my kids that I am limited in what I can do for them and it is imperative that they make good grades so they are eligible for these programs. To date, they both maintain straight A averages. So, I am very fortunate there.

The other thing that I wonder about is the degree choices of some of those in college. Sure, you might have always wanted a degree in 18th century art, but did you really think that you were going to get a high paying job with that degree right out of school? And did you finance more than you needed to fund shopping sprees and such? The point is, I feel for these young kids, but if going to college is something that you want to do you have to start preparing for it in advance. If you don't have the money, save or go in the military. Or possibly think twice about going to college. There are plenty of trade jobs that pay as much or better than those jobs that require a degree. I had one, a Linesman for BellSouth. I made much more than almost all of my friends that went to college. It might not be for everyone, but it is certainly an alternative.

As far as the picture of the OWS guy with the Masters degree saying he is shackled with debt. Boo Farking Hoo. DId you have to have a Masters? DId you have a plan or did you think it would just be cool to stay in college a few more years before heading out into the real world? Did you think long and hard about the debt that you were going to have to take on before you made the decision to get the Masters? And, if you can't get a job what can I tell you? Life is a biatch and your despite what you think, your Masters degree isn't the golden ticket it used to be years ago. You took on the debt, but now you want your fellow citizens to bail you out. Sorry, but we have problems of our own. I broke my back on the job and am now disabled. Financially, it was devastating on me for a few years. But I was able to, with the help of family and my wife, get through it. It was a few years of cutting way back, never going out to eat, wearing the same clothes until they fell apart and driving the same old car until the wheels fell off of it. It was tough, but I wasn't looking for someone else to bail me out. Tighten the belt, eat beans and rice for the next year or two, take any job you can find and if you keep trying sooner or later you will land that dream job you wanted. But it might take a while and you might have to live a much lower standard than you thought.

Sorry for the rant. I am in a lot of pain tonight and it makes me snippy. /Rant off
 
2012-03-13 01:58:41 AM  
Kimothy

Maybe the Fed could force lenders to charge the same amount of interest on student loans that the Fed charges to banks for loans. Doesn't the Fed pay banks to borrow money?

Real question: Isn't the fed the default lender of student loans now? Too lazy to research at this time of night,
 
2012-03-13 01:59:12 AM  

nm: doyner: Hey kids! How about letting the Department of Defense pay your tuition?Seriously. We need to broaden our representation. The military needs more of those traditionally opposed to joining.Act now and you might also get a master's too!
/srsly.
//post 9/11 GI bill will fund my JD too...
Enjoy unemployment!
/Went to a good law school (aren't many)
//Actually has a job
///Extremely lucky to have one
////Don't go to farking law school.


A JD at 46 is a bit different....especially after being a retired Navy officer. I'm not sweating it.
 
2012-03-13 02:00:11 AM  

FishyFred: doyner: Aar1012:

Service means citizenship

/Would you like to know more?

Go on...

What he's trying to say is this:

[i39.tinypic.com image 550x358]


And in a few years, that will turn into:

th03.deviantart.net

And, inevitably:

images.wikia.com
 
2012-03-13 02:01:12 AM  

CygnusDarius: FishyFred: doyner: Aar1012:

Service means citizenship

/Would you like to know more?

Go on...

What he's trying to say is this:

[i39.tinypic.com image 550x358]

And in a few years, that will turn into:

[th03.deviantart.net image 300x204]

And, inevitably:

[images.wikia.com image 323x331]


You completely missed my point
 
2012-03-13 02:02:18 AM  

FishyFred: know money creates ethical blind spots -- I think it did that to my dad -- but damn, dude. Come on.

Fraking fracker.



We can't all be like you geothermally heating your house and biking to work.
 
2012-03-13 02:04:18 AM  
... Now that I think of it, I think Republicans would be the first to join the Emperor, if he was real.
 
2012-03-13 02:05:23 AM  

doyner: You completely missed my point


I didn't, but I just wanted to add some silliness, that's all.

/Sorry if I seemed like an asshat
 
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