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(The Week)   The ten worst states for recent college graduates with significant student loan debt. Short version? Stay the hell out of the midwest   (theweek.com) divider line 140
    More: Obvious, college graduate, loan debt, Joint Economic Committee, Hawkeye State, earnings ratio, graduates, students  
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12328 clicks; posted to Main » on 24 Jun 2013 at 6:07 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-06-24 05:11:26 PM
Hopefully Subby isn't still paying off the loans for his BA in Geography.
 
2013-06-24 05:57:33 PM
Uh, 4 of 6 New England states are there, Vasco de Gammamitter.
 
2013-06-24 05:59:37 PM

Three Crooked Squirrels: Uh, 4 of 6 New England states are there, Vasco de Gammamitter.


Yeah... Iowa, Michigan, and Indiana hardly constitute a majority of the list, failmitter.
 
2013-06-24 06:07:59 PM
only $27k... cry me a farking river you shiats.

/all four years of state school on my loans - tuition, room and board, etc
//that shiat is a LOT more farking expensive than $27k total
 
2013-06-24 06:09:24 PM
I do my best to stay out of those heartland states like Maine and New Hampshire. Sounds like somebody went to Hollywood Upstairs Geography College.
 
2013-06-24 06:11:37 PM

Kazan: only $27k... cry me a farking river you shiats.

/all four years of state school on my loans - tuition, room and board, etc
//that shiat is a LOT more farking expensive than $27k total


Too lazy to work during college?
 
2013-06-24 06:11:47 PM
Maine in the Midwest? So does that make Mexico Kansas?
 
2013-06-24 06:12:28 PM

Pray 4 Mojo: Hopefully Subby isn't still paying off the loans for his BA in Geography.


Not subby, but I graduated with a BA in Geography last year. I have $0 in student loan debt.

I'm starting graduate school in the fall for a MA in City and Regional Planning. I plan on graduating in 2015 with $0 in student loan debt.
 
2013-06-24 06:12:55 PM

Treygreen13: I do my best to stay out of those heartland states like Maine and New Hampshire. Sounds like somebody went to Hollywood Upstairs Geography College.


And, like, everywhere such as.
 
2013-06-24 06:14:35 PM
Geography is hard.
 
2013-06-24 06:14:51 PM

Funk Brothers: Pray 4 Mojo: Hopefully Subby isn't still paying off the loans for his BA in Geography.

Not subby, but I graduated with a BA in Geography last year. I have $0 in student loan debt.

I'm starting graduate school in the fall for a MA in City and Regional Planning. I plan on graduating in 2015 with $0 in student loan debt.


Good for you, but not everyone has wealthy relatives.
 
2013-06-24 06:15:31 PM
Stay the hell out of the midwest

Way ahead of you.  Closest I've been to a midwest state is about 30,000'.
 
2013-06-24 06:16:08 PM
There is a serious problem with student loans right now, but all these "Sky is falling" articles by people who don't know the difference between a FAFSA and a 1040 are not helping.

The average student loan debt is around $27,000. That's not great, and it's a hell of a lot higher than it was just a few years ago, but it is still a reasonable amount of money to invest in your education.

The current Direct Loan interest rate for undergrads is 3.4%

$27k @ 3.4% for 10 years is a $265.73 a month. Here's the question you need to ask yourself:  Do you make more than $265 a month more because you have a degree?

No, the concern is that when the interest rates double next week (because our congress is made up of assholes), the monthly amount will be $310.

Think about that for a second- we're charging recent grads $45 a month to pay for shiat that Congress thinks is important: Voting on bills that have no hope of becoming law.
 
2013-06-24 06:16:22 PM

MyRandomName: Kazan: only $27k... cry me a farking river you shiats.

/all four years of state school on my loans - tuition, room and board, etc
//that shiat is a LOT more farking expensive than $27k total

Too lazy to work during college?


Too dumb to get a scholarship?
 
2013-06-24 06:18:38 PM
cdn.stripersonline.com
 
2013-06-24 06:19:55 PM
I'm shocked Illinois isn't on that list. If you knew how much my students pay for classes at UIUC, you'd understand.
 
2013-06-24 06:19:56 PM
Uh Midwest is New Hampshire, Vermont and Rhode Island now?
 
2013-06-24 06:20:56 PM

Funk Brothers: Pray 4 Mojo: Hopefully Subby isn't still paying off the loans for his BA in Geography.

Not subby, but I graduated with a BA in Geography last year. I have $0 in student loan debt.

I'm starting graduate school in the fall for a MA in City and Regional Planning. I plan on graduating in 2015 with $0 in student loan debt.


And zero job prospects, good goal to have. Apparently you haven't learned the rule about getting a job before going after a graduate degree or you place yourself out of most jobs because people don't want to pay you for your graduate degree when you have zero work experience.....for your sake I hope that's not the case.
 
2013-06-24 06:21:09 PM
so around $20/hr annualized average weekly earnings in Michigan? So all those $30 RN's have to be balanced out by those $10 English/Sociology majors somehow huh?

On top of the awesome taxes Michigan gives you, there's no reason for a recent grad to come near this state. Florida/Texas might be better as scary as that sounds due to the lower taxes/cost of living.
 
2013-06-24 06:21:49 PM

what_now: There is a serious problem with student loans right now, but all these "Sky is falling" articles by people who don't know the difference between a FAFSA and a 1040 are not helping.

The average student loan debt is around $27,000. That's not great, and it's a hell of a lot higher than it was just a few years ago, but it is still a reasonable amount of money to invest in your education.

The current Direct Loan interest rate for undergrads is 3.4%

$27k @ 3.4% for 10 years is a $265.73 a month. Here's the question you need to ask yourself:  Do you make more than $265 a month more because you have a degree?

No, the concern is that when the interest rates double next week (because our congress is made up of assholes), the monthly amount will be $310.

Think about that for a second- we're charging recent grads $45 a month to pay for shiat that Congress thinks is important: Voting on bills that have no hope of becoming law.


I think Congress is making the right decision by allowing interest rates for student loans to double. Rick Santorum is right about how we have too many people graduating from college. By letting interest rates to rise, we could in fact prevent students from not going to college because interest rates rising does not justify the cost of going. They should instead get a high school diploma and walk right next store to McDonald's to apply for a job.
 
2013-06-24 06:22:02 PM
Stay the hell out of the midwest

Done and done.

Grew up there and once I was done with college there, I got the fark out of Dodge. Never going back (well except for family visits).

I don't begrudge my friends who stayed behind... just ain't for me.
 
2013-06-24 06:24:09 PM
just stay the fark out of student debt
 
2013-06-24 06:24:29 PM
I believe TFA was actually about state nicknames.
 
2013-06-24 06:24:29 PM
FTFA:

Michigan
The Great Lakes State has a debt to earnings ratio of 71 percent, with an average debt load of $28,021 for recent college grads, offset with an annualized average weekly earnings of $39,737.


I assume that "annualized average weekly earnings" means they're multiplying the average week's wage by 52, right?  Because if those kids are making $39,000 per week, I highly doubt student debt is much of an issue for them.
 
2013-06-24 06:25:28 PM
No student debt, and my parents paid none of my tuition.  Scholarships and working.

/bootstrappy
 
2013-06-24 06:25:41 PM

Three Crooked Squirrels: Uh, 4 of 6 New England states are there, Vasco de Gammamitter.


Yeah, but "Stay the hell out of the Midwest" is such rock-solid advice, I'll overlook the geography failure.
 
2013-06-24 06:26:12 PM

Funk Brothers: I think Congress is making the right decision by allowing interest rates for student loans to double. Rick Santorum is right about how we have too many people graduating from college. By letting interest rates to rise, we could in fact prevent students from not going to college because interest rates rising does not justify the cost of going. They should instead get a high school diploma and walk right next store to McDonald's to apply for a job.


I'm  not sure if you're trolling, but assuming you're not the problem with your idea is that 18 year olds don't actually figure out the amortization schedule ahead of time.

If you really wanted to crack down on student debt, you'd limit the amount of private loans student could borrow for room and board. You want to live in a single dorm room? Get a job. You need an apartment big enough for your Alsatian in NYC? Get a job. You need a macbook pro? Get a job.

We could also allow students to claim bankruptcy for private loans. Sallie Mae will think twice about approving that $40,000 loan (EACH YEAR) for the kid at a second tier school who's studying "Undecided".
 
2013-06-24 06:26:12 PM
How much of that is Cost of Living?

Because $100,000 in Michigan is most of a house, whereas here in the Bay Area, it's most of a down payment.   Flip side of that is that your salary goes way down to compensate, so paying off $40-50K in debt is a royal pain instead of "Get a roommate for a couple years, and pocket the extra $1200/month".   Heck, Dad was running around on $14K after taxes and child support for a few years and came out alive (Not great, and about $8K further in debt at the end than the beginning, but better than you'd expect raising 2 kids on $14K).

Combine that with the really, really high cost of in-state tuition at the better in-state schools (~$35K counting board for upper-level engineering at U of Michigan) and it's fairly trivial to get $50-60K in debt, and then not be able to get out from underneath.

/Heck, I'd be about $50K in debt despite parental aid if my parents hadn't been serially unemployed through my college years, and gotten 2 years of free ride because I looked poor.
 
2013-06-24 06:26:37 PM

Funk Brothers: Rick Santorum is right about

...

And right there is where I knew the BS was coming.
 
2013-06-24 06:26:56 PM

Funk Brothers: what_now: There is a serious problem with student loans right now, but all these "Sky is falling" articles by people who don't know the difference between a FAFSA and a 1040 are not helping.

The average student loan debt is around $27,000. That's not great, and it's a hell of a lot higher than it was just a few years ago, but it is still a reasonable amount of money to invest in your education.

The current Direct Loan interest rate for undergrads is 3.4%

$27k @ 3.4% for 10 years is a $265.73 a month. Here's the question you need to ask yourself:  Do you make more than $265 a month more because you have a degree?

No, the concern is that when the interest rates double next week (because our congress is made up of assholes), the monthly amount will be $310.

Think about that for a second- we're charging recent grads $45 a month to pay for shiat that Congress thinks is important: Voting on bills that have no hope of becoming law.

I think Congress is making the right decision by allowing interest rates for student loans to double. Rick Santorum is right about how we have too many people graduating from college. By letting interest rates to rise, we could in fact prevent students from not going to college because interest rates rising does not justify the cost of going. They should instead get a high school diploma and walk right next store to McDonald's to apply for a job.


Why don't we open up McDonald's IN high schools? It can be like work-study. I mean they're putting them in Wal-Marts now too.
 
2013-06-24 06:27:22 PM

orange whip: Uh Midwest is New Hampshire, Vermont and Rhode Island now?


And you forgot Maine!

I would say Ohio, Iowa, Indiana, and Michigan are "mid west", though I would say that arguments can be made for Michigan (its more of a northern state) and Ohio (it is more like the "gateway to the mid west" after you get past Columbus).

Pennsylvania is Appalachia, and Montana is a northern mountain state.

/Geography major
 
2013-06-24 06:27:26 PM
The reason why NH is on there is because the state University system is the worst publicly funded higher-education system in the country. If they doubled the State's contribution it would still be in dead last.
 
2013-06-24 06:28:06 PM

OhioUGrad: And zero job prospects, good goal to have. Apparently you haven't learned the rule about getting a job before going after a graduate degree or you place yourself out of most jobs because people don't want to pay you for your graduate degree when you have zero work experience.....for your sake I hope that's not the case.


That's not the case. I took the year off from schooling. I worked and traveled some (went to see a friend in Hong Kong and Japan). I already have about 3 years professional of experience. The master's program has an internship program which I am required to do before I graduate with a master's. This is a personal decision. I always wanted to go into planning.
 
2013-06-24 06:29:16 PM
10 years in student loan debt for a degree of worthlessness?

I think I'll learn a trade instead, thankyouverymuch.
 
2013-06-24 06:29:34 PM

Funk Brothers: Pray 4 Mojo: Hopefully Subby isn't still paying off the loans for his BA in Geography.

Not subby, but I graduated with a BA in Geography last year. I have $0 in student loan debt.

I'm starting graduate school in the fall for a MA in City and Regional Planning. I plan on graduating in 2015 with $0 in student loan debt.


I graduated in 2005 with a BS in Geography, with a focus in GIS mostly.

Now, I do software installation, support, and administration for CAD systems.

/trying to get back into GIS
 
2013-06-24 06:30:20 PM
Wow. FAIL of the month on headline, subby. 2 of 10?
 
2013-06-24 06:30:50 PM

Funk Brothers: . By letting interest rates to rise, we could in fact prevent students from not going to college because interest rates rising does not justify the cost of going. They should instead get a high school diploma and walk right next store to McDonald's to apply for a job.


By the way, you should get a refund for any English classes you took. You're going to have a hard time in gad school.
 
2013-06-24 06:31:33 PM
I have degrees in Microbiology and Molecular Biology, You wouldn't believe how shiatty biologist get paid.  I made more money as a welder before I went to college.
 
2013-06-24 06:31:39 PM
I was in debt for $50k after five years. But I got a great job as a policy test subject for the Republican Party immediately after graduation. So I paid it off in like one year.

I highly recommend the Liberty University Village Idiot degree program to all my friends.
 
2013-06-24 06:32:42 PM
What about the parents who take out a equity loans...add that to the loan value of a 4-year education.
 
2013-06-24 06:34:38 PM

valar_morghulis: Maine in the Midwest? So does that make Mexico Kansas?


No, just where Bugs Bunny finally ended up after that fiasco in Albuquerque. He had a geography problem too.
 
2013-06-24 06:35:51 PM
Four years at UCSB only set me back $10k, and I walked straight into $60k a year right away in 2005, with a BS in Computer Science.  Since then I've had Christmas bonuses bigger than that loan total.  So it's not all doom and gloom depending on what you go into.

/Cal Grants are awesome, love my state
 
2013-06-24 06:39:18 PM
Pssssh... student loan debt,  you want to know struggling!? how about being forced to sell stock just to eat!!
 
2013-06-24 06:40:49 PM

Kazan: only $27k... cry me a farking river you shiats.

/all four years of state school on my loans - tuition, room and board, etc
//that shiat is a LOT more farking expensive than $27k total


fark you you pompous piece of shiat.
 
2013-06-24 06:41:18 PM
www.tashadoestulsa.com
 
2013-06-24 06:41:44 PM

Incorrigible Astronaut: Three Crooked Squirrels: Uh, 4 of 6 New England states are there, Vasco de Gammamitter.

Yeah... Iowa, Michigan, and Indiana hardly constitute a majority of the list, failmitter.


Maybe subby was just suggesting you stay the hell out of the midwest as a general rule.  It is good advice.
 
2013-06-24 06:43:03 PM

Kazan: only $27k... cry me a farking river you shiats.

/all four years of state school on my loans - tuition, room and board, etc
//that shiat is a LOT more farking expensive than $27k total


That's about what I owe for med school.

Wait, did you say 27k? My mistake, I thought you meant 227K.

More debt than most, but I'm one of the lucky ones with respect to being able to pay it off.
 
2013-06-24 06:43:49 PM
So you borrowed money, got your degree and assumed you'd be raking in the big bucks? haha haha haha Who's fault is it you agreed to the terms of the loan? Yours! Who chose your field of study? You did!


brb... I need to call our recruiter and have him send over some more resumes from India since we can't find qualified candidates in the USA.
 
2013-06-24 06:44:15 PM
i.imgur.com

Vermont?!?
 
2013-06-24 06:44:52 PM

Mart Laar's beard shaver: Wow. FAIL of the month on headline, subby. 2 of 10?


I'd argue that Iowa is the only state on the list that's Midwest.

Ohio is East, Michigan is Great lakes, and Indiana is transitional from East to Midwest.

and yeah, 25 - 30k for a useful degree is money well spent.

just dont piss away that kind of change on a car
 
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