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(Some Guy)   Mad about rates doubling on your massive student loans? Well maybe you should have taken a 10th grade finance class, or listened to your parents when they told you not to spend 58K/year on a poli-sci major   (commonsensestudentloans.com ) divider line
    More: Obvious, 10th grade, student loans, fields of study, Congressional Debate  
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3468 clicks; posted to Main » on 02 Jul 2013 at 5:11 PM (3 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-07-02 03:41:45 PM  
Pfft. You start talking about making cost-conscious decisions to people in higher ed and they'll look at you like you have a penis growing out of your forehead. But yeah, it's the principal slowly eating a lot of these young adults. Although the doubled interest may have driven the point home to some of them, I'm not sure what will motivate them(and us older folks) to start putting pressure on Colleges and Universities to bring annual costs back to reality.
 
2013-07-02 03:49:49 PM  
As long as businesses keep requiring degrees for even entry level positions, you're going to keep seeing the same problem.
 
2013-07-02 04:04:58 PM  

Aarontology: As long as businesses keep requiring degrees for even entry level positions, you're going to keep seeing the same problem.


and sadly now either because of the larger applicant pool or to justify grabbing a H1A they have even higher requirements
 
2013-07-02 04:11:52 PM  

zedster: Aarontology: As long as businesses keep requiring degrees for even entry level positions, you're going to keep seeing the same problem.

and sadly now either because of the larger applicant pool or to justify grabbing a H1A they have even higher requirements


Yup. All the while being told to take personal responsibility while requiring they shackle themselves with debt in order to even get the chance to do so.
 
2013-07-02 04:30:21 PM  

Laocoon: Pfft. You start talking about making cost-conscious decisions to people in higher ed and they'll look at you like you have a penis growing out of your forehead. But yeah, it's the principal slowly eating a lot of these young adults. Although the doubled interest may have driven the point home to some of them, I'm not sure what will motivate them(and us older folks) to start putting pressure on Colleges and Universities to bring annual costs back to reality.


The loans that are being doubled in interest are a max of $5500 a year. The Stafford Loan rates have nothing to do with the rising costs of tuition.
 
2013-07-02 04:33:27 PM  
Holy shiat. A blog called "Sometimes Students Need to Make Better Choices" by a former VP of Sallie Mae.

Are you farking kidding me????
 
2013-07-02 04:37:00 PM  
made the conscious decision to attend a school on the other side of the country that costs $58,000 per year. She is majoring in Political Science and wants to work in advocacy of human or women's rights. I have no problems with Political Science degrees, but you have to be realistic about your prospects. What is she thinking attending a school this expensive for a degree she could get just about anywhere? It's almost a guarantee that in 3-5 years Ms. Mears will be portrayed as another graduate drowning in debt. But it will be no one's fault but her own.

you unbelievable bastard. You spend 15 years selling student loans, and then you bemoan the fact that students take out loans. What the fark???

Let's be clear here- that $58k a year is covered by PRIVATE Loans, not federal subsidized loans. Her Sub loans are $3500-5500 a year.
 
2013-07-02 05:13:56 PM  
Hell just do what I did: Drop out of high school and become a full time loser.
 
2013-07-02 05:14:10 PM  

Aarontology: As long as businesses keep requiring degrees for even entry level positions, you're going to keep seeing the same problem.


Do you really want your triple foam half caf soy latte made by someone who only has an undergrad in Psychology with a minor in African-American Transgender Women's Studies? I for one don't trust anything less than a Masters in 14th Century English Literature to make my coffee.
 
2013-07-02 05:14:30 PM  

what_now: made the conscious decision to attend a school on the other side of the country that costs $58,000 per year. She is majoring in Political Science and wants to work in advocacy of human or women's rights. I have no problems with Political Science degrees, but you have to be realistic about your prospects. What is she thinking attending a school this expensive for a degree she could get just about anywhere? It's almost a guarantee that in 3-5 years Ms. Mears will be portrayed as another graduate drowning in debt. But it will be no one's fault but her own.

you unbelievable bastard. You spend 15 years selling student loans, and then you bemoan the fact that students take out loans. What the fark???

Let's be clear here- that $58k a year is covered by PRIVATE Loans, not federal subsidized loans. Her Sub loans are $3500-5500 a year.


but the main point is why are you spending $58K a year you don't have on a poli sci degree.  Just because the snowflake gets accepted to a pricey college doesn't mean you need to go there.
 
2013-07-02 05:14:46 PM  
Pfft, $58k/year? You'll pay off a 4-year degree in 4 years with your $60k/year job.

You people complaining either can't do math or don't really want to work.
 
2013-07-02 05:16:16 PM  
I'm so confused by all of these recent reports. Are the rates doubling for people who already have loans or that are going to take out loans? I've seen different places report completely different takes. Anyone know one way or the other?
 
2013-07-02 05:16:42 PM  
Don't borrow money you can't pay back.
 
2013-07-02 05:17:07 PM  

Aarontology: As long as businesses keep requiring degrees for even entry level positions, you're going to keep seeing the same problem.


As long as students think that where a degree comes from makes any difference in 99% of the jobs out there, we'll have the same problem.
 
2013-07-02 05:17:51 PM  
If students were capable of making better choices they wouldn't be students.
 
2013-07-02 05:18:26 PM  

netweavr: Pfft, $58k/year? You'll pay off a 4-year degree in 4 years with your $60k/year job.

You people complaining either can't do math or don't really want to work.


dogwithtiltedhead.jpg
 
2013-07-02 05:18:27 PM  
My parents told me about how they used their student loans to buy a car because the interest rates were so incredibly low. Their loans were paid off a few years after graduating.

Old people have no concept of what student debt is like now.
 
2013-07-02 05:18:51 PM  
Guess who just paid his loan back a year ago?

THIS GUY!
 
2013-07-02 05:19:05 PM  

netweavr: Pfft, $58k/year? You'll pay off a 4-year degree in 4 years with your $60k/year job.

You people complaining either can't do math or don't really want to work.


notsureifserious.jpg
 
2013-07-02 05:19:18 PM  

Aarontology: zedster: Aarontology: As long as businesses keep requiring degrees for even entry level positions, you're going to keep seeing the same problem.

and sadly now either because of the larger applicant pool or to justify grabbing a H1A they have even higher requirements

Yup. All the while being told to take personal responsibility while requiring they shackle themselves with debt in order to even get the chance to do so.


and 5,000,000 graduates a year
 
2013-07-02 05:19:28 PM  
Even better.  How about $300,000 for a photography degree.

CNN Reports
 
2013-07-02 05:19:32 PM  
Yeah, but not everyone can be an engineer. And I doubt the engineering majors enjoy the extra competition.

I say: bring back home-ec/personal finance classes to high school and encourage technical training and trades.
 
2013-07-02 05:19:39 PM  
ThatDarkFellow

I'm so confused by all of these recent reports. Are the rates doubling for people who already have loans or that are going to take out loans? I've seen different places report completely different takes. Anyone know one way or the other?

I second that,I would assume that if you are paying on your loans you are locked into some sort of contract where it cannot be changed. Or are the banks just pulling "we altered the deal, pray we don't alter it any further" game.
 
2013-07-02 05:19:40 PM  

netweavr: Pfft, $58k/year? You'll pay off a 4-year degree in 4 years with your $60k/year job.

You people complaining either can't do math or don't really want to work.


Well done.
 
2013-07-02 05:20:21 PM  

ThatDarkFellow: I'm so confused by all of these recent reports. Are the rates doubling for people who already have loans or that are going to take out loans? I've seen different places report completely different takes. Anyone know one way or the other?


The rates are doubling for the subsidized direct loan, which is only for undergraduates, and it's only for loans going forward.

Your loans will not increase if you have graduated are in repayment. However, if you are in the process of paying your FEDERAL loans, and you haven't consolidated with the Department of Education, you missed out on the 2% interest rates.
 
2013-07-02 05:20:23 PM  
I spent $4000 a year on a Poli Sci degree and While I did hold local office for a while it pretty much was nothing more than a line on a resume.
I would have been much better off if I had worked through the lucrative 90's instead of going to school but cest la vie, I probably would have lost a crap ton of the money I would have saved in the 2000's and then still been right here.

Bottom line is  even if you make what look like "smart choices" at the time you have no idea what the market will be in 5 to 10 years so just do what makes you happy.
 
2013-07-02 05:20:42 PM  
Your total amount of debt should not exceed the average starting salary of graduates in your major.
 
2013-07-02 05:20:46 PM  

ThatDarkFellow: I'm so confused by all of these recent reports. Are the rates doubling for people who already have loans or that are going to take out loans? I've seen different places report completely different takes. Anyone know one way or the other?


I don't think so, I think it only applies to new loans. Wikipedia says Stafford loans are fixed rate and so once everyone signs on the dotted line ( lender and borrower ) the rate can't change.
 
2013-07-02 05:21:15 PM  
The real outrage is that any interest accrued while in school and during the deferment period capitalizes at the end of the deferment period -- that already goes on.

That's purely about squeezing more profit out of the loans, taking advantage of the fact that students have limited earnings ability while they are fulltime students.
 
2013-07-02 05:21:39 PM  
Debt is patriotic, now go hit the mall with your credit card, buy yourself anything you want because you damn well deserve it and have no impulse control, get yourself a new car just because your present one is last year's shade of puke and while you're at it throw a break in Vegas on the cards too, you need a break after shopping all day.
USA!!
 
2013-07-02 05:22:04 PM  

Aarontology: Yup. All the while being told to take personal responsibility while requiring they shackle themselves with debt in order to even get the chance to do so.


Aarontology: As long as businesses keep requiring degrees for even entry level positions, you're going to keep seeing the same problem.


Then don't get your 'dream job'. Learn a trade, do ditch digging.

Not everyone can end up with a dream job where you make 80k a year and the like.

Where does everyone get the silly idea that everything and everyone should have the same chances and advantages of everyone else.
 
2013-07-02 05:22:28 PM  
When my kids ask me "what should I do for college?" My response will be "what is college going to do for you?"

If the answer is find oneself, I'll suggest the military, starting a business, or joining a rockband. The military pays you for 4-6 years (more if you like the job) to learn a trade. Even if your business is a total flop, you learn people skills and that the left side of the column has to add up with the right. And if you join a rockband there's a remote but nonzero chance you'll strike it big.

Either way it less risk than dying in a dorm fire from a batch of microwave popcorn gone wrong or me reading how you exited the world with a hose in your rectum full of natty ice.
 
2013-07-02 05:22:29 PM  
Worked my way through college in the 21st century, no long term loans, no family paying for my school, make more than the median for my zip.  Not terribly hard, just need to sacrifice that entitlement feeling towards "living the college dream" partying, screwing, and getting wasted every nights in favor of working nights and studying between classes.
 
2013-07-02 05:23:07 PM  

worlddan: If students were capable of making better choices they wouldn't be students.


Not being educated is also expensive. But the current cost of education is way too expensive. Especially when the choice is given to a seventeen year old high school student who may not realize the effect of incurring such debts.
 
2013-07-02 05:23:11 PM  
If we were actually serious about our collective future we wouldn't be throwing up as many barriers as possible towards students going to college.

Alas.
 
2013-07-02 05:23:25 PM  

Yogimus: Don't borrow money you can't pay back.


Higher education is an investment.  Students and parents are told that if you get a degree you will get a well paying job which in turn will allow you to pay off the loan.  The problem isn't the people going to school (regardless of major, the world needs philosophers, poli-sci majors and historians just as much as it needs engineers and doctors).  The problem is the schools, the job market and how employers treat degrees.
 
2013-07-02 05:24:40 PM  
or listened to your parents when they told you not to spend 58K/year on a poli-sci major

In retrospect, I wish my parents had given similar advice (Literature major, M. Ed, working towards a career in corporate training), and that, had they given it, I'd have taken it, but they did not, and I did not, so I have a lot of debt to tackle. I do not blame them, but it's a bit of a depressing thought anyway.
 
2013-07-02 05:25:42 PM  

odinsposse: My parents told me about how they used their student loans to buy a car because the interest rates were so incredibly low. Their loans were paid off a few years after graduating.

Old people have no concept of what student debt is like now.


An in-state semester at UT-Austin in 1989 cost me around $1200. It's now $5000. That's bullshiat. Nothing else in the economy has anything near that kind of inflation, except for CEO perks. Coincidence? I think not.
 
2013-07-02 05:25:44 PM  
It's early in the thread.  Have the "I don't agree with your degree choice, so you should suffer" whiners shown up yet?  I get so much enjoyment out of the modern day Calvinists who think that each and every student in the country must eschew exploration of knowledge and art and buckle down the day they leave high school and enter the grey concrete world of Real Work.  If your degree doesn't have real-world usefulness the picosecond you graduate, you have no business being in college at all.

/I blame the glut of MBAs in the 80s.  Ruin the economy, make every breath an ROI decision, enshrine corporate greed as the highest ideal
//And with every child as young as elementary school being hammered with the "You must study STEM" club, there'll be a glut of STEM graduates in the coming years.  Something supply something demand...
 
2013-07-02 05:25:48 PM  

A Terrible Human: Hell just do what I did: Drop out of high school and become a full time loser.


That sounds exhausting.
 
2013-07-02 05:26:06 PM  
Is the thread where everyone knows the exact value of a degree, according to their narrow and under-informed world view?

Fark: Where all the know-it-alls go after getting punched in the face for being Poindexters in person...

/Software engineer
 
2013-07-02 05:26:52 PM  
Force businesses to hire people based on minimum requirements. You want an LLC? You must meed certain qualifications, including training new hires for X amount of hours in at least 3 of a long list of skills as well as training current employees in 1 of the same set of skills for Y hours every 6 months.

In this way, we force the corporations to cough up money and not outsource everything to India and China as well as improving the labor force so they have some incentive to hire domestically AS WELL AS lowering the cost of education by making business degrees irrelevant as anyone who works in an office for more than 5-6 years will wind up with a superior education to an MBA anyway.

It's a good plan, and the only people who won't like it are the people who would be feeding Mme Guillotine if a class war broke out.
 
2013-07-02 05:27:14 PM  

netweavr: Pfft, $58k/year? You'll pay off a 4-year degree in 4 years with your $60k/year job.

You people complaining either can't do math or don't really want to work.


www.reactiongifs.com
 
2013-07-02 05:27:31 PM  

praxcelis: It's early in the thread.  Have the "I don't agree with your degree choice, so you should suffer" whiners shown up yet?  I get so much enjoyment out of the modern day Calvinists who think that each and every student in the country must eschew exploration of knowledge and art and buckle down the day they leave high school and enter the grey concrete world of Real Work.  If your degree doesn't have real-world usefulness the picosecond you graduate, you have no business being in college at all.

/I blame the glut of MBAs in the 80s.  Ruin the economy, make every breath an ROI decision, enshrine corporate greed as the highest ideal
//And with every child as young as elementary school being hammered with the "You must study STEM" club, there'll be a glut of STEM graduates in the coming years.  Something supply something demand...


Ok, if they wanted to explore art and knowledge, why not head to the library, study on your own, that sorta thing instead of paying someone for it?
 
2013-07-02 05:28:44 PM  

Evil Twin Skippy: The military pays you for 4-6 years (more if you like the job) to learn a trade.


LOL. And to be shot at. Fark the military.
 
2013-07-02 05:29:12 PM  

Evil Twin Skippy: When my kids ask me "what should I do for college?" My response will be "what is college going to do for you?"

If the answer is find oneself, I'll suggest the military, starting a business, or joining a rockband. The military pays you for 4-6 years (more if you like the job) to learn a trade. Even if your business is a total flop, you learn people skills and that the left side of the column has to add up with the right. And if you join a rockband there's a remote but nonzero chance you'll strike it big.

Either way it less risk than dying in a dorm fire from a batch of microwave popcorn gone wrong or me reading how you exited the world with a hose in your rectum full of natty ice.


You should advise them to take out as many loans as possible and find a job outside the US.
 
2013-07-02 05:29:24 PM  

Evil Twin Skippy: me reading how you exited the world with a hose in your rectum full of natty ice


Eww, natty ice.
 
2013-07-02 05:29:26 PM  
Capo Del Bandito:

Where does everyone get the silly idea that everything and everyone should have the same chances and advantages of everyone else.

Advantages is probably the wrong term here, but you've basically defined the American dream.  Every child has the same level of opportunity to do what they want to succeed.  That doesn't necessarily mean they will succeed, but what it does mean is that a child from the ghetto should have the same opportunity to enter into higher education as a kid that lives in a high end suburb.

Essentially, what I'm advocating is free higher level education for any student who wants it and puts forth the effort to qualify for it from a performance perspective.
 
2013-07-02 05:29:28 PM  

theorellior: Evil Twin Skippy: The military pays you for 4-6 years (more if you like the job) to learn a trade.

LOL. And to be shot at. Fark the military.


Coast Guard then?
 
2013-07-02 05:30:03 PM  
I have a poli-sci degree. I also make six figures with a STEM job. No one needs a degree to learn what I do and most people I know in this field don't even have CS degrees. Learn to write and communicate. It'll take you further than just learning the technology.
 
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