Comments on: Student Loans by the Numbers http://genxfinance.com/2009/09/25/student-loans-by-the-numbers/ Helping a unique generation achieve financial independence. Fri, 19 Mar 2010 18:02:11 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Matthew http://genxfinance.com/2009/09/25/student-loans-by-the-numbers/#comment-122769 Matthew Sat, 31 Oct 2009 14:55:05 +0000 http://genxfinance.com/?p=1756#comment-122769 I have been researching the whole student loan problem to learn more about my girlfriends issues. I remember being in debt for 22K student loans, 7K credit card bills and 4K on my truck. I was stuck mentally and physically! Luckly, I paid it all off by living at home and living low. I feel for all the folks out there with out of control debt. My girlfriend is $190K in the hole, without a traditional degree like nursing or MD. She actually has a few degrees because she believed that a few degrees makes one more marketable and increases one's "earning potential." E.P., that is the big word in her life! At least a MD has a chance at paying off 150-200K. Not as high of a chance as one might believe because there are taxes on any salary (the more you make, the higher tax bracket,) interest on the loans, and an MD must have a "nice" home and "nice" clothes and of corse a "nice" car. When was the last time anyone saw a MD driving around in a $1000 or even a $8000 used car? Add a "nice" car like a Lexus or big SUV to the mix. That's another 40K. I know happy hippies who can live off 40K for many years. Lot's of people with debt meet partners with debt for various reasons. Combine debt and suddenly couples start off 100K, 200K, and 300K in debt! All this comes with a price! Yes, there are many successful MD's out there who live the dream. Lot's of hard work, some luck, support, and smarts! Not everyone has each and every one of those for whatever reason. Life is not a cake walk. I know that 1st hand an does everyone else in this world who is mature. How does a person with a history degree pay off 80K? It's crazy! It's not like paying off 80K...probably 160K or more after interest on 15 years. People say that they should have stayed out of college. Well what's wrong with working a low paying job your whole life, and not having to find a "high" paying job just to payoff debt? Oh, look at him, he's has a masters degree! Such a young professional! Darn, I'd rather pump gas than to be a young/old professional in the hole even with the flashy salary and flashy well educated, well spoken crowd who probably says every curse work in the book behind closed doors. I got drunk with a guy who has a masters in education. I expressed interest in becoming a teacher and he warned me about the job (basically babysitting a bunch of hoodlems so their parents can work) and about taking any loans out! He will be paying off his loan for the rest of his life! He owes 1/3 what my girlfriend owes! Too darn bad! He's Such a cool guy too! My advice: Try to picture what your life will look like-your real life, independent of what the college loan officers tell you, independent of what advisors tell you, independent of what TV tells you, and independent of what your well educated friends tell you. Ask your well educated friends how they have done it. Many people have been successful with college education. Ask them about their debt including their home mortgages. Add a home to the mix and these friends may not be as well off as you may think. For real! Most of these people will never own their homes, though they call it "My House." The banks own "their" homes. Remember, you want "real" life stories from real people. Making a decision to take out student loans is for mature individuals. That comes with time and experience, something that is obtained by living and learning. Not everyone should go to college at 18 or even at 25 years old. Take your time. You don't need to do anything right now! I have been researching the whole student loan problem to learn more about my girlfriends issues. I remember being in debt for 22K student loans, 7K credit card bills and 4K on my truck. I was stuck mentally and physically! Luckly, I paid it all off by living at home and living low. I feel for all the folks out there with out of control debt. My girlfriend is $190K in the hole, without a traditional degree like nursing or MD. She actually has a few degrees because she believed that a few degrees makes one more marketable and increases one’s “earning potential.” E.P., that is the big word in her life! At least a MD has a chance at paying off 150-200K. Not as high of a chance as one might believe because there are taxes on any salary (the more you make, the higher tax bracket,) interest on the loans, and an MD must have a “nice” home and “nice” clothes and of corse a “nice” car. When was the last time anyone saw a MD driving around in a $1000 or even a $8000 used car? Add a “nice” car like a Lexus or big SUV to the mix. That’s another 40K. I know happy hippies who can live off 40K for many years.
Lot’s of people with debt meet partners with debt for various reasons. Combine debt and suddenly couples start off 100K, 200K, and 300K in debt! All this comes with a price! Yes, there are many successful MD’s out there who live the dream. Lot’s of hard work, some luck, support, and smarts! Not everyone has each and every one of those for whatever reason. Life is not a cake walk. I know that 1st hand an does everyone else in this world who is mature.
How does a person with a history degree pay off 80K? It’s crazy! It’s not like paying off 80K…probably 160K or more after interest on 15 years.
People say that they should have stayed out of college. Well what’s wrong with working a low paying job your whole life, and not having to find a “high” paying job just to payoff debt? Oh, look at him, he’s has a masters degree! Such a young professional! Darn, I’d rather pump gas than to be a young/old professional in the hole even with the flashy salary and flashy well educated, well spoken crowd who probably says every curse work in the book behind closed doors.
I got drunk with a guy who has a masters in education. I expressed interest in becoming a teacher and he warned me about the job (basically babysitting a bunch of hoodlems so their parents can work) and about taking any loans out! He will be paying off his loan for the rest of his life! He owes 1/3 what my girlfriend owes! Too darn bad! He’s Such a cool guy too!
My advice: Try to picture what your life will look like-your real life, independent of what the college loan officers tell you, independent of what advisors tell you, independent of what TV tells you, and independent of what your well educated friends tell you. Ask your well educated friends how they have done it. Many people have been successful with college education. Ask them about their debt including their home mortgages. Add a home to the mix and these friends may not be as well off as you may think. For real! Most of these people will never own their homes, though they call it “My House.” The banks own “their” homes. Remember, you want “real” life stories from real people.
Making a decision to take out student loans is for mature individuals. That comes with time and experience, something that is obtained by living and learning. Not everyone should go to college at 18 or even at 25 years old. Take your time. You don’t need to do anything right now!

]]> By: James Kerter http://genxfinance.com/2009/09/25/student-loans-by-the-numbers/#comment-122727 James Kerter Thu, 29 Oct 2009 17:26:12 +0000 http://genxfinance.com/?p=1756#comment-122727 I am Mr. James Kerter, A private Money lender. I am Writing you to introduce a small and large business money lending service to you. I can service your financial need with less payback problem that is why we fund you for just 3%. Whatever your circumstances, self employed, retired, have a poor credit rating, we could help. Flexible repayment over 3 to 25 years Need business or a personal Contact us today for that loan you need with this email address: fintrustinc@aol.com Your's Faithfully Mr. James Kerter I am Mr. James Kerter, A private Money lender. I am Writing you to
introduce a small and large business money lending service to you. I
can service your financial need with less payback problem that is why
we fund you for just 3%. Whatever your circumstances, self employed,
retired, have a poor credit rating, we could help. Flexible repayment
over 3 to 25 years

Need business or a personal Contact us today for that loan you need
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]]> By: Link Roundup! http://genxfinance.com/2009/09/25/student-loans-by-the-numbers/#comment-122621 Link Roundup! Fri, 23 Oct 2009 18:01:25 +0000 http://genxfinance.com/?p=1756#comment-122621 [...] Generation X FinanceIs college worth as much as we think? An interest look. Posted in Link Roundup, Uncategorized [...] [...] Generation X FinanceIs college worth as much as we think? An interest look. Posted in Link Roundup, Uncategorized [...]

]]> By: pays to live green http://genxfinance.com/2009/09/25/student-loans-by-the-numbers/#comment-122320 pays to live green Fri, 02 Oct 2009 11:30:55 +0000 http://genxfinance.com/?p=1756#comment-122320 Interesting graphic. I was able to save tons of money by staying home for most of college and going to a local public college. I'm lucky to have a top notch university really close to my parents house, but I took complete advantage of it. Interesting graphic. I was able to save tons of money by staying home for most of college and going to a local public college. I’m lucky to have a top notch university really close to my parents house, but I took complete advantage of it.

]]> By: Credit Card Chaser http://genxfinance.com/2009/09/25/student-loans-by-the-numbers/#comment-122313 Credit Card Chaser Fri, 02 Oct 2009 03:45:58 +0000 http://genxfinance.com/?p=1756#comment-122313 Great looking graphics! I was expecting to see a chart or just some bullet points with stats mixed into the text on the page but you did a nice job illustrating how all of the numbers flow together - well done! Great looking graphics! I was expecting to see a chart or just some bullet points with stats mixed into the text on the page but you did a nice job illustrating how all of the numbers flow together – well done!

]]> By: Beth http://genxfinance.com/2009/09/25/student-loans-by-the-numbers/#comment-122279 Beth Wed, 30 Sep 2009 14:20:30 +0000 http://genxfinance.com/?p=1756#comment-122279 Whoa. I'm glad I didn't have to deal with the U.S. education system. I think Phil has a point, but it is possible to to do both. Some universities in Canada have co-op programs where students alternate work in their field with study. The pay is good, but the work experience and connections are invaluable. Whoa. I’m glad I didn’t have to deal with the U.S. education system.

I think Phil has a point, but it is possible to to do both. Some universities in Canada have co-op programs where students alternate work in their field with study. The pay is good, but the work experience and connections are invaluable.

]]> By: Phil http://genxfinance.com/2009/09/25/student-loans-by-the-numbers/#comment-122244 Phil Mon, 28 Sep 2009 20:32:38 +0000 http://genxfinance.com/?p=1756#comment-122244 Its pretty clear to me that a college education is pretty much worthless these days. I would be more likely (and have) hire a 20 year-old kid who knows how to work hard than some 23 year-old English major. For instance, I hired the kid who was my paperboy to mow my lawn while he was in high school. He did such a great job, I hired him in my business and simply trained him. I knew he was smart, I knew he would work hard, and his previous work was his reference. I didn't need some professor's comments or recommendations. Its pretty clear to me that a college education is pretty much worthless these days. I would be more likely (and have) hire a 20 year-old kid who knows how to work hard than some 23 year-old English major. For instance, I hired the kid who was my paperboy to mow my lawn while he was in high school. He did such a great job, I hired him in my business and simply trained him. I knew he was smart, I knew he would work hard, and his previous work was his reference. I didn’t need some professor’s comments or recommendations.

]]> By: Mack jackson http://genxfinance.com/2009/09/25/student-loans-by-the-numbers/#comment-122229 Mack jackson Mon, 28 Sep 2009 04:19:01 +0000 http://genxfinance.com/?p=1756#comment-122229 Great post, ya i totally agree that higher education is very costly. Great post, ya i totally agree that higher education is very costly.

]]> By: Lorraine http://genxfinance.com/2009/09/25/student-loans-by-the-numbers/#comment-122220 Lorraine Sun, 27 Sep 2009 23:04:38 +0000 http://genxfinance.com/?p=1756#comment-122220 Wow, horrifying. In Australia we have a scheme called HECS. Higher Education "something" scheme. Anyone ( non means tested) is able to get a interest free loan from the goverment for tuition. It is paid back when your income reaches $40,000 PA, and is taken as an extra tax , at about 6-8% scaled to your income. If you never reach that income level or your income drops below that level you dont pay - ever. Most grad leave uni with a debt of $20,000(nursing)- 90,000( medicine). There is also significant discounts for paying up front. living cost are funded by the student.your system needs a complete overhaul,or you will see a greater divide between rich and poor. Wow, horrifying. In Australia we have a scheme called HECS. Higher Education “something” scheme. Anyone ( non means tested) is able to get a interest free loan from the goverment for tuition. It is paid back when your income reaches $40,000 PA, and is taken as an extra tax , at about 6-8% scaled to your income. If you never reach that income level or your income drops below that level you dont pay – ever. Most grad leave uni with a debt of $20,000(nursing)- 90,000( medicine). There is also significant discounts for paying up front. living cost are funded by the student.your system needs a complete overhaul,or you will see a greater divide between rich and poor.

]]> By: Bobby http://genxfinance.com/2009/09/25/student-loans-by-the-numbers/#comment-122194 Bobby Sat, 26 Sep 2009 00:40:01 +0000 http://genxfinance.com/?p=1756#comment-122194 Thanks for some truly horrifying figures. My grubs have to get scholarships, that's all there is to it. Thanks for some truly horrifying figures. My grubs have to get scholarships, that’s all there is to it.

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