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Discussion in 'Bad Dog Cafe' started by ndcaster, Mar 13, 2019.
this is now a major problem that affects everything, including guitar purchases
what's the solution?
I know this may upset the younger more sensitive nature of many viewers but here's what I did to reduce my college debt. I got a job and paid it off.
average student loan debt is what, 38k?
I don't know that there is a solution, but general life advice:
- Don't take out a loan you can't pay off.
- Consider the return on any investment.
Exactly. And I'm speaking from experience. I graduated in 2006 and still have about 4-5yrs left on my student loans...
When I went, you simply weren't allowed to borrow insane amounts of money. At least, not and have the government guarantee it. And the loans you could get weren't enough to cover school anyway.
At some point, those limits were lifted. And probably about that time, tuition started going up faster than previously. And the government stopped putting as much into the schools, at least the public ones.
I also worked 30-40 or sometimes more hours per week in college.
In all my honesty....
The college system is an embarrassment on a few levels and I'm glad I'm old and don't have to be in the midst of the current whining millennial environment.
College debt is incumbent for many who want to get degrees that are actually worth something and applicable in the real world..
Unless you're independently wealthy, college debt should be spent on STEM (trades & healthcare) degrees.
In today's world, a degree in Gender Dynamics and Cultural Dance Routines is irresponsible and adults should know better.
Accruing college debt by taking a myriad of worthless college classes in mundane majors of self interest just to day...."I went to college...I have a degree" is meaningless and hardly worth bragging about.
"College" majors should be chosen based on what the job market trends are now, the near future and employing the counseling that everyone has access to during college....not self interest of fluffy favorite hobbies.
I say, if one has racked up college debt with ill-chosen, silly degrees....that's on them....no pity from me.....tough @&%*!
Buuut...that's just me.
Chuckle.....boo hoo....isn't that just too damn bad.
Of course, I totally agree with you.
Back to it.....
As Middleman said, pay it off. You can't default on it anyway.
I did the pay as you go thing.
Didn't that amount of debt get you a job good enough to repay?
I just can't imagine the monthly note of a student loan at $38k. Depending on the term, that could be more than my frickin' mortgage.
I taught at a top private American university that cost students 62k per year, so if you go there thinking of status as priority, you literally can’t work and pay for it, can’t pay off the loan in few years, or anything. It’s not smart but tons of students attend because of its high ranking. This is common of all the private, elite colleges. And some students who attend are not rich.
Most of the trouble kids get into is that they don't have a strong idea of what they want to do -- and the colleges of course want you to stick around to keep paying so most of them let the students wander through different majors.
kids are also baffled by post-college job availability and salary expectations for any major study. Getting that Art-History degree may be culturally inspirational but the job prospects are slim and much lower paying in comparison to getting an Engineering degree -- and the two degrees cost the same to get!
Eventually the non-technical degreed students find their way to sales and general business where they utilize some of those skills but the slog is longer and the loan pay off slower.
Stress to the kids they need to figure out their major job interests by 10th grade in high school. They can line up their junior and senior classes plus college applications. Then they can get done in college in a reasonable time with minimal expense. Can the in-state university suffice rather than out-of-state tuition? Figure out the housing situation, the auto-shipment of 'Ramen' and beans-and-rice....
Most high school counselors have access to a jobs database that lists typical entry level requirements, salary expectations, and career growth prospects to help them out -- but the kids (and parents) have the responsibility to pursue that. Parents need to ask in their friend network if the kid can shadow for a day or few hours someone in the field they want to work in -- maybe they want to be a doctor and then they faint in the operation observation room.
One of the interesting things is compare the hourly rates of plumbers to many technical careers ... And plumbers for leaky sink repairs won't be off-shored or automated with AI.
Its very simple common sense economics which many parents have not taught their children. If you can’t afford it don’t do it. In reality i think college should not admit anyone below about 22 or 23. They should graduate from high school and work for a few years and get as much partying and stupidity out of their system first and save some money to pay for school then go when they’re more likely to be responsible and focused.
It's interesting to look at the job statistics after graduates have been out for awhile. The choice of major makes surprisingly little difference, in part because most people graduating today will change jobs and even careers several times before they retire. One young person I know left my university because its art department requires you to learn everything, not just the one skill he wanted, videography. Now he's getting ready to graduate from another school, one with a specialized program in videography -- and he's not sure he wants to be a videographer after all.
lenders (like the feds) are obviously helping to drive up costs: if a college knows there's a lot of sweet federal dollars to vacuum up, they'll just charge more
administrative overhead is also increasing because a) legal compliance, and b) colleges don't compete on academic terms, they compete on perceived status which is determined by infrastructure, like Olde fancy dorms and dining halls etc
so much has gone wrong, it's hard to tell sometimes what could put it right
62K in Atlanta...in Druid Hills?
STEM graduates who advance to successful careers will need CPAs, so study accounting and finance, too.
Here in Florida, we've got some pretty decent public universities - Florida State University (FSU), University of Florida (UF), University of Central Florida (UCF), University of South Florida (USF), Florida International University (FIU), Florida Atlantic University (FAU), etc. - which can be attended for reasonable sums. We've also got decent community colleges. Parents can help their kids out by also buying into Florida's pre-paid tuition plan, which my wife and I did for our sons.
There are responsible decisions to be made that can make going to college financially viable. However, we can't force people to make them.
Gotta say, as a college teacher for 33 years, a father of two college grads and of two teens who are already thinking ahead pretty wisely....don't go to college unless you truly want and need to. It's not a universal necessity for everyone's happiness and/or a maximal economy.
I've seen many kids just wander into and around college, and/or half-heartedly commit to a major. They get little out of the experience both implicitly, as beloved learning, and professionally, as employable knowledge and skills. For many, it's a soul-sapping, time-wasting, debt-incurring, life-delaying slog. And with so much of the Humanities compromised by PC dogmas and abstruse pseudo-Marxist theorizing, that class in Modern Drama or Cultural Anthropology that was genuinely interesting 40 years ago has become a bore of being preached at with needlessly arcane terminology so you can let yourself be blamed for all evils by Americans parroting French hyper-intellectuals. (Wow, that was a long and bitter blurt!)
As long as someone is doing what he/she wants and loves to do, and feeling fulfilled by that, and making the living that he/she wants to make, then that's fine. You can always learn on your own while making a good living being a carpenter or plumber or truck driver or whatever you want to be doing.
But yes, if you're gonna attend, then go in with a plan, having already figured out what you want to study. And study it HARD, so you come out ready to succeed at your profession or grad or medical school. (I left out law school deliberately, there.) Otherwise, the debt is masochism. And +1 on going to state schools over over-priced statusy private schools, and on using pre-paying/tuition-locking-in programs if you can.
The college game is different today. Big money created demand and jacked up the price. Gyms and food courts, fancy apartments all cost money.
I’d be inclined to take the loans, and then prioritize paying them off.
Trades are a good option too, though.
Change the rules to allow for bankruptcy. If it's good enough for Gibson it's good enough for everyone.