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Obama's student loan program.


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#31 Awesomeness!!

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Posted 15 June 2014 - 11:02 AM

maybe people should stop spending 40k to become art majors


Because only art majors are struggling. There are doctors that are struggling to juggle repayment as well as take care of their families. Google how much Primary Care doctors make. Now consider most owe 300,000 k in loans, before interest or taxes.

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#32 Porn Shop Clerk

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Posted 15 June 2014 - 11:07 AM

that's just dumb



#33 Growl

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Posted 15 June 2014 - 03:56 PM

Why yes.

- Previous generations


Well if this doesnt show how out of touch people can be with current times idk what does.

#34 pstall

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Posted 15 June 2014 - 05:53 PM

were you single? or were you married with kids?

both

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#35 pstall

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Posted 15 June 2014 - 05:54 PM

Well if this doesnt show how out of touch people can be with current times idk what does.

How?
What do you expect to make out of college?

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#36 MadHatter

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Posted 15 June 2014 - 07:17 PM

for comparison

average income of 1970 was about 10,000 annually.
tuition costs were somewhere around 2,350.

that is 23.5% of annual income. Sizeable but not insurmountable.



average income of 2014 was about 47,000 annually
tuition costs are around 40,594.

that is 86% of expected annual income. A daunting task at best.


One guy said he paid off his student loan in 12 months. That would be an impressive feat. hard to imagine paying for rent, a car, basic utilities and food from 14% of income. I would love to see a financial breakdown of that one.

Don't go to a private college and you won't be paying $ 40k a year in tuition. You can go in state for $20k a year including tuition, fees, room, board etc.

It is the idiots paying $50k a year in a major that has little income earning potential at a small liberal arts school that are the problem

Edited by MadHatter, 15 June 2014 - 07:18 PM.


#37 carpantherfan84

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Posted 15 June 2014 - 08:00 PM

Don't go to a private college and you won't be paying $ 40k a year in tuition. You can go in state for $20k a year including tuition, fees, room, board etc.

It is the idiots paying $50k a year in a major that has little income earning potential at a small liberal arts school that are the problem



I only posted averages, not high end figures. And as far as picking the major, I thought the pubs were talking about the economy being bad and people not being able to find work and the Mexicans were taking all the jobs etc...

#38 carpantherfan84

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Posted 15 June 2014 - 08:01 PM

both

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Those two statements are mutually exclusive. Plz elaborate.

#39 MadHatter

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Posted 15 June 2014 - 08:09 PM

I only posted averages, not high end figures. And as far as picking the major, I thought the pubs were talking about the economy being bad and people not being able to find work and the Mexicans were taking all the jobs etc...

I know you did. My point was only that too many people are borrowing ridiculous amounts of money to pay for small liberal arts schools and get degrees that will have very limited earning potential. People should be a little more diligent and responsible in those decision...rather than complaining after the fact that they actually have to pay off a debt.

There are much more affordable options out there.

Edited by MadHatter, 15 June 2014 - 08:09 PM.


#40 carpantherfan84

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Posted 15 June 2014 - 08:19 PM

To be fair, I do believe in picking a major that has some income potential. However, high school students in America are taught to pursue happiness not the drudge of every day work. And is that not the American way? Pursuit of happiness and all that. Or Are we really expected to promote a system where our youth are forced into careers they do not want simply because the debt incurred from everyday life is to high? Coupled with inflation this may lead to a nation of low paying highly skilled work with a nation filled with less culture, scientists and artistic innovation.

#41 pstall

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Posted 15 June 2014 - 08:24 PM

Those two statements are mutually exclusive. Plz elaborate.

Without you adding more context I went with single while in college and now married with kids.

 

i paid my own way as well. worked multiple jobs and had to borrow cars to get to work but i did it. loaded boxes overnight for RPS/Fed Ex and went to school in the am.

 



#42 MadHatter

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Posted 15 June 2014 - 08:24 PM

To be fair, I do believe in picking a major that has some income potential. However, high school students in America are taught to pursue happiness not the drudge of every day work. And is that not the American way? Pursuit of happiness and all that. Or Are we really expected to promote a system where our youth are forced into careers they do not want simply because the debt incurred from everyday life is to high? Coupled with inflation this may lead to a nation of low paying highly skilled work with a nation filled with less culture, scientists and artistic innovation.

Fine line between enjoying your job and doing "what makes you extremely happy", yet not being able to make a living at it.

I think there are very few people who truly love what that do for a living.

There is a reason it is called work and a job...if it was all about "pursuit of happiness" it would be a hobby.

Edited by MadHatter, 15 June 2014 - 08:25 PM.


#43 SmokinwithWilly

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Posted 15 June 2014 - 09:02 PM

One guy said he paid off his student loan in 12 months. That would be an impressive feat. hard to imagine paying for rent, a car, basic utilities and food from 14% of income. I would love to see a financial breakdown of that one.


I said my loan was paid off 12 months after graduation. I actually started paying on it from my first day in school. My tuition was 13k per year roughly. I rented a room including utilities for $400 a month. I drove a car that got 28mpg and lived within miles of school/work so a tank of gas lasted 2 1/2 weeks. Car was bought and paid for by me already from working in high school. Since I didn't have much free time, I didn't have the expense of going out with friends. After all bills paid, I had about 1k a month left over that I paid on tuition. So that left 3k per year for the loan leftover. After graduation, I kept the same routine up until the loan was paid off 12 months later.

#44 Zaximus

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Posted 16 June 2014 - 12:18 AM

In this thread, people that had it "rough" getting to where they are at wish it to stay hard and troublesome for other people in the future because "they themselves" had to go through it, so everyone else should.   Basically the "Madhatter principal" .  Damn that theory of making things better for your children and their children.   I don't think 10% is a ridiculous number, honestly.  It doesn't really help you pay it off quicker, but it helps you budget better and make it basically like a utility bill each month.   Lets you handle unexpected things in your life and also helps you keep your credit high, which will let you borrow for mortgage and car loans, which in the end, will help the economy and tax base more this way.  

 

And before some clown comes in acting like I don't have an education, you would be wrong, as I have a job and I'm comfortable and yes my loans are almost paid off.  

 

I do agree with the statements that people need to pick their major with a little more seriousness.  I'm not saying stray from a major that just makes less money, I'm saying stay away from a major that won't get you a real job.  We still need positions filled in the country where a college education is needed but yet doesn't pay a ton.  The 10% would also help those.  But yes, the ones that get degrees that have absolutely 0% chance of landing them a job definitely is a waste, I agree.   Some people think everyone should get six figure job salaries, well what happens to all the other roles in the country?

 

 



#45 SmokinwithWilly

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Posted 16 June 2014 - 08:35 PM

The thing that really pisses me off is when I hear people say it can't be done when they haven't even tried. Just because something looks hard doesn't make it impossible or even difficult (though working full time and carrying a full load is damn difficult) I don't want people to struggle with getting out of college, trying to find an entry level position with 60k in debt. Maybe with some better financial planning (and I think real world finances is something that colleges and high schools should teach), students might have a better idea of what they are really getting into, and be able to plan for how they are going to get out of it. 

 

 




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