Class of 2014.... most indebted graduates ever

Discussion in 'The War Room' started by WorldofWarcraft, May 20, 2014.

  1. WorldofWarcraft

    WorldofWarcraft Holy Paladin Banned

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    When's this college bubble going to pop? It's more expensive than ever. A lot of kids are going to graduate and not be able to find the jobs they went to school for because they no longer exist.

    Not only are the student loan debts going through the roof, so are the amount of students that ARE taking loans.

    [​IMG]


    Scary graphs in the link down below:

    http://www.policymic.com/articles/8...just-made-history-in-the-worst-imaginable-way
     
  2. Bay Area

    Bay Area Silver Belt

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    Can it pop? I mean, school loans are guaranteed, you can't default on them.

    Don't they take it directly from your tax refund or salary?
     
  3. Lead

    Lead /Led/ Staff Member Senior Moderator

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    They need to stop raising the ceiling on loan amount given for a student. Each year it's raised and each year, universities/colleges raise their rate since there is no push back in demand. A young person is going to take the loan either way in hopes of a better future.
     
  4. Lead

    Lead /Led/ Staff Member Senior Moderator

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    I think it's after 10 or 20 years, the remaining amount is forgiven but outside of that, it is pretty hard to try to get out of it.
     
  5. Judo Thai Boxer

    Judo Thai Boxer <img src="http://www.mediafire.com/download/kjmldl

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    My student loans are more than double that once it's been exchanged from GBP to $.

    My student loans are only
     
  6. jackietreehorn8

    jackietreehorn8 fine

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    Actually the graphs are less scary than the retarded headline.

    [​IMG]

    College education and you owe the price of a loaded Hyudai Sonata...OMG!
     
  7. ColonelAngus1

    ColonelAngus1 Black Belt

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    It can. People stop paying because they are unable and then the taxpayers have to make up the difference.
     
  8. Uchi Mata

    Uchi Mata Preaching the gospel of heel hooks and left kicks

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    What's not scary about that graph? Inflation adjusted they've almost doubled in a few decades. That's pretty scary.
     
  9. kpt018

    kpt018 Gold Belt

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    It's definitely a problem and one that is having negative effects on the economy (and will continue to do so).

    Even the graduates who chose the marketable degrees and who obtain good professional jobs are negatively impacted. These folks are putting off the purchase of a home, buying a new car, getting married, raising a family, etc., because they already owe the equivalent of a small mortgage in student loans.

    And I think a well educated society is clearly beneficial, so I really don't understand the people who think it's a good idea that kids with the ability to do well in college settle for manual labor jobs to avoid debt.
     
  10. jackietreehorn8

    jackietreehorn8 fine

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    Sure, it sucks how expensive a college education is becoming. I've got kids, I'm saving for that shit instead of my own retirement and it makes me want to cry.

    But average debt at 32k is really not some world-ending scenario. It's a car. These kids are college educated, get a jerb and pay it off.
     
  11. Lead

    Lead /Led/ Staff Member Senior Moderator

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  12. Judo Thai Boxer

    Judo Thai Boxer <img src="http://www.mediafire.com/download/kjmldl

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    I'm only working part time at the moment as I'm at university still.

    So I'm on a lot more than most people my age but in terms of a proper job, no.
     
  13. Lead

    Lead /Led/ Staff Member Senior Moderator

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    I had about 30k coming out of school last year. I have it down to 25k in about a years time and should be able to get it to at least 23k by December.

    You just have to live cheap. I don't shop hardly ever and I manage a $120/mth food budget. The leisure month I use is my monthly gym memberships and tournaments for BJJ.

    If you can find a hobby that truly makes you happy, you really don't have to waste so much of your income.
     
  14. Lead

    Lead /Led/ Staff Member Senior Moderator

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    It's not world ending but the result ends up being less consumption from younger spenders as part of their money is going to loan payments and interest. People just end up living cheaper which actually is a good thing as it's a change from the trend of credit and over loaning.
     
  15. QingTian

    QingTian Purple Belt

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    Those numbers aren't showing the fact that many students work during college, and many have parents who saved up for them.

    30k won't even pay for 4 years at the state school I went to (if R&B added). The real cost is closer to 50k plus lost earnings.

    The point isn't that it isn't doable, but that it limits mobility and increasingly is not worth the investment.
     
  16. Lead

    Lead /Led/ Staff Member Senior Moderator

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    Are you paying your loans currently?
     
  17. Judo Thai Boxer

    Judo Thai Boxer <img src="http://www.mediafire.com/download/kjmldl

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    Nahh, they don't make you pay them till you're finished your course.

    Or if your income is lower than
     
  18. Cyantist

    Cyantist Red Belt

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    Are you a boomer? Believe me a degree is not even close to a guarantee of a job, or even a helpful hand.
     
  19. neomage2021

    neomage2021 Silver Belt

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    Yeah I took on student loans in college, and for me it was worth it.

    I picked majors I was very interested in and I knew had large growth and good jobs. I got dual B.S. degrees in computer science and electrical engineering from a very good good school. During college I kept a high GPA and did internships at Idaho Falls National Lab and Los Alamos National Lab.

    After college I got a good job for a National Science Foundation funded research facility. I stared out a bit under the average for a computer scientist, but the cost of living where I'm at is very low and the is a lot of fun.

    I lived college style with room mates and pinching every penny for 3 years after I graduated and got a job. I was able to pay of $32,000 in loans(mostly govt, but one private), put away a decent emergency fund and pay off my car.

    I think student loans are okay, but we need to get away from all jobs requiring a college degree and telling students they need to go to college and get a degree. It's okay to go get a degree in a field you love that doesn't have good job prospects. Do it because you want to learn not because you expect to get a good job because you have a degree. Certain jobs need a degree as a basis but most do not.

    Right now for the vast majority of college students, college is nothing more than a really expensive vacation after the graduate high school.
     
  20. jackietreehorn8

    jackietreehorn8 fine

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    No, but you know what is? A little initiative and work ethic. Nothing is a guarantee of a job, but if you're smart enough to get through college, the next step is to now be smart enough to find a way to make enough money to pay a few bills and start living on your own. This is life. If you're good at what you do, you'll be fine. Go be good!
     

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