Do feel sorry for people with massive school loans that complain they can’t pay it back?

[machidafan99]

ever so slightly but I believe paying off my school loan was my first financial lesson as an adult and a most powerful lesson too.

 

[Organic Damage]

No..... It cost money to better your future in this country. If higher education was free it would devalue a college degree, and another form of paid higher education would be formed.

I don't think everyone needs college though, you can do a skilled trade, or many of other ventures. I also think college is basically a scam but you need a degree to get a lot of jobs, so it is what it is.

Don't remember where I heard it, but someone made the point that when high school was the basic minimum of education necessary to get a job with a living wage, the government subsidized it to the point it was effectively free to students.

I think if post secondary education is now the minimum, it should be similarly subsidized for all. Maybe in the US this is the case for some state schools, but not in Canada.

Another thing we could learn from the Nordic countries, IMO

 

[youngsteinel]

My sister has about 75k in debt because all 3 studies she chose were dead ends career wise.

I don't feel bad for people who are grown up who make stupid choices.

Good for you. I do.

 

[aldeniro78]

I don't have pity but I think the student loan process is a shit show and scam and everyone involved in the pricing and collecting of said loans should be set on fire.

 

[therealdope]

Billions and billions spent on useless wars and given to other countries to continue their campaigns of genocide yet we can't take care or lift up our own.

Gotta keep military contractors and the states of Virginia and Maryland employed with that gov't chedda.

 

[gannima]

I do feel bad even though i have no undergrad debt. Tuition is outrageously high and a college degree is essentially the new high school degree, everybody just about needs it to find a half decent job.

 

[usmctanker242]

80k?

20+ yrs ago when I was looking at med schools I got a print out from Duke that said my loans would add up to $350k. THat included school, internship/clinical clerk, residency/specialization and a fellowship IIRC.

Yep...I have a friend who got her DDS and came out with just over $250K in debt...luckily she was head strong and got a spot immediately after graduating and is making some serious fucking cash. I think she said she paid it off in less than 5 years.

Did you actually become a doctor, and if so, has your salary allowed you to pay your debt down quickly? Either way I think $80K is probably a more realistic figure for many students just now coming out of school with 4 year degrees.

 

[therealdope]

Did you actually become a doctor, and if so, has your salary allowed you to pay your debt down quickly? Either way I think $80K is probably a more realistic figure for many students just now coming out of school with 4 year degrees.

No I didn't. I was more interested in studying medicine than being a practicing physician. I went to grad school for medical physics and then a post doc mostly to be in the same place as my girlfriend at the time (LOL). No debt but the stipends were low and you learn how to live cheap.

 

[Mcountry]

I don't have pity but I think the student loan process is a shit show and scam and everyone involved in the pricing and collecting of said loans should be set on fire.

I'll agree with this. The cost of tuition is ridiculous. And colleges need more competition.

I liked Jordon Peterson's idea of expanding online courses and making them higher caliber/quality. IF that happened it would drive the cost of tuition down as more students would get the same education for less.

Hell, I taught myself how to code online, and learned 3d animation.

 

[Lubaolong]

Did you actually become a doctor, and if so, has your salary allowed you to pay your debt down quickly? Either way I think $80K is probably a more realistic figure for many students just now coming out of school with 4 year degrees.

I think it’s pretty common to finish residency with $400k+ in loans. My school was slightly more expensive, and students who took out loans are finishing residency a little over $500k in the red with 7%+ interest. Most get on an income based repayment plan where their payments are limited to 10% of their discretionary income. This doesn’t really make a dent in the loan at all, but everyone’s counting on the public service loan forgiveness thing.

 

[Long Dark Blues]

LOL @ the absolute bullshit "useless degree" nonsense.

Not everyone with crushing student loan debt has or had received a useless degree. I have a computer science degree and still have debt left after graduating 13 years ago. Granted, it is no longer crushing.

Technology degrees aren't useless, and I'm willing to bet a lot of people that graduated in the early-to-mid 2000's have a shitload of debt left.

Millions of kids in the 90s that had no business going to college were sold snake oil and told they absolutely HAD to.

College tuition needs to be lowered drastically and the government needs to stop guaranteeing every single loan request.

 

[MoparOrNoCar]

I was just at the bar with a buddy last weekend and there were these 3 fat hipster liberal girls there with their hotter and skinnier 55 year old mom for her birthday. Long story short they're all in college or just out of college, all counting on loan forgiveness and all had degrees in shit that made zero economical sense to me. They were just dumb and repulsive on every level yet acted like the way an entitled dime piece would act. Except the difference is no guy would ever put up with that kind of shit to get with a Berkeley 3.

So yeah...no loan forgiveness.

 

[Beechwood]

I wish college cost less. It doesn't need to be as expensive as it is. More can be done to address run away college costs. From that stand point, for students today that feel they require a college degree, I feel badly for.

 

[usmctanker242]

I think it’s pretty common to finish residency with $400k+ in loans. My school was slightly more expensive, and students who took out loans are finishing residency a little over $500k in the red with 7%+ interest. Most get on an income based repayment plan where their payments are limited to 10% of their discretionary income. This doesn’t really make a dent in the loan at all, but everyone’s counting on the public service loan forgiveness thing.

God damn...half a mil? 10% of income actually sounds pretty reasonable, but as you stated, that's never going to get paid off unless you're making 6 figures. Thanks for responding and I just can't imagine having that kind of debt hanging over my head.

 

[Oblivian]

More students need to go the community college route for 2 years. Most want to have the full college experience though.

Also, big 10 satellite schools here are much cheaper and the degrees still hold enough weight for certain industries. You can get a degree for around $30k from a big 10 university. I know some employers look at it and realize it is from a satellite school, but many don't. I know someone under 30 who got a degree from one of those schools and is a senior financial analyst for a large multinational manufacturing company. I know several others with really good jobs with these cheaper degrees. Honestly, I think most people put too much value on the school.

 

[F1980]

I feel sorry for people who DIDN'T go to college and are looked down upon as a "lower class" of people for the last 70 years.

 

[Gandulf]

If you go to uni to party, do drugs, drink, live in a dorm and act like a teenager, no mercy for you.

 

[Revolver]

Why would I ever feel sorry for poor people. There are ways to limit what you actually spend on a college education.

 

[SandisLL]

It doesn't matters how society looks if you have money.
One of my classmates is with only Elementary school education and he runs small warehouse business in europe.
Of course initially he looks like dumb guy, in reality he just didn't finished high school's last year's programme.
I don't think that he is looser, if turned from paid sparring partner and semi pro to painter and later small business owner. He even didn't managed get medals at local level but he was really good, decent and trustable... expensive sparring partner. Expensive even for north european pricing scale.

I had jobs, where some cleaners were with degree and bosses laughted about it. Especially in one workplace, where i did easier job than they with just unfinished high school....
Also relative, that had experience, references and degree. In financial crisis his position was optimised and he looked for next job 2,5 years until find.
Wow, how critically he looked at me before this; dumb guy with 2 gap years in education process, this is suspicious and bad signs in biography without + if I was without mortgage and car credit then more clean, that I'm looser.
He later asked me even help to find job, I was able to offer try next job in my friend's gym as training assistant, this job mainly was ....kicking pads holder in gym.
Offered to former traders group manager in financial industry.
He choosed to continue eaat money saved by his parents when benefits payments ended, not option to hold....kicking pads for payment & impressive discount for gym's services.

 

[Spounman]

I generally don't feel sorry for anyone.