How much student loan debt do you have?

[hungkee]

You don't understand because you're missing 3000 years of academic history. The point of a university education was never to learn a practical skills, but to learn thinking, public speaking, math, music, and how to read the stars. The idea that you should go there to learn how to make things worth selling in the agora would have horrified a hundred generations of professors.

I agree that a genuine, classical liberal arts education is not intended or designed to be a vocational class.

But if it is as many would agree to help develop a person's critical thinking - then, um, he ought to rather come to some understanding that his education very likely may not translate into high wages or a "career" as one might think of one in a contemporary society.

Therefore, if he's being so abstractly educated to the ways of the world and to insights not generally afforded the more vocational-bent of students, why is it that the financial angle of life in the world so eludes him?

Is he truly educated when such realities gloss right over him?

Or is he perhaps not missing something in all of his schooling and "education"?

I agree that the IDEAL is to think that such lofty liberal arts education ought to be devoid of lowly pursuits of or concerns for money.

But then, why would any such student take on a loan?

They do know how to read and to think. They see the tuition amounts. They know how much or how little money is available to them.

They knew how to fill out the loan applications. And where their school's Bursar's Office was located.

It seems that liberal arts majors moreso than any other like to shift between the realities of the modern world and some classical ideal of the ancient world when it comes to their degree/s and, more specifically, the monies necessary to earn those degrees.

But if one were truly honest, one would also have to acknowledge that way back in ancient Athens, not every little boy was exposed to a classical education.

MOST were herding goats.

Those granted the opportunity to learn on a high order were those boys of privilege who were generally already well connected and being prepared for an elite station already set out or determined for them.

 

[breakawayx]

About 28 thousand currently, still studying.

 

[DigitalFudge]

No debt of any kind.


Hew finna check me?

 

[Callum]

I don't understand how so many US universities are renowned for their liberal arts programmes which in reality produce graduates with no actual skills or useful knowledge.

But...but...they can 'think critically' and 'write essays'. And America wonders why STEM enrolment is on the fritz...

I am $2500 in debt, woo! Not much at all, which is great!

 

[blackbeltninja]

I have a Masters in Accounting, and have about $27,000 in loans to pay off.


I pay 151.11 a month to Wells Fargo, and 248.26 (something like that) to Sallie Mae. So about $300/month.

Er... 151 + 248 is like $400, not $300.

Master's in Accounting, you say? I think I've just worked out why we're in a financial crisis...


-d-

 

[Ephemeral]

^I thought the exact same thing when I saw his post, but didn't want to be the one to call out his mathematical error.

Maybe he was typing too fast? Let's hope for that.

 

[marodablast]

This may be my first post here. So, hello everyone

To answer the OPs question: I have about 250k USD in student loan debt. Yep, it's a lot. Why? haha. Well I finished in 2006,, and didn't find gainful employment until 2011. Part of that is me being lazy, and a smaller part is due to the job market where I live. Unfortunately, the loans all hit cap interest rates. Sallie Mae just sent me a collections notice for 188k, which is the 1st part of the loan. They've destroyed my credit, permanently. Even employed, what I make per month, is just barely enough to make payments, due to their fees, interest rates, and such. Sallie Mae, and their collections agencies have not been willing to work out much of any payment plan that is suitable / affordable. It's either live + food and such, or pay them.

Edit: It was an associates degree from a private tech "institute" college. You know the ones who advertise all the time on telly? It is a 3 letter acronym

 

[Callum]

^ Oh damn! Will bankruptcy help? Not sure how it works in America.

 

[maxpowr9]

^ Oh damn! Will bankruptcy help? Not sure how it works in America.

You cannot write off federal loans in bankruptcy! The bankruptcy laws got rewritten for 2009 after the economic collapse to reflect that. The government is always the first in line for creditors and they will claim in full the amount before any private organization. Reckon I am not one to finger point, but if your purse strings are already tight, there is no reason why a private college is a valid choice. Again, this is why I feel the government should only allow loans to students who attend state schools, NOT for-profit private ones.

That is me using my vat of financial planning information in which I got my masters in.

 

[Callum]

^ Damn, that's insane. You're literally always getting fucked then until you pay it off. Yikes. Well, if he happens to pay it off, can't he claim bankruptcy then to get a better credit rating? Yikes, that blows.

 

[maxpowr9]

^ Damn, that's insane. You're literally always getting fucked then until you pay it off. Yikes. Well, if he happens to pay it off, can't he claim bankruptcy then to get a better credit rating? Yikes, that blows.

The US government is ALWAYS first to claim anything a person owes. This is why the IRS goes after people before any other creditors for back taxes.

This is also the same reason why "private" banks hate FHA [Federal Housing Administration] loans because the government is the insignor (Latin for "engraver") and not the bank who financed through the government said loan. There is a whole bunch of red tape involved and the process is arduous to even comprehend for the commoner, moreso than other loans.

 

[curiousunistudent]

I'm currently on a bit over £18k. Still have 2 years left on my degree as well. I doubt if it'll be worth it in the end...

 

[marodablast]

You can write of student loans in bankruptcy. The bankruptcy code, does say this.

However, it's very difficult. In essence, you have to prove, that making your student loan payments will prohibit you from sustaining a minimal lifestyle (as defined by the federal government).. e.g. the loan payments consume so much of your income, you couldn't afford to get a car (pay for it), get an apartment (pay), and have food. Which is my case.