Student loans: Another bubble pops?

Discussion in 'The Powder Keg' started by Marine1, May 22, 2008.

  1. Marine1

    Marine1 G&G Newbie

  2. You are correct

    It is beyond belief what many students carry for a debt load when they graduate.

    As an example of one group - blacks tend toward education for their Ph.D.
    and the average black student will start out with a Ph.D. and a $100,000.00 plus student load debt if they go to a higher ranking university per U.S. Dept. of Education.

    Lenders will, of course, begin loaning to those academic majors they feel will have the jobs to repay. Thus, they will become arbitrators of what is valuable in academia.
     

  3. Wingwiper

    Wingwiper Suspended

    789
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    My daughter is over $100,000 in debt and she isn't Black and didn't go to MED school. Many schools are at $35K per year now. Her major was Graphic Art and went to Maine School of Art.

    Med Schools can put a student well over $150K in debt now. It is unbeleiveable how much the costs have gone up in the last 5 years.
     
  4. My wife and I had student loans. At one time the loan payments were higher than my house payment.
     
  5. Wingwiper is on target . . .

    . . . as I saw a news story the average med student gets out of the first four years of med school with about $200 k in debt then comes residency and so on.
    What it really amounts to is a grind just about without end for a young doctor.
    I hope your daughter got into a good employment or business venture.
    I actually do not understand how or why many people can or will become
    public school teachers through the high school level.
     
    Last edited: May 22, 2008
  6. dhermesc

    dhermesc G&G Evangelist

    You listen to the political parties, everyone talks about how they will control the high cost of health care. When it comes to education not a word on the "high cost", but a lot of talk about how to put more money (grants or loans) into the hands of students so they can keep paying the ever increasing cost.
     
  7. KGunner

    KGunner G&G Evangelist

    I'm a student who has to pay for my college on my own. I pay out of state tuition at Colorado State University, which, for a year, is more than many brand new cars, its at about $21.5k and goes up every year about 9-15%. I have no choice but to take out student loans, and just 3 years in I have WELL over $100K in debt because the interest rates are so high that when I borrow, say $20k, I end up paying back a total of about $60k. As a result of that debt, which I accrued on my own through my own decisions and blame nobody, I will probably go into the military for the signing bonus and GI Bill after college. I can't get grants or scholarships because I'm a white middle-class male with no special things about me or no sob story, I've been rejected a lot for them...that I can get mad about.
     
  8. KGunner, I am sad . . .

    . . . for you and so many others in your position. I don't know how your generation will ever see daylight! I don't know how your generation will ever buy a home, start a family, own a good car, and so on and on.

    I will, however, pray for you and I do hope you the best in life.
     
  9. Windwalker

    Windwalker G&G Newbie

    Borrowing $20,000 and having to pay back $60,000 is not realistic. By the time the students graduate they are so deep in debt that very few will be able to attain a job that will allow them to pay off this kind of debt. Hence the foreclosures.
     
  10. Coeloptera

    Coeloptera G&G Newbie

    This is one of the reasons I decided not to try for med school, despite some encouragement. I had a retired cardiologist I knew flat-out tell me he wouldn't go in if he were in my shoes at the time.

    Heck, my wife's a bit older than me and she's still paying off a student loan from the 90s. I was just lucky I got a ton of scholarships (so did she, but her school was pricier than mine - East Coast versus West Coast schools).

    - Coeloptera
     
  11. CrazyIvan

    CrazyIvan G&G Enthusiast

    Thankfully, I only attained an A.A.S. Degree. The education cost $21k. I received a $5,000 scholarship from the school for a professional Letter of Intent. I graduated in 2000. Right now, I am at about a $10,700 payoff with a monthly payment of about $145 with an approximate 8% interest rate. I make about $47k per year currently. Not too horrible I suppose. My loan is through Sallie Mae, which is a federal subsidized loan, but through a private lender.

    I did start my career before going to college, however. I worked in the engineering and design industry for about 3 years prior to going to college. This allowed me to gain momentum as far as experience goes and therefore landed me better jobs after I graduated.

    I'm not trying to make light of my position for any reason other than to give a bit of perspective. Tuition costs have increased in recent years. However, public educators and members in the private sector have not seen an equal increase in personal income. This means that the bigwigs of corporations are dishing up the cash, becoming more rich. The rest of us work our *** to make it.

    This is what pisses me off. Employers have no respect or care for employees anymore. Their profit will increase 8% over 2 years, but the average (most) employee(s) will not receive even a 1% wage increase. With rising taxes and costs of living due to these corporate price increases (and fuel), the little worker is bound to see problems in his/her future.