LOL student loans WACKING these nikkas
- Thread starter benjamin
- Start date
Mars Blackmon
Pro
As everyone knows, your student loans can't be included in any bankruptcy. I work in a stem field and a lot of my coworkers are swimming in college loan debt. One of my coworkers has a plan to take out as much credit as possible, use that to pay his student loans, and then file bankruptcy. Seems underhanded, but still 
How much student debt do you have?
As everyone knows, your student loans can't be included in any bankruptcy. I work in a stem field and a lot of my coworkers are swimming in college loan debt. One of my coworkers has a plan to take out as much credit as possible, use that to pay his student loans, and then file bankruptcy. Seems underhanded, but still
Terrible fukking move... He is an idiot if he thinks that will happen. Where and how will he get that much credit exactly if he is "Swimming" in loans. They just don't allow you to walk into a bank and get a personal loan for 100k just like that now. Not even 60k. Tell that guy good luck, because trust me, he is in for a hard reality check.
Holler at your homie with the below statement...
"My guess is that it is probably easier to go from poor to wealthy than from middle class to wealthy.
The middle class is weighed down by a large set of liabilities in the form of house payments, car payments, credit payments, educational payments, …
Once you have those liabilities, they are very hard to give up to replace with assets." - Jacob Lund Fisker
Mars Blackmon
Pro
shyt does seem like a dumb idea to build up all that credit which as you said in itself takes time and some money but he seems pretty animate with fukking over his debtors for their predatory practices. Nobody put a gun to his head and made him take out those loans though, this fool went to an out of state school with a "rep" while I went to a local in state one and we both have the same job title and pay.
For real. Homeboy better think again. If he had 50k in debt, then I would say that its possible, but the rate on that kind of loan would depend on his income. If he is this hard up to conjure up these silly harebrained schemes then maybe he deserved to get jugged out of those tens of thousands. One look at his annual income and job history and he would get placed into the subprime category for his loan and would pose a great risk to default. The interest rate on that loan would have him so shook, he would get cold feet at the last minute.
If you are not getting a scholarship, grants or some sort of financial assistance, you should NEVER go to an out of state school. The distractions are real and if you are one to get caught up easily, then you are definitely fukked. We are asking kids who are not even mature enough to hold jobs past minimum wage to take out loans for credit cards and educations and they can barely write a 5 page paper using proper english and less than a full page of citations.
Rich people think about how to make money, broke people think about how to spend money. If he was a real one, he would spend time thinking of how to get more paper to pay off that debt. Here this fool is thinking of getting rid of debt, by going into more debt, and then default...Blame the poor school systems for failing that man!
Entitlement is the disease.
The problem is not the high education costs. Id argue it's not even the easy access to credit. The problem is the way thevuse of credit has become so normalized. Some people are clever on how to use it for a come up. But most people aren't clever...
The problem is not the high education costs. Id argue it's not even the easy access to credit. The problem is the way thevuse of credit has become so normalized. Some people are clever on how to use it for a come up. But most people aren't clever...
I got 25K left. I was lucky to have half my tuition and board payed with grants and scholarships. I went to a state school and a city grad school.
I've been paying them for 2 years with serious payments.
When I was 17 I really didn't know nor gave a fukk about interest and how much I was borrowing.
Hell even after I graduated undergrad at 21 I put them off for so long and didn't realize how much not paying would affect my credit.
I'm back on track now and should have them payed off in 2 years, I'll be 29 if all goes to plan.
I become more financially conscious, opened a 401k last year, got a emergency savings account and investing in stocks and indexes that will give me a more positive return than the interest on my loans. I had to learn all this my self really, no one taught me financial shyt on my own, and I still really don't understand the most about taxes yet.
My story isn't even the worst.
I studied math and stats and was lucky enough to find a good paying job in my field. I would say the majority of borrowers don't have this outcome, unfortunately.
All I know is now I know that I have a better idea what to do but I should've known all this when I was 17.
If I have a kid my seed is not going to be taking out no fukking student loans.
godkiller
"We are the Fury"
You can pay student loans off if you get a degree is something employable like finance, law, engineering, medicine, or when you get a PhD (PhDs are considered geniuses by employers) etc. Otherwise you're not guaranteed a job.
TheArchitect
All Star
Hmmmm....I kind of thought about going for a phd in my major (education/tesol) in the future......
It will probably be somewhere overseas though....maybe that'll help with these loans....
Idk, just a thought....
Americans are too selfish and egotistical to fight back as a unit.
godkiller
"We are the Fury"
The most likely place you'll make any money with a education PhD is overseas as an English university lecturer or as a school administrator in the States. Have you looked into job postings for Vice Principal and Principal jobs? I suspect a education PhD might fill the bill but this isn't my expertise.
This is exactly what I mean when I say that parents are not doing an adequate job of teaching their children any skillsets to at least help them survive in the real world. Most high schoolers have not a single clue as to what compound interest is or how it works. There are 18 year olds who think credit cards are free money. The youth should not be this puzzled on financial matters, especially high school seniors that are months away from entering university. Parents need to do a better job and teach their kids about mortgages, loans, principal, etc. Put down the phone, log off of social media and sit down with your children and prepare them for the next step of life.
Part of the reason that so many college grads are knee high in debt is because they don't understand how loans work (Ironic, given that college is supposed to teach you) and they've never been taught the process of it. Credit card companies begin sending out advertisements as soon as these teens turn 18. They're well aware of how financially clueless the youth is and they market off of the aimlessness of the parents who never did their job of educating their children.
TheArchitect
All Star
This is what I was going for really....a principal job sounds cool, as long as it's overseas....
I'm willing to do whatever it takes to attain what I need, as long as I can get out of this country....