Student Debt Crisis
- Thread starter mamba
- Start date
What happens if you die? Doesn't your fam inherit that debt or something?
Hijo de luna
Superstar
Federal loans die with you. I might have to commit that and put
on my tomb.
Up here in Canada government subsidies schools, end up paying like 8k for the year in Quebec it's even less
Federal student loans don't carry over to family. Student loans also are forgiven if permanently disabled.
Hijo de luna
Superstar
I won't say my number.
What I will highlight is this Income Based Repayment plan : FinAid | Loans | Repayment Plans | Income-Based Repayment
Keeping me afloat for now....
Oh but I'll be paying for 25 years....
I have no credit card/car/house debt...probably not a good thing....But I feel comfortable knowing that all my shyt is federal government.
Be careful with IBR. Let's say you owe $75k in loans. If your payments don't cover interest that balance could easily balloon to $300k in 25 years. At forgiveness you will have to include the $300k forgiveness in your income for that year. $300k taxed @25%=$75k tax bill. Right back where you fukkin started. Only now you're old AF with declining earning potential.
If you decide to go this route I highly recommend you put $400-$500 into an index fund per month. @ 8% growth you should have $250k-$300k which will cover your tax bill and fund your retirement.
I was young and didn't know better and I went to devry for a bachelor's in game design and in 2 semesters tacked on 12k in student debt 
Did you ever finish it, and was the experience worth itI was young and didn't know better and I went to devry for a bachelor's in game design and in 2 semesters tacked on 12k in student debt
I listen to Ramsey podcasts. Other than being overly evangelical sometimes he gives pretty sound advice.
The issue with student debt is that it's predatory, and indicative of our societal norms, which forces people to borrow because they don't have the fukking money, nor their families. Who and what class do you think owns and profits of the backs of the underclass? The underclass is forced into these circumstances, out of indicative, they don't know any better, and are rarely taught better. You are taught thats the way it is, that's what you have to do. I was too far gone with the bullshyt to care about school when I was that age, I went to jail when my friends went to college, but even if I had shown up half the time in HS, my family could NEVER afford to send me anywhere my intelligence would have indicated I go, I would have been in that shyt too...all my friends who came from more upper class families, they don't have much debt, if any...because their families could cover it.... but the ones from lower class families....usually tens of thousands of it. That's predatory capitalism and exploitation at it's clearest.
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