Student Debt Crisis

[threattonature]

Mine was 20K. I bullshytted for a few years and didn't pay on it at all for the first few years out. Ended up in default and had it jump to 25K. Lied and said I wasn't getting the statements and didn't know what i had to pay. Entered the rehabilitation. After a year of no missed payments that took off the 5K in penalties and interest. From there I just grinded and paid double my loan amount each month and got it paid off about 3-4 years back.

 

[Hijo de luna]

It's good we're having this conversation, brehs.

It's one that is desperately needed in the Black community.

Breh, for real. 90% of the brothers and sisters I talk to be like "I ain't paying that shyt back". Credit fukked up, debt piling up. They will die with six figure debt. My sister was just on the Dave Ramsey show last month, paid off a $93k mortgage in less than 4 yrs making $40k income. But she was determined. She's 41 and completely debt free. Dave said there's no reason she shouldn't retire a millionaire.

This thread has inspired me to really turn it up on paying this shyt back. No vacations, no football games this fall,no lifestyle upgrades whatsoever. Beans and rice for the next 5-7 years

 

[mamba]

This shyt definitely has a face, now. The Black community is the face of this shyt.

Paying for college is a huge and growing financial strain for U.S. students. From 2007 to 2015, total outstanding federal student loan debt doubled from $516 billion to $1.2 trillion, according to the U.S. Department of Education.

Black students are increasingly bearing a disproportionate share of the debt burden, according to a NerdWallet analysis of loan data from the National Center for Education Statistics. The data examined student loan debt for fourth-year undergraduate students ages 18-24 who attended a higher education institution, including public or private nonprofit colleges, and for-profit schools.

In short, both the percentage of black students with student loan debt and their average loan debt are higher than among other students and are increasing more rapidly.

Historically, more black students have had to borrow to pay for college than their peers. In the 1989-1990 academic year, about 69% of undergraduate black students had at least one federal or private student loan, compared with about 50% of white students, 54% of Hispanic undergraduates and 41% of Asian students.

But while borrowing by Asian students has plateaued and loans to white and Hispanic undergraduates have increased gradually, borrowing by black students increased more sharply. By the 2011-2012 school year, an astonishing 90% of black undergraduates had student loans, according to data from the National Center for Education Statistics.

Student Loan Borrowing Is Skyrocketing for Black Students — Here's Why and What to Do About It - NerdWallet

Look at the charts on that website, brehs.

 

[Rawtid]

The fact is that these colleges, banks, and employers are too greedy for their own good. Yall hate the fact that people want these institutions to FINALLY have accountability for their actions and not just ill informed people.


Even STEM majors are making less than 50k with cost of living out of control. Stop for these current situation.

I don't disagree with what you're saying, but the consumer is NOT innocent. Stop signing up for shyt when you don't know what you're getting into. Also for the people complaining their degree didn't land them a job, I'd like to see their grade point average or just get an insight on the level of effort put in to obtain their degree. People do the least and expect the most. A college is a business, why are you expecting them to have your best interest in mind anyway. If the mindset of people changed, I feel one part of the issue will be resolved.

 

[Rawtid]

Breh, for real. 90% of the brothers and sisters I talk to be like "I ain't paying that shyt back". Credit fukked up, debt piling up. They will die with six figure debt. My sister was just on the Dave Ramsey show last month, paid off a $93k mortgage in less than 4 yrs making $40k income. But she was determined. She's 41 and completely debt free. Dave said there's no reason she shouldn't retire a millionaire.

This thread has inspired me to really turn it up on paying this shyt back. No vacations, no football games this fall,no lifestyle upgrades whatsoever. Beans and rice for the next 5-7 years

This is my plan.

 

[Truefan31]

Breh, for real. 90% of the brothers and sisters I talk to be like "I ain't paying that shyt back". Credit fukked up, debt piling up. They will die with six figure debt. My sister was just on the Dave Ramsey show last month, paid off a $93k mortgage in less than 4 yrs making $40k income. But she was determined. She's 41 and completely debt free. Dave said there's no reason she shouldn't retire a millionaire.

This thread has inspired me to really turn it up on paying this shyt back. No vacations, no football games this fall,no lifestyle upgrades whatsoever. Beans and rice for the next 5-7 years

Yeah one thing about Dave Ramsey is that he's great at motivating people. His principles are sound. It's not just about the math, it's the psychological victory too. Your sister prolly feeling like a boss too. 41 with no debt means more can be invested. A million is pretty easy actually.

"Debt is the number one killer of building wealth"
"Borrowers are slaves to the lenders"
"Winning takes sacrifice"

 

[Thatrogueassdiaz]

Breh, what field are you in, now?

That shyt has to be over $200k by now.

health administration. No i checked..its 160k because of interest

 

[mamba]

health administration. No i checked..its 160k because of interest

What's your plan to pay that off?

 

[Astroslik]

Lol, those "'ifs" comprise about 70-80% of each NYU law class. As long as you do your work at NYU and go to OCI, you should have no issue getting a good, high-paying job.
Law school isn't nearly as much of a gamble as people think it is, if you go to a good school, and do at least average, you should be set.

He's in big law and that shyt is depressing. Dude is young already stressed and growing greys. And as a black man shyt is tough he told me. He'd rather take a pay cut than deal with those cacs, but he needs to pay that debt off

 

[Truefan31]

Lol, those "'ifs" comprise about 70-80% of each NYU law class. As long as you do your work at NYU and go to OCI, you should have no issue getting a good, high-paying job.
Law school isn't nearly as much of a gamble as people think it is, if you go to a good school, and do at least average, you should be set.

Not saying you wouldn't be set but man 100-200k in student loans is still a risk. Lots of students don't finish for whatever reason.

I get being a doctor or lawyer is expensive but at least have a plan to be debt free asap.

 

[Truefan31]

He's in big law and that shyt is depressing. Dude is young already stressed and growing greys. And as a black man shyt is tough he told me. He'd rather take a pay cut than deal with those cacs, but he needs to pay that debt off

And there in lies the issue. Debt brings stress., can limit options. It's why it's liberating when someone pays off a debt. It's gaining freedom.

Even the public loan forgiveness programs require 10 years of paying, not missing a payment, and potentially being stuck in a job for 10 years. Just pay that shyt off and get your freedom back.

 

[Astroslik]

And there in lies the issue. Debt brings stress., can limit options. It's why it's liberating when someone pays off a debt. It's gaining freedom.

Even the public loan forgiveness programs require 10 years of paying, not missing a payment, and potentially being stuck in a job for 10 years. Just pay that shyt off and get your freedom back.

Being 6 figures in debt + being forced to stay at a job you hate it

 

[EndDomination]

He's in big law and that shyt is depressing. Dude is young already stressed and growing greys. And as a black man shyt is tough he told me. He'd rather take a pay cut than deal with those cacs, but he needs to pay that debt off

BigLaw is stressful as hell, though trust me, he could be at WLRK or something where 3000 billables is the norm, at that point he'd probably off himself from sheer stress.

 

[mamba]

Being 6 figures in debt + being forced to stay at a job you hate it

Therein lies the problem.

That debt forces you into situations and makes you remain in situations you wouldn't otherwise find yourself in.

A lot of people are unhappy in high-paying positions just to service the debt.

That isn't living to me.

 

[theflyest]

I was fortunate enough to have financial awareness at a young age. I was very aware college is a business and I treated it as such. I was accepted to bigger universities, but declined and went to community college. I got enough in financial aid that it covered everything. When I transferred to a state school, I had no choice but to get loans, as financial aid wasn't enough. I ended up graduating with my loans in a manageable range. It was somewhere from the 13-15 k range. I paid it off about 3 years after graduation.

If I attempt a masters, my employer will pay for it, In return, I will owe them my time for a couple of extra years.