Student Debt Crisis

[mamba]

How Some Millennials End Up Paying Their Parents' Student Loan Debt

How Some Millennials End Up Paying Their Parents' Student Loan Debt

Parent PLUS loans are notoriously easy for parents to get their hands on. The government doesn’t consider whether they can afford to pay back the loans by looking at their income or other debts. All that is done is a credit check for skeletons in the closet. So long as a parent doesn’t have an adverse credit history – defined as being more than 90 days late on a loan or credit card or having serious marks like a foreclosure or bankruptcy within the last five years – they’re approved to borrow from Uncle Sam.

I'm happy I didn't get my parents caught up in that bullshyt.

 

[Darealtwo1]

nikkas better learn to start fukking wit they local community college...got my associates degree, no debt and am making $27 an hour...

These people talking about they 80k in debt @9% irp

Thats an L thats gonna last you for the rest of your life

what job do you do....how'd you get it

70 racks down from 90. $1200 per month


Had to take 30 additional hours for the CPA that i haven't passed yet

I hoped you majored in accounting

Im 122k in

But after 120 payments or 10 years they will all be forgiven so I want to max everything out

your gonna be in for a rude awaking.....they gonna deny shyt. Keep thinking student loan forgiveness program gonna bail you out That shyt happens when they've paid around 80% at 10 years, not for people that have paid the minimal amount each month only covering the interest

 

[Rozay Oro]

nikkas better learn to start fukking wit they local community college...got my associates degree, no debt and am making $27 an hour...

These people talking about they 80k in debt @9% irp

Thats an L thats gonna last you for the rest of your life

What's your degree? What's your job?

 

[benjamin]

What's your degree? What's your job?

business administration and I work for the department of veterans affairs.

 

[benjamin]

YALL NYKKAS BETTA JOIN THA "PUT SUMPTIN ON IT BOYZ"...WE ACCEPTING APPLICATIONS FOR YOU NYGGAS THAT PUTTING JUST ENOUGH TO COVER THE INTEREST ON YO STUDENT LOAN BILLS..WE OUT CHEAAA

 

[Rozay Oro]

business administration and I work for the department of veterans affairs.

I'm in cc. Just getting prereqs idk wtf to get

 

[benjamin]

I'm in cc. Just getting prereqs idk wtf to get

Smart choice on cc breh, people clown but itll be you clowning 5 years from now when they 30-50 racks in debt..

 

[benjamin]

breh, its one thing to be in studen loan debt but to atleast have a degree, some of these nikkas got 30k in student loans but failed to get the actual degree..nikkaa if that aint a L i dont know what is..

I'm 34 years old and I'm $32,000 in loan debt with no degree. My loans were taken from me when I was 2 semesters from becoming a Registered Nurse. That was 7 years ago. I've never been able to afford to return and I've been forced to take $9/hr jobs just hating life. I tried to make a better life but it did the opposite.

 

[mamba]

Smart choice on cc breh, people clown but itll be you clowning 5 years from now when they 30-50 racks in debt..

People don't realize how suffocating that type of debt can be. Even "small" potatoes like $30-50K.

There are some brehs and brehettes walking around here with $90-150K worth of student loan debt, paying the minimum each month.

 

[mamba]

breh, its one thing to be in studen loan debt but to atleast have a degree, some of these nikkas got 30k in student loans but failed to get the actual degree..nikkaa if that aint a L i dont know what is..

I know right! At least finish the degree.

The thing with student loans compared to car/housing loans is that you can always sell the car or house. You may eat a loss, but at least you get something back.

With student loans, there is no selling a degree or partial education. You're stuck with that debt. There is no silver lining like a loss with a car or house.

 

[beenz]

anyone going to college these days without a scholarship should seriously consider the community college for 2 years and then transfer to a 4 year school. and by 4 year school, I would advise going to a public state school that's cheaper.

when my kid hits college age in a few years, I'm gonna have her go that route if she can't get the scholarship thing poppin. and if a state school is affordable, then she could always start off there even. but that's only if it's still affordable for us.

 

[beenz]

I know right! At least finish the degree.

The thing with student loans compared to car/housing loans is that you can always sell the car or house. You may eat a loss, but at least you get something back.

With student loans, there is no selling a degree or partial education. You're stuck with that debt. There is no silver lining like a loss with a car or house.

also to piggyback on this statement, with a car or house, you can file bankruptcy and get that debt cleared. you will take a credit hit for a few years, but when it's done, you're free and clear of it. there's no amount of bankruptcy you can do to get outta student loans.

if there was, folks would be racking up student debt to be doctors/lawyers and shyt that requires advanced degrees. then get a job in they field and file bankruptcy and charge it to the game. that loophole was closed down over 30 years ago.

 

[mamba]

Student Loan Debt Hinders Economic Mobility

The Bureau states that Great Recession hit African-American and Latino communities the hardest, with many families seeing their net worth nearly cut in half. This, combined with the rising cost of tuition and fees at public colleges and universities, and the large numbers of students of color enrolled in for-profit schools, has made a big impact on the amount of debt that these students and their families have taken on to finance their higher education. The report states that recent research also further underscores the disproportionate impact of student debt on communities of color.

“Student debt has become a crushing burden for American families, and minorities in particular,” says Rep. Maxine Waters (D-California). “The fact that African-American and Latino students leave college with far more debt than their white or Asian-American peers only exacerbates the already unacceptably large racial wealth gap that exists in America today. These disparities are the result of decades-long economic barriers that make it harder for minorities to get ahead. That’s why it is so critical that we have an agency like the Consumer Financial Protection Bureau that can help identify and address these systemic problems.”

Student Loan Debt Hinders Economic Mobility

In other words, Black and Latino students are taking Ls when it comes to financing a college education. The ROI is horrible.

We should be pouring into the community colleges and gaming the system.

Stop being so caught up with college brand names, especially if you cannot afford them.

The debt is not worth it, especially when you are graduating into a white supremacist-controlled job market that will not afford you the same opportunities to service the debt as your white and asian counterparts.

 

[benjamin]

anyone going to college these days without a scholarship should seriously consider the community college for 2 years and then transfer to a 4 year school. and by 4 year school, I would advise going to a public state school that's cheaper.

If you're gonna do the university route, this is the best way to go about it...

 

[beenz]

I started at 50k in student loans..Mostly from my masters
I'm beginning a PhD this fall, but it's financed. Hubby has $200k in student loans, so right now we're paying about 2,000/month. We just recently lost our second income since I'm returning to school, but we'll request lower payments in the coming months. Hopefully we can get it down to $1,000/month. The payments suck, but neither hubby or I would've been able to work in our jobs had we not went to school. I'm pretty happy with where I'm at now.

an advanced degree is not worth it at the expense of paying that much a month (and total) in student loans. ya'll collectively have the cost of a single family home in student loan debt.