Student Debt Crisis

[beenz]

Student Loan Debt Hinders Economic Mobility



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.

I been saying this for years. I have also said a million times that I'd NEVER get sufficient return on my investment if I were to fork over 50K for a MBA. it's a waste of time and money. especially since I have already paid off all my student loans. I could advance my career simply by getting better and higher paying jobs over the years which would cost me ZERO.

 

[mamba]

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.

That's good thinking. When I have kids, I will put them in the best possible position to be competitive for scholarships.

If they don't get scholarships, I'll guide them toward the state school or CC. There's no reason to accumulate a bunch of debt for an undergraduate degree.

The degree a person should be accumulating debt for should be the professional degree, provided they have very minimal undergraduate debt. Even then, that applies to very specific instances:

• Medical school
• Business school (only for Top-10 programs such as Harvard, Stanford, Wharton, Kellogg, Booth, etc.)
• Law school (only for Top-10 programs such as Harvard, Stanford, Yale, Penn, etc.)

Anything else isn't worth taking on a lot of debt for. You'd be better off busting your ass in a career path and working toward salary and career growth.

ROI is the name of the name, not some fancy diploma.

 

[mamba]

I been saying this for years. I have also said a million times that I'd NEVER get sufficient return on my investment if I were to fork over 50K for a MBA. it's a waste of time and money. especially since I have already paid off all my student loans. I could advance my career simply by getting better and higher paying jobs over the years which would cost me ZERO.

People get so caught up in brand names.

People forget that the cost of an full-time MBA also includes the opportunity cost of no salary over the two years in school.

Unless you're getting a full-tuition fellowship, the full-time MBA is a negative ROI outcome unless you experience exponential salary growth.

That typically only happens for people who've managed a career change, via the MBA, from something low paying such as non-profit work to private equity, which is pretty rare.

If you're a solid enough candidate to make it into a top program, you were probably on the trajectory for high salary anyway. So, the post-MBA salary bump isn't substantial. Which is why so many people in top MBA programs all want to do consulting or investment banking. They at least want to see that they've experienced a sizable enough salary bump to justify the MBA in the first place!

Well, there aren't enough of those spots, so a lot of people end up in jobs without a substantial bump from their pre-MBA salary. Plus, they have two years of missed salary and a new mountain of debt to tackle.

MBA is really only worth it if:

1. You're doing part time, financed by your company, to grow more inside your company
2. You get a full-tuition fellowship to complete a full-time MBA

Anything else is a big, big gamble. In addition, a full-time MBA from anything beyond a top-20 school is a waste of time and money if you're actually having to pay out of pocket.

 

[beenz]

People get so caught up in brand names.

People forget that the cost of an full-time MBA also includes the opportunity cost of no salary over the two years in school.

Unless you're getting a full-tuition fellowship, the full-time MBA is a negative ROI outcome unless you experience exponential salary growth.

That typically only happens for people who've managed a career change, via the MBA, from something like low paying such as non-profit work to private equity, which is pretty rare.

If you're a solid enough candidate to make it into a top program, you were probably on the trajectory for high salary. So, the post-MBA salary bump isn't substantial. Which is why so many people in top MBA programs all want to do consulting or investment banking.

Well, there aren't enough of those spots, so a lot of people end up in jobs without a substantial bump from their pre-MBA salary. Plus, they have two years of missed salary and a new mountain of debt to tackle.

MBA is really only worth it if:

1. You're doing part time, financed by your company, to grow more inside your company
2. You get a full-tuition fellowship to complete a full-time MBA

Anything else is a big, big gamble. In addition, a full-time MBA from anything beyond a top-20 school is a waste of time and money if you're actually having to pay out of pocket.

I would rep this. yes, if you can get your job to finance this MBA, then it's a W. but paying outta pocket

I would NEVER do this. on top of that, they are saying that an MBA degree might only get you 10% more in salary a year. so say that comes out to 5K, you're gonna need 10 years to pay that shyt off. a lot of people go the grad school route while still working tho.

 

[mamba]

I would rep this. yes, if you can get your job to finance this MBA, then it's a W. but paying outta pocket

I would NEVER do this. on top of that, they are saying that an MBA degree might only get you 10% more in salary a year. so say that comes out to 5K, you're gonna need 10 years to pay that shyt off. a lot of people go the grad school route while still working tho.

I'm with you. If possible, you should never come out of pocket for a part-time program unless your company is footing most of the bill.

For full-time programs, coming out of pocket is a big no-no unless it's a top-5 program and you have a full-tuition fellowship. Coming out of pocket for any other circumstance is not the way to go.

 

[Rozay Oro]

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

Word, fukk debt. How do I discover whats in demand and what Id like to do? Tbh I want to just be a creative but until you hone it. Theirs fukking bills to pay

 

[SemiEnlightenedBum]

BANG BANG BANG,NO PAY GANG,JEW HEARD MOI..!

 

[NinoBrown]

People get so caught up in brand names.

People forget that the cost of an full-time MBA also includes the opportunity cost of no salary over the two years in school.

Unless you're getting a full-tuition fellowship, the full-time MBA is a negative ROI outcome unless you experience exponential salary growth.

That typically only happens for people who've managed a career change, via the MBA, from something low paying such as non-profit work to private equity, which is pretty rare.

If you're a solid enough candidate to make it into a top program, you were probably on the trajectory for high salary anyway. So, the post-MBA salary bump isn't substantial. Which is why so many people in top MBA programs all want to do consulting or investment banking. They at least want to see that they've experienced a sizable enough salary bump to justify the MBA in the first place!

Well, there aren't enough of those spots, so a lot of people end up in jobs without a substantial bump from their pre-MBA salary. Plus, they have two years of missed salary and a new mountain of debt to tackle.

MBA is really only worth it if:

1. You're doing part time, financed by your company, to grow more inside your company
2. You get a full-tuition fellowship to complete a full-time MBA

Anything else is a big, big gamble. In addition, a full-time MBA from anything beyond a top-20 school is a waste of time and money if you're actually having to pay out of pocket.

Yeah, my college adviser was pushing me hard to go the MBA route without any relevant work experience. I could get it for free as I work with the government, but I enjoy working and growing my business, so I don't have time to do a program that would net me only a 10-15% bump at best while sacrificing most of my personal life to be back in the classroom. 20+ years of learning isn't enough lol?

Too many chase that notion that having MBA at the end of your name on a business card warrants you 6 figures.

 

[mamba]

Yeah, my college adviser was pushing me hard to go the MBA route without any relevant work experience. I could get it for free as I work with the government, but I enjoy working and growing my business, so I don't have time to do a program that would net me only a 10-15% bump at best while sacrificing most of my personal life to be back in the classroom. 20+ years of learning isn't enough lol?

Too many chase that notion that having MBA at the end of your name on a business card warrants you 6 figures.

It's a good investment if you don't have to pay a lot of money (less than $50K) for it and it's a Top-10 school.

But, that's rarely the case. Most Top-10 schools aren't handing out full scholarships.

If you're already making six figures, the salary growth isn't enough to get a good ROI.

Now, if you hate your career and really want a career change, it may be worth it.

 

[NinoBrown]

It's a good investment if you don't have to pay a lot of money (less than $50K) for it and it's a Top-10 school.

But, that's rarely the case. Most Top-10 schools aren't handing out full scholarships.

If you're already making six figures, the salary growth isn't enough to get a good ROI.

Now, if you hate your career and really want a career change, it may be worth it.

The debt load if you are paying out of pocket or funded with loans is completely unjustifiable. A couple of my friends did a nursing grad program at a top 10(Ivy League), came out 60K in the hole and nearly at 100K after 3 years and 2 promotions. Much of it is paid off due to aggressive pay downs of loans.

I helped them study for their exams and those pharmacology courses:


80-90K for a Master's in English Lit is laughable and tragic at the same time.

 

[mamba]

The debt load if you are paying out of pocket or funded with loans is completely unjustifiable. A couple of my friends did a nursing grad program at a top 10(Ivy League), came out 60K in the hole and nearly at 100K after 3 years and 2 promotions. Much of it is paid off due to aggressive pay downs of loans.

I helped them study for their exams and those pharmacology courses:


80-90K for a Master's in English Lit is laughable and tragic at the same time.

I'd never discourage anyone from higher education. But, I just ask that people be smarter about it.

All degrees are not created equal.

Plus, as a Black person, you will not likely have the same opportunities to capture the ROI as our white counterparts unless you're going into medicine.

Anything other field in which there aren't precisely-controlled class sizes (e.g., law, business, etc.) is a big ass gamble for Black graduates when it comes to capturing ROI. Especially when Black students are typically taking on 1.5X the debt as white students.

 

[mamba]

 

[Prince.Skeletor]

 

[Collateral]

I *only* owe 26k but I ain't paying back a cotdamn thing. Got me messed up out here smh.

 

[levitate]

Cap the interest at 1%.

Make it so that the loans can be eliminated/reduced via bankruptcy.