Student Loans thread.

[Wesley Pipes quotes]

if your parents are american and they allowed you to get into school debt, debt u have no hope of paying off for the next 20 years, then ur parents are criminals and should be lambasted.

the biggest mistake any average american can make is taking out loans to go to big name schools. dont be an idiot. we live in the most successful country in the world where all u really need to succeed is hard work and education. and when i say education, i aint talking about these schools that charge ridiculous sums of money for tuition. any county college in the United States is good enough....except those idiotic online ones

 

[FAH1223]

went to University of Maryland, the state had a tuition freeze all over the State Uni system so tuition at UMD was only like $8-8.5k a year throughout my 4.5 years of undergrad

I didn't take a loan until my last semester(last Fall). I graduated with $2700 in debt, graduated in December, and got a job right after. I paid the $2700 one day before my grace period ended I also worked part time doing security last few years or renting out Budget trucks one year

Staying at home and being in-state >>>>>>

 

[beenz]

U know what's fukked up about student loans? Not only is the cost of education increasing at an exponential rate to where the benefit of finishing colleges doesn't outweigh the massive debt you'll have to repay. In my parents case (they both like 61), my moms was a city teacher all her life and the Chicago public schools paid her loans off. So she never had to deal with paying lOans. My pops went to city college and his tuition was cheap and was able to work his way thru. People these days ain't gonna be able to find a part time job that pays enough to cover tuition. Not given the cost of higher education. And speaking of loan repayment. Do they still have lots of jobs willing to pay off ur student loans? My sister in law in mes school and that shyt cost over 50k a year. Then u gotta intern then residency. By the time she's done with all that, I should be making six figures while having no student loans to repay. And she will have a mortgage worth of studen loans while trying to be a dr. Basically the system is set up for folks these days to struggle. It's really fukked up when u think about that.

 

[beenz]

One more thig I read recently. Up thru the 1980's u could discharge ur student loan debt thu bankruptcy. But they changed that so now u can never escape the student loans. If I could, I'd have happily balled out on student loans and financial aid and got a phd or something if I knew I could bankrupt my way out from the debt Scott free.

 

[Real Talk of NY]

My kids will earn a scholarship or have ROTC pay for it.

 

[R.E.N. Spells Ren]

Full ride scholarship, or grants w/ financial aid?
Either way, props for you for getting that free education

Scholarship for my first undergrad, then transferred to GATech, was able to get HOPE...in state tuition for tech is the best deal in the country imo @ 5k a year.



Nobody wants to share their monthly loan payment, tho?

 

[Pammy91]

Right now I owe $5000 so I'm trying to work on a reasonable payment plan. I only attended the university for 4 months but had to pull out for personal reasons. I'm going somewhere much cheaper in fall so I can just pay for classes out of pocket instead of taking out loans. A student loan is probably the worst type of bill. If I do have kids I'm going to stress the importance of alternatives to 4 year colleges/universities. Unless you're planning on being a doctor 4+ years of college is not worth it. IMO

 

[Just like bruddas]

200 a month with 13k to go

 

[iceberg_is_on_fire]

College is one of the biggest hustles in the world, we know that, but it's still a necessary evil.

 

[R.E.N. Spells Ren]

Is it impossible to save maybe $100 a month for 18 years, giving your kids roughly 22K or is the cell phone data plan and cable too much sacrifice for you?

200 a month with 13k to go

Good look.

If most college grads are paying something on the order of this, I think the student should be paying in favor of the parents saving.

Don't get me wrong, I'm not against saving, but the student paying has two major advantages: 1) That $22k will be way more valuable to the parents who know how much of a sacrifice it was to save that $100/month....whereas for the student it would be just free money. Thus, there's less of an incentive to take school seriously (I don't think most college students fully appreciate the cost of education especially when that cost is not put on them). 2) the parents are in a different place (over those 18 years) than a recent grad. Presumably there's other kids, a house and other debts to worry about.

 

[DemureNatural]

I definitely understand where the OP is coming from. No one is ignorant about the exorbitant cost of college in this country. If you or your parents ain't got it, and you aren't eligible for scholarships and grants, loans are your only option. I don't understand how people act like they don't know they have to be repaid.

I've been in repayment since 2009 >_<. Thankfully I am in a position to pay...Eff you Sallie Mae

As to my children, they will have academic scholarships because from birth education will be a priority. I will, however, make it my business to save money for their future education, just in case they want to attend a trade school.

 

[DemureNatural]

went to University of Maryland, the state had a tuition freeze all over the State Uni system so tuition at UMD was only like $8-8.5k a year throughout my 4.5 years of undergrad

I didn't take a loan until my last semester(last Fall). I graduated with $2700 in debt, graduated in December, and got a job right after. I paid the $2700 one day before my grace period ended I also worked part time doing security last few years or renting out Budget trucks one year

Staying at home and being in-state >>>>>>

that sounds spensive!
I went to FAMU and as an out of state student, I paid 8K per semester...The best thing anyone can do is apply to instate tuition! In FL, as a FT student I paid maybe $2500 a semester...

 

[↓R↑LYB]

If you were in the DNC thread the topic of student loan and personal responsibility came up. Most people were complaining about being "forced" into taking out massive amount of money for undergrad.

Of course no one blamed those who were in direct care of them, like their parents. Instead they blamed the "system" , bankers and other strangers. They were complaining about how impossible it is for parents to save money OVER THE COURSE OF 18 YEARS.

So my questions are to those who took out student loans.

Will you break the cycle and save money for your childrens college?

Or will you fail them as your parents failed you?

Is it impossible to save maybe $100 a month for 18 years, giving your kids roughly 22K or is the cell phone data plan and cable too much sacrifice for you?

 

[↓R↑LYB]

I'm paying 450/mo
Like 34k to go

 

[Kalik]

Starting the Florida 529 in his 8th grade, you pay it for 5 years and they go anywhere in Florida. Lucky me, my sons are 5 years apart, so I will do the same for 2nd son.

http://www.myfloridaprepaid.com/compare-plans/sample-chart.aspx <---- 5 year payment plan. 2+2

Thats my plan. Paid College and a car in 12th grade. If he fails...
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