A Third Of Student Debt Holders Spent ‘Extra Money’ They Thought Would Be Wiped Clean…

[actaeon277]

Then, instead of going to college and partying all the time, and doing the homework 5 minutes before class

I was working 7 pm to 7 am shifts, or 8 hour rotating shifts.
Getting my homework done and studying, while still working, so that I didn't need to beg people to pay off my loan.



TOTALLY the same as their situation...

 

[natdscott]

I took a loan for a car or a house, on a job I already had, and allowed for loss of significant hours in pay in case something happened.

A lot different than taking a $70,000 loan on a job that I don't have, and when I did get it, still wouldn't pay it off.
And then there's the whole... give them money to help pay it off, and they WEREN'T going to use it to help pay it off.

Seems pretty different to me.

Oh, the general situation being discussed is different, but did you hear what I was saying about being--or at least sounding--judgmental about people that borrow money?

Loans are an essential tool of a well-rounded financial toolbox. They can mash your finger same as a hammer can, but so can many other financial tools, if used poorly or inappropriately.

 

[actaeon277]

Oh, the general situation being discussed is different, but did you hear what I was saying about being--or at least sounding--judgmental about people that borrow money?

Loans are an essential tool of a well-rounded financial toolbox. They can mash your finger same as a hammer can, but so can many other financial tools, if used poorly or inappropriately.

I'm being judgemental, about people NOT wanting to pay loans back, that thought they were getting money to pay loans back, but instead were just blowing the money.

Someone wants to get a loan, to educate and invest in themself to make more in the future... more power to them.
But, they can pay it back.

Someone wants a loan to go to school just for pure education and not profit... more power to them.
But they can pay it back.

Someone is told they are being given money to help pay the loan, and they blow it.
NO.
NO.
NO.

 

[Dean C.]

Just so people who have never been to college or graduated 20+ years ago have an idea of what it costs to get an education currently.

Just to make my point even further , this is what my MBA cost as a Indiana Resident. How is that affordable to anyone?? Still a "Public School"

The government created this mess with guaranteed student loans that are non bankruptcy dischargeable. At this point either the .gov unfucks the system or it collapses in the next decade is my prediction.

 

[actaeon277]

Just so people who have never been to college or graduated 20+ years ago have an idea of what it costs to get an education currently.

Just to make my point even further , this is what my MBA cost as a Indiana Resident. How is that affordable to anyone?? Still a "Public School"

The government created this mess with guaranteed student loans that are non bankruptcy dischargeable. At this point either the .gov unfucks the system or it collapses in the next decade is my prediction.

I'll agree about government interference.
And I'll add, interference in school, trying to push EVERYONE into college.
Ignoring that we still need trades, ditch diggers, etc.

But.. if you can't afford to pay it back later...
Such as taking 70k in loans for a $7/hour job.
You'll never pay it back.

 

[Dean C.]

I'll agree about government interference.
And I'll add, interference in school, trying to push EVERYONE into college.
Ignoring that we still need trades, ditch diggers, etc.

But.. if you can't afford to pay it back later...
Such as taking 70k in loans for a $7/hour job.
You'll never pay it back.

Government interference is 100% of the reason college is borderline unaffordable, originally during the space race loans were first offered to STEM students only as a way to make the US more competitive after the USSR beat us to space with Sputnik. Then eventually they were opened up to everyone like they are now.

IU's Tuition rates for the last 30 years for reference, as the amount of student loans available increases the tuition goes up to match. Also worth noting that in 1976 was when Student Loans were made non bankruptcy items and in the early 1980's is the first time people at large were complaining about the cost of college.

There is absolutely nothing wrong with the trades and you can make a good living at them. But I have seen what 30 years as a Millwright or Machine Repair do to people's bodies and no thanks.

 

[jsharmon7]

A college diploma is the modern day high school diploma. Outside of the trades, most jobs want a college degree even for jobs that don’t pay all that great. So now kids feel obligated to go $50k - $100k in debt just to find a career. We need to start steering kids into the trades, or at least to focus in on the career they want and go from there. Want to be a nurse? Save thousands going to Ivy Tech. Look at the military for job-specific training for a career after service. Continuing to tell kids they have to go to college to make something of themselves needs to stop. Same with employers requiring a college degree for a $15/hr entry-level position.

 

[KLB]

A college diploma is the modern day high school diploma. Outside of the trades, most jobs want a college degree even for jobs that don’t pay all that great. So now kids feel obligated to go $50k - $100k in debt just to find a career. We need to start steering kids into the trades, or at least to focus in on the career they want and go from there. Want to be a nurse? Save thousands going to Ivy Tech. Look at the military for job-specific training for a career after service. Continuing to tell kids they have to go to college to make something of themselves needs to stop. Same with employers requiring a college degree for a $15/hr entry-level position.

You have it backwards. Because so many were getting diplomas, businesses began requiring them for jobs that shouldn't need one.

 

[Cameramonkey]

You have it backwards. Because so many were getting diplomas, businesses began requiring them for jobs that shouldn't need one.

Actually, due to crappy economies, and a glut of workers is what brought that on. I experienced the paper ceiling myself.

IT jobs for instance. They don’t need a degree. But companies were getting too many resumes to sift through. So the used college degrees as a filter. No degree? Don’t even apply. Sure, you don’t need one for the job, but we don’t like sorting through so many applications so let’s just weed out most of the applicants so it’s easier on us.

 

[bobzilla]

Actually, due to crappy economies, and a glut of workers is what brought that on. I experienced the paper ceiling myself.

IT jobs for instance. They don’t need a degree. But companies were getting too many resumes to sift through. So the used college degrees as a filter. No degree? Don’t even apply. Sure, you don’t need one for the job, but we don’t like sorting through so many applications so let’s just weed out most of the applicants so it’s easier on us.

And then HR departments can't understand why their worker pool sucks.

 

[Cameramonkey]

And then HR departments can't understand why their worker pool sucks.

Yep. You get guys like me with 20 years OTJ experience being automatically excluded over guys who can barely even spell the job with a degree in art appreciation.

In some cases, the only way past that hurdle is a personal, hand delivered recommendation to someone they are close with on the inside in hiring. And in one case I know, one hiring manager got so burned by somebody without a magic piece of paper, that I was told by somebody on the inside that had told me to apply at his company not 6 months earlier to not bother anymore. Even he couldnt get me in the door.

 

[GodFearinGunTotin]

Yep. You get guys like me with 20 years OTJ experience being automatically excluded over guys who can barely even spell the job with a degree in art appreciation.

In some cases, the only way past that hurdle is a personal, hand delivered recommendation to someone they are close with on the inside in hiring. And in one case I know, one hiring manager got so burned by somebody without a magic piece of paper, that I was told by somebody on the inside that had told me to apply at his company not 6 months earlier to not bother anymore. Even he couldnt get me in the door.

A few years ago we hired an electrical engineer at the plant. I wasn’t a part of this decision but a friend of mine was. The candidate was a Rose Hulman grad. My friend said (and it turned out to be true) he could tell during the interview the guy was…”a piece of work”. But the manager believed that if the candidate was a RH grad, that was good enough and insisted on hiring him. Yikes, that was a mistake. A couple years later they reorganized a bit and that RH grad was now working for me. It didn’t take long for him to get wind his days were numbered and he finally quit. Good riddance. His resignation was among the best days of my career.

 

[bobzilla]

A few years ago we hired an electrical engineer at the plant. I wasn’t a part of this decision but a friend of mine was. The candidate was a Rose Hulman grad. My friend said (and it turned out to be true) he could tell during the interview the guy was…”a piece of work”. But the manager believed that if the candidate was a RH grad, that was good enough and insisted on hiring him. Yikes, that was a mistake. A couple years later they reorganized a bit and that RH grad was now working for me. It didn’t take long for him to get wind his days were numbered and he finally quit. Good riddance. His resignation was among the best days of my career.

A position I previously held is now a "BS required", when there is absolutely no degree to cover that position even remotely, plus they will end up sending you off for at least two different certifications that cost them about $6k. I couldnt' even reapply now because I didn't get a degree, but when I left I was running two different programs. The people they've hired since have all been worthless and left/fired.

 

[Shadow01]

“Roughly a third of Americans with student loans spent money they would not have normally spent because they were “confident” it would be forgiven under President Joe Biden, according to a new poll.“

“The poll by Intelligent.com surveyed 977 people who would have qualified for at least $10,000 of debt relief under Biden’s student loan forgiveness plan, which was struck down by the Supreme Court last month. Of those, one in three said they spent “extra money” because they were assuming forgiveness, with many spending that money on things like vacations, retail items, and even alcohol, drugs, and gambling.“

“Over half of borrowers now say they don’t feel prepared once student loan repayment starts back up in October, with 35% saying they’re “very unprepared” and 23% saying they’re “somewhat unprepared.” Over a quarter of respondents also claimed they might “refuse to pay” the $10,000 that would have been forgiven under the president’s plan.”

A Third Of Student Debt Holders Spent ‘Extra Money’ They Thought Would Be Wiped Clean: Poll | The Daily Wire

www.dailywire.com

When seen, is it acceptable to point at them and chuckle?

 

[two70]

Just so people who have never been to college or graduated 20+ years ago have an idea of what it costs to get an education currently.

Just to make my point even further , this is what my MBA cost as a Indiana Resident. How is that affordable to anyone?? Still a "Public School"

The government created this mess with guaranteed student loans that are non bankruptcy dischargeable. At this point either the .gov unfucks the system or it collapses in the next decade is my prediction.

Provided one gets a worthwhile degree, $12,000 per year doesn't seem unreasonable or that difficult to pay off in a reasonable amount of time. Especially if one actually works while in college. The MBA is definitely a bit bill but shouldn't be that an issue for someone who behaves responsibly and makes use of their degree.

Yes, I know I excluded housing and food, I did it on purpose because it is absolutely ridiculous to include that in the cost of college. People have to pay for housing and food whether they go to college or not. At least those going to college have loans to help with that if they choose. It's only a problem when the student doesn't work, doesn't begin paying at least the interest right away, and behaves irresponsibly with their money in general.

 

[MCgrease08]

There are plenty of ways to go to college without any student loan debt. The idea that someone has to go to their "dream school" or pay $20,000 (and up) for a year of tuition is just dumb.

 

[KLB]

Actually, due to crappy economies, and a glut of workers is what brought that on. I experienced the paper ceiling myself.

IT jobs for instance. They don’t need a degree. But companies were getting too many resumes to sift through. So the used college degrees as a filter. No degree? Don’t even apply. Sure, you don’t need one for the job, but we don’t like sorting through so many applications so let’s just weed out most of the applicants so it’s easier on us.

It's generally not set in stone. The problem is biggest for entry level jobs. Once you have experience that can overcome the lack of degree.

 

[Destro]

There are plenty of ways to go to college without any student loan debt. The idea that someone has to go to their "dream school" or pay $20,000 (and up) for a year of tuition is just dumb.

This.

I was pushed into trades because I was a slacker in high school. I quickly realized trades were not for me. I hid out in the Army for 4 years, got my head on right, and used my GI bill to go to a very expensive private school. Very thankful that was an option to me. I for sure didn't get a value equal to the sticker price for it though.

 

[actaeon277]

The steel mill went through that "only college grads need apply" phase for awhile.
Because someone told them college grads could learn more, and be better workers, and increase their profits.

Well, they found out a piece of paper doesn't equate to ability to WORK.
And they found out that while they have many 'thinking' jobs in the modern mill, there are STILL menial jobs.
And college grads don't seem to want to apply for those jobs.

 

[Leo]

The steel mill went through that "only college grads need apply" phase for awhile.
Because someone told them college grads could learn more, and be better workers, and increase their profits.

Well, they found out a piece of paper doesn't equate to ability to WORK.
And they found out that while they have many 'thinking' jobs in the modern mill, there are STILL menial jobs.
And college grads don't seem to want to apply for those jobs.

Working Instrument and controls tech work, I had short assignments at many places, Steel, Oil, Chemical, Manufacturing, Power plants and food.

I saw the introduction of the College degree only for salaried positions. They started as craft specific. ie: to run a chemical process, you needed to be a chemist, to run a machining process, you needed to have Mechanical engineering, to boss people you needed a management degree. That sounded like a good plan, but quickly fell apart.

That quickly became "any degree was acceptable" for any salaried position. . You would have a female Arts major as a supervisor in manufacturing. An 8th grade history teacher would be hired to manage skilled technical people. A middle aged woman who just got her degree in humanities overseeing project management. EOE audits seemed to force this issue. In the mean while, a well respected man that had spent 23 years in a given department, that was proven expert on all 8 processes in the department, would be passed over. He would be forced to submit to people that were inferior in every job aspect to him. Then upper management does not understand why quality products do not get out the door. I postulate this condition is because they themselves are unfit for their positions, no matter their area of training.