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  1. #11
    Quote Originally Posted by Gravy Power View Post
    That's insane. I graduated from an AAU University, which I attended for 5 1/2 years, with only 25k in debt. Granted that was 12 years ago, but I pretty much took out the max every semmester. But a 17.9% variable interest rate? My student loans have been locked in at 4.62% for ten years. Yikes.
    I think that has to do with the school. IIRC, trade schools do not qualify for the lowest interest rates. Most universities do not have such high rates.

    My graduate school loan rates are less than 4% right now. I recall there was a spike in interest rates in the early 2000's, but recent legislation, I thought, reduced those rates.
    Michael
    "Don't you know who he is?"

  2. #12
    Quote Originally Posted by James View Post
    Unfortunately many soon to be doctors and dentists do that.
    Add lawyers, MBA grads to that and extend the length out to 20 years. Most graduate school loans that I'm aware of are 15 to 20 years.
    Michael
    "Don't you know who he is?"

  3. #13
    Senior Member Lucretia's Avatar
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    Several things about the article really put a knot in my tail. The kid had an opportunity to get dad to pay for a degree--but he didn't love it, and dropped out his sophomore year. Translation: Waaaah! School is HARD!!!!! He signed up with a place that offered immediate gratification--"only 12 months of study and a 3 month externship". He took out large loans "and they LIED to me!" Did he read the freaking paperwork? Or did he just blindly sign where he was told? He got his first job--in his field, and above minimum wage--but it didn't pay what he thinks someone with his exalted skills and education deserves. Guess he hasn't heard of paying your dues. And just how much did he think he'd earn? Sallie Mae offered a little relief--but it wasn't good enough. He can't pay "his rent"---not "his part of the rent". Must be nice to have an apartment with no roomates. Oh, and don't even try to pay your debts--just wait, and Congress will allow you to declare bankruptcy and all the rest of us will have to pay for it.

    My sister has 4 kids. She and her husband bust their butts at work, live in a small old house, drive an old car, take public transportation. The kids went to public school and state colleges on scholarship. The kids have always had jobs, bagging groceries, whatever they could do to earn some extra money, and worked hard to get good grades. Now the oldest has a PhD and is a pharmacist, the next is at Princeton working on his PhD in engineering with a full scholarship and stipend, the 3rd is starting at Cal Tech this year for his PhD in engineering with full scholarship and stipend, and the last is finishing up his master's degree in social work this year. None of the kids have loans--they've done it all by hard work, going to public schools, and ferreting out any scholarship they could get. But you won't read any articles about them. And they'll get screwed since they've earned what they got when other kids get their loans forgiven.
    Now is not the time to bother me. And it's always now. Wiley Miller

  4. #14
    Quote Originally Posted by Lucretia View Post
    Several things about the article really put a knot in my tail. The kid had an opportunity to get dad to pay for a degree--but he didn't love it, and dropped out his sophomore year. Translation: Waaaah! School is HARD!!!!! He signed up with a place that offered immediate gratification--"only 12 months of study and a 3 month externship". He took out large loans "and they LIED to me!" Did he read the freaking paperwork? Or did he just blindly sign where he was told? He got his first job--in his field, and above minimum wage--but it didn't pay what he thinks someone with his exalted skills and education deserves. Guess he hasn't heard of paying your dues. And just how much did he think he'd earn? Sallie Mae offered a little relief--but it wasn't good enough. He can't pay "his rent"---not "his part of the rent". Must be nice to have an apartment with no roomates. Oh, and don't even try to pay your debts--just wait, and Congress will allow you to declare bankruptcy and all the rest of us will have to pay for it.

    My sister has 4 kids. She and her husband bust their butts at work, live in a small old house, drive an old car, take public transportation. The kids went to public school and state colleges on scholarship. The kids have always had jobs, bagging groceries, whatever they could do to earn some extra money, and worked hard to get good grades. Now the oldest has a PhD and is a pharmacist, the next is at Princeton working on his PhD in engineering with a full scholarship and stipend, the 3rd is starting at Cal Tech this year for his PhD in engineering with full scholarship and stipend, and the last is finishing up his master's degree in social work this year. None of the kids have loans--they've done it all by hard work, going to public schools, and ferreting out any scholarship they could get. But you won't read any articles about them. And they'll get screwed since they've earned what they got when other kids get their loans forgiven.
    +1

    If you want to pursue your dream, you better be prepared to deal with all the s**t that comes with it.
    Michael
    "Don't you know who he is?"

  5. #15
    Senior Member Deckhand's Avatar
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    Quote Originally Posted by Lucretia View Post
    Several things about the article really put a knot in my tail. The kid had an opportunity to get dad to pay for a degree--but he didn't love it, and dropped out his sophomore year. Translation: Waaaah! School is HARD!!!!! He signed up with a place that offered immediate gratification--"only 12 months of study and a 3 month externship". He took out large loans "and they LIED to me!" Did he read the freaking paperwork? Or did he just blindly sign where he was told? He got his first job--in his field, and above minimum wage--but it didn't pay what he thinks someone with his exalted skills and education deserves. Guess he hasn't heard of paying your dues. And just how much did he think he'd earn? Sallie Mae offered a little relief--but it wasn't good enough. He can't pay "his rent"---not "his part of the rent". Must be nice to have an apartment with no roomates. Oh, and don't even try to pay your debts--just wait, and Congress will allow you to declare bankruptcy and all the rest of us will have to pay for it.

    My sister has 4 kids. She and her husband bust their butts at work, live in a small old house, drive an old car, take public transportation. The kids went to public school and state colleges on scholarship. The kids have always had jobs, bagging groceries, whatever they could do to earn some extra money, and worked hard to get good grades. Now the oldest has a PhD and is a pharmacist, the next is at Princeton working on his PhD in engineering with a full scholarship and stipend, the 3rd is starting at Cal Tech this year for his PhD in engineering with full scholarship and stipend, and the last is finishing up his master's degree in social work this year. None of the kids have loans--they've done it all by hard work, going to public schools, and ferreting out any scholarship they could get. But you won't read any articles about them. And they'll get screwed since they've earned what they got when other kids get their loans forgiven.
    +1
    Refused education from dad, then technical school with ridiculous loans, now tax payers are giving him $1600 a month disability while he states he has no choice but to be homeless. Just checked studio apartments in Ohio for $450 a month without a roommate. No wonder his dad is fed up. No mention of drinking or drug habits etc. Yes, I try to have empathy for others and help where I can. But my help usually goes to people like the recent honor student that was jailed for truancy because she was working two jobs to support her family. I have received occasional help from my dad in life, but if I am not busting my a$$ then I know no help will be offered and wouldn't think it was owed to me. I worked overtime all the way through nursing school, while donating plasma,driving on my spare tire much of the time.and many times other teachers and students would help feed me. Graduated top of my class and first to take and pass the board exam. I used to go to school so tired from work i wore my hiking boots by accident to school one day instead of the nursing shoes. I had a wife and my first son on the way. I had no room for excuses. Even when help is offered I don't behave with a sense of entitlement, but with gratitude.

  6. #16
    Senior Member Lucretia's Avatar
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    All that said, if these companies are giving loans to people who obviously can't pay them, the loan company should eat the losses.
    Now is not the time to bother me. And it's always now. Wiley Miller

  7. #17
    Senior Member Johnny.B.Good's Avatar
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    Quote Originally Posted by Lucretia View Post
    All that said, if these companies are giving loans to people who obviously can't pay them, the loan company should eat the losses.
    Agreed.

    Why should my tax dollars go to a private loan company?

    The whole thing is outrageous.

  8. #18
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    Many people seem to have a casual attitude about repaying their student loans. Surely that must contribute to some lenders charging credit card-like interest rates. You have to cover your losses somehow. And then it becoms a viscious cycle, as the higher the rates are that you charge, the more people who will likely default.
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  9. #19
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    I agree with Andrew H that a lot of this loan stuff overplayed. And private schools that are often showcased for their super high tuitions/fees also heavily discount their tuition depending upon the student's financial aid situation and academic merit. Students seldom pay the 'sticker price' and discount rates are often in the 40% range.

    With that said, I read once that that legally there was no way to make a person pay back a student loan because to garnish a person's wages was within the definition of indentured servitude, which is illegal in the US. This is why punishment was (and is) often indirect: bad credit, confiscating tax refunds, can't get new loans etc. Nowadays, however, they allow garnishment of wages (usually 10%) and if you google "indentured student," you will get many hits.

    Just saying.

    k.
    "There's only one thing I hate more than lying…skim milk, which is water that's lying about being milk." -- Ron Swanson

  10. #20
    Senior Member Deckhand's Avatar
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    Quote Originally Posted by mr drinky View Post
    I agree with Andrew H that a lot of this loan stuff overplayed. And private schools that are often showcased for their super high tuitions/fees also heavily discount their tuition depending upon the student's financial aid situation and academic merit. Students seldom pay the 'sticker price' and discount rates are often in the 40% range.

    With that said, I read once that that legally there was no way to make a person pay back a student loan because to garnish a person's wages was within the definition of indentured servitude, which is illegal in the US. This is why punishment was (and is) often indirect: bad credit, confiscating tax refunds, can't get new loans etc. Nowadays, however, they allow garnishment of wages (usually 10%) and if you google "indentured student," you will get many hits.

    Just saying.

    k.
    Interesting terminology indentured servitude by law is considered slavery by the UN. It seems up to 50% garnishment for child support and garnishment of seniors social security are being done. I am sure there are more examples. Also, if you owe too much debt you can now be limited on acquiring a passport.

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