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Forum » The impossibility of paying back a student loan? What do they do in this situation?
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Thread: The impossibility of paying back a student loan? What do they do in this situation?

post 1593579591 12-15-2019, 01:31 AM
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Originally Posted By Godfrd824⏩
The whole college education system is predatory. BS like having to buy a book made by the teacher teaching the class for $500, and you better not get last year's edition, because they fixed a punctuation mark in the edition. If you don't get the book, you don't pass. Then the book is worthless after you read two pages. That's just one example.
I've decided it's not worth arguing at this point. Some people you just can't reason with.

I haven't see anyone attempt to justify government guaranteeing these loans (absolving banks of any responsibility) or making the loans impossible to discharge in bankruptcy (evil). Once the cognitive dissonance sets in, their brains shut down.
post 1593579691 12-15-2019, 01:38 AM
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Originally Posted By QuitYourCrying⏩
You mean the irresponsible banks and colleges who conspired to screw over Americans? Nope. I want them to get ****ed over by having government revoke their guarantee of these loans and allowing all borrowers to declare bankruptcy. That would make me quite happy, actually.

These people despise you and everything you stand for. And here you are sucking their dicks for absolutely no reason.
Actually I would love it if this happened. I'm kinda torn tho, as banks kinda relied on this guarantee when handing out these loans,think they would have granted huge amounts without?

In reality, these sob stores of $100k loans are the vast minority. Average is less than $30k and with 10 year terms. Mind boggling what doctors, dentists, pharmacy students have to pay tho.
Virtue is its own reward.
post 1593579701 12-15-2019, 01:39 AM
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Originally Posted By Maestro⏩
what part of this pic don't you believe:



I almost fell into the trap with my loan. If you keep deferring your loan (because you're in school for longer than you should be, or you just don't have the means to start making the minimal monthly payments) it increases your interest rate.
There's a lot of missing info. For starters, what was the original rate? What is the current rate? Am I supposed to feel bad that this individual had to defer payments or missed payments causing the rate to go up?
I had to work my way through college, and have responsibly paid off my student loans. Not going to feel bad for this individual and others in the imilar position.
post 1593579931 12-15-2019, 01:49 AM
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Originally Posted By QuitYourCrying⏩
I've decided it's not worth arguing at this point. Some people you just can't reason with.

I haven't see anyone attempt to justify government guaranteeing these loans (absolving banks of any responsibility) or making the loans impossible to discharge in bankruptcy (evil). Once the cognitive dissonance sets in, their brains shut down.
You're not actually arguing with anyone, you realize that right? People have agreed with you yet you continue to rant.

The govt should absolutely GTFO of college loans. If people can't get guaranteed loans, less people will get the loans, equals less people applying to the higher prices colleges, SHOULD equal those tuition rates coming down
post 1593581491 12-15-2019, 03:34 AM
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You're not supposed to make minimum payments. That takes forever.


I don't buy these people's stories. If you pay the interest + some principal every month, your balance will go down.


Those balances are out of context and trying to garner sympathy.
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post 1593581551 12-15-2019, 03:38 AM
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Originally Posted By 401Delta⏩
Borrowing what you NEED to graduate with a worthwhile degree is one thing,
What's weird is people don't understand you don't need their degrees.


Anything you want to learn, is at your fingertips if you have a PC with an internet connection.
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post 1593582071 12-15-2019, 04:03 AM
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These people are idiots, if you want debt gone then pay more than the minimum. We all know they allow you to make small payments if necessary. If you're paying less than the interest accrued then you're braindead.

I paid off 48k in 3 years because I got a good degree and I knew I needed to clear the debt.

These idiots can fuk themsves
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post 1593582171 12-15-2019, 04:06 AM
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Just hear me out. What if they just took ppl who couldn't pay their student loans and harvested their organs and executed them China style. What do u think, Rob?
post 1593582631 12-15-2019, 04:26 AM
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Originally Posted By CalmWind⏩
What's weird is people don't understand you don't need their degrees.


Anything you want to learn, is at your fingertips if you have a PC with an internet connection.
Yeah I doubt any hospitals are going to hire a doctor who tells them trust me bro I learned about medicine from the internet
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post 1593585091 12-15-2019, 06:32 AM
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#100
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Bump this to the 3rd page.
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post 1593585121 12-15-2019, 06:33 AM
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Everyone has 2 kidneys.
You can get up to $240,000 for a healthy one.
You have two.
Student debt issue solved.
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post 1593585231 12-15-2019, 06:37 AM
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Interest is a function of time. IF you take a long time to pay back anything, you will pay twice the amount....even at 2-3% interest rate.

Nearly ANYBODY'S mortgage is like this. You're paying nearly twice the amount because of term length. You don't get to get halfway through the amortization schedule then bitch like you didn't know what was happening the entire time.

ON THE FLIP SIDE, people who have not educated themselves, by definition, are the people signing up for student loans. Then don't understand compound interest over long periods. The professors in the article do, and they're postulating it as a surprise which is just disingenuous.Taking a 100k out should sound risky to anyone.
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post 1593585391 12-15-2019, 06:41 AM
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First mistake - Spending 120K on college
Second mistake - deferring payments or making interest only payments
Third mistake - trying to blame it on everybody else

Fourth mistake - most likely a liberal with "victim" mentality...
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post 1593585731 12-15-2019, 06:50 AM
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#104
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Originally Posted By CalmWind⏩
You're not supposed to make minimum payments. That takes forever.


I don't buy these people's stories. If you pay the interest + some principal every month, your balance will go down.


Those balances are out of context and trying to garner sympathy.
This. Even paying interest only wouldn't impact the principle balance. My guess is as someone else noted that if people keep deferring these loans for years and years accrued interest gets added to the principle balance until payments start to get made.

As as pro-education as I am, I also agree that college costs are out of control. I have two kids, and even at in-state rates, by living on campus their bill was $25k/year. Tuition and fees is roughly half the cost, room board and food the other. So I'll end up paying almost $100k for both of my kids to have the college experience.

Ungrateful phuks better remember that when someone needs to get me off the toilet when I'm old.

And stfu with your old comments R&P.
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post 1593585771 12-15-2019, 06:53 AM
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#105
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Originally Posted By QuitYourCrying⏩
Perfect textbook example of what I was talking about.
Quit your crying.


Nut up, or shut up.
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post 1593585821 12-15-2019, 06:55 AM
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#106
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Originally Posted By chaunce54⏩
First mistake - Spending 120K on college
Second mistake - deferring payments or making interest only payments
Third mistake - trying to blame it on everybody else

Fourth mistake - most likely a liberal with "victim" mentality...
Ah yes the Republican solution, just nobody educate themselves. As much as that would strengthen your voting base, I doubt that would be great for the future of the nation
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post 1593585861 12-15-2019, 06:56 AM
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#107
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Originally Posted By isingmodel⏩
Ah yes the Republican solution, just nobody educate themselves. As much as that would strengthen your voting base, I doubt that would be great for the future of the nation
How about just being "smart" about your "education"?

There's literally no need to spend that much on a college education.

I got completely ripped off on my college costs, but still only spent a third of that. Yet, somehow, my loans will be paid off in 5 years... And I didn't go to college until I was 29.
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post 1593586051 12-15-2019, 07:04 AM
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#108
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Originally Posted By chaunce54⏩
How about just being "smart" about your "education"?

There's literally no need to spend that much on a college education.

I got completely ripped off on my college costs, but still only spent a third of that. Yet, somehow, my loans will be paid off in 5 years... And I didn't go to college until I was 29.
This is correct. It's not like the costs are secret, make good financial decisions and know what you're getting into with a clear plan.

And for perspective, full tuition to the University of Maryland back in my day (late 80's) was around $4k/year. Now it's around $11k, so while it's gone up, it's been a reasonable increase. The real cost comes from living on campus or attending a boutique school where tuition can be 4x a state school. Like I said, kids and their parents have to make decisions with complete knowledge and eyes open.
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post 1593587511 12-15-2019, 07:52 AM
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Originally Posted By Maestro⏩
Its not me, but someone that is seemingly doing everything "right" but hasn't made a dent in their loan after making regular payments for a long period of time. These people aren't deadbeats or skipping payments or working as baristas. They have respectable jobs and are paying their loans on time. The "bootstrap" mantra only goes so far if its been YEARS, and you haven't made a dent;












There's the sentiment around these parts in which the older generation is upset that millennials aren't buying houses or having kids, but how the hell do you proceed to the next step in your life (house+kids) when you're strapped with a "quicksand" of debt?
As if these people didn't know what they were getting themselves into to begin with? Its their own fault and even more laughable when they blow it on liberal arts degrees.
post 1593589241 12-15-2019, 08:33 AM
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#110
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The worst part about those loan testimonials is they're either complete morons not realizing they were making minimum or interest only payments or they're being intentionally ignorant.
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post 1593589381 12-15-2019, 08:35 AM
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Originally Posted By chaunce54⏩
How about just being "smart" about your "education"?

There's literally no need to spend that much on a college education.

I got completely ripped off on my college costs, but still only spent a third of that. Yet, somehow, my loans will be paid off in 5 years... And I didn't go to college until I was 29.
Dude, college should be an EXPERIENCE,you can't get the full hollywood version of college if you go to a CC. What about the frat bros? The football team? All the crazy fun parties?
post 1593589441 12-15-2019, 08:36 AM
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Originally Posted By Halfway⏩
Dude, college should be an EXPERIENCE,you can't get the full hollywood version of college if you go to a CC. What about the frat bros? The football team? All the crazy fun parties?
Can't tell if sarcasm or not.
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post 1593595521 12-15-2019, 10:33 AM
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Originally Posted By SillieBazzillie⏩
This is correct. It's not like the costs are secret, make good financial decisions and know what you're getting into with a clear plan.

And for perspective, full tuition to the University of Maryland back in my day (late 80's) was around $4k/year. Now it's around $11k, so while it's gone up, it's been a reasonable increase. The real cost comes from living on campus or attending a boutique school where tuition can be 4x a state school. Like I said, kids and their parents have to make decisions with complete knowledge and eyes open.
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post 1593595891 12-15-2019, 10:39 AM
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#114
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Originally Posted By Halfway⏩
Dude, college should be an EXPERIENCE,you can't get the full hollywood version of college if you go to a CC. What about the frat bros? The football team? All the crazy fun parties?
I know this is sarcasm, but I got all of that (went longer then I should have because of it) and paid off my loans years ago. Of course I went to school for something useful like computer science.

LOL at liberals being the party of the "educated" but being such complete retards at everything. And LOL at all this debt forgiveness bull****. Only thing that is going to do is show the next generation that being irresponsible is OK. There for sure needs to be some kind of reform on how ridiculous on how high college costs have gotten. And maybe liberals should stop trying to push schools to teach there are 100 genders and maybe some more actual useful life skills like personal finances. People also need to get over the stigma of trades. Way more job prospects and pretty easy to approach six figures with a quarter of the cost of schooling than some libtard underwater interpretive dance degree.
post 1593596181 12-15-2019, 10:44 AM
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Originally Posted By Maestro⏩
what part of this pic don't you believe:



I almost fell into the trap with my loan. If you keep deferring your loan (because you're in school for longer than you should be, or you just don't have the means to start making the minimal monthly payments) it increases your interest rate.
So that would be 10 ENTIRE YEARS of making an interest only payment of around $150 at around a 4.5% interest rate. And missing a bunch of payments too. I can believe that. I mean that person is a fukking moron and I don't feel bad for them, but I guess its believable that someone could be that stupid. I bet they posted that tweet from a $1,000 iphone too.
post 1593596521 12-15-2019, 10:50 AM
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#116
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Originally Posted By Halfway⏩
Dude, college should be an EXPERIENCE,you can't get the full hollywood version of college if you go to a CC. What about the frat bros? The football team? All the crazy fun parties?
Well damn, maybe I should ask for my money back

My experience was get up a 7:30AM, drive over an hour in rush hour traffic to go to school. After school, drive over an hour to go to work for 8 hours. Get home around midnight and then repeat...
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post 1593599411 12-15-2019, 11:53 AM
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#117
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Why work and pay for all or most of your school when you can just get loans and make bad decisions???
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post 1593599811 12-15-2019, 12:01 PM
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#118
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Originally Posted By rhadam⏩
Why work and pay for all or most of your school when you can just get loans and make bad decisions???
Why not just have a mortgage forgiveness as well? Or a car loan forgiveness also?
post 1593599921 12-15-2019, 12:02 PM
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#119
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Originally Posted By Dave22reborn⏩
Why not just have a mortgage forgiveness as well? Or a car loan forgiveness also?
Felony forgiveness.
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post 1593600211 12-15-2019, 12:06 PM
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#120
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The solution to all of America’s problems is cutting spending on worthless ****.... preferably our quest to be a global empire. We need to reduce taxes with legit budget adjustments, not tax breaks that will accumulate more national debt that will be passed off to another generation via higher taxes and prices down the line. With responsible spending, we will lessen the burden on everyone, including college graduates.

Also, can we please stop wasting money on stuff that generates no return like military aid to privileged countries and this dumbass tactic of “nation building”. We need to invest in our own economic growth. China is building highways and ports stretching over continents while we sit on our asses and debate about how much free **** we should give away.
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