Would some of you explain why you are horrified by student loans?

I work for a student loan company. It really isn't that hard to pay back a student loan. I have people all the time who call up asking for a deferment of forbearance because they can not make payments on their student loan but they want to go buy a house. I completely understand where you are coming from, I think it is just the fact that people think they are going to have to pay these off for the rest of their lives.

In reality, if people take resposibility, get a good job and manage their money it is NOT that hard to pay back. And I agree it is completely worth it in the long run. The time you start running into trouble is when you get the people who start school, take out tons of loans, and never finish. In which case their is no benefit to it. If you CAN pay for it out of pocket then of course that is great, but if you can't then it really isn't that horrible to get a student loan.

enable's communicate in terms of capitalism. If each physique around you has a school degree and you do no longer why could an employer hire you? those different persons took the hassle a minimum of. As a hiring supervisor, employers assume you to convey ambition and a few thing to the table they'd use. based upon the placement. If i'm searching for an accountant, I assume an accounting degree. no longer a severe college degree. I worked for an advert business enterprise as quickly as and in the event that they have been searching for a image or information superhighway designer they envisioned to work out a portfolio. in the event that they have been attempting to sell somebody they envisioned a school degree AND a portfolio. Adhering to budgets is important. this is a rewarding undertaking. no longer all exciting and video games. have you ever tried explaining budgets to a severe college graduate? reliable success with that. Sociology like Library technology substitute into by no ability a great incomes degree besides. this is been a working shaggy dog tale because of the fact the 70's. That and underwater basket weaving. people assume authentic levels. Accounting, laptop programming, networking, electronics stuff like that. some thing they'd use to advance or run the corporation. Edit: If a school degree is what the employer needs then a school degree is what they get. until you have your guy or woman corporation then hire every physique you elect. or you will constantly be on the outdoors looking in. Or looking up the ladder. yet I assure you in case you have any form of achievable growing to be corporation quicker or later a school graduate would be working there. that's what we've. And this is the winning college graduates that are hiring different college graduates. this is totally comprehensible. hire people such as you.

That's the American way. Because Americans think that a college education should be nearly free. Listen to all the whining on this site about their EFC's; about trying to justify why their 18 yr old should be considered "independent" in order to get more free money from the government. You can't file bankruptcy on student loans either like you can with consumer debt. And what if the kid finishes college and ends up working at Starbuck's or something because they decided to major in some non-marketable major. I went to Junior college, did great there, got a free ride because of it through a small liberal arts college and transferred. Went to med school at one of the top US schools and never regretted one penny of the nearly 100K I borrowed to do it.

I don't think that people sit down and think to themselves "Hmm, I wonder what's better, student loan debt, or credit card debt?" as though those are the alternatives that they have to choose between.

Also, higher education doesn't guarantee higher overall income. Getting your Masters or PhD does maybe, but a BA or a BSc doesn't really help much.

So people are looking at 6 - 9 years of debt incurred whilst not working.

Not only that... college is not fun. First year level studies are absolutely boring. Many of my professors note that students are the only people in the world who are happy to not get their money's worth from their purchases. They all cheer when classes are cancelled!

...so, the worth of student loan debt is really only knowable over the long term (if I judged by my first few semesters I'd have dropped out). Consumer debt is much more tangible - ie: 'I have this debt, but I also have a new car/ house to show for it'.

With school, all you get is accreditation by an institution which deems itself an authority on accreditation. Diplomas, degrees, doctorates... none of them really mean anything except to other academics.

On MIT's OpenCourseWare website, people can study entire curriculums for FREE, only there's no credit given for having studied and learned the material. In a number of weeks, I could study several semesters worth of psychology material, understand it better than someone studying the same stuff at university, and yet have nothing to show for it. Buuut, I would have got the same thing that I WANT to get from post secondary studies - namely, an education (which could easily be attained in a fraction of the time if the system was at all efficient).

Basically, accreditation does not seem like it's worth thousands of dollars in debt and many years of sacrifice and struggle.

Getting a student loan is like buying a lottery ticket - there's no guarantee of success, satisfaction or happiness.

I could get a job at a mill in town, and make $25 an hour, without any education, straight out of highschool, or I could go to school for 6 years and get a desk job where you have to deal with politics and beaurocracy, and make about the same amount of money - only for the first while, it would all be going into paying back my loans! seems kind of redundant.

Schooling doesn't get people ahead as much as you think.

What I get from school is not what I put in to it. I learn more about the respective fields that I'm studying when I research them on my own time.

...actually, I wrote a sociology paper on this very subject last semester, and my prof flunked me on it since it more or less undermined the entire education system. I backed up all my points and whatnot with journals though, and had him reread it with me in the room, and he gave me a B- on it.

Needless to say, I quit taking sociology, ha ha. Now I'm a psych/ philosophy major, minoring in english.

I hate school - and hopefully by taking psych and philosophy I'll be able to figure out why! LOL

Quitting and getting a meaningful job, and having a lifestyle that isn't totally consumed by academia is so very tempting. Getting close to finals, people get so brain dead that all they can talk about is school. The education system dissolves peoples' personalities.

...so yeah, student loans are terrifying because they are only worthwhile when you commit 100% to school... and school isn't what it's cracked out to be.

-Rob

In my day student loans were cheap and could be refinanced easily. Now Congress has a one time consolidation that is running from more than 6% to 9%. We have an outstanding loan on a child that was at 71000 dollars at 6.125% Making payments of over 700 dollars a month with over 400 dollars of it interest . I have wheedled that down to around 27000 dollars in a year by taking 0% to 2.9% transfer loans on credit cards cutting thousands of dollars in interest. I will have to be diligent in making more transfers as these run out but meanwhile this money is going on principle.

We are now facing huge loans again as our next son enrolls next fall.

I think people are more apt to charge a credit card because you get instant satisfaction with your purchase (consumer products, etc.) The idea of student loans is painful because the school is an obstacle that you might not even complete -- and you will still owe the money. If you don't believe in yourself, student loans sound horrible. So... believe in yourself!!!

I'm a student in high school, but I don't plan on taking out loans in college because it's a burden to have it. You know you have to pay it back, so you constantly worry about it. It's better to just pay it then, because you'll have to pay it eventually.

That's how I am, though. I'm not a procrastinator, so it bothers me when I wait to do something (ie: pay someone back). Plus, when I finally get a job after college, I don't want to have to already worry about money. I'd rather do it and get it over with.

When you get a student loan, you end up having to pay about double or more of it back to the school. It's also a lot of trouble to maintain and even more trouble if you can't pay them back.

If you can handle it, join the military after highschool. If you survive enlistment, the government gives you money to go to college.

Because we parents want our children to start thier careers with a clean slate, i.e., no debts.

My gosh how can you be so ignorant to this fact. I just hope my chldren do not encounter your type when beginning college.