Student Loans are Wage Slavery

[stateofbeasley]

It's August, and many students will be heading off to college very soon.

If you or your child is taking out Federally backed loans (Stafford, PLUS, Perkins), or private loans, please watch this documentary:

NOW on PBS - Student Loan Sinkhole

And read some of these stories:

http://www.pbs.org/now/shows/5...dent-loan-stories.html

Student loans cannot be discharged in bankruptcy.

The Student Loan Companies like Sallie Mae make loans recklessly to any teenager who will sign papers, because Sallie Mae knows that the US government will pay them if the student does not, where it comes to loans disbursed under FFEL.

I have many colleagues from law school who owe between $100,000 and $150,000 in loans, and this makes paying the bills very difficult. $1000-$1200/month in loan payments over the next 20-25 years are not pleasant.

Don't buy the arguments of expensive universities and US News & World Report rankings that expensive schools are good. You can get just as good of an education at a state school as you can an expensive private school. I have been on both sides of the education field and my conclusion is that the education you get largely depends on the effort and sweat you put in.

 

[JS80]

facepalm doesn't begin to describe

. <---- that's the world's smallest violin or a single tear for these dbags

lol @ the pathetic losers in the comments on that site.

 

[amdhunter]

Kids should use those loans and buy a nice house. Then they should go get a job. School is stupid these days. There will be no work when they graduate.

 

[Chryso]

Yeah, making people be responsible for their actions is such a bad thing!
Are you retarded?

 

[OCGuy]

They get to go to a school that they could otherwise not afford, and they want to cry about it? Sorry, no sympathy.

 

[Crono]

Originally posted by: stateofbeasley
The Student Loan Companies like Sallie Mae make loans recklessly to any teenager who will sign papers

I can personally attest to this

 

[sactoking]

Big fail.

Irresponsible borrowing is irresponsible.

 

[ViviTheMage]

Originally posted by: sactoking
Big fail.

Irresponsible borrowing is irresponsible.

bingo

 

[joesmoke]

I think murdering the lenders and the students is the only way to right this ship...

 

[DivideBYZero]

<Family Guy Gay Guy> Oh no!</Family Guy Gay Guy>

 

[nanette1985]

Sometimes what you learn in college has nothing to do with classes.

If you haven't already learned the lesson that you have to check the details of any financial obligation, then you're learning it now. The hard way.

 

[waffleironhead]

How about using that loan money to get a degree that will actually get you a job. BA in art appreciation isn't too marketable. If you use the money as an investment in yourself to increase your income, then you are doing ok.

 

[ZoNtO]

Or just graduate with a degree (undergrad at least) without any debt.

It's the same concept as the housing crisis. They want the prestige of going to an educational institution they can't afford, probably want to live a lifestyle they can't afford that accompanies such an institution, and then wonder why they can't pay the bills. Just like people wanted homes that were clearly out of their budget and then had to default the loans because there's no way they could keep it up and stay alive...

I didn't buy a 2009 Scion TC when I was car shopping even though I wanted one. I got a 2000 Civic used with some physical defects. Why? BECAUSE I CAN AFFORD IT!

Don't Buy Stuff You Can't Afford

 

[Dumac]

Student loans are fine if you end up using a career that makes a significantly larger salary than what you probably would have had otherwise (i.e. med or law school). It isn't fine if you are paying 50k a year for four years for an art degree.

 

[arcenite]

Originally posted by: Crono

Originally posted by: stateofbeasley
The Student Loan Companies like Sallie Mae make loans recklessly to any teenager who will sign papers

I can personally attest to this

ditto

 

[Red Squirrel]

If you need a student loan to go to school then it shows you sucked at saving money during high school. As much as it's fun to have summers off, once you hit high school it's time to realize the real world is coming soon and you need to be prepared. Get a job for the summer and save up. 4 years worth of that should be more then enough for your first year tuition, then during summer after 1st year, work again, this time for longer, and often more money. Next thing you know not only do you have enough money for college but you have more, then you can use some of it to buy toys like a new PC or something you don't need but want.

I can't believe it when people have been working full time for over 5 years and STILL have student loans to pay off! that's just crazy to debt yourself to that extent.

 

[Red Squirrel]

Originally posted by: ZoNtO
Or just graduate with a degree (undergrad at least) without any debt.

It's the same concept as the housing crisis. They want the prestige of going to an educational institution they can't afford, probably want to live a lifestyle they can't afford that accompanies such an institution, and then wonder why they can't pay the bills. Just like people wanted homes that were clearly out of their budget and then had to default the loans because there's no way they could keep it up and stay alive...

I didn't buy a 2009 Scion TC when I was car shopping even though I wanted one. I got a 2000 Civic used with some physical defects. Why? BECAUSE I CAN AFFORD IT!

Don't Buy Stuff You Can't Afford

So true. That's pretty much how I live, and I enjoy myself. I mean, sure, it would be fun right now to buy myself a brand new truck given I'm doing lot of construction, and my dad sells cars so I bet I could manage to get one, but can I afford it? probably not. So I have a used buick lasabre instead which I paid cash for, and have to get it repaired for less then what a new car would cost me.

 

[Jumpem]

There's no way my wife and I would have professional jobs and a six figure income without our $70k of student loans.

 

[Gibson486]

Yes....I am one of those dumb people who took out lots for school. Sallie Mae has me on a chain for the next 30 years Why can't the bail out help me

 

[duragezic]

Originally posted by: RedSquirrel
If you need a student loan to go to school then it shows you sucked at saving money during high school. As much as it's fun to have summers off, once you hit high school it's time to realize the real world is coming soon and you need to be prepared. Get a job for the summer and save up. 4 years worth of that should be more then enough for your first year tuition, then during summer after 1st year, work again, this time for longer, and often more money. Next thing you know not only do you have enough money for college but you have more, then you can use some of it to buy toys like a new PC or something you don't need but want.

I can't believe it when people have been working full time for over 5 years and STILL have student loans to pay off! that's just crazy to debt yourself to that extent.

I don't know any who can have $20k saved at the end of high school and make $20k per summer after that. I use $20k as a rough estimate of costs per year for a state university.

One of the only ways to avoid college loans if your parents or scholarships aren't helping is to work full-time during college, and that isn't for most people.

 

[jlee]

Originally posted by: RedSquirrel
If you need a student loan to go to school then it shows you sucked at saving money during high school. As much as it's fun to have summers off, once you hit high school it's time to realize the real world is coming soon and you need to be prepared. Get a job for the summer and save up. 4 years worth of that should be more then enough for your first year tuition, then during summer after 1st year, work again, this time for longer, and often more money. Next thing you know not only do you have enough money for college but you have more, then you can use some of it to buy toys like a new PC or something you don't need but want.

I can't believe it when people have been working full time for over 5 years and STILL have student loans to pay off! that's just crazy to debt yourself to that extent.

Depends on what school you're going to. Most people aren't going to make $10K+ every summer when in high school. I barely make $10K every summer working full time.

 

[stateofbeasley]

Originally posted by: Chryso
Yeah, making people be responsible for their actions is such a bad thing!
Are you retarded?

Frak you.

This isn't about the people who are now crushed under piles of student loans. This is about warning parents and the college bound exactly how dangerous these loans are.

I'm sure there are lots of people on this forum who have college age kids, or are headed to college themselves. They need to know the worst that can happen.

 

[zinfamous]

Originally posted by: Crono

Originally posted by: stateofbeasley
The Student Loan Companies like Sallie Mae make loans recklessly to any teenager who will sign papers

I can personally attest to this

Sallie Mae approves loans? I thought they were only into consolidating?

 

[waggy]

Originally posted by: RedSquirrel
If you need a student loan to go to school then it shows you sucked at saving money during high school. As much as it's fun to have summers off, once you hit high school it's time to realize the real world is coming soon and you need to be prepared. Get a job for the summer and save up. 4 years worth of that should be more then enough for your first year tuition, then during summer after 1st year, work again, this time for longer, and often more money. Next thing you know not only do you have enough money for college but you have more, then you can use some of it to buy toys like a new PC or something you don't need but want.

I can't believe it when people have been working full time for over 5 years and STILL have student loans to pay off! that's just crazy to debt yourself to that extent.

sure when you go to Community college like you its not a problem.

But i know NO high school kid that is going to be able to save enough to go to a good 4 yr school.

 

[Gibson486]

Originally posted by: RedSquirrel
If you need a student loan to go to school then it shows you sucked at saving money during high school. As much as it's fun to have summers off, once you hit high school it's time to realize the real world is coming soon and you need to be prepared. Get a job for the summer and save up. 4 years worth of that should be more then enough for your first year tuition, then during summer after 1st year, work again, this time for longer, and often more money. Next thing you know not only do you have enough money for college but you have more, then you can use some of it to buy toys like a new PC or something you don't need but want.

I can't believe it when people have been working full time for over 5 years and STILL have student loans to pay off! that's just crazy to debt yourself to that extent.

10K in 3 months during high school? wow....that must be some job.....