Millennials Face1 trillion in debt majority school loans

10,395 Views | 98 Replies | Last: 4 yr ago by aTm2004
Brian Earl Spilner
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Started at $40k in 2013.

After a consolidation and later a refinance, I'm currently locked at 4.375% and down to about $12k.

Paying it down aggressively now, trying to wipe it out within the next year.
aTm2004
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Brian Earl Spilner said:

aTm2004 said:

HBCanine08 said:

Part of the problem is the inability to pay off those loans quicker due to the high interest rates. I spoke with an older attorney who graduated from law school in the early 2000s. He mentioned that his interest rates were at about 3% compared to the 6.8% I got in 2009.

The older generation in Congress sets the interest rates on federal student loans, and they've managed to f that up. I've said screw it and refinanced some of my student loans. I should be finished paying off my loans in about 4 more years (hopefully).

Locked my $20k in at 1.9% in 2005. Pay like $64/mo. I'm in no hurry to pay those babies off.
Your rate may be low, but paying it off that slow means you'll be paying a hell of a lot more interest than you need to.

Yeah, but I earn more putting it in a Roth and avoiding PMI.
Grits
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Duggins90 said:

maybe take a break from school for a few yrs. as an education is a journey.



This is good advice, however you've got to read up on what you're studying, in many of the sciences your core credits have an "expiration date".
-OCHWFLAKASSBRTTEFE-
The Dog Lord
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Snicklepox said:

Duggins90 said:

maybe take a break from school for a few yrs. as an education is a journey.



This is good advice, however you've got to read up on what you're studying, in many of the sciences your core credits have an "expiration date".

People should be cautious with this approach though, because there is a fairly significant negative correlation between the time since a student was last enrolled and the likelihood that they will ever return to finish. Plus, if catalogs expire it could mean needing to take additional coursework to meet new degree requirements.
ToHntortoFsh
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I graduated w 8K in loans. I only borrowed money for tuition. Each semester I was offered 12-15K. I worked for rent, books, and food. My apartment was mediocre and I shared it w two friends. An education can still be sought for a relatively reasonable cost you just can't live like you're on a 4-5yr vacation living a lavish lifestyle. All of these freakin 5 star resort apartments that are popping up gotta be expensive!!
"America is a nation that can be defined in a single word:

Asufutimaehaehfutbw"
Bondag
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ToHntortoFsh said:

I graduated w 8K in loans. I only borrowed money for tuition. Each semester I was offered 12-15K. I worked for rent, books, and food. My apartment was mediocre and I shared it w two friends. An education can still be sought for a relatively reasonable cost you just can't live like you're on a 4-5yr vacation living a lavish lifestyle. All of these freakin 5 star resort apartments that are popping up gotta be expensive!!
4 years in dorm and a 2 bedroom apartment for $525 per month. Wasn't fancy, but got job done.
Baron von Bulsh
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182K in student loans here @ 5.5%.

Eligible for student loan forgiveness in 7-8 years.

Fingers crossed that program doesn't go away in that time.
jja79
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WTF? So the rest of us can pay it huh?
riverrataggie
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Baron von Bulsh said:

182K in student loans here @ 5.5%.

Eligible for student loan forgiveness in 7-8 years.

Fingers crossed that program doesn't go away in that time.


And you have stars? I hope these loans are passed down to your children.
Picard
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Baron von Bulsh said:

182K in student loans here @ 5.5%.

Eligible for student loan forgiveness in 7-8 years.

Fingers crossed that program doesn't go away in that time.


No Ag tag here makes me happy

Markets are Superior
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OriolePete
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Who do I call to get my 10 year old student debt forgiven? Is it Obama?
Picard
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AstroPete said:

Who do I call to get my 10 year old student debt forgiven? Is it Obama?


Yes. Use your Obamaphone. Better get it taken care of before he goes to prison though.
Brian Earl Spilner
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Ring ring ring ring ring ring ring ring

Obamaphone
lotsofhp
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jja79 said:

WTF? So the rest of us can pay it huh?


It's funny how in our society people people don't even think of it this way any more.

There was a time when people were ashamed that they couldn't honor their debts. Now people talk about it freely. They don't even realize what they're saying.
Baron von Bulsh
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riverrataggie said:

Baron von Bulsh said:

182K in student loans here @ 5.5%.

Eligible for student loan forgiveness in 7-8 years.

Fingers crossed that program doesn't go away in that time.


And you have stars? I hope these loans are passed down to your children.


I honestly don't even know what the stars mean. I'm sure you'll enlighten me.

In regards to my loans, I'll definitely meet the terms of my agreement, unless I meet an untimely death. I know a good Ag like you wouldn't wish that on anyone though, right?
Baron von Bulsh
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Picard said:

Baron von Bulsh said:

182K in student loans here @ 5.5%.

Eligible for student loan forgiveness in 7-8 years.

Fingers crossed that program doesn't go away in that time.


No Ag tag here makes me happy




Ags don't lie, cheat, or steal. I'm not doing any of those things either. I'm fully compliant with the terms of my loan. I pay what my lender tells me to and when.

I'm assuming your gripe is more a political one, and that you're not a fan of the program. If that's the case, please let your state representative know about it.
Baron von Bulsh
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AstroPete said:

Who do I call to get my 10 year old student debt forgiven? Is it Obama?


Calling Obama might be difficult. I'll help you out and provide a link that might help you out.

https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service

Who is your employer? You might qualify too.
Baron von Bulsh
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lotsofhp said:

jja79 said:

WTF? So the rest of us can pay it huh?


It's funny how in our society people people don't even think of it this way any more.

There was a time when people were ashamed that they couldn't honor their debts. Now people talk about it freely. They don't even realize what they're saying.


I fully realize what I'm saying. I'm saying that I am meeting the demands of my lender. I pay what they tell me, when they tell me.

I don't know anyone who would willingly pay back more than they are required to pay. If you fall into that category, then I am honored to converse with you because you're a better man than most.
Baron von Bulsh
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It appears I've really kicked the hornets nest down at the retirement home.

Just out of curiosity, to all of the posters who disagree with the PSLF program, when did you graduate? How much were your loans? And what was your interest rate?

I may have a theory here....
The Dog Lord
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lotsofhp said:

jja79 said:

WTF? So the rest of us can pay it huh?


It's funny how in our society people people don't even think of it this way any more.

There was a time when people were ashamed that they couldn't honor their debts. Now people talk about it freely. They don't even realize what they're saying.

I see it as more of an agreement/program than someone not honoring their debts. It's the same as Texas's B-on-time loan. If you meet certain requirements, it actually ends up being a grant that you don't have to repay. If you don't meet the requirements, you're on the hook for the loans.

The public service loan program needs to be more legit and have agreements up front rather than this weird "wait to see if you qualify" process 10 years after graduation. The military is more up front about the educational benefits someone will receive once eligible, but they also commit to serving in order to get those benefits. You could have someone commit to something like being a public defender for 5 years after law school BEFORE they begin their law program rather than deciding to do it after they graduate.

They could also put limits on the amount that could be forgiven based on timely progress to graduation (I.e. only forgiving the equivalent of 4 years even if it takes you 5 years). They may also need to consider the cost differences between public and private programs. You shouldn't need as much money to finish a public program (assuming you aren't getting scholarships or other aid that might cut the price at a private institution).
riverrataggie
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Don't play the victim and whoa is me card now. Nobody is wishing you harm. We just ask that you be a grownup and accountable to pay your debts.
DallasAggie0
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riverrataggie said:

Don't play the victim and whoa is me card now. Nobody is wishing you harm. We just ask that you be a grownup and accountable to pay your debts.


He is paying what he is legally required to pay...

I don't see what the problem is here.
Bondag
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DallasAggie0 said:

riverrataggie said:

Don't play the victim and whoa is me card now. Nobody is wishing you harm. We just ask that you be a grownup and accountable to pay your debts.


He is paying what he is legally required to pay...

I don't see what the problem is here.


The American taxpayer is paying his debts

I don't know the line of work, but there are many that 10 years is not long enough to just have student loans erased.
aTm2004
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Baron von Bulsh said:

It appears I've really kicked the hornets nest down at the retirement home.

Just out of curiosity, to all of the posters who disagree with the PSLF program, when did you graduate? How much were your loans? And what was your interest rate?

I may have a theory here....

I posted mine earlier. Graduated in '04. You chose to take on the debt and you should be responsible for paying it back. If your employer offers, that's a different story.
jja79
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I unloaded a boxcar full of 50 pound bags of range cubes 3 days a week at Bryan Farm and Ranch to keep from borrowing money.

If you payback less than the full amount you borrowed someone else has to pay it.
lotsofhp
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Baron von Bulsh said:

lotsofhp said:

jja79 said:

WTF? So the rest of us can pay it huh?


It's funny how in our society people people don't even think of it this way any more.

There was a time when people were ashamed that they couldn't honor their debts. Now people talk about it freely. They don't even realize what they're saying.


I fully realize what I'm saying. I'm saying that I am meeting the demands of my lender. I pay what they tell me, when they tell me.

I don't know anyone who would willingly pay back more than they are required to pay. If you fall into that category, then I am honored to converse with you because you're a better man than most.


I should have worded my original post kinder, in sorry about that.

I was just trying to point out that as a society, when people say, "yeah I took out a huge amount of debt, hopefully they forgive them" we don't connect the dots back to the idea that the Americans people foot the bill. I just think people used to be much more aware of that.
John Francis Donaghy
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lotsofhp said:

Baron von Bulsh said:

lotsofhp said:

jja79 said:

WTF? So the rest of us can pay it huh?


It's funny how in our society people people don't even think of it this way any more.

There was a time when people were ashamed that they couldn't honor their debts. Now people talk about it freely. They don't even realize what they're saying.


I fully realize what I'm saying. I'm saying that I am meeting the demands of my lender. I pay what they tell me, when they tell me.

I don't know anyone who would willingly pay back more than they are required to pay. If you fall into that category, then I am honored to converse with you because you're a better man than most.


I should have worded my original post kinder, in sorry about that.

I was just trying to point out that as a society, when people say, "yeah I took out a huge amount of debt, hopefully they forgive them" we don't connect the dots back to the idea that the Americans people foot the bill. I just think people used to be much more aware of that.


The loan forgiveness program depends on the borrower working in certain positions that the government has decided provide enough benefit to society to warrant taxpayer subsidization.

It's a fair exchange. Thr borrower spends ten years working in a field that benefits the nation, often at lower than market pay, and in return the government forgives the loan using taxpayer funds.

It's not just a free giveaway of taxpayer money to people who don't pay. It's a give and take for both sides. If you dont like it, take it up with your political representatives, not the participants in the program.
The Dog Lord
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aTm2004 said:

Baron von Bulsh said:

It appears I've really kicked the hornets nest down at the retirement home.

Just out of curiosity, to all of the posters who disagree with the PSLF program, when did you graduate? How much were your loans? And what was your interest rate?

I may have a theory here....

I posted mine earlier. Graduated in '04. You chose to take on the debt and you should be responsible for paying it back. If your employer offers, that's a different story.

In essence, isn't the employer offering in the case of public service loan forgiveness?
aTm2004
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The Dog Lord said:

aTm2004 said:

Baron von Bulsh said:

It appears I've really kicked the hornets nest down at the retirement home.

Just out of curiosity, to all of the posters who disagree with the PSLF program, when did you graduate? How much were your loans? And what was your interest rate?

I may have a theory here....

I posted mine earlier. Graduated in '04. You chose to take on the debt and you should be responsible for paying it back. If your employer offers, that's a different story.

In essence, isn't the employer offering in the case of public service loan forgiveness?

Using tax payer dollars. That's the difference.
 
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