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    отличнo! Maestro's Avatar
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    The impossibility of paying back a student loan? What do they do in this situation?

    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?
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    Registered User Polaris's Avatar
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    I don't know.

    Ba was pretty stupid to go that far in debt, but that sort of interest is absurd as well. I'm not sure what the solution is (but it's not Bernie or Pocahontas). What did Ba study exactly to go that far into debt btw?
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    America First. XterraRob's Avatar
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    Put it this way OP, compare how long bankruptcy takes to be removed from your credit report (7-10 years) relative to how long your payments last for (10-30 years).

    Why do you think Trump was a genius?
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    Registered User cashinout's Avatar
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    what was it that they told coal miners?

    learn...to....code?
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    отличнo! Maestro's Avatar
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    Originally Posted by cashinout View Post
    what was it that they told coal miners?

    learn...to....code?
    So, you're basically telling them to just "deal with it" or lay down and rot?

    This mentality is why candidates like bernie have any traction at all.
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    What are their monthly expenses? Can they refinance the student loan to get a lower interest rate?
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    B*nn*d 401Delta's Avatar
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    Originally Posted by XterraRob View Post
    Put it this way OP, compare how long bankruptcy takes to be removed from your credit report (7-10 years) relative to how long your payments last for (10-30 years).

    Why do you think Trump was a genius?
    You can't discharge federal student loans like you can other debt, though.

    Originally Posted by Maestro View Post
    So, you're basically telling them to just "deal with it" or lay down and rot?

    This mentality is why candidates like bernie have any traction at all.
    Yes.

    As ****ty as it sounds, a whole bunch of people are going to have to suffer for the next bunch to have an awareness not to make the same mistake.

    Borrowing what you NEED to graduate with a worthwhile degree is one thing, but many seem to borrow everything they can get and then mismanage it, or select a major that doesn't translate into a job.

    Fukk 'em and maybe people reading this thread won't make the same mistake they did.
    Last edited by 401Delta; 12-14-2019 at 07:01 PM.
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    Registered User Polaris's Avatar
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    Originally Posted by Maestro View Post
    So, you're basically telling them to just "deal with it" or lay down and rot?

    This mentality is why candidates like bernie have any traction at all.
    Can you answer my questions? I'm not some boomer, but I got a Masters without going anywhere near that far into debt. I made sacrifices.

    I'm curious why Ba is 6 figures deep and why he/she should be entitled to anything. I do think the costs of college and the interest rates should be addressed though, so don't get me wrong.

    I am curious about the accountability and what he/she spent all that money on though.
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    Anti-Circumcision JoshSP1985's Avatar
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    Sounds like they're making interest only payments... not smart
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  10. #10
    America First. XterraRob's Avatar
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    Originally Posted by 401Delta View Post
    You can't discharge federal student loans like you can other debt, though.

    Yes.

    As ****ty as it sounds, a whole bunch of people are going to have to suffer for the next bunch to have an awareness not to make the same mistake.

    Borrowing what you NEED to graduate with a worthwhile degree is one thing, but many seem to borrow everything they can get and then mismanage it, or select a major that doesn't translate into a job.

    Fukk 'em and maybe people reading this thread won't make the same mistake they did.
    Have no idea what kind of loans they are referencing but I remember private loans were very predatory 10 years ago.

    Okay just saw some referenced federal lol, oof.
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    Originally Posted by Maestro View Post
    So, you're basically telling them to just "deal with it" or lay down and rot?

    This mentality is why candidates like bernie have any traction at all.
    I'm not going to pretend to have the answers because I don't, but I think that the GOP should start considering some solutions to this problem as part of their platform.

    I went to a state university while working full time for my first 3 semesters (had to take a part time work schedule once the load got heavier), and managed to finish with zero debt. However I understand that not everyone goes to a state university, and that not everyone could work as much as I did during that time, as my boss was flexible with my schedule and allowed me to shift days / hours around for the most part. Also in a really intensive major, you may not be able to work at all.

    Regardless of whether these people made their own bed by choosing a chit major, were pressured to go to college by all their teachers and parents and didn't get the results they were told they would get, or actually did get a good job and are simply overwhelmed by debt; they're going to start voting and this will obviously be a huge priority to them and I don't think that's going to change as they get older. If fringe lunatics like Bernout are the only ones talking about student debt forgiveness (and I don't think it should all be 100% forgiven, not sure how tf that would work), many people are going to support them simply based on that.
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    What they do is start with not spending $70-$100k in a degree that gets you a job paying $50k, then only make interest payments cause they aren’t worried about paying off their debt
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    отличнo! Maestro's Avatar
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    Originally Posted by Polaris View Post
    Can you answer my questions? I'm not some boomer, but I got a Masters without going anywhere near that far into debt. I made sacrifices.

    I'm curious why Ba is 6 figures deep and why he/she should be entitled to anything. I do think the costs of college and the interest rates should be addressed though, so don't get me wrong.

    I am curious about the accountability and what he/she spent all that money on though.
    Probably frivolous things. They probably took out a loan large enough to never have to work while in school (which is counter-intuitive since you need to work to have experience to be competitive, but thats a discussion for a totally different topic).

    The point is there are hundreds of thousands if not a million or more individuals in this country in their predicament. They've misused the system either through negligence or some other reason, but now it has occurred at such a large frequency that their mistakes may start to effect everyone.

    Originally Posted by 5x10 View Post
    What they do is start with not spending $70-$100k in a degree that gets you a job paying $50k, then only make interest payments cause they aren’t worried about paying off their debt
    Yes we (and even they) are aware of that. The damage has already been done. I'm talking about solutions after the fact.

    Originally Posted by John L View Post
    Regardless of whether these people made their own bed by choosing a chit major, were pressured to go to college by all their teachers and parents and didn't get the results they were told they would get, or actually did get a good job and are simply overwhelmed by debt; they're going to start voting and this will obviously be a huge priority to them and I don't think that's going to change as they get older. If fringe lunatics like Bernout are the only ones talking about student debt forgiveness (and I don't think it should all be 100% forgiven, not sure how tf that would work), many people are going to support them simply based on that.
    bingo.

    This is the point i've been subtly hinting at.
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    Why is it "impossible?"
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    Originally Posted by Maestro View Post
    Probably frivolous things. They probably took out a loan large enough to never have to work while in school (which is counter-intuitive since you need to work to have experience to be competitive, but thats a discussion for a totally different topic).

    The point is there are hundreds of thousands if not a million or more individuals in this country in their predicament. They've misused the system either through negligence or some other reason, but now it has occurred at such a large frequency that their mistakes may start to effect everyone.



    Yes we (and even they) are aware of that. The damage has already been done. I'm talking about solutions after the fact.
    Get a second job, cut their quality of life back, and start plowing that debt down with every available cent they have
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    отличнo! Maestro's Avatar
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    Originally Posted by jamalfudge View Post
    The government will put liens on the debtors' estates. It is all by design.
    lol what estates? I guarantee they're all renters.
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    Lots of people flat out got ****ed by people preaching the "American Dream " and " you gotta get an education..." Not to mention i know friends that did YEARS of signing up for classes, drinking every day missing classes, and never got placed on academic probation or thrown out of college.

    I don't know what the solution is but I'll be damned if my kids are good to college for a liberal arts degree
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    отличнo! Maestro's Avatar
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    Originally Posted by 5x10 View Post
    Get a second job, cut their quality of life back, and start plowing that debt down with every available cent they have
    What if you're in your late 30s, been paying on a 100k loan for 10 years and haven't made a dent? Would it even be worth it to try to pay it off?

    Think about it. That person gets a second job and finally has enough income to chip away at the loan....All things staying the same (they never get sick or have their hours cut or lose their job) they may have the loan paid off by the time they're in their mid to late 50's. Then what do they do? save up for a down payment on their first house which would take a minimum of 5 years while trying to finally start a family in their late 50's?

    Or, is it simply best to just make the payments and accept the loan as an "accessory tax" and die with the loan while renting for the rest of their life?

    lol this is why a "bernie" candidate is eventually going to get elected. It may not be in 2020, but its gonna happen.
    Last edited by Maestro; 12-14-2019 at 07:28 PM.
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    Originally Posted by Maestro View Post
    What if you're in your late 30s, been paying on a 100k loan for 10 years and haven't made a dent? Would it even be worth it to try to pay it off?

    Think about it. That person gets a second job and finally has enough income to chip away at the loan....All things staying the same (they never get sick or have their hours cut or lose their job) they may have the loan paid off by the time they're in their mid to late 50's. Then what do they do? save up for a down payment on their first house which would take a minimum of 5 years while trying to finally start a family in their late 50's?

    Or, is it simply best to just make the payments and accept it as your new life and die with the loan?
    There is zero reason to have $100k in loans for an undergraduate degree. Post graduate degrees should only be pursued if they translate into a job.

    Just LOL at getting a PhD in Progressive Thought Studies for $200k from an Ivy League school and then crying about your debt.
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    Originally Posted by 401Delta View Post
    You can't discharge federal student loans like you can other debt, though.
    What you can do is get a personal loan, pay off the student loan, then declare bankruptcy. But you will kill your credit and won't be able to get a loan for years. The only real solution is to repay them.
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    The school i went to was less than 6k a year (CA state). The school i'm in now is less than 8k a year (ND state).. again.. state school for the win. Just lmao if you are going that much in to debt for education.. you're doing it wrong. Not to mention interest is what... less than 6% typically? People who don't know how to manage their finances don't get to dictate change.
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    Originally Posted by Maestro View Post
    So, you're basically telling them to just "deal with it" or lay down and rot?

    This mentality is why candidates like bernie have any traction at all.
    and the alternative is?

    Pay off their debt so that we don't get candidates like Bernie who promise to ....pay off their debt...?
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    Originally Posted by skier! View Post
    What you can do is get a personal loan, pay off the student loan, then declare bankruptcy. But you will kill your credit and won't be able to get a loan for years. The only real solution is to repay them.
    I don't think many borrowers would qualify for an unsecured personal loan in the same amount, and certainly not with it listed as current debt.
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    Originally Posted by Maestro View Post
    What if you're in your late 30s, been paying on a 100k loan for 10 years and haven't made a dent? Would it even be worth it to try to pay it off?

    Think about it. That person gets a second job and finally has enough income to chip away at the loan....All things staying the same (they never get sick or have their hours cut or lose their job) they may have the loan paid off by the time they're in their mid to late 50's. Then what do they do? save up for a down payment on their first house which would take a minimum of 5 years while trying to finally start a family in their late 50's?

    Or, is it simply best to just make the payments and accept it as your new life and die with the loan while renting for the rest of your life?
    i like listening to Dave Ramsey, and have heard countless people talk about the 10s of thousands they have paid off in school debt

    It usually consists of them realizing that they are doing isn’t working
    Getting on a budget
    Selling $30k+ automobiles, buying beaters, freeing up that extra money and throwing it at the debt instead of spending it
    Getting side hustles and using that money to pay off debt
    Takes a commitment and will to do

    I’m sure some people have borrowed more than they can pay back and at that point, I’m not sure what they can do
    I have a coworker who has a daughter in college
    They are from Texas, but the daughter wanted to go to a film school in ny
    Tuition is $100k per year
    Parents are trying to help with it but are limited
    She will probably get out school with $300k in debt, making 50k per year

    I would argue that these loans should be underwritten to avoid situations like above
    What’s the college cost, what’s the degree and avg pay for the field they will be entering
    Loans aren’t available, now you have to go to a more affordable school
    There does need to be a restriction on the availability of these loans
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    Cry me a river.

    12 years of school and 4+ years of college, yet still doesn’t know how interest rate works and how to calculate percentage (basic math). “OMG I’m shocked that interest rate increases original loan amount OMG”. If anyone is pissed then it’s me for being forced to pay taxes to finance public education for those irresponsible liberal cockroaches.

    Oh, but they do know how to get the latest IPhone and book beach condos to Spring Break party vacations. That’s what they do know. How nice.

    And yeah, those are the same smug liberal little sh!ts that go around flashing their diplomas and making fun of blue collar tradesmen. We have plenty on this forum too, who brag about being “college educated” and live near a glass skyscraper, but then vote for Bernie because their deadbeat useless ass can’t get hired with Gender Studies PhD and pay the loan back. Meanwhile, conservative tradesmen is debt free and is making nearly six figures doing real work with real life skill.

    Fuk them all. No loan forgiveness, no nothing. Bankrupt them all, seize all their property, force to join the military or throw their ass in prison for financial fraud.
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    Originally Posted by rhadam View Post
    The school i went to was less than 6k a year (CA state). The school i'm in now is less than 8k a year (ND state).. again.. state school for the win. Just lmao if you are going that much in to debt for education.. you're doing it wrong. Not to mention interest is what... less than 6% typically? People who don't know how to manage their finances don't get to dictate change.
    I'd wager the vast majority of these people took out their loans at 18 and were never taught about the potential trappings of a loan while in HS.

    I went to public school and was never taught how to take out loans or buy a car or stocks or saving up for a mortgage, but I sure as hell never forgot that the mitochondria is the power-house of the cell and in 1492 Columbus Sailed the Ocean blue.

    Also some professions (Law School for example) put credence on the school you attended so the University you go to effects your future job prospects once you graduate.
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    I mean 120k is a lot, but you can't put a price on the smug, warm feeling you can only get from calling Drumpfkins "uneducated" online
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    Originally Posted by 401Delta View Post
    I don't think many borrowers would qualify for an unsecured personal loan in the same amount, and certainly not with it listed as current debt.
    This,

    When they run a hard check on your credit they'll see the loan and the lender will easily put "two and two together" and deny you.
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    Originally Posted by Halfway View Post
    I mean 120k is a lot, but you can't put a price on the smug, warm feeling you can only get from calling Drumpfkins "uneducated" online
    the educated elite are both educated and elite and also need a bailout by Drumptards
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