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Thread: Student Loans

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    Student Loans

    What America Owes In Student Loans : Planet Money : NPR





    Americans now owe more on student loans than they owe on their credit cards.

    Source: Federal Reserve Bank of New York
    Credit: Lam Thuy Vo / NPR



    The amount of student debt being taken on every year has been rising rapidly for years now.


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    Re: Student Loans

    The Education Loan Bubble. Ugh. I think someone else was posting here in the cave about it recently too.


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    Re: Student Loans

    Yeppers... Iowa state loans, not so much, and would have been barely anything had I been a 4 year degree (arch requires 5 years) and didn't study abroad for 6 months... I wouldn't trade either (like being an architect and it was an amazing opportunity to live in Rome for that long).

    Then came ivy league grad school... It's going to take me the whole 25 years to pay this sucker off. I pay as much in rent as I do in student loans. Makes me super envious of the kids whose parents paid for everything. What a way to get ahead. (Note the fact that I'm 31 and renting still).



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    Re: Student Loans

    With the price of tuition increasing, and 18-21 year olds not really understanding the consequences of taking large amounts of loan money, this doesn't shock me at all.



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    Re: Student Loans

    Screw that. I'd go to NIACC first if it were like that when I went there. But it wasn't... Lucky me.



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    Re: Student Loans

    People are taking out $100K in loans for philosophy and communications degrees. People take out loans to pay their rent, and use the loan money to go out to the bars. "I wouldn't trade in my college experience." Huge load of crap. Have fun paying for it for the rest of your life, always being behind the 8 ball.

    Some people get lots of debt to become doctors and lawyers and make 6 figures. That's fine as long as they have a plan to pay it off reasonably.

    But if you got 6 figures of debt for a 50K business job, you aren't too bright.

    No reason you can't work 20 hours a week and go to school full time. Plenty of people do it.



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    Re: Student Loans

    Quote Originally Posted by BloodyBuddy View Post
    No reason you can't work 20 hours a week and go to school full time. Plenty of people do it.


    Add in a full-time hours summer job.




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    Re: Student Loans

    Just paid off my car and it feels amazing... can't imagine what writing that last student loan check feels like




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    Re: Student Loans

    Quote Originally Posted by CLONECONES View Post
    Just paid off my car and it feels amazing... can't imagine what writing that last student loan check feels like
    Just did the same yesterday. Lump sum payment to finish it out. Time to start rolling the payments onto the wife's student loans.




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    Re: Student Loans

    Quote Originally Posted by CLONECONES View Post
    Just paid off my car and it feels amazing... can't imagine what writing that last student loan check feels like
    Paid mine off last year. Had another 7-8 years on it too. Felt great. Suck it b!tch3s.



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    Re: Student Loans

    Outside of Vet Medicine, I don't really see any reason anyone at Iowa State should have $50,000 in debt when they leave. Either they needed to start at DMACC and knock out some gen eds or they needed to get done with school in 4 years. There are very few programs at Iowa State which require 5 years. No reason it should take someone 5 years to get a degree in marketing unless they changed majors and nothing transferred.

    Like echoed above, there's no reason people can't work for 15-20 hours per week and take out less loan money. That loan money you took out so you could go to Cancun for spring break wasn't necessary, nor was spending a couple hundred bucks at the bar each week. Get an apartment with a couple friends and you can easily do a year in Ames with a couple thousand in loans max.



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    Re: Student Loans

    Heard on tv today that the Federal student loan interest rate could double; anyone else hear that or did I miss a part of it? I was at Ramsey service when I heard it.



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    Re: Student Loans

    Quote Originally Posted by vanillathrilla View Post
    Heard on tv today that the Federal student loan interest rate could double; anyone else hear that or did I miss a part of it?
    It will go back to the previous rates (at or above 6%) as planned when they slashed the rates below 3.5%.




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    Re: Student Loans

    Quote Originally Posted by BloodyBuddy View Post
    People are taking out $100K in loans for philosophy and communications degrees. People take out loans to pay their rent, and use the loan money to go out to the bars. "I wouldn't trade in my college experience." Huge load of crap. Have fun paying for it for the rest of your life, always being behind the 8 ball.

    Some people get lots of debt to become doctors and lawyers and make 6 figures. That's fine as long as they have a plan to pay it off reasonably.

    But if you got 6 figures of debt for a 50K business job, you aren't too bright.

    No reason you can't work 20 hours a week and go to school full time. Plenty of people do it.
    I agree with what you said...but unfortunately I learned that lesson when it was too late. I remember talking to my loan advisor at school. His words were and I quote "this is the cheapest money you will ever get. You'd be a fool to not take it all." So that is what I did. They were the best years of my life (so far) but if I could change anything it would be to go back and kick myself for blowing that much money. I too pay as much in student loans as I do in rent. It took me 7 years but I'm months away from being credit card debt free for the first time in my life as well. It's limited the amount of risk I can take professionally and I'm still working on buying my first home.

    Kids just need to be better educated on what they are doing.



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    Re: Student Loans

    I made the choice to go to ISU from out of state and graduated in 4 years with roughly 25k(ish) in debt.

    The lowest option they give me to made monthly payments back is $489

    haha sucks having 0 extra cash but hittin principal already is big time




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