Student loans and why you -shouldn't- get one.

[Litodude]

Source: http://manvsdebt.com/wp-content/uplo...dent-Loans.jpg

This page was linked through a friend's blog, named "Red," and I feel I'm obligated to share this information with you all since it pertains to many students preparing to go to university/post graduate school - or are already in. The tidbits and witty commentary here and there are pretty one-sided, but it gives another look to how much in debt you can potentially be in:

[Reincarnate]

Yeah, I attended an Ivy and got hit with disgusting loans from the start of sophomore year. Had no other options either other than paying my own way, and it sucks.

Education is in dire need of reform... it's currently a huge problem for kids to get ahead when costs are so retardedly high.

On the bright side, I get to build credit with the loans. On the dark side, I'd just rather not have the loans to begin with.

[ddrxero64]

^This is why I'm unable to attend college this semester. I'm currently paying off $1,500 I don't have. It was given to me by the government, but after only passing 3 out of 4 classes (one was apparently incompletely due to 4 absences? bs) they are allowed to demand the financial aid back. Of course no one told me this in high school. They were saying things like "Go to college right after you get out of high school! Don't take a year off and work, or you'll never go back! Get student loans, that's what they're for!"

I'm glad I didn't get a student loan. Lito has a huge point here, and being one of the students suffering, you need to plan out college. My situation is minor compared to others. I'm actually deciding to work for another year and a half until I'm ready to securely attend community college again, without the risk of going into a debt I can't pay.

Live at home, get a job, and save your money. Alternatively, wait a year or two before you head to college. Having money in the bank at 20 and entering college is a lot safer. And at that point, would a business like to take a 22 year old with an unpaid student loan and no work experience or a 24 year old with a stable life and work experience? Society is full of holes nowadays.

[Thatskier]

...

What ivy school?

[Reincarnate]

I went to Penn

[Thatskier]

Nice, I'm shooting for berkley ~_~

[Reincarnate]

Berkeley's aid sucks if you're out of state -- they pretty much said to me "you get no aid, but feel free to take out the entire thing in loans" -- ****ers

[Thatskier]

Sigh O_o. I think my parents could pay for most of it as my dad is CIO of a bank.

[Reincarnate]

That's pretty much what you need at this point. If you want to attend a pricey school, better hope your parents are rich. Otherwise, you're going to take it up the tailpipe.

[ScarletSky]

But like it's been said, why the government want to reform something that's raking in millions of dollars annually? Why would ANY corporation, business, firm, or government want to eliminate hundreds of millions from their revenue? It doesn't matter who gets knocked down the totem pole. So long as they get their cut.

[Litodude]

Originally Posted by Reincarnate

On the bright side, I get to build credit with the loans.

Prior to the military, my mother did recommend having a small student loan in order to continue building the credit she established for me when I was 13 (she works at the bank, winning). I've only ever had a 2k student loan, and I just bought a new computer with it, and actually just paid it off this month. I started that loan in 2008. I've put it into deferment status during training and also to keep a "running tab" on my credit. A small loan to get you necessities I will recommend, but anything other than that (say, paying for all of your tuition at a state college/uni) I would avoid.

[Patashu]

just toss it onto the pile of 'things wrong with the USA'. we'll fix it when it's profitable (read: when the big banks are for it)

[kmay]

People really need to learn the importance of working and saving, and attending community colleges. I put in 60 hours of work every week during the summer to pay of my tuition, going my first year debt free, second year is still going to be debt free. I also am working 20 hours or more every week during the semester.

You learn everything just the same as any other college, but with a HUGE disscount. It is worth it and if you care where you get your associates from, transfer before you graduate. NDB.

I know people that had their parents pay their way into college and pay for their tuition, almost all of them failed out and are starting up at the community college I go to in the fall semester. Shit happens when life hands you everything on a silver platter.

[igotrhythm]

I'm a curious case.

I actually got a full ride to Wayne State because of my stellar ACT scores, but it didn't take long for me to crack under the load of 14 credit hours in my first semester with no help from the special needs department (I'm Asperger's and as such pretty much required an IEP to get to that point). After a tailspin, I stopped going to classes altogether, then decided to start fresh at a community college with a pay-per-credit-hour format. I had a rocky start there as well, and I'm still trying to pull out of it, but at least I don't have a student loan hanging over my head.

Moral of the story: There are a lot of ways to get an education.

[Reincarnate]

Upper-tier schools typically offer need-based aid (as opposed to merit), and so the beast changes quite a bit. Grants and such may not always cover everything.

I've had a lot of mental anguish because of the college process. I went in as a valedictorian with a perfect ACT/SAT score and multiple Ivy acceptances and got churned and raped as a result of the ridiculous costing systems the colleges/government put into effect. One summer I was cranking 100 hours/week across three jobs. Each year during the academic year (Sep-May), I worked 40 hours each week on top of completing two degrees (with multiple majors) with a demanding courseload. It nearly slaughtered me.

In the end, it's just not worth it -- there are too many obstacles that make it difficult to get ahead. You really have to be lucky to have some financial backing, otherwise you may have to chow down on some humble pie and live well below your means until the system gets reformed a bit. Otherwise it's basically a lot of swimming upstream against a current of sharpened logs.

[Litodude]

Originally Posted by igotrhythm

Moral of the story: There are a lot of ways to get an education.

Edit- Speaking of the military in my previous post, let me enlighten you on a few of the reasons why I joined. I'm not trying to say it's a better route to take - some people really are against the military - but I can tell you it saved me a lot of money for my education.

Aside from the military aspect of serving in the Air Force, I've been able to get a bunch of my schooling done that would've cost me the a bucket load out-of-service. Education is probably the biggest concern this year (e.g Year of the Community College of the Air Force) and they've been pushing for all of the young Airmen and senior enlisted to get their degrees as well. Luckily, I joined the service for those reasons: Education, work experience, discipline and networking.


I've received 50 credits, or semester hours for others, without having to do anything extra or voluntarily paying for them. They're counted toward a degree at CCAF, something every Airman is automatically enrolled in when you join (my degree is in IT). I've taken classes prior-military, and I was given time off work to take extra classes during the work day. Not to mention DSSTs/CLEPs are free for all military the first time they take any specific test. Taking this route instead to complete my educational goals, I'm in line with the class I graduate from back in high school and am actually ahead of most of them - save for the ones that have overloaded their schedules with just schoolscholschool. Oh, those people are in a quite a hefty amount of debt still, regardless of scholarships.

So all-in-all, I paid for the tuition of the 12 semester-hours I took prior-military to obtain my 2-yr degree. Oh and the degree is regionally accredited. Oh and I'm in the middle of voluntary separation because my career field is over-manned so I'm going back to school full time, job part-time with the expertise I've gained while using G.I. Bill benefits to -still- have free schooling with a nice little BAH income on the side.

[ddrxero64]

@kmay and Reincarnate - You guys get it, and I hope people here listen. This is the stuff everyday people go through. I do admit there are people out there who may have money and still know the value of a dollar, but it doesn't change the fact that middle to lower class students are suffering for trying to get an education. Good stuff guys.

@Lito - I only dreamed I could have joined the military. I would have risked my life to be able to get a great education and not worry about if I'll have money to buy a meal in between classes. I practically agree with you 100%, and whether or not the military is a bad thing, it's helping out a lot of students. To be honest, I just realized that all the politicians (primarily Democrats) complaining about the money being spent on the military don't take into account what the military does for freshly graduated students. On their behalf, a republican might just use this as an excuse to back up their already screwed up political theories. I'll avoid the politics though, let's just keep it at I don't agree with either party at the moment.

Sadly, I tried to join. But having Tourette's Syndrome, a genetic disorder with no cure, they wouldn't accept me. Instead I work an almost minimum wage job that is the best my city can offer, and I struggle just to get through a community college. For those unable to join the military due to reasons like this, you'll be discouraged. But there are other ways to leapfrog your way through the education system to get to where you want.

I would suggest Career Institutes, places that train you in 6-16 week programs specifically for the workforce, primarily medical, small business, etc. I don't plan to be a nurse, but I'll do it if it means getting a decent salary until I can achieve my real goals.

[Phlegmatism]

I always hated the idea of loans. It seems that if you know what you're doing with them and/or know another person who has dealt with them, then go ahead but the idea seems dangerous.

[Patricoo]

The .jpg there gives a lot of good advice at the end and information throughout, but I'm a bit annoyed where they place the blame.

First the advice, in that its wonderful. I'm doing exactly what it suggested. My first year I started at my local community college as a Communications major living from harm with a part-time job and a summer source of income at a camp. Then I transferred to a super-cheap state school that, although it sucks to be in, is an excellent choice considering the alternatives are schools that charge way too much for their mediocre quality of education. (I went to meteorology, struggled, but fell back on a Government minor, promoted to major. Its all good! Horray Plan B's!) I'll be graduating in two weeks with five years of schooling, one from a community and the rest from state. There is nothing demeaning about it and I'm glad to see the stereotype of 'four year fancy-pants dream college' as the only way to slowly fall apart even in the hiring professional world.

-> I've deleted half a rant about people not taking personal responsibility. No one is going to read it and this is just a forum message board. No reason to get too 'srs.' Anyone who is about to go to college or has just started, please be aware of your finances. College, whether or not you think the system is out to get you, is a tens of thousand dollar investment and not a time to 'find yourself.' Don't get surprised here.

[GG_Guru]

I got a 700 dollar grant right after I signed up for student loans. Ain't that some shit.