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Arch0wl · 06-30-2011, 05:39 PM

I'll probably go way above the monthly payments because I hate owing people money, truthfully.

I knew about debt-to-income ratio since high school and knowing about that, I think, actually ****ed me over somewhat. I thought "well, of course I can afford the loans for this good-but-not-amazing school with ridiculous tuition when I'm a lawyer." So me being me I was able to make some convincing arguments to my parents about this and they signed off on the loans.

Op-eds always say that we need to educate high school kids in finance or something and then they'll get it. No, even if they understand debt-to-income ratio perfectly they'll still think they'll have the best income ever once they become an all-new uber-scholar that next semester and boost their 2.9 to a 3.8. The problem isn't financial knowledge, it's hubris, and I have no ****ing idea how you'd fix that.

Also, this isn't a factor I've considered much, but staying with my girlfriend would actually make the debt easier to pay off long-term. Her parents completely paid for her college, so she has no debt and any Ph.D. program worth its salt wouldn't have her paying for it anyway. Even if I make terrible income by law standards (read: 60k/year is terrible by law standards) the relationship wouldn't hurt me financially. And if you're wondering, yes, lots of sensational Yahoo articles have headlines to the effect of OMG WHAT IF THE PERSON YOU'RE DATING HAS A LOT OF DEBT; she's not the kind of person who cares about taking on someone's debt. But yeah, we've discussed it anyway.

06-30-2011, 05:39 PM	#77
Arch0wl Banned Join Date: Dec 2002 Location: fb.com/a.macdonald.iv Age: 37 Posts: 6,344	Re: Long distance relationships? I'll probably go way above the monthly payments because I hate owing people money, truthfully. I knew about debt-to-income ratio since high school and knowing about that, I think, actually **ed me over somewhat. I thought "well, of course I can afford the loans for this good-but-not-amazing school with ridiculous tuition when I'm a lawyer." So me being me I was able to make some convincing arguments to my parents about this and they signed off on the loans. Op-eds always say that we need to educate high school kids in finance or something and then they'll get it. No, even if they understand debt-to-income ratio perfectly they'll still think they'll have the best income ever once they become an all-new uber-scholar that next semester and boost their 2.9 to a 3.8. The problem isn't financial knowledge, it's hubris, and I have no **ing idea how you'd fix that. Also, this isn't a factor I've considered much, but staying with my girlfriend would actually make the debt easier to pay off long-term. Her parents completely paid for her college, so she has no debt and any Ph.D. program worth its salt wouldn't have her paying for it anyway. Even if I make terrible income by law standards (read: 60k/year is terrible by law standards) the relationship wouldn't hurt me financially. And if you're wondering, yes, lots of sensational Yahoo articles have headlines to the effect of OMG WHAT IF THE PERSON YOU'RE DATING HAS A LOT OF DEBT; she's not the kind of person who cares about taking on someone's debt. But yeah, we've discussed it anyway.