Will there ever be a student loan bailout? - Page 5 - Mothering Forums

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#121 of 282 Old 03-25-2009, 08:22 PM
 
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I've only been out of college for a year and a half. I have a B.A. in English. I also have almost 50K in student loans. I cannot find a job that will pay enough to cover my student loan payments, health insurance, and daycare and preschool costs. As it is right now, my family is on XIX and WIC. I have two children and am pregnant with my third. I spent only an extra semester at college while raising two children. And not that it should matter, but yes I am and was married. There is no way for my to repay my loans. I am very bitter about my college education. I sincerely regret going to college when I did. I really wish I had spent some time learning about myself and what I really wanted to do with my life before wasting my time and money on something that doesn't really help me. If I went to school now, I would take different classes and and most likely do a double major and some other things. Honestly, what 18 yr old has a set plan for the rest of their life?
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#122 of 282 Old 03-25-2009, 08:27 PM
 
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I wish. I would love a bailout.

But, no way would I give back my college degree. Not a chance. Nor would I give back the Master's degree I'm about to get. Just wish I didn't have oodles and oodles of loans.

I have to agree that I also will be steering my kids away from certain majors that are a waste- the ones that are the "I don't really know what I want to do with my life but this is a respectable major" majors.
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#123 of 282 Old 03-25-2009, 08:34 PM
 
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I'm not for any bailout. I don't have credit card debt, didn't buy a house I couldn't afford, and paid my way through school as I went, so no student loans. I really don't see why I should have to finance (through taxes) other people.
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#124 of 282 Old 03-25-2009, 11:37 PM
 
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Originally Posted by Tradd View Post
My very practical question is this: if someone is going into a field where there aren't many jobs, or at least not ones that pay very well, such as anthropology, why do they rack up so much in loans and then talk about how difficult it is to pay them off?

I can understand racking up a lot of loans for law, medicine, engineering, etc., but anthropology or religious studies?

I also don't get the thinking of attending a pricey private school for something like education. Someone I know is attending a private school for an education degree. She's got so much in loans that she's going to have to move home for a while after graduation this spring, to work on paying them off before she can get married.

She'd still have loans if she had gone to a state school, but nowhere NEAR as much!

I'd appreciate someone explaining this thinking to me, because I don't get it. I went to a second-tier state school for journalism (1987-1991). Parents paid tuition and some of rent and I paid everything else. Lived pretty frugal, no car, etc. No loans. I only worked as a reporter for 16 months, but having that journalism degree on my resume has been very helpful (given the lack of communications skills many have, my employers have been happy to see that - I can't tell you how many MBAs I've seen who can't spell very common words - and in emails to customers, too!)

Sure, I'll explain because *I* did this.

I couldn't get into my state university
I could get into the private one (and with a scholarship).

both schools are about the same cost though (UVM is the university and it is one of the most expensive state universities in the country for in-state students).

The private school I went to was also expensive and wanna know why I chose education as my major? because i wanted to be a teacher, silly!

me, dh and 2 boys = our family (oh and a cat...who is also a male...lol)
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#125 of 282 Old 03-26-2009, 07:36 AM
 
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But I believe there is a big difference between hard science programs and other programs. Are social science programs ever funded?
Maybe. My mother for years kept coming up with excuses why she couldn't go to college. Mostly because she was 'too stupid'. Then suddenly after my first year of college, she decided that if I could do it, anyone could (). This was in 2000. It is now 2009 and she has still not graduated.

She treated school like it was a never ending gravy train of money. Indeed, she got a lot of money from Pell/state grants and returning non-traditional student scholarships. But most importantly, she got a huge amount of money from loans. As soon as she exhausted the subsidized Stafford limit, she was straight on to the unsubsidized and maxed them out last Spring. She never took school seriously and has a really mediocre GPA. So where is this going?

All of her 'free' money is gone, so she couldn't afford to go back to school and couldn't afford to pay back the loans that were coming due after 6 months out either. So, she went to the department head of her program, anthropology, and begged for money. And I will be () if they didn't give it to her. Why? She doesn't deserve any money in my opinion. Her grades aren't good and I don't know what lie she told them to get them to give her money. Not only that, because she struggled in her math courses because she refused to take my brother and I's advice for tutoring, she is getting the math requirement waived for her degree which infuriates the crap out of my brother and I.

So to answer your question, it seems that some social science programs ARE funded for those without shame. :
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#126 of 282 Old 03-26-2009, 09:26 AM
 
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Terese- I graduated with a degree in English. I got a job teaching (I started in special ed, but was quickly able to move to my major) and the state paid for my certification. I don't know if you are interested in teaching at all, but most states have alternate programs you can do while teaching. The pay is usually pretty good and most states have good benefits for teachers and their kids.
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#127 of 282 Old 03-26-2009, 06:09 PM
 
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Terese- I graduated with a degree in English. I got a job teaching (I started in special ed, but was quickly able to move to my major) and the state paid for my certification. I don't know if you are interested in teaching at all, but most states have alternate programs you can do while teaching. The pay is usually pretty good and most states have good benefits for teachers and their kids.
but see this is another instance of different states doing different things. yes, in some states you can teach without an education degree, not all. if the federal gov't is going to be involved in how much colleges/universties cost. they should probably also have a say in what degrees count for what jobs. However I don't think that having the same requirements for people in New York vs. New Mexico vs. South Dakota would be a good thing. I'm not saying it would not be cool to have my student loans either disappear or be lowered, but at the same time no one else should have to pay for me.

As to all the people on here "well I lived within my means and didn't take more loans than I could afford. The rest of you are pathetic whiners" Seriously?!? I mean, no I probably didnt make the most wonderful monetary choices. And I totally understand the people should work harder deal, My grandpa was a sharecropper for crying outloud and my dad has a masters. we certainly never lacked for money growing up. But i really dont think its necessery to be all smug and snotty about it.
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#128 of 282 Old 03-26-2009, 08:38 PM
 
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Originally Posted by hollytheteacher View Post
Sure, I'll explain because *I* did this.

I couldn't get into my state university
I could get into the private one (and with a scholarship).

both schools are about the same cost though (UVM is the university and it is one of the most expensive state universities in the country for in-state students).

The private school I went to was also expensive and wanna know why I chose education as my major? because i wanted to be a teacher, silly!
The girl I know was accepted to a state university. For reasons I can't comprehend, she chose the private school. Current tuition/fees/room and board/books are about $40K/year at the private university. At the state university with a very well regarded education program (that her parents tell me she was accepted to), it runs about $13K per year. This info is per the university. So, she could have had loans for about $52K rather than about $80K - that's quite a difference!

She's lived off campus for at least two years, so that would have some effect to the numbers, but not that much, I don't think. She's worked summers and breaks, so she had some money, but I don't think she could have cash flowed too much of this, same with her parents.

She's got so much in loans that she's going to have to put off getting married for TWO YEARS while she lives at home and works towards paying off as much of her loans as possible. She's fortunate, at least, that she chose an area of teaching with big demand. Her dad told me in the past several weeks that she's already got one job interview lined up, which was good to hear.

I question the wisdom of choosing an education major at an expensive private school when teachers simply don't make enough money to easily pay off massive loans. The state school would have been a better choice, financially. I can't imagine having to put off getting married for two years simply because of your school loans.

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#129 of 282 Old 03-26-2009, 08:51 PM
 
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Terese- I taught in a little bitty small town (in the projects). It wasn't easy and it was a parish (county to you) choice; they really didn't have much choice b/c there were so few people willing to teach special education in the middle of the projects. I did what I had to in order to get my foot in the door. And I did have to take education classes the entire time until I was certified. The state paid for them, but I was observed by the university the entire time. Also, Teach for America hires people with degrees who want to teach. They pay well also.
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#130 of 282 Old 03-26-2009, 09:10 PM
 
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I'm not for any bailout. I don't have credit card debt, didn't buy a house I couldn't afford, and paid my way through school as I went, so no student loans. I really don't see why I should have to finance (through taxes) other people.
:

I see no point really you and I pay for it. Its not free.
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#131 of 282 Old 03-26-2009, 09:13 PM
 
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:

I see no point really you and I pay for it. Its not free.
The bailouts aren't for adults today to pay for... its for our children to pay for when they're adults.. apparently.
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#132 of 282 Old 03-26-2009, 09:22 PM
 
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I question the wisdom of choosing an education major at an expensive private school when teachers simply don't make enough money to easily pay off massive loans. The state school would have been a better choice, financially. I can't imagine having to put off getting married for two years simply because of your school loans.
Could be a number of reasons, I went to a private university for both my BA and M.Ed. Truthfully I suspect had I gone to a public school to start off with I may have never finished. I chose a private school in both cases that offered small enough classes and as someone who went to college as an adult, the extra attention was really what I needed.

I could have gone to my local state university but the class sizes were crazy and I know without a doubt, I would have had trouble early on.

For grad school, I went to a program that offered flexible scheduling in terms of my classes so that I could work. (already in my 30's when I went to grad school, not working was not an option) Again I was living in a state where the state university did not have the best offerings, a few friends went to the state university and getting the classes they needed to graduate towards the end was a nightmare.

There are a lot of good reasons to go to state schools and my 17 yo is certainly looking at a state school but the flipside is there are also reasons to look at private schools. I know what I was looking at state schools for grad school the programs were not comprehensive and short they didn't offer what I wanted.

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#133 of 282 Old 03-26-2009, 09:26 PM
 
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I guess I'm a bit confused. The average people with a bachelor's degree graduate at 22. Average people get married between 25 - 30 and usually have kids a couple years after that. So the average people should have about 5 years of working time at least before children come. It really shouldn't be that hard to pay off reasonable amount of student loan when you have no dependents? I might be silly but I always assumed the first thing people do after graduation is to pay off student loans. I basically lived the same lifestyle (cheap apartment, no car, limited shopping) as when I was in college and paid off my loan really fast.

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#134 of 282 Old 03-26-2009, 09:45 PM
 
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I was looking at the questions submitted on change.gov for Obama's press conference today, and noticed that under education fully 50% of the questions were about student loans, and MOST of those were about whether there would be help for people who are already struggling under an unsupportable loan burden. Which made me happy.

On the other hand, the question he answered was about college affordability going forward, which decidedly did NOT make me happy since those weren't the popular questions and it felt to me like a dodge. :

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There won't be any unsecured consumer dept bailouts that I could imagine. There wouldn't be any monitary return or direct stimulation. I think it would be even less likely than a credit card bailout and I think we all know that's never going to happen.
Actually, a student loan program is about the perfect definition of economic stimulus. It's enormously stimulative because it's targeted -- it would effect predominately young people just getting started in life, and young families by removing a (generally LARGE) line item from their budget. Because it targets people who are just starting out in life, they (we) are more likely to spend that money in the consumer economy as opposed to saving or investing it. Remember: the US economy is 70% consumer spending. So when I can spend $800 a month on car repairs and new shoes for my kids and dental work, that's money that is flowing out to stimulate the economy that wouldn't be there otherwise.

Moreover, there is a pretty large multiplier effect -- while the dollar that I don't pay out in loans correspond 1:1 with the dollars going into the economy, the amount that the government loses in revenue is substantially smaller, especially since they don't have to realize the loss on forgiven debt right away. That makes the multiplier somewhere between 1:1.5 and 1:2. Which is, let me point out, better than the enormous pile of dubious tax relief we got in the last stimulus package.

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#135 of 282 Old 03-26-2009, 09:52 PM
 
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I guess I'm a bit confused. The average people with a bachelor's degree graduate at 22. Average people get married between 25 - 30 and usually have kids a couple years after that. So the average people should have about 5 years of working time at least before children come. It really shouldn't be that hard to pay off reasonable amount of student loan when you have no dependents? I might be silly but I always assumed the first thing people do after graduation is to pay off student loans. I basically lived the same lifestyle (cheap apartment, no car, limited shopping) as when I was in college and paid off my loan really fast.
First, there's a lot of life that can get in the way of your perfect averages. Not everyone goes immediately to college after high school, or goes straight through 4 years of school without transferring or needing to take a break for personal or financial reasons. Second, there's this thing called "graduate school" that might have an affect on your averages.

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#136 of 282 Old 03-26-2009, 10:13 PM
 
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I'm not for any bailout. I don't have credit card debt, didn't buy a house I couldn't afford, and paid my way through school as I went, so no student loans. I really don't see why I should have to finance (through taxes) other people.
my thoughts exactly.
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#137 of 282 Old 03-26-2009, 11:09 PM - Thread Starter
 
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I guess I'm a bit confused. The average people with a bachelor's degree graduate at 22. Average people get married between 25 - 30 and usually have kids a couple years after that. So the average people should have about 5 years of working time at least before children come. It really shouldn't be that hard to pay off reasonable amount of student loan when you have no dependents? I might be silly but I always assumed the first thing people do after graduation is to pay off student loans. I basically lived the same lifestyle (cheap apartment, no car, limited shopping) as when I was in college and paid off my loan really fast.

Your post made me laugh because it is so completely different than our life. I'm sure there are such "average" people but to be honest, I've yet to meet one.
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#138 of 282 Old 03-26-2009, 11:23 PM
 
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I guess I'm a bit confused. The average people with a bachelor's degree graduate at 22. Average people get married between 25 - 30 and usually have kids a couple years after that. So the average people should have about 5 years of working time at least before children come. It really shouldn't be that hard to pay off reasonable amount of student loan when you have no dependents? I might be silly but I always assumed the first thing people do after graduation is to pay off student loans. I basically lived the same lifestyle (cheap apartment, no car, limited shopping) as when I was in college and paid off my loan really fast.
Yeah, this isn't my life either....

But a lot of people are talking about HUGE student loans...like 50K+. That would be difficult for a new college graduate to pay off in 5 years, dependents or no.
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#139 of 282 Old 03-26-2009, 11:54 PM
 
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OK, OK, I admit: I wasn't "average" either. I only had 3 years to work, pay off loan, get married, buy a home and have my first baby. That's just what they talked about in a personal finance class I took. It's probably the "ideal" situation.

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#140 of 282 Old 03-27-2009, 12:32 AM
 
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OK, OK, I admit: I wasn't "average" either. I only had 3 years to work, pay off loan, get married, buy a home and have my first baby. That's just what they talked about in a personal finance class I took. It's probably the "ideal" situation.
that's interesting. Cause I graduated at 22, got married at 26 and am planning to start ttc at ~29... but I feel out of the ordinary. everyone I know is long married and has a kid or two or three. I sometimes wish I knew more people like your pf class talked about as average cause it feels lonely sometimes!

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#141 of 282 Old 03-27-2009, 12:39 AM
 
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I am DEFINITELY not average..

Married at 21.
Baby at 22.
Graduated at 22- with Master's.
(and then three more babies!)

Bought house at 32.

Still not paid off loans.
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#142 of 282 Old 03-27-2009, 01:00 AM
 
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I sure hope their isn't a student loan bailout. Not that I don't understand the burden it can be on one's budget post college.

However, it will make me feel really stupid that I worked 2 jobs, scraped by on a very tight budget for several years in order to pay mine off early just this past year.
And I never could afford to go to college, so I didn't go.

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Plus, how many people go into fields thinking they know what they want to do with their life, then find out they're miserable?
I still don't know what I want to do when I grow up.


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I can't tell you often I've taken career aptitude tests only to be told I should be doing something I've already done and hated.
I took those tests. A few times, every time a different result, and always something was suggested that I had zero interest in.


Regarding averages:

I graduated from high school at 17, went to a community college at 18 while living with my parents. I was working and paying rent and going to school, but couldn't continue living at home because of 'personality differences' with my mom (I'm being nice here). I moved out, then moved across the country, then got married at 20. I worked, worked, worked, worked, worked. I took a correspondence course and paid for it. We bought a house and 6 months later, my husband left with all the money and I had to sell the house. At 28, I moved to another state. At 30, I got married again. At 31 I had my first child. Still no college education, still no house, still no idea what I want to be when I grow up.

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#143 of 282 Old 03-27-2009, 02:49 PM
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LOL
It's limited to $3,000 per year (less than one semester costs, much less two!), then divided in half to compute your credit!
AND LIMITED TO TWO YEARS per SSN.
I only went to school for 3 years so that means I could NOT claim the Hope credit thing for the 3rd year.

That thing is a JOKE. I didn't even need the credit when I was going to school and working part time hours, because I didn't make much money and always got a refund.
I paid right around $3,000 in HOPE Credit qualified expenses per year. I got to take the full credit for two years, and then I used the Lifetime Learning Credit for my final semester. I guess it depends on how expensive a school you attend.
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#144 of 282 Old 03-27-2009, 07:48 PM
 
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I am glad I went to college. I want my kids to go to college. I think it does pay $ over the long haul - maybe I would have said differently in my early 20's when I knew people who didn't go and had nice jobs and I had no experience, but as the years have passed, I think dh and I have been rewarded $ for being poor students.

I also think my college and grad school education are valuable in and for themselves - I am pleased with what I learned and the perspective it offered.

I did have jobs throughout college and also earned (non-need) academic based scholarships and graduated with limited debt which I easily repaid as (ironically) a social worker My brother has a MEd and has paid his debt as a teacher.
We did it by not buying other things (cars, houses, nice vacations, etc.) until our debt was paid off. My frugal ways started in college and I held onto them when I got my first jobs...
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#145 of 282 Old 03-27-2009, 09:16 PM
 
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I would much rather bail out someone via student loans than for things like cars that they didn't need (no one really *needs* a hummer), McMansions that they didn't need and credit card debt. And this is from someone who doesn't have and has never had student loans.

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#146 of 282 Old 03-27-2009, 09:44 PM
 
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I would much rather bail out someone via student loans than for things like cars that they didn't need (no one really *needs* a hummer), McMansions that they didn't need and credit card debt. And this is from someone who doesn't have and has never had student loans.
Doesn't the octuplets' mom (can't remember her name, Suleman?) plan and paying for her McMansion with her student loans? or is that something she just "says" hoping for lots of donations for her babies?
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#147 of 282 Old 03-27-2009, 09:51 PM
 
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Doesn't the octuplets' mom (can't remember her name, Suleman?) plan and paying for her McMansion with her student loans? or is that something she just "says" hoping for lots of donations for her babies?
I'm not sure. I honestly haven't kept up with her case other than what I have heard others saying in passing.

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#148 of 282 Old 03-27-2009, 11:32 PM
 
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Originally Posted by wildmonkeys View Post
I want my kids to go to college.
I never earned a degree, but I, too, want my kids to have that opportunity. In my state, we are paid a PFD. Each year, I have put my daughters' checks into a savings for them. They will get that money when they're older. They will then have the opportunity to use that money when it's college time. Right now, the amount of money they have is more than I have ever had in a savings account for myself in my entire life, and this is only 4 years in. Of course, if I move out of this state, or the PFD rules change, I will no longer be contributing with that, but at least it's a start. I have the account in my mom's name so we won't even be tempted to withdraw from it.

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#149 of 282 Old 03-27-2009, 11:34 PM
 
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Originally Posted by ~Purity♥Lake~ View Post
They will get that money when they're older. They will then have the opportunity to use that money when it's college time. Right now, the amount of money they have is more than I have ever had in a savings account for myself in my entire life, and this is only 4 years in. Of course, if I move out of this state, or the PFD rules change, I will no longer be contributing with that, but at least it's a start.
Yep, same here!
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#150 of 282 Old 03-28-2009, 12:34 AM
 
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Originally Posted by Poddi View Post
I guess I'm a bit confused. The average people with a bachelor's degree graduate at 22. Average people get married between 25 - 30 and usually have kids a couple years after that. So the average people should have about 5 years of working time at least before children come. It really shouldn't be that hard to pay off reasonable amount of student loan when you have no dependents? I might be silly but I always assumed the first thing people do after graduation is to pay off student loans. I basically lived the same lifestyle (cheap apartment, no car, limited shopping) as when I was in college and paid off my loan really fast.
I totally agree.

I went to a state school. No grants or scholarships, unsubsidized loan. I lived in the dorms for part of the time I was there, a sorority house for two semesters, and then an off campus apartment.

I took summer school, I worked part time (15-30 hours a week), and I held down a 6 credit hour internship my last semester (which brought my last semester's load to 21 credit hours. Not that I would necessarily recommend that, but when I did the math on how many hours I had left, it made sense to do that rather than stay for another semester.) I dropped three classes throughout the whole time I was in college. For the most part, I took either 15 or 18 credit hours per (regular) semester, 12 in the summer. I CLEP'd out of all of my foreign language credits, and the first two levels of English credits, which equates to one semester.

I graduated with my bachelor's in 2 1/2 years. I worked an entry-level job (not in my field) for five months following graduation, at which point I landed a job that actually required my degree. My student loan payments (I don't know if all of them are like this) were deferred for six months following graduation.

I lived in a one-bedroom apartment, well below my means and paid off my student loans within a year. (And actually, this was before I learned about thrift stores, so I was still buying clothes and "stuff" while on sale, but I bristle when I think about the money I could have saved!) I didn't get a credit card until after I was done paying of my student loans, and I always pay the full balance.

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I'm not for any bailout. I don't have credit card debt, didn't buy a house I couldn't afford, and paid my way through school as I went, so no student loans. I really don't see why I should have to finance (through taxes) other people.
ITA.

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