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Old 06-02-2010, 12:17 PM   #1
Hercules Rockefeller
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Default OT: Placing the Blame as Students Are Buried in Debt

Stuff like this annoys me. My debtload was just about the same as hers when I graduated law school, and I know quite a few people with much higher debt loads. You knew what you were getting into.

http://finance.yahoo.com/college-edu...du-collegeprep

Just some suggestions for her:

An interdisciplinary degree in Religious and Women's Studies probably isn't going to pay a ton, even if it's from NYU

Don't go to NYU if you plan on getting a degree that isn't going to pay a lot when you graduate. I had a roommate in undergrad who left George Washington when he realized he wanted to be a teacher, and it was stupid of him to pay that much for an education when that's what he wanted to do. You work for a photographer, I don't know if that means you want to eventually be one professionally or what, a degree from any other school would probably serve you just as well.

Don't live in San Francisco, just about the most expensive city in the country, and then complain about how you can't afford things.

Pay something, even if it's just the interest, and not just continue to defer your payments.

Lots of people take on loan debt to go to college understanding that some day they will have to start paying it all down.
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Old 06-02-2010, 12:30 PM   #2
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Surely you jest. It's common knowledge that the government exists specifically for the purpose of allowing chicks like this to run up tons of debt on largely useless and unmarketable degrees. If she waits long enough, I'm sure our fearless leader, along with his merry band of wankers in Congress, will find a way to forgive her debt AND place her in a job AND guarantee her health care, even as she decides to just be an artist or something. In return, all she has to do is sell her political soul and become dependent on the government teat. Nice gig if you can live with yourself.
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Old 06-02-2010, 12:33 PM   #3
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Old 06-02-2010, 12:33 PM   #4
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In this situation it is solely on her.

She wasn't decieved in any way, she knew what the tuition bill was, and she knew she was borrowing the money to get her education. From what I can see from the NYU website an undergrad pays roughly 20k per year for education which means that the 100k debt should have covered all tuition, fees and probably rent and expenses as well, although the debt has accrued interest for 5 years.

What I wonder is...

... Why didn't she have a summer or part time job? I know you probably couldn't cover everything but a waitress part time job and a solid summer job should cover at least half the cost per year.

... Why doesn't she have a full time job? If she makes 2300 a month on 22 an hour that is about 20 hours a week. What is she doing with the rest of her time?

... Why hasn't she realized that defering is a bad idea? it is much better to make temporary agreements to pay off only interest to keep the debt manageable.

... Why she doesn't realize that education is an investment, if you invest in an education that is not going to make you a lot of money then make sure your bet isn't bigger than what you can afford.

... Why doesn't she reduce her cost of living (she could move to Myrtle Beach and get a job while having a lot lower rent etc) - you were all thinking that.
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Old 06-02-2010, 12:36 PM   #5
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Originally Posted by Smiling Assassin27 View Post
Surely you jest. It's common knowledge that the government exists specifically for the purpose of allowing chicks like this to run up tons of debt on largely useless and unmarketable degrees. If she waits long enough, I'm sure our fearless leader, along with his merry band of wankers in Congress, will find a way to forgive her debt AND place her in a job AND guarantee her health care, even as she decides to just be an artist or something. In return, all she has to do is sell her political soul and become dependent on the government teat. Nice gig if you can live with yourself.
That's just stupid.....
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Old 06-02-2010, 12:36 PM   #6
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San Francisco isnt more expensive than Manhattan. She made two poor choices there. Not to mention the terribile degree choice that will open up non-specific jobs that require a "college degree"...retail management, etc. If she wants a job in that field, then she needs to go to graduate school, which will cost her more money and the job will earn less than you can make by going into management. She's the classic fall-back teacher who ends up hating their job and complaining about wages.

I see this all the time. If you go to college, go with the mindset of being there to get a real job when you are done that will provide you with the lifestyle that you desire. College is expensive, and if you get done without a degree that will get you work, then you wasted your time and money.

Smart people take advantage of college. They use it to develop networks and to develop themselves personally to be prepared to forge their own niche in the field they want to work in. Don't be an idiot and let it go to waste like the girl in this article who is obviously more interested in living in fashionable cities and doing fashionable things than she is in working.

All of the information she needed was there for her. She made the decisions. Its her fault. Own your poor decisions...they have real repurcussions.

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Old 06-02-2010, 12:38 PM   #7
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My friend did this. He buried himself 100 grand in debt to earn an international studies degree. He said at the start of his college career he was assured by his councilors that he would make it all back after he graduated. Declaring bankruptcy doesn't move it either. He's screwed.

I don't understand how people can't factor that into their borrowing plan, though. I mean I know you kind of have to work backwards, but the pay dictates the job, dictates the degree, dictates the college plan, dictates your borrowing schedule and how you want to attack it.

There's this huge emphasis on "get your degree" and no emphasis at all on what to get it in or what we as a nation need. I understand that something like 40% of the jobs graduates will be working at four years from now don't exist and all that, but there needs to be more focus early on in school so students aren't just told to go to a college and get a generic degree. I think it's pretty jacked up.
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Old 06-02-2010, 12:41 PM   #8
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Did the school force her to take loans, just as banks forced owners into miserable mortgages so they could have the model home of their dreams, the 3 SUV's (dvd players included) and designer clothes? The two probably run hand n' hand and there's one side keeps trying rachet up the hype and anger. It's pretty laughable, then again, some people are stupid enough to blame somebody other than those who accrued the debt. Alas, it's the society we live in now a'days, where nothing is your fault, somebody was attempting to profit off of you with their evil capitalist tendencies.

In America you should be guaranteed life, liberty, a home, food on the table, a car, internet, pda, a job, an education, clothes on your back, a SNES, designer shoes.... the list goes on.
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Old 06-02-2010, 12:42 PM   #9
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Quote:
Originally Posted by gyldenlove View Post
... Why doesn't she reduce her cost of living (she could move to Myrtle Beach and get a job while having a lot lower rent etc) - you were all thinking that.
Sometimes you have to sacrifice. Manhattan is very expensive. It clearly was a poor choice to go to NYU.

She should move to somewhere cheap, find a better job, and begin digging herself out. If nothing else because it is her responsibility to own up to her own decisions.
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Old 06-02-2010, 12:45 PM   #10
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This generation of Americans are a whiny bunch of entitlement queens.

No sense of personal responsibility.
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Old 06-02-2010, 12:48 PM   #11
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Degrees, frankly, cost too much. Its a reality. The only way to change that is to speak with your dollars and go to less expensive schools. And for the love of Pete, pick a degree that will actually make you money. Degree's in poly sci, theater, and English for example won't make you good money unless you are lucky enough. Engineering, Mathmatics, and programming will make you money.
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Old 06-02-2010, 12:49 PM   #12
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look at the rise of education costs, and then look at the list of jobs you can currently get without a degree. education costs bury almost everyone whos family doesnt have money, im looking at the same problem right now.
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Old 06-02-2010, 12:52 PM   #13
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Man, my student loan payments are the happiest payments I make each month. So glad I have them.
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Old 06-02-2010, 12:55 PM   #14
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Quote:
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This generation of Americans are a whiny bunch of entitlement queens.

No sense of personal responsibility.
I didn't get that from the article. What I got was that colleges have convinced employers that degrees are needed for good employees. Americans are faced with fact that they have a better chance to get ahead with a degree. Then on top of that they get buried trying to get that degree financially. You know me...I believe in tough love. But from a 100,000 foot view, post high-school education is becoming cost prohibitive and it's not helping our country.
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Old 06-02-2010, 12:55 PM   #15
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Degrees, frankly, cost too much. Its a reality. The only way to change that is to speak with your dollars and go to less expensive schools. And for the love of Pete, pick a degree that will actually make you money. Degree's in poly sci, theater, and English for example won't make you good money unless you are lucky enough. Engineering, Mathmatics, and programming will make you money.
Other degrees that can make you money: accounting, biology (plus grad school), nursing, architecture, law (grad school), etc.

Some nurses make upward of 150k.

You can get a 2-year degree (radiology tech) that can make you 60k, which is probably three times what the womens studies chick is making.
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Old 06-02-2010, 12:58 PM   #16
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Other degrees that can make you money: accounting, biology (plus grad school), nursing, architecture, law (grad school), etc.

Some nurses make upward of 150k.

You can get a 2-year degree (radiology tech) that can make you 60k, which is probably three times what the womens studies chick is making.
so people should base their education on waht makes money instead of what will make that person happy? i agree womens studies is ridiculous and people NEED to look at job outlook when picking a major, but at the same time, the fact that it costs so much money to get a degree in the first place that you need to get a degree that promises a lot of money in the future just to justify is pretty ridiculous.
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Old 06-02-2010, 01:00 PM   #17
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[QUOTE=tsiguy96;2855764]so people should base their education on waht makes money instead of what will make that person happy? QUOTE]

The other issue there, to me, is you have a great deal of citizens that go to college too early to even know what will make them happy or not. So factor that in.
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Old 06-02-2010, 01:01 PM   #18
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I didn't get that from the article. What I got was that colleges have convinced employers that degrees are needed for good employees. Americans are faced with fact that they have a better chance to get ahead with a degree. Then on top of that they get buried trying to get that degree financially. You know me...I believe in tough love. But from a 100,000 foot view, post high-school education is becoming cost prohibitive and it's not helping our country.
I agree only in the fact that the job market has suffered and that education hasnt adapted. White collar tech jobs took a huge hit after 9/11 and havent recovered. Some white collar salaries were diminished to a third of what they were previously. The same thing is about to happen in medicine and the health sciences with Obamacare fast approaching.

They arent telling students that jobs are getting harder and harder to find upon graduation.
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Old 06-02-2010, 01:02 PM   #19
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[QUOTE=Garcia Bronco;2855767]
Quote:
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so people should base their education on waht makes money instead of what will make that person happy? QUOTE]

The other issue there, to me, is you have a great deal of citizens that go to college too early to even know what will make them happy or not. So factor that in.
i dont think anyone really knows what they want to do until theyve actually been in the field for awhile, but in order to get in the field you need a degree, and to get a degree you need to spend a ridiculous load of money. im out of my bachelors for about a month and can barely get an interview anywhere, im wondering if me having a masters will even help.
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Old 06-02-2010, 01:03 PM   #20
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Quote:
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so people should base their education on waht makes money instead of what will make that person happy? i agree womens studies is ridiculous and people NEED to look at job outlook when picking a major, but at the same time, the fact that it costs so much money to get a degree in the first place that you need to get a degree that promises a lot of money in the future just to justify is pretty ridiculous.
Not at all, but if you follow your heart and get that degree in creative dance and navajo folklore you should stop whining about the cost. You did what you wanted, you knew at the onset what it would cost, now go ahead and pay it off.

You never hear people coming out of Disney land complaining about getting gouged by the hotel and food costs, they did what they wanted and they pay the price exorbitant as it might be.

If you are not going to use a degree then why get it from an expensive school like NYU? you could have gotten it from a much smaller school for a lot less and since you are not using that education it is not going to ruin your job perspectives, I doubt the photographer she works for currently was really looking for someone with an honors degree from a top college.
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Old 06-02-2010, 01:06 PM   #21
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so people should base their education on waht makes money instead of what will make that person happy? i agree womens studies is ridiculous and people NEED to look at job outlook when picking a major, but at the same time, the fact that it costs so much money to get a degree in the first place that you need to get a degree that promises a lot of money in the future just to justify is pretty ridiculous.
Its reality.

You need a job that pays you enough to pay back your loans, and still provides you with the lifestyle that you want while you are doing that and paying for your other expenses. Those are the two most important factors. Taking those factors into account, you then start looking at things that you would enjoy and that you know you could be successful doing.

That's how you cover your bases.

The pie in the sky "oh, im doing this because I love it" approach drops you on your face where this NYU girl ended up more often than not.
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Old 06-02-2010, 01:12 PM   #22
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I didn't get that from the article. What I got was that colleges have convinced employers that degrees are needed for good employees. Americans are faced with fact that they have a better chance to get ahead with a degree. Then on top of that they get buried trying to get that degree financially. You know me...I believe in tough love. But from a 100,000 foot view, post high-school education is becoming cost prohibitive and it's not helping our country.
I would be willing to bet that in-state tuition nationwide is still pretty affordable.

I paid for my degrees at CU strictly through loans, grants and working part time. I have a very affordable loan payment of $133/month.

Granted, I graduated in 2003, and I have heard CU's tuition costs are rising. But it would be interesting to see the data.
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Old 06-02-2010, 01:16 PM   #23
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I would be willing to bet that in-state tuition nationwide is still pretty affordable.

I paid for my degrees at CU strictly through loans, grants and working part time. I have a very affordable loan payment of $133/month.

Granted, I graduated in 2003, and I have heard CU's tuition costs are rising. But it would be interesting to see the data.
You can still find in-state tuition in most states for less than 10k/year for undergraduate programs. Some states (SC for instance) give kids money to go to college.
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Old 06-02-2010, 01:25 PM   #24
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[QUOTE=tsiguy96;2855769]
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i dont think anyone really knows what they want to do until theyve actually been in the field for awhile, but in order to get in the field you need a degree, and to get a degree you need to spend a ridiculous load of money. im out of my bachelors for about a month and can barely get an interview anywhere, im wondering if me having a masters will even help.
That's why I say get a job first as early as you can and then decide on school. Or if you have the means, take the time to think about it after high school. Now the issue becomes whether they go or not. I guess whether you go, don't go, wait, take loans, or pay out of pocket the individual has to have the discipline to study the factors. Then they have a better chance to make an informed decision.
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Old 06-02-2010, 01:30 PM   #25
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You can still find in-state tuition in most states for less than 10k/year for undergraduate programs. Some states (SC for instance) give kids money to go to college.
South Carolina is VERY nice to kids that go to school in-state. I know a girl from there and I'm very jealous of what they have to pay in comparison to here in Ohio.
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