Beware of student loans . . .

[Just_A_Guy]

I really wish someone had shown me this graphic before I started law school. Hopefully someone here will find it useful.

On a side note: I didn't realize that the prohibition on discharging student debt through bankruptcy was such a recent innovation.

[Saldrin]

you and me both brother except my degree is in electronics.

any kids looking to fund school should check out the book "Debt free U"

[prisonchaplain]

They are a two-edged sword. I needed them to go to college, and would not have wanted the kind of work that would have come to me without the education. On the other hand, those monthly payments are no fun. Responsibility...can't live with it, can't live without it.

[lizzy16]

I took out a loan for 1,600 bucks to live on for the next year. The interest rate for student loans is the lowest this year then it will be for a long time (and in the past.). I won't have intrest while i'm in school. The interest won't start until after I graduate. My plan is to pay off the loan by working during my off-time or once my parents graduate Nursing school and get there finances in order they'll step in and chip in. I'm a penny pincher as it is. My goal is to be debt free when I graduate. I really do think my plan will work just fine :)

[Mahone]

Spurred on by the prospect of going on a mission, I didn't go to university when I finished college. I went straight into the work field for 3 years, then finally went on a mission, and when I came home in 2008 I went straight back into work again. I'm still working full time in IT, also working on my degree in computing part time. I'm funding my degree in instalments throughout its duration without borrowing from anyone. I'm 25 now, and touch wood I have never been in debt. I don't know what it feels like to be in debt. I'll certainly never have student loans to pay back.

It varies from field to field as to whether it's possible or not, but I wouldn't hesitate to recommend this way of doing things. It also looks good from any future employers perspective, because doing a degree part time whilst working full time (especially online based) take commitment and dedication. Plus the work experience gained throughout the period it takes you to get the degree will amount for more than the degree does itself, any decent employer knows that work experience is worth far more than any qualification.

Edited October 15, 2011 by Mahone

[pam]

Mahone you are getting married in 2 months. That's when the debt starts. :)

[kich]

Mahone you are getting married in 2 months. That's when the debt starts. :)

That's certainly when we accrued all of ours.

Then came the baby, and the house, and the...

[Mahone]

Mahone you are getting married in 2 months. That's when the debt starts. :)

Lol, oh I know what you're saying :) to be honest I'm surprised I'm not in debt already. Our relationship is unusual in that my fiance lives quite a distance away. 5000 miles at a time to meet (and then another 5000 back) is not cheap (especially as she lives in a popular tourist destination - the costs during summer times are like giving an arm and a leg), so our dating experience has been a little more expensive than most people would usually have to factor into their finances, lol.

[Saldrin]

Don't Stick to Student Loans.

from daveramsey.com on 15 Jul 2010

"Sadly, though, that’s happening. The U.S. Department of Education’s statistics show that federal student loan amounts increased to more than $75 billion in the 2008-2009 academic year. That’s a jump of 25% over 2007-2008! About two-thirds of students borrow money today, and the average debt load is $23,186 by the time of graduation!

This is a bad thing in more ways than one. It’s bad enough that people are borrowing money for school and committing themselves to years of payments. But what’s worse is that it’s becoming more a mindset that you can’t be a student without a student loan. People who went to school 30 or 40 years ago didn’t think that way."

[Saldrin]

Proverbs 22: 7 The rich ruleth over the poor, and the borrower is servant to the lender.

[Guest mormonmusic]

I have always found someone else to pay for my schooling in the last 15 years or so. Being part of a socialist country for the first 40 years of my life didn't hurt either given the social funds available for education

[Guest]

The cost of getting a college education is beginning to surpass the benefit of such, especially for advanced degrees.

[annewandering]

It takes a college degree to dig ditches now. How in the world can anyone repay the debt? My sons served in the military which is a good way to fund education although the payment may be way over what its worth so I am not sure I recommend it. Still it works.

[skalenfehl]

Here's something worth watching:

College Conspiracy - YouTube

I hate the word conspiracy, but it is what it is.

[JudoMinja]

Here's something worth watching:

College Conspiracy - YouTube

I hate the word conspiracy, but it is what it is.

I agree with a lot of what is said in there but don't agree with their conclusion. I think that we are going to reach a point where even gold and silver is "worthless". It will be seen as nothing more than a "rock" that does us little good. I think the smart move in preparing for an economic collapse is to have land, water, and food. Farmers likely will become the rich, as they said, because they will have what people really need.

[LeKook]

The Jehovah's Witnesses may be on to something by admonishing their members not to seek higher education. Although their reason has nothing to do with the expense for the most part. They just think the world is going to end at any moment. LOL!

[NeuroTypical]

I think that we are going to reach a point where even gold and silver is "worthless".

How do you figure? Groups of humans have seen millions die from famine, civilizations fall, etc - but at no point in the history of human civilization has gold ever been worth zero. (With the possible exception of those fine folks who got translated.)

I figure there will be plenty of changes when the millenium is here, but until then, I wouldn't hold my breath about precious metals not being precious any more.

[JudoMinja]

How do you figure? Groups of humans have seen millions die from famine, civilizations fall, etc - but at no point in the history of human civilization has gold ever been worth zero. (With the possible exception of those fine folks who got translated.)

I figure there will be plenty of changes when the millenium is here, but until then, I wouldn't hold my breath about precious metals not being precious any more.

It's not a really solid thought, just a thought. I don't have anything to back it up, but I do think that there will come a time when precious metals aren't so precious- when currency will be things like water and wheat. I think that's part of the reason we are encouraged to build food storage- not just to be prepared but because this is what will really be of value. Part of the reason I feel this way though is just because I personally don't really understand what is so valuable about gold and silver. It has its uses, but I think those uses are limited and not really all that important to survival. I've never really put much stock in expensive things- and I've always been a bit of a survivalist.

[Backroads]

But what’s worse is that it’s becoming more a mindset that you can’t be a student without a student loan. People who went to school 30 or 40 years ago didn’t think that way."

It's possible to be a student without them, but it is hard. Hence the debate of the current value of a college education.

I recall a talk from I believe Ezra Taft Benson who advised, 40 years ago, students to stay away from loans, grants, etc. If needed, wait.

But if you are unable to pay for school on your own, is it wise to wait what would nowaday possible be decades to finish school?

[Blackmarch]

Here's something worth watching:

College Conspiracy - YouTube

I hate the word conspiracy, but it is what it is.

I'd use a heavy dose of salt along with that video.

Edited October 17, 2011 by Blackmarch

[Just_A_Guy]

Video?