Grads Buried in Student Loan Debt, but Unwilling to Give Up Luxuries
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2stepz_ahead wrote: »
Yep, if you are looking to do finance or anything professional, best believe you're gonna need a top college degree plus an MBA. College is an investment, and you have to invest wisely.
When I was going to college my parents let me know from the jump that I could study whatever I wanted and they would pay for it, but the moment I graduated, I'm on my own.
Bruhs are talking about going to a tier 2 college and studying AA studies. Not that theres a problem with it, but you have to still get the skills needed to get a decent job and income, especially if you have loans. My AA studies professor majored in Finance and AA studies, did investment banking for 2 years to pay of his loans then went back to his passion in AA studies. That's how you play the system. It's only kids in Ivys and top institutions that you can study whatever and be straight. Kids in Harvard are getting offers to Goldman Sachs but majored in Eastern Asian Language.
^^^Slept on post in this thread. Everything you said is the cold hard truth in the real world.
Which is exactly why I spoke about ROI(return of investment) earlier in this thread and the fact that not all degrees are created equal. Most degree's especially in the engineering or finance industry just give you the necessary foundational knowledge you need to get your foot in the door of a competitive entry-level occupation in a decent company in your industry - in the vast majority of cases you don't really obtain the specialized knowledge until you actually get the experience/training/certification that comes with actually working in the industry and moving up the ladder where your job description/role changes from the entry level responsibilities.
Speaking from experience, even the internships and recruiters on campus are selective/have a preference.
I know for a fact the vast majority of companies recruiting for say actuarial/risk management jobs are going to prefer anybody with a BS in Computational Finance and minor in Mathematics over some dude with a (no disrespect intended to anyone who majored in them, they're still excellent to have) a BA in Geography or English literature unless you finished undergrad at an Ivy or the selective target schools just below them in prestige but are located in fertile job markets as well.
This is why I say college isn't for everyone (I've discovered that people with certs or experienced technical backgrounds, make just as much if not more than people with bachelor degrees) and if you do go to school simply to increase your earning potential (without caring much about work–life balance or self-fulfillment/loving what you do) make sure you major in something (e.g., anything STEM is the wave blacks need to ride) that will get you a decent ROI and the ability to knock out your student loan debt quickly. -
AggieLean. wrote: »Graduated college with 30K in debt. Pops told me I could come home and live rent free...to just use most of my check to get the debt down. I started out of college making decent coin, so i was able to put a major dent in that debt before I found a better opportunity in another state and left home. I thank him and my mom everyday for that.
Going through all of this made me hip to the game. Going to make sure my kids do all the things that I should have done, to avoid student loan debt.
This is something some peoples ego won't let them do...go back home after college and stack up. A lot feel like they HAVE to get their own spot. Having your own is great but struggling to maintain it ain't... -
I'll be debt free in 9 years. ? college.
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SMH at some of the posts in this thread:
If you borrow money for an extended period of time, you have to pay it back WITH interest. That has always been the case.
College is an investment, nothing more, nothing less.
If you ? up your credit or got got, own up to it, and get yourself out of the hole. Stop whining.
Long-term debt with high interest is never a good thing. Stop telling yourself that, to make yourself feel good. The debt you get from college should be more of a low risk maneuver if you did it right, because based on the numbers, you should have calculated that you would come out making enough to pay it off in a few years. If not, you ? up and got work to do.
And stop this generalization ? . It's always based on the individual. People with an 8th grade education can end up making more money than some with a master's degree. There's no formula. You just have to follow where your talent takes you. -
Im in college right now, i tell you what that AA,AS degree some ? doe. That whole degree is taking classes i already took in high school and retaking the ? again. ? i already did English, Science, Math, History in jr/senior high school, FOH!
If the Navy wasn't paying for my schooling i wouldn't ? with college.
College aint for everyone i know ? that own lawn cutting business or installing cable making $60,000 + a year. But you have to put in work.
Im working on my Business Adminstration degree two more semesters left but only about one more semester that the 9/11 GI Bill can pay for. Thinking about going overseas doing a contract job for a year so i can pay out of pocket, ? a loan. -
A quote from King Louis the ll, puts this in perspective.
He requested when he died to have all his pallbearers be the finest physicians in the land. He also requested that money, gold, and jewels be put in his casket, and finally he requested that his arms be draped outside the casket.
This was done so......Even though he had the best physicians in the land, NOTHING can stop death when it's your time.
The money & gold is symbolic because when you die, you can't take ? with you (I've never seen a U-haul truck, attached to the back of a hearse.)
And his arms draped outside the casket to show that he was born empty-handed, and will die empty-handed.
What does all this mean? Having significant student debt is not the end of your life. The sky isn't falling and you can pay down your debt by restructuring your payback loan. Hell, the Obama's just got finished paying off their loans, and he's the freakin President.
Ride this raggedy thang called life til the wheels fall off. #fuckStudentDebt -
the dukester wrote: »A quote from King Louis the ll, puts this in perspective.
He requested when he died to have all his pallbearers be the finest physicians in the land. He also requested that money, gold, and jewels be put in his casket, and finally he requested that his arms be draped outside the casket.
This was done so......Even though he had the best physicians in the land, NOTHING can stop death when it's your time.
The money & gold is symbolic because when you die, you can't take ? with you (I've never seen a U-haul truck, attached to the back of a hearse.)
And his arms draped outside the casket to show that he was born empty-handed, and will die empty-handed.
What does all this mean? Having significant student debt is not the end of your life. The sky isn't falling and you can pay down your debt by restructuring your payback loan. Hell, the Obama's just got finished paying off their loans, and he's the freakin President.
Ride this raggedy thang called life til the wheels fall off. #fuckStudentDebt
Yeah until your kids curse your after life because the house they thought you were gonna pass down suddenly has a tax lien on it because you got private student loans -
NothingButTheTruth wrote: »SMH at some of the posts in this thread:
If you borrow money for an extended period of time, you have to pay it back WITH interest. That has always been the case.
College is an investment, nothing more, nothing less.
If you ? up your credit or got got, own up to it, and get yourself out of the hole. Stop whining.
Long-term debt with high interest is never a good thing. Stop telling yourself that, to make yourself feel good. The debt you get from college should be more of a low risk maneuver if you did it right, because based on the numbers, you should have calculated that you would come out making enough to pay it off in a few years. If not, you ? up and got work to do.
And stop this generalization ? . It's always based on the individual. People with an 8th grade education can end up making more money than some with a master's degree. There's no formula. You just have to follow where your talent takes you.
They don't hear you bruh. You can tell a lot of these ? here are detached from reality and the way things actually work in the real world once they log off the internet. The bolded parts are especially true. -
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Young_Chitlin wrote: »If you guys are able to, join the conference call where all types of knowledge bombs are dropped. You may not comprehend certain things and that is fine, just listening to all the wisdom from everyone will give you motivation and fuel belief in your ideas.
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loans aint ? its the interest. ? INTEREST YO!
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The Iconoclast wrote: »NothingButTheTruth wrote: »SMH at some of the posts in this thread:
If you borrow money for an extended period of time, you have to pay it back WITH interest. That has always been the case.
College is an investment, nothing more, nothing less.
If you ? up your credit or got got, own up to it, and get yourself out of the hole. Stop whining.
Long-term debt with high interest is never a good thing. Stop telling yourself that, to make yourself feel good. The debt you get from college should be more of a low risk maneuver if you did it right, because based on the numbers, you should have calculated that you would come out making enough to pay it off in a few years. If not, you ? up and got work to do.
And stop this generalization ? . It's always based on the individual. People with an 8th grade education can end up making more money than some with a master's degree. There's no formula. You just have to follow where your talent takes you.
They don't hear you bruh. You can tell a lot of these ? here are detached from reality and the way things actually work in the real world once they log off the internet. The bolded parts are especially true.
Cause he ain't saying nothing
Ain't no inner city kid thinking about how the ? he going pay back his loan debt and how to maneuver
If they going to college, most cases it's cause they think that's what's next
The rest of his post was a ? way of saying what ? already said and agreed upon
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willhustle wrote: »The_Jackal wrote: »Tuition assistance financial aid and academic scholarships>>>>>>
I went to school straight up on pell grants but if you transfer to any university those pell grants ain't covering that high ass tuition & books. I know just started back to take a few classes to build on my experience/resume and when I went to pick up my book for my class that ? was damn near $200.
College is nothing but a way to hustle students into debt. No way I'm taking out any loans w/interest to end up with no job and paying back interest until I'm 50 ? that.
Pell grants and Tution assistance covers everything to the point where I get money back for free and write it off on my taxes -
The Iconoclast wrote: »NothingButTheTruth wrote: »SMH at some of the posts in this thread:
If you borrow money for an extended period of time, you have to pay it back WITH interest. That has always been the case.
College is an investment, nothing more, nothing less.
If you ? up your credit or got got, own up to it, and get yourself out of the hole. Stop whining.
Long-term debt with high interest is never a good thing. Stop telling yourself that, to make yourself feel good. The debt you get from college should be more of a low risk maneuver if you did it right, because based on the numbers, you should have calculated that you would come out making enough to pay it off in a few years. If not, you ? up and got work to do.
And stop this generalization ? . It's always based on the individual. People with an 8th grade education can end up making more money than some with a master's degree. There's no formula. You just have to follow where your talent takes you.
They don't hear you bruh. You can tell a lot of these ? here are detached from reality and the way things actually work in the real world once they log off the internet. The bolded parts are especially true.
Cause he ain't saying nothing
Ain't no inner city kid thinking about how the ? he going pay back his loan debt and how to maneuver
If they going to college, most cases it's cause they think that's what's next
The rest of his post was a ? way of saying what ? already said and agreed upon
That doesn't justify them ? up -
Like has been said, I wish I knew what I know now back then, I'd still go to college but I was living like I made it when I was really just racking up loans. That's an issue with colleges nowadays, the dorms are luxury hotels with gyms, pools, etc, and off-campus student housing is even more grand. Then when you graduate of course you want to keep the same level of living, so you pay more while you are in college and then more when you graduate on living expenses.
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I graduated with over $100K in student loan debt after I got my Masters. It was completely unnecessary, and should have been less than half that. I took a bunch of classes I didn't need but wasn't in the mood to graduate (Stupid, I know). I've been lucky since graduation though, I have a decent paying gig, plus I work for the government, so my best interest is to make minimum payments and get it all wiped away after 10 years
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The Iconoclast wrote: »NothingButTheTruth wrote: »SMH at some of the posts in this thread:
If you borrow money for an extended period of time, you have to pay it back WITH interest. That has always been the case.
College is an investment, nothing more, nothing less.
If you ? up your credit or got got, own up to it, and get yourself out of the hole. Stop whining.
Long-term debt with high interest is never a good thing. Stop telling yourself that, to make yourself feel good. The debt you get from college should be more of a low risk maneuver if you did it right, because based on the numbers, you should have calculated that you would come out making enough to pay it off in a few years. If not, you ? up and got work to do.
And stop this generalization ? . It's always based on the individual. People with an 8th grade education can end up making more money than some with a master's degree. There's no formula. You just have to follow where your talent takes you.
They don't hear you bruh. You can tell a lot of these ? here are detached from reality and the way things actually work in the real world once they log off the internet. The bolded parts are especially true.
Cause he ain't saying nothing
Ain't no inner city kid thinking about how the ? he going pay back his loan debt and how to maneuver
If they going to college, most cases it's cause they think that's what's next
The rest of his post was a ? way of saying what ? already said and agreed upon
WTF?! I have never met anyone non-white that thought college was just next. Y'all was extra lost. Ol' "wait, you mean I have pay this back? " ass ? . SMH there's no way you were that naive at 17/18.
And I'm from NY, so I'm pretty sure I would qualify as inner city. Everyone in my circle knew what college was about, hence why some passed and some made it work for them.
A lot of us in the city are forced to have a hustler's mentality, so this concept of investing in yourself was nothing new. If the numbers didn't add up, we were on to the next.
Case and point, 3 years post graduation, all of my loans were paid off. -
mryounggun wrote: »My student loan debt is negligible, but knowin what I know now...id have skipped college altogether if I could go back and do it again.
@mryounggun
What was your major?
Just asking because, going by what you just said......you either have a job that has nothing to do with your major.....or you're working in your major field, but have seen people doing the same thing you're doing without the degree.
Hence, another reason students are in so much debt.
Basically wasting money on tuition when the field they want to work in doesn't even require it. -
Melanin_Enriched wrote: »Jesus christ. ? really putting themselves 10k+ in debt for a car?
46yrs old and never had a car loan in my life.
Currently driving a 96 Crown Vic and a 99 Denali......both of which I paid less than $5000 for. -
Melanin_Enriched wrote: »Jesus christ. ? really putting themselves 10k+ in debt for a car?
46yrs old and never had a car loan in my life.
Currently driving a 96 Crown Vic and a 99 Denali......both of which I paid less than $5000 for.
I always brag about my 2000 lincoln LS and my 2006 Taurus.
I get clowned but I don't have a note an it gets me from a to b
an I keep the rims clean -
I got no sympathy, if you're too ? stupid/stubborn and sink yourself, oh well.
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2stepz_ahead wrote: »Melanin_Enriched wrote: »Jesus christ. ? really putting themselves 10k+ in debt for a car?
46yrs old and never had a car loan in my life.
Currently driving a 96 Crown Vic and a 99 Denali......both of which I paid less than $5000 for.
I always brag about my 2000 lincoln LS and my 2006 Taurus.
I get clowned but I don't have a note an it gets me from a to b
an I keep the rims clean
Yeah, that car loan ? never made sense to me.
A new car costs at least $20,000, you'll end up paying more than that once you pay it off, and.....by the time it's paid off......it probably won't even be worth half of what the initial cost was.
Waste of money. -
2stepz_ahead wrote: »2stepz_ahead wrote: »
Yep, if you are looking to do finance or anything professional, best believe you're gonna need a top college degree plus an MBA. College is an investment, and you have to invest wisely.
When I was going to college my parents let me know from the jump that I could study whatever I wanted and they would pay for it, but the moment I graduated, I'm on my own.
Bruhs are talking about going to a tier 2 college and studying AA studies. Not that theres a problem with it, but you have to still get the skills needed to get a decent job and income, especially if you have loans. My AA studies professor majored in Finance and AA studies, did investment banking for 2 years to pay of his loans then went back to his passion in AA studies. That's how you play the system. It's only kids in Ivys and top institutions that you can study whatever and be straight. Kids in Harvard are getting offers to Goldman Sachs but majored in Eastern Asian Language.2stepz_ahead wrote: »
Yep, if you are looking to do finance or anything professional, best believe you're gonna need a top college degree plus an MBA. College is an investment, and you have to invest wisely.
When I was going to college my parents let me know from the jump that I could study whatever I wanted and they would pay for it, but the moment I graduated, I'm on my own.
Bruhs are talking about going to a tier 2 college and studying AA studies. Not that theres a problem with it, but you have to still get the skills needed to get a decent job and income, especially if you have loans. My AA studies professor majored in Finance and AA studies, did investment banking for 2 years to pay of his loans then went back to his passion in AA studies. That's how you play the system. It's only kids in Ivys and top institutions that you can study whatever and be straight. Kids in Harvard are getting offers to Goldman Sachs but majored in Eastern Asian Language.
um..... east asian language helps that company stay with growth in east asia.
but i know alot of ? who majored in Art....an mcdonalds hired them right to manager
Wasn't the best example, I know. Majoring in Chinese is a sure fire way to get banking position in Hong Kong or Singapore.
Should have said Philosophy or Anthropology. -
The Iconoclast wrote: »2stepz_ahead wrote: »
Yep, if you are looking to do finance or anything professional, best believe you're gonna need a top college degree plus an MBA. College is an investment, and you have to invest wisely.
When I was going to college my parents let me know from the jump that I could study whatever I wanted and they would pay for it, but the moment I graduated, I'm on my own.
Bruhs are talking about going to a tier 2 college and studying AA studies. Not that theres a problem with it, but you have to still get the skills needed to get a decent job and income, especially if you have loans. My AA studies professor majored in Finance and AA studies, did investment banking for 2 years to pay of his loans then went back to his passion in AA studies. That's how you play the system. It's only kids in Ivys and top institutions that you can study whatever and be straight. Kids in Harvard are getting offers to Goldman Sachs but majored in Eastern Asian Language.
^^^Slept on post in this thread. Everything you said is the cold hard truth in the real world.
Which is exactly why I spoke about ROI(return of investment) earlier in this thread and the fact that not all degrees are created equal. Most degree's especially in the engineering or finance industry just give you the necessary foundational knowledge you need to get your foot in the door of a competitive entry-level occupation in a decent company in your industry - in the vast majority of cases you don't really obtain the specialized knowledge until you actually get the experience/training/certification that comes with actually working in the industry and moving up the ladder where your job description/role changes from the entry level responsibilities.
Speaking from experience, even the internships and recruiters on campus are selective/have a preference.
I know for a fact the vast majority of companies recruiting for say actuarial/risk management jobs are going to prefer anybody with a BS in Computational Finance and minor in Mathematics over some dude with a (no disrespect intended to anyone who majored in them, they're still excellent to have) a BA in Geography or English literature unless you finished undergrad at an Ivy or the selective target schools just below them in prestige but are located in fertile job markets as well.
This is why I say college isn't for everyone (I've discovered that people with certs or experienced technical backgrounds, make just as much if not more than people with bachelor degrees) and if you do go to school simply to increase your earning potential (without caring much about work–life balance or self-fulfillment/loving what you do) make sure you major in something (e.g., anything STEM is the wave blacks need to ride) that will get you a decent ROI and the ability to knock out your student loan debt quickly.
Engineering is the new business degree to be honest. My good friend at Howard is studying Mechanical Engineering but get internship offers for banking and consulting internships.
My school hosted Goldman Sachs a few weeks ago. Half of the professionals there had a STEM related major. It's only the Ivy's and target schools (Northwestern, UVA, Duke, Berkeley etc) that can have it's students study anything and be fine for the working world.
https://youtu.be/87pga0kQ4FM
