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There should be a hall of fame of some sort for undergrad student loan debt. Make some metrics vs. expected future earnings to see which ones are the worst. $720k for a videography degree has to be world top 5.
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Aug 3, 2018 16:13
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Barry posted:There should be a hall of fame of some sort for undergrad student loan debt. Make some metrics vs. expected future earnings to see which ones are the worst. $720k for a videography degree has to be world top 5. That's not his amount of debt, though. He's got $240k in debt, he gets to $720k by assuming he makes nothing but minimum payments over the extended payment period.
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Aug 3, 2018 16:43
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Phanatic posted:That's not his amount of debt, though. He's got $240k in debt, he gets to $720k by assuming he makes nothing but minimum payments over the extended payment period. That seems like a very safe assumption on his part since he has "basically a videography degree" (99% this was a learn to make video games degree), makes ~35k per year pre-tax, lives in New York City, and his monthly minimums are $3,000.
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Aug 3, 2018 16:46
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Leon Trotsky 2012 posted:That seems like a very safe assumption on his part since he has "basically a videography degree" (99% this was a learn to make video games degree), makes ~35k per year pre-tax, lives in New York City, and his monthly minimums are $3,000. He should have just written that he owes $infinity dollars then, as he might as well given his current prospects.
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Aug 3, 2018 16:50
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His interest rates are 11%, which is only slightly better than a credit card. Dude is hosed. It's a real shame that his dad cosigned because otherwise basically anything he did would be a better choice than grinding those out for his entire life.
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Aug 3, 2018 16:53
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Is it true that student loans allow you to draw for general living expenses which includes pretty much everything? I.e. eating out, boutique coffee, and so on? I remember a story from several years ago where someone was trying to explain to a very BWM person that the $7 Starbucks she charged every day to her loan (among many other things) were ending up costing her far more than that and her reply was she'd be "very crabby" without her latte every morning. I know this is venturing in to Avocado toast territory but I think there is a difference when it comes to leveraging a high interest student loan that is almost impossible to discharge for those expenses.
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Aug 3, 2018 17:45
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They don't go around verifying what you spend your grants or loans on if that's what you mean. It's possible to get in trouble if you take loans out with fradulent intent, where they make you pay back everything + penalties, but you'd have to gently caress up pretty massively to even get on their radar. My roommates used to spend their leftover Pell Grant on a shitton of weed every semester. Seeing that massive jar of weed refilled every six months was baller. Federal dollars going straight into the drug industry, which is very par for the course in other areas too now that I think about it. As far loans go, yeah they're more than thrilled to let any and every dumb rear end max out the cap on Federal loans even if you don't need them and already have all of your expenses accounted for with grants or other means...and honestly why wouldn't they? It's capitalism, baby! KingSlime fucked around with this message at 18:00 on Aug 3, 2018 |
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Aug 3, 2018 17:52
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Darkrenown posted:revolut.com actually seems like a useful service, but one of the features they offer is I can testify that Revolut is super GWM when it comes to travelling, as it saves on fees and often saves you from taking any cash out of ATMs at all. The cryptocurrencies feature is a paid extra and seems more like a PR gimmick than anything (you can't even withdraw to bitcoin addresses - you just buy, hold and sell within the app). It's also why I'll never use Revolut as a current account with my salary going into it, but just top up as and when I need funds on the card.
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Aug 3, 2018 17:55
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There is basically no oversight on how you spend student loans. It's so predatory.
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Aug 3, 2018 18:02
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Ixian posted:Is it true that student loans allow you to draw for general living expenses which includes pretty much everything? I.e. eating out, boutique coffee, and so on? Subsidized loans, grants and government-related aid such as scholarships for public universities are capped using a formula that looks at tuition and fees and a cost of living estimate for the area. Theoretically someone should be able afford to attend school full-time and afford basic housing expenses with this amount (however it ignores medical and all sorts of actual expenses). You can also live more cheaply (roommates) or have your parents cover expenses and end up using this money to pay for weed or Warhammers or whatever. Private loans don't seem to have any caps.
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Aug 3, 2018 18:04
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CheesyDog posted:Subsidized loans, grants and government-related aid such as scholarships for public universities are capped using a formula that looks at tuition and fees and a cost of living estimate for the area. Theoretically someone should be able afford to attend school full-time and afford basic housing expenses with this amount (however it ignores medical and all sorts of actual expenses). You can also live more cheaply (roommates) or have your parents cover expenses and end up using this money to pay for weed or Warhammers or whatever. Private is what I was thinking of. So it is actually possible to get a private school loan and in addition to paying (probably exorbitant private school) tuition for your video game degree, you can also use it to buy...whatever? On a crappy-interest loan that is basically tied to you worse than IRS debt for the rest of your life? Good God. And then they get their parents to sign on to it with them.
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Aug 3, 2018 18:11
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Barry posted:There should be a hall of fame of some sort for undergrad student loan debt. Make some metrics vs. expected future earnings to see which ones are the worst. $720k for a videography degree has to be world top 5. It was actually "only" $240k. The guy included the full finance costs in his description. It's 8x loans at $30k each, presumably to cover 8 semesters of absolutely useless "education." If I were him I'd still flee the country. Vox Nihili fucked around with this message at 19:27 on Aug 3, 2018 |
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Aug 3, 2018 18:15
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His dad and maybe the whole family could flee with him. It's pretty crazy that student loans can carry such high interest rates that this honestly sounds like the best choice.
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Aug 3, 2018 18:18
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Leon Trotsky 2012 posted:Man, that's insane. But if he has that much student loan debt, then at least he is a doctor. If he buckles down for 5-10 years, then he won't be ruined by this. There's also this Reddit thread discussing NYC's "School of Visual Arts" that $720K kid attended. Key quote: quote:There are a lot of students who don't put in the effort required to be successful in their field, but they tend to be the ones who can afford to do so - SVA has a lot of very wealthy students looking for an excuse to live in NYC for four years and go to an easy college. melon cat fucked around with this message at 18:45 on Aug 3, 2018 |
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Aug 3, 2018 18:36
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melon cat posted:Yeah he isn't going to be pulling a Doctor salary in video production unless he really hustles and eventually establishes an agency that lands big commercial gigs. Not likely for someone who decided to attend an overpriced arts school for Videography. Video production equipment is also stupidly expensive and he won't even be able to rent equipment without overstretching himself because of that massive debt. Source: I work in the industry. He's hosed. Market is flooded with fail sail kids that are barely knowledgeable. 35-45K is pretty common.
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Aug 3, 2018 20:21
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Are North Dakota oil fields still hot? Maybe he should go be a welder’s apprentice there. Make more money, spend less, and live the rest of his life in servitude to his lenders.
Mineaiki fucked around with this message at 21:00 on Aug 3, 2018 |
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Aug 3, 2018 20:57
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Getting back to that level, but a better bet is him getting a CDL in west Texas if he doesn’t piss hot. Housing can be had again in western North Dakota though, so that would be a plus.
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Aug 3, 2018 21:00
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Mineaiki posted:Are North Dakota oil fields still hot? Maybe he should go be a welder’s apprentice there. Make more money, spend less, buy a $75,000 truck, and live the rest of his life in servitude to his lenders. e: I don't care if it's unrealistic due to credit score. Life, uh, finds a way
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Aug 3, 2018 21:11
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Universal BWM: Doing anything with Bitcoin.quote:
Even if you make
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Aug 3, 2018 21:20
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Don't tell your kids to follow their dreams if it means getting into a crippling amount of debt and definitely don't cosign on it for fucks sake.
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Aug 3, 2018 21:29
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Lockback posted:Universal BWM: Doing anything with Bitcoin. "Socialized clawback policy", what the gently caress!?
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Aug 3, 2018 21:37
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Lockback posted:Because OKEx has a “socialized clawback” policy for such instances, it will force futures traders with unrealized gains this week to give up about 18 percent of their profits. That's hilariously GWM
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Aug 3, 2018 22:01
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Ebola Roulette posted:don't cosign Fixed.
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Aug 3, 2018 22:02
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I looked up Columbia undergrad and it is $60 grand for tuition alone. Although if you are poor I guess they cover most of it.
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Aug 3, 2018 22:47
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smackfu posted:I looked up Columbia undergrad and it is $60 grand for tuition alone. Although if you are poor I guess they cover most of it. Ivies tend to give good FA. My cousin came from a pretty middle class family but had only $10k in student loans. Most private schools are $60k now.
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Aug 4, 2018 00:16
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I have $1500 in the bank. I just landed a job making $21 an hour. I don't start until September 24th. My rent is $1000 due yesterday and again on September 1st. What do I do? https://www.reddit.com/r/personalfinance/comments/93xn8b/i_have_1500_in_the_bank_i_just_landed_a_job/ quote:Hello, first time posting on this subreddit. I don't know how I'm supposed to survive this situation but I would appreciate any advice that I can get. I don't want to end up homeless before my job starts and I don't know what to do. I was thinking of getting a payday loan. I know they're bad but I have bad credit so I can't do a traditional loan. https://www.reddit.com/r/personalfinance/comments/94bmvm/parents_gave_me_debt_and_ruined_my_credit/ quote:I'm graduating college soon and have been apartment hunting in NYC. I was told the minimum credit for most renters should be around 680. I've never had any credit cards or loads, etc so I assumed I had no credit. I only recently decided to get my credit checked when I found out that my parents had actually opened 2 credit cards under my name with a total of $25,000 in debt. These accounts have been open for years now, and while they have apparently been making the minimum payments as of late, my credit score sits around 580.I don't want my parents to face any criminal charges but I do want to fix my credit.As of right now, I have a friend willing to sign as a guarantor for my apartment as my credit score doesn't make the requirements. However, I can't rely on my friend forever and would want to get my credit to at least 680 as soon as I can. https://www.reddit.com/r/personalfinance/comments/94duc6/father_wants_me_to_buy_him_a_car/ quote:I'm under a lot of pressure with a situation, and need some advice/viewpoints on what to do. Moneyball posted:e: I don't care if it's unrealistic due to credit score. Life, uh, finds a way SiGmA_X fucked around with this message at 01:40 on Aug 4, 2018 |
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Aug 4, 2018 01:19
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SiGmA_X posted:I have $1500 in the bank. I just landed a job making $21 an hour. I don't start until September 24th. My rent is $1000 due yesterday and again on September 1st. What do I do? 1. Call your goddamn landlord holy poo poo 2. Call the bank holy poo poo 3. Find a used honda holy poo poo
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Aug 4, 2018 03:04
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quote:I make a big salary (my annual income as an individual is higher than the household income for my state). Then when somebody suggests him buying his dad a cheap used car, quote:No, I don't have quite that kind of money Oh well I wonder just how prevalent this actually is.
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Aug 4, 2018 03:21
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Ebola Roulette posted:Don't tell your kids to follow their dreams if it means getting into a crippling amount of debt and definitely don't cosign on it for fucks sake. But definitely cosign loans with a 50% overall interest for colleagues who can't save $6K over 3 years because these are definitely the good people who won't try to leave you holding the shitbag ever.
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Aug 4, 2018 03:40
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I know horsechat is a bit passe in this thread but I found a little radio piece from back in 2002 called "Reaganomics on the Hoof: The Arabian Horse Industry in the 1980s" that's definitely worth a listen. The horse industry (Arabians weren't the only part affected, Saddlebreds and racehorses had their own bubbles) were kind of a microcosm of the ~trickle-down~ effect on the American economy - all that money just got shuffled around among the ultra-wealthy and after the rich owners went back to their offshore bank accounts or whatever the stable workers, trainers, people who actually cared about the horses were left with nothing. The piece only lightly touches on the pyramid-schemey aspect of it all, that the fillies which were purchased from the big breeders all got bred back to the "superstar" stallions from that same breeder so money kept being funneled to the top. The Arabian industry never did recover, and the bottom fell out completely (even worse than the rest of the horse industry) after 2008. The worst part of the bubble, besides the thousands of horses that got sent to slaughter or starved, was that the horses that were being bred were actually really bad at doing horse things. If I may quote from a horse industry forum https://www.chronofhorse.com/forum/forum/discussion-forums/off-course/81839-arabian-horses-in-the-1980s/ posted:I got to see a couple of investment/tax-shelter farms just before the crash. I was involved in University horse-judging teams and we got to tour a number of beautiful barns.
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Aug 4, 2018 04:09
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charles ii of horses somehow
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Aug 4, 2018 05:00
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Purebred dogs are basically all brutally inbred by people who increasingly don't care if they're actually capable of functioning as a dog. I'm pretty sure 'designer' breeds got marketed simply because they were running out of functional purebreds without having to broaden the gene pool.
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Aug 4, 2018 11:20
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Admittedly more BWL than BWM but I have to share this one: "In the two years I've been in the Army, I (a man) have developed golf-ball-size lumps under my nipples that are now oozing streams of blood. I have never seen the completely free doctor available to me, or any other doctor, and am prepared to pay out-of-pocket for the surgery I assume I need, rather than let the Army find out." US Army Enlisted - How do I get Gynecomastia Surgery? quote:I posted this on r/Army Figured I would throw it here as well, thank you for any feedback. Every reply is some version of "Go to the doctor immediately".
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Aug 4, 2018 12:31
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Is he mentally retarded or something? Why on earth would he think that not only would the Army refuse to pay for medical treatment, but that the Army would even ensure that he does not receive medical treatment? The mental thought process...
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Aug 4, 2018 13:50
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Not going to quote John Smith directly, but the answer is people get paranoid their employer is going to find out about their health problems and punish them for it. A friend who got knocked up was so paranoid her job would find out she was pregnant that she made the baby daddy pay out of pocket for the doctor's visits until it got to the point where she couldn't hide the pregnancy. And he paid thousands of dollars to follow her wishes. There was a lot of stupidity in that couple. That said, the only job where your boss might find out about your vampire breastfeeding nipples is the military. Does anyone know if HIPAA regulations are as strong in the service as it is in civilian life?
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Aug 4, 2018 14:36
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Moneyball posted:e: I don't care if it's unrealistic due to credit score. Life, uh, finds a way Bad credit? No credit? No problem! *puts forth a 7 year loan at rates that make a Mustang salesman outside an Army base smile*
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Aug 4, 2018 14:46
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Criminal BWM is a special flavor.quote:Throwaway for obvious reasons. I am in full-panic mode right now.
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Aug 4, 2018 14:59
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Ixian posted:Is it true that student loans allow you to draw for general living expenses which includes pretty much everything? I.e. eating out, boutique coffee, and so on? Yes a significant amount of my student loans went to buying weed.
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Aug 4, 2018 15:06
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neonbregna posted:Yes a significant amount of my student loans went to buying weed. A chunk of my leftover student loan money bought new boobs.
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Aug 4, 2018 15:20
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One of my colleagues at work revealed that he has a friend that made $100mil off of bitcoin, it sounded believable. Details were scarce but presumably he got in when it was dirt cheap and worthless. Sounds like hes donating heaps to charity so that's nice.
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Aug 4, 2018 16:18
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