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These are the federal loan limits, for anyone curious:https://studentaid.ed.gov/sa/types/loans/subsidized-unsubsidized posted:$57,500 for undergraduates—No more than $23,000 of this amount may be in subsidized loans.
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Aug 28, 2018 18:23
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Which are in no way an indication of the maximum student loan debt you can acquire. Private lenders will do anything to set you up with the other $130,000 you need to finish your 4 years. At 9%-12% interest
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Aug 28, 2018 18:26
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Sure but that's not saying much. Private anything with gleefully gently caress you over with a splintered broom handle til your last raggedy breath if you so much give them an inch. Not sure that's an exclusive problem to higher ed See: pay day lenders
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Aug 28, 2018 18:29
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It is something that a lot of schools, not even just the lovely for-profits, will encourage you to do if you can't afford them with Federal loans alone. So it is definitely a problem specific to higher Ed even if it's not the only place in the world where private lenders will gently caress you.
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Aug 28, 2018 18:34
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Yeah, that's fair. The problem might run even deeper than that, I specifically remember my useless high school counselor telling me that it was totes ok to borrow from private lenders, everyone does it!! I've since concluded that high school counselor must be a poo poo career. Yet they outrank teachers, go figure Sneak edit: nope I believe private student loans are also shielded and it's very difficult if not downright impossible to discharge those as well. Some downright criminal poo poo if ya ask me!
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Aug 28, 2018 18:40
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Are those private loans dischargeable in bankruptcy though?
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Aug 28, 2018 18:40
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Volmarias posted:Are those private loans dischargeable in bankruptcy though? This is going to be a wild sentiment for the BWM thread but the vast majority of the American public (especially working class) is not as hot on discharging debt through bankruptcy as the BFC forum regulars like you and me.
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Aug 28, 2018 18:42
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KingSlime posted:Sure but that's not saying much. Private anything with gleefully gently caress you over with a splintered broom handle til your last raggedy breath if you so much give them an inch. Not sure that's an exclusive problem to higher ed Do you know how much college typically costs though? People don't pursue additional (private) loans because they're dumb, it's because your 57,500 got you two or three semesters.
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Aug 28, 2018 18:42
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Also, lol just lol at the title of this legislation: Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (this act makes private student loans vastly more difficult to discharge with bankruptcy lol)
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Aug 28, 2018 18:43
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hey, debt resellers count as consumers too
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Aug 28, 2018 18:46
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GoGoGadgetChris posted:Do you know how much college typically costs though? People don't pursue additional (private) loans because they're dumb, it's because your 57,500 got you two or three semesters. Wtf kind of school do you think people go where a semester runs 25k?? People don't have to go to private schools or out of state for a degree, that's a universally terrible idea for the average American. My state uni in TX is in the cheaper end sure but it's still a full fledged uni and it was like 6k a year for tuition. UT Austin is only 10k a year. These are still very high numbers for high schoolers mind you and room + board isn't free but a lot of people do pursue private loans because they're dumb or want to enjoy a college experience that is simply beyond their means (that recurring trend in this here thread!) KingSlime fucked around with this message at 18:50 on Aug 28, 2018 |
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Aug 28, 2018 18:48
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My understanding is that private student loans have all of the same restrictions against discharging them via bankruptcy. They also don't qualify for the vast majority of forgiveness or repayment options. They gently caress you on both ends. They also account for somewhere around 8% of all student loan debt. Not sure what percentage of students have a least some private loans though.
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Aug 28, 2018 18:52
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KingSlime posted:Wtf kind of school do you think people go where a semester runs 25k?? People don't have to go to private schools or out of state for a degree, that's a universally terrible idea for the average American. That's extremely fortunate that you lived in a state with affordable schools that could meet your life goals. Many are not as fortunate as you!
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Aug 28, 2018 18:58
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KingSlime posted:Wtf kind of school do you think people go where a semester runs 25k?? People don't have to go to private schools or out of state for a degree, that's a universally terrible idea for the average American. Yep, whole lot of 'tards out there living really kickass lives at their private universities without scholarships for only 50k a year. I do wonder what happens overall if students start rejecting private schools though.
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Aug 28, 2018 19:00
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GoGoGadgetChris posted:That's extremely fortunate that you lived in a state with affordable schools that could meet your life goals. Are you sure you're not referring to private costs? Is in-state tuition somehow 10x higher in other states? Are there no community colleges where you live? I genuinely don't know, my higher ed knowledge is strictly confined to Texas schools E: according to Google, on average private schools are 5 to 10 times(!!) more expensive than public schools across the entire country. Where you from, homie?? KingSlime fucked around with this message at 19:03 on Aug 28, 2018 |
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Aug 28, 2018 19:00
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GoGoGadgetChris posted:That's extremely fortunate that you lived in a state with affordable schools that could meet your life goals. Nope, no excuses: https://www.businessinsider.com/most-expensive-public-universities-2014-7
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Aug 28, 2018 19:03
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baquerd posted:Nope, no excuses: https://www.businessinsider.com/most-expensive-public-universities-2014-7 Glad I'm not crazy! I increasingly feel like GGGChris is an unreliable narrator
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Aug 28, 2018 19:05
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It's interesting. You'd think the rates would be really low, since the students can't get out of them by declaring bankruptcy. But on the other hand unlike most other long term loans they're not collateralized by anything. 12% seems ridiculous to me when 30 year fixed mortgages are still below 4. Yes I know those are a special case also subsidized by the government, but still.
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Aug 28, 2018 19:05
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baquerd posted:Nope, no excuses: https://www.businessinsider.com/most-expensive-public-universities-2014-7 KingSlime posted:Glad I'm not crazy! I increasingly feel like GGGChris is an unreliable narrator Focus on the part where I said "that could meet your life goals" A large public university or a community College don't serve the needs of all. There are reasons to attend a university other than get A Degree In Anything.
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Aug 28, 2018 19:07
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Hm I do feel like you might be out of touch with the average American's needs, which is what this thread mostly focuses on in terms of what is "bwm" What specific needs are you referring to that an in state public school can't achieve?
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Aug 28, 2018 19:08
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Sirotan posted:These are the federal loan limits, for anyone curious: These are the limits for Stanford loans. There are no maximum borrowing limits for graduate PLUS loans, which allow you to borrow up to the cost of attendance minus scholarships. fwiw, my partner and I both attended elite law schools and carry a combined $400k in law school debt on top of a further $250k in undergraduate and masters degree loans. All loans are federal direct consolidated loans. We are both employed in state government. Thanks to IBR and our school’s public service loan repayment assistance plans, we pay a combined $350/month toward the balance, and thanks to PSLF the entire balance will be forgiven in 9 years (8 for her). Burying yourself in an absurd level of federal student loan debt to get a public service job has, in my very limited experience, been very GWM. Caveats are obviously that these jobs are few and far between and that this administration wants to increase IBR payments + get rid of PSLF entirely for new borrowers - but as currently construed the federal student loan system has essentially functioned as a handout for us (while of course simultaneously preying upon the less fortunate).
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Aug 28, 2018 19:10
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Perhaps! But I've never been too concerned with seeking Averageness so I shall defer to the expert
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Aug 28, 2018 19:10
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GoGoGadgetChris posted:Perhaps! But I've never been too concerned with seeking Averageness so I shall defer to the expert I've been owned!! But hey you were passing off a false narrative as a universal truth, that's all I wanted to point out. For most people, private schools are a dumb idea
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Aug 28, 2018 19:15
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Universal truth is your own addition. I said that there are reasons to pursue private loans beyond the federal 57,500 other than "dumb" and I stand by it. If your sticking point is that it isn't literally always a good idea for all people to take private loans to attend expensive schools, rest assured that I agree with you.
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Aug 28, 2018 19:18
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i went to a very expensive private university and it was probably a good decision overall
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Aug 28, 2018 19:30
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Let's not hop on a derail where we all brag about having gone to expensive Ivy-tier private schools and eat sixers, okay? Public school out-of-state or private school in state all costs a lot more than $15K a year.
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Aug 28, 2018 19:56
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Yeah, KYOON (jr) is probably near the top of the list of Exceptional Goons, and yet I bet his 4 year plan at age 18 would have been great fodder for this thread. This is in NO way a personal attack on anyone that chose to go to a large in-state school or community college. In no way at all. But to say that private school with a hefty loan is objectively dumb is just.... GoGoGadgetChris posted:the BWM thread usual spiral of LUXURY ITEM DETECTED BEEP BOOP ECONOMIC INEFFICIENCY MUST BE DESTROY EDIT: god, have you watched Good Will Hunting recently? That movie sucks rear end now. Ohhh nooo the protagonist is an incredible genius with tons of brains and attractiveness and popularity, but his fatal flaw is that he's Too Good at Everything. I'm guessing Matt Damon wrote it? GoGoGadgetChris fucked around with this message at 20:09 on Aug 28, 2018 |
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Aug 28, 2018 20:05
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Someday you’ll all realize that you wasted a hundred and fifty grand in fuckin education you coulda got for a dollar fifty in late fees at the public library. https://www.nerdwallet.com/blog/credit-card-data/consumer-credit-card-trends-study/ quote:Forgetting to make payments.
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Aug 28, 2018 20:07
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The average American is wildly financially irresponsible and I come here to huff great piles of it into my eager, hungry lungs.
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Aug 28, 2018 20:10
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Americans owe more than $650B in interest-bearing credit card debt (out of a total of $1T), the average rate is more than 19% and the average household pays a total of $1,332.80 in credit card interest each year. There were 157 million Americans with outstanding debt on one or more credit cards at the end of 2016.
EAT FASTER!!!!!! fucked around with this message at 20:16 on Aug 28, 2018 |
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Aug 28, 2018 20:13
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EAT FASTER!!!!!! posted:Americans owe more than $650B in interest-bearing credit card debt (out of a total of $1T), the average rate is more than 19% and the average household pays a total of $1,332.80 in credit card interest each year. There were 157 million Americans with outstanding debt on one or more credit cards at the end of 2016. The next 'recession' is really gonna be exciting.
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Aug 28, 2018 20:32
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The average American thinks $100,000 makes one rich
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Aug 28, 2018 20:33
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Making 100k does make it easier to get that sweet, sweet line of credit, which is basically th same as being rich, right?
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Aug 28, 2018 20:34
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Moneyball posted:The average American thinks $100,000 makes one rich The average American has less than $1,000 in their savings! Or is it half? I forget, but it's pretty dire Obligatory "this is bait" etc etc
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Aug 28, 2018 20:38
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Spring Heeled Jack posted:The next 'recession' is really gonna be exciting. Not really. People walked away from homes en mass in 2007. Unsecured debt is even easier. OH! You mean the inevitable bank bailouts because how could Chase have known giving 5 credit cards to one person was going to bite them in the rear end? It was crazyballs in 2008 when American Express was paying people to close their credit cards.
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Aug 28, 2018 20:46
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Moneyball posted:The average American thinks $100,000 makes one rich When in actuality, it actually makes their household rich.
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Aug 28, 2018 20:51
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It's $99,999 -unwashed masses $100,000 -sweet spot $100,001 -guillotine
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Aug 28, 2018 20:52
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Spring Heeled Jack posted:The next 'recession' is really gonna be exciting. Sure is, with the personal savings rate near record lows.
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Aug 28, 2018 20:59
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canyoneer posted:Sure is, with the personal savings rate near record lows. Doesn't matter, I have a very stable job!!
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Aug 28, 2018 21:00
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GoGoGadgetChris posted:Doesn't matter, I have a very stable job!! "How could I have foreseen this tragedy???"
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