How are you handling school loans it?

[Anonymous]

I just graduated from nursing and I owe $55,000 & my friend owes 80,000 because she’s letting hers build up & not paying it. they gave me refund checks but those $2,000 every semester isn’t crap. I hope Bidens helps because this doesn’t make sense. I’m debating on if I should just let it build up and live life LOL and focus on other stuff and just die when i’m older since i can't go to jail and it’ll just increase. like college is such a scam

Updates

+1 y

Also keep in mind I switches schools and didn’t pay loans there because i’m just now finding out & also I had a few scholarships…

Updates

+1 y

i talked to some people & it sucks but in reality we’re all going to be in debt so we can just pay it off monthly with a little or large amount im okay with that unfortunately

[Effably]

It defaults to a rather small percentage of income here (Sweden).

However studying is free (you actually get paid). The student loan is for living accommodatios, food, travel and other ordinary expenses.

Our loan rate varies but is usually always below 1% and as a rule of thumb below the rate of inflation. This year it is set to 0%. As such ideally you want to pay as little of it as possible since you could invest the money in relatively safe options and earn more that way. Indeed some people I studied with did just this - took the full loan. Invested it cautiously. And then, while this was ill advised, paid it off entirely upon graduation and kept the extra money earned.

The typically best option here is to take it out as a later lump-sum for the downpayment on a house as a 0-1% interest is difficult to find.

TL/DR: Interest is less than inflation. We pay as little as possible here.

[Asker]

wished i live over there america doesn’t make sense sometimes lol

[Effably]

The simple math is that the added income I get, paired with the taxes I pay on it more than makes up for the cost my education poses on society. And don't believe the propaganda, our taxes aren't that crazy but perhaps 5% above yours.

Healthcare runs on the same principle. Society more than makes back the money spent simply because we're not sick and leaving the workforce because of it. Instead with treatment we can get back to normal faster. Therefore mathing it out, free healthcare is an economical net positive in income.

[Jouth]

I just pretend it's not there


#Problem Solved

[Asker]

something i would do but i can't afford my credit messing up

[SecretsofKB]

Alright so I got my BSN in 2019 and my loans sucked...

I see in another comment you got your masters also so you're a bit deeper than I was. I've taken a sizable chunk out of my since the start of the pandemic (thank you overtime pay), but it's still looming. I would LOVE to have mine forgiven. Especially since I just interviewed for CRNA school and that's just not cheap.

But don't let it build up. That kills your credit score and that's a big reason I just bought a house by paying my shit and building my score up high.

[Asker]

Yes i read about the forgiven loans i applied immediately because i used to help with a nonprofit organization

[Asker]

goodluck to the both us of weve got this!!

[SecretsofKB]

We do!!!

[Anonymous]

Car loans and hows loans also suck. I can't believe you have to pay it back.

[WindAtMyBack]

I hate having debt and didn't have any debt from college. If I can't afford something I don't buy it. Same goes for college.

If you choose to go into debt, then you can't complain about having debt, since it was your choice. You are obligated to pay it back and the government should quit letting people off the hook. That in itself is an education, and the wrong kind. The government is educating people by telling them it's OK to be financially irresponsible.

There are three choice. Take out a loan and pay it back. Don't go to college. Or wait a few years until you have enough money paid to pay for it yourself.

[Asker]

yeah but it sucks in reality we’re all going to be in debt so we can just pay it off monthly with a little amount im okay with that unfortunately

[WindAtMyBack]

Why are we all going into debt? Do you mean the government debt? Or do you mean personal debt? There is no reason to go into debt personally, ever. Sure, credit cards are handy, but they can be paid off every month.

I don't know why the cost of college has gone up. After adjusting for inflation it's higher now than when I was in college. But it's not so much higher to justify the huge debt students incur now.

I think part of it is because too many people are going to college now. That means the available funds are spread more thin. If you look at other countries that supposedly have free college, if you really look into it, that don't really have free college. They only have free college for SOME people, not for everyone. They don't have nearly as many people going to college as we do here in the US. The US has the highest education attainment in the world (meaning on average they have more years of education than any other country).

That makes it extremely expensive per student. Look at it this way. What is better? To pay 100% of college for 20% of the population? To pay for 50% of education for 40% of the population? Or pay 28% of education for 70% of the population? They are all roughly the same amount of money.
Here in the US we are close to that 70% of people going to college (which doesn't mean they are all getting degrees).

[WindAtMyBack]

On top of that, in other countries you don't have the same kind of educational freedom that we do here. For example in many countries you can't go around changing majors like we do here. That's VERY expensive to change majors midstream, but it's very common in the US. If a country is going to fully pay for college, they will have certain expectations of the students. They aren't going to pay for students who change majors four times in four years. In other countries they might not be able to take night classes part time with no intention of getting a degree. That's also very common here. All that costs money, a LOT of money. Many of these countries with so-called free education don't have all those expenses.

So which is better? People here in the US want "free" education for everyone. I'm not aware of any country in the world that has that, because no other country has nearly as many people going to college as we do.

[Asker]

a regular kid straight out of high school isn’t going to be able to pay off all the debt and isn’t going to be able to save up whatever crazy amount they come up with beforehand so shut up please & thank you. everything is bought that i own & i have good credit.

[Asker]

The system sets everyone up.. even those in upper class families

[WindAtMyBack]

You obviously didn't read or care about a thing I said. You just want to complain because everything isn't handed to you. The average person CAN pay for college themselves. I know this for a fact. The problem is that people don't know how to make money or save money.

[Asker]

i did and it was silly i worked at a restaurant during college as a server and it was stressful study shows most students with hard majors barely work partime so shush even with tall the tips and stocks i’ve invested in and things i’ve sold wouldn’t help along. you probably didn’t even graduate

[Asker]

also let me know any young adult you know that can pay off 80,000 any middle class lol.. you weirdo my parents saved money up for all their kids too but you think bills and such prob don’t exist LOL

[WindAtMyBack]

I'm talking about delaying college and working full time until you save your money. Yea, working while going to college sucks. I've done it myself. Most people can save enough money to pay for college if they work hard and set their mind to it. Older students who do it that way typically do better in college anyway. If someone can't afford to pay for it straight out of high school, then it's perfectly fine delaying for several years.

Delaying college and going out working full time also has a lot of advantages other than strictly financial.

[WindAtMyBack]

You don't need 80K to go to college. Find someplace cheaper. If you really want to go someplace that costs that much, then save 80K and then go. You can save that much if you set your mind to it. But you shouldn't need that much.

[Asker]

that’s not what you were talking about to back to your first comment over here trying to change your mind lol “talking about don’t go if you can’t afford & save up “ & nope my friends was 80k for pharmacy school. & you’re silly i’m done talking to you LOL who would delay it and make their credit bad.. acting like you work for the government or soemthing

[WindAtMyBack]

It IS what I was talking about. I said you have options. Delaying college and paying for it yourself is one. Not going at all is an option. There are many ways to do it.

As for pharmacy school, come on now. You are talking about something highly specialized that's not even close to the average person.

How does delaying college make someone's credit bad? It might even help the credit score.

[Asker]

read that work but the average hs school isn’t going to wait years to save up for these ridiculous prices silly.. even the smartest people who is sure know how to save are struggling bye.. think average not uncommon sir.. we would have a huge delay in jobs so clearly everyone will pay the loan or a few will pay barely anything

[Asker]

i read that wrong*

[MTC29]

My student loan was for ten years. My payments were structured so that amounts during the first two years were small, but gradually increased year by year. This worked perfectly. As the years passed, and I was getting salary step increases and promotions, the payments remained reasonable. I paid the loan off in full and on time.

Bottom line: I received money which allowed me the complete grad school and Uncle Sam earned a few bucks in interest. A win-win for both.

[Sixgunsound]

The way college is financed and regulated in the US is absolutely a scam. There is no reason whatsoever that medical school costs 400 Euros in France and nursing school costs 55k Here. There is no reason degrees should take as long as they do here. It’s a money grab that doubles as extended exposure to the indoctrination mill.

[Asker]

yesss i hate it but i can pay it off monthly with any amount above 20 dollars so..

[Sixgunsound]

Government being in the financing a student debt industry is basically just their mocking us with their power over our literal life and death via death. It doesn’t matter how well you’re doing school it matters who you meet in school. It doesn’t matter what your program is, it matters where your daddy works. Government picking winners and losers by forgiving or screwing people with the debt that they have very little choice in acquiring because the options are going to minimum wage menial labor or get government permission to work in a field that will pay a living wage. That or join the military. Sometimes you are in the military if your school is a research institution that works on DOD projects.

[Sixgunsound]

*via debt

[jamesgoldman]

I didn't go

What I do was mostly self taught from a handful of books and websites, everything else is from experience... most I formally borrowed was a few hundred for a joblot on my credit card, 2 weeks later I'd sold it, made a profit and was debt free again... informally well I borrow a couple f thousand from my father because with my competition drying up I've had more than I could handle... I used to be around 5k a month but now it's 10-12k

[Hispanic-Cool-Guy]

I never paid but they took around $10,000 from my mom.

It's embarrassing that to get a education in this country is such a heavy burden.

You are barely starting your life and already buried in over $50,000 in debt.

Absolutely ridiculous.

[Asker]

jeeez sorry for your mom at least she got it over with so that’s good

[Anonymous]

I know a person that is over school loan of 300,000 in debt. It is wrong for the school to continue to allow that person to take money out for school and cannot repay. Because of being failing the program and not able to make up for the failure. It has been over 20 years and that person still cannot pay for their student loans.

[Guy13]

Do not have them at my age... lots of deferral on credit reports...

[Asker]

Huh what do you mean? I have good credit

[Guy13]

People are deferring them... that's how they are handling it in response to your question.

[Asker]

i know people are ignoring them but i heard postponing it will mess up your credit score 😩

[Guy13]

Yes, it will drop a 700 to 640 on a heartbeat.

[Straight2thepoint]

Anyone with starting a career using a school loan have no issue. People going to school to get diplomas and aiming for a long run drs, masters or whatever. Till they are 45 then maybe a career.. never even start.

[exitseven]

I had a home equity line of credit to cover my kids tuition. I could pay it off at my own pace and could deduct the interest on my federal taxes.

[bigpauly]

I wouldn’t recommend ignoring them. It will ruin your credit score and the interest and late payment fees will add up.

[Asker]

i was joking but surprisingly my score hasn’t gone down yet & im just not finding out about this loan

[Asker]

now*

[Anonymous]

College is a big, big scam, yes.

I will never pay off my student loan debt. Never. I will die in debt. And I don’t even have as much as some people do.

[LazerBean]

Is that for BSN?

[Asker]

bachelor and masters is what i graduated with that’s why it’s so high