[bhd812]

Debt itself is not a bad thing, it actually can be used to your advantage if you know how, when, and on what to go in debt over. it's when you get in to much debt you can not pay off is the problem, esp when you have high APR% then your even worse of the worse.

everything in life has it's price, either in money, time, emotional, etc...it all has it's price. you wanted to go to the school and get where you are so you took on the price of it. so now you have two choices, bitch about it and don't pay it off and drop out and recoup as much as you can..

until you do neither you will go to school and work your bum off to afford your school, the school you signed up for, then school that you believe is worth going in debt for. will it pay off in the end? that's also up to you.

you made a great decision and buyers remorse is something your feeling now, unlike other purchases what you are buying "Can" be a great investment in your future..again pends on you.

oh and welcome to the real world..you may be sorry for your wallet but if your smart your future will thank you.

 

[mrarroyo]

Yes, education at public schools has become quite expensive. I went to Ga Tech back in the late 70's, my tuition and fees as an out of state was $650 a quarter or say $2,000 a year. In-State students tuition and fees was 1/3 that amount.

However nowadays tuition and fees for In-State is $4,496 and for Out-Of-State a whooping $22,220. Using the school's formula add another $11,000 for dorm, meals, books, and personal expenses for a grand total of $15,436 and $33,160 respectively.

I know for a fact that salaries have not increased 8X or 11X.

Yes, schools have cost but it seems that they like medical expenses and housing have gotten out of hand. Just my $0.02

 

[ken36]

Debt is good when you are young. Makes you motivated.

 

[Rav]

Wow, i had no idea that was how things worked in the States.

In the UK, you are entitled to a loan from the government (student loans company) based on your family's income, and potentially your tuition fees paid if you're in the lowest brackets. You don't have to pay back the loan until you're in employment, earning more than £15k per year, and even then the repayment works as a slight increase on your tax payment. Interest is kept in line with inflation.

 

[slwiser]

Quote:

Originally Posted by Rav /img/forum/go_quote.gif Wow, i had no idea that was how things worked in the States. In the UK, you are entitled to a loan from the government (student loans company) based on your family's income, and potentially your tuition fees paid if you're in the lowest brackets. You don't have to pay back the loan until you're in employment, earning more than £15k per year, and even then the repayment works as a slight increase on your tax payment. Interest is kept in line with inflation.

Everything is business here in the US unless you fine yourself in some entitled class as suggested by the new immigration bill. There is a balance to strike between business and socialism. Business side the individual has to assume all the responsibility and accountability. Socialism the side the government assumes the responsibility and accountability. In the long run having individual responsibility and accountability encourages greater productivity which I think is proven. I am sure there are exceptions to be made for individuals in either system.

 

[KYTGuy]

Allow me to preach for a few lines:

I went to the United States Merchant Marine Academy - It is a Full-On Military Academy, so those of you who can't stomach the thought, will have to skip away...

My family had zero money for me, and I hadn't saved any money from my jobs before College. It was "get a scholarship", or I was going to go to Nashville Auto-Diesel Trucking school to become a certified mechanic.

By dint of wearing uniforms, marching and standing a few watches, I got a pretty good Engineering Degree, complete with nearly unlimited access to free mainframe computer time, and got a CIVILIAN job paying over $70k, this in 1975.

No Student loans, no debt, and they paid me to go to school...IIRC, it was $380 per month. Free housing, free laundry, free food, free clothes, free books, free lab fees, free everything but soda and pizzas. I gave up some freedom, gave most time for dating and hooning around, but it was a good deal. I had a six-year Navy Reserve obligation, and had to take some correspondence courses to advance my reserve rank (didn't have to , but I wanted to, in case I was called in).

The United States Merchant Marine Academy is the only Federal Military Academy where you graduate and can go immediately into Civilian jobs, usually paying over $85k right now, to start. I topped out (in less than six years) @$130k, plus Union Benefits that are worth more than $100k more per year, and kept that up for over Thirty Years.

I retired at age 51, with more money than I will be able to spend till I am Dead.

The USMMA is still open.....


Now, my daughter has taken all the advanced courses (AP) and college courses she could while in High School - then she went two years at the local community college - Then she enlisted in the USAF. By paying about $1800 into the GI bill account, she will be given nearly $40k to finish her college education at any college she chooses. She has less than two years to go to get a BS degree in the sciences - she likes Physics/Astrophysics, and will probably go there. She wants to get into the Space Program. Her specialty in the USAF leads that way anyway, and if she is chosen, she will be encouraged to go to the best college she wishes to finish at USAF expense. If she is not chosen, she will be able to finish her Education with very little out-of pocket, as a Civilian, after her six year enlistment is finished.

Even though her pay is small in the USAF (around $2k/mo), she has almost no financial needs - food and housing are free for her. She is living on less than $400/month, and saving all that is left after taxes - nearly $1k/month!!

The other Branches of the military offer similar benefits, and there are plenty of career paths offered - get OJT and pay too, while going new places.

To those who would point out that that includes places like Afghanistan and Iraq, as though it was certain they would all die, I must reply: To date, there have cycled through those places, some 2.5 million troops - some 3,500 have, sadly , lost their lives. That is less than those who didn't go - it is statistically much safer to go than to stay Stateside!

To those thinking about the costs of going to college: Think again! Then look at the Military, either enlisted, officer, or the Academies. They will set you ahead of the pack of your peers, and on a positive upward path. I know that it has really made my life rich and wonderful.

<puts away his soap-box>

 

[slwiser]

Quote:

Originally Posted by KYTGuy /img/forum/go_quote.gif ..........

What a wonderful family...Thanks to you and yours.

 

[KYTGuy]

Oh yeah, one little kicker: The jobs I listed above were done thusly: approximately six months of work, then six months of paid vacation - stagger them and stack them, and it is approximately one year work, then one year of Paid Vacation.....travel, see the world, hike to Katmandu, spend six months in Addis Abbaba, drive to the Tierra Del Fuego, Learn to Fly, Learn to Scuba Dive, etc....

Like I said, it enriched my life beyond measure...and my Wife's, and My Daughter's, and my friends, ......

 

[recstar24]

Quote:

Originally Posted by Jigglybootch /img/forum/go_quote.gif Well, I got my student loan repayment schedule. I owe $1000 every month to cover the loans. So it looks like I'll see you guys in about 20 years. Later.

Whoa, I'm sorry but that sounds like an unnatural amount, or at least compared to what I am paying per month on my loans. What current rate are you at? Have you tried exploring loan consolidation? It should be able to lower your rate and reduce your monthly payments, for sure.

 

[Jigglybootch]

Quote:

Originally Posted by recstar24 /img/forum/go_quote.gif Whoa, I'm sorry but that sounds like an unnatural amount, or at least compared to what I am paying per month on my loans. What current rate are you at? Have you tried exploring loan consolidation? It should be able to lower your rate and reduce your monthly payments, for sure.

My current rate is 8.25%. The total principle on my main private loan is $62,614.24. But the unpaid interest to be capitalized totals $13,168.64. But wait, there's more. That sums to the total amount to be repaid as of June 10 ($75,782.88). But then you add the interest payable during the repayment period (which totals a whopping $79,189.85) and suddenly I'm paying back $154,972.73. This works out to a monthly payment of $645.72. I have another private loan at the same interest rate that works the same way, but the numbers aren't nearly as gaudy, and that monthly payment works out to $83.12. All this totals to $728.84. Throw in the government loan ($268.65 a month) and my total loan payment each month is $997.49.

 

[recstar24]

Quote:

Originally Posted by Jigglybootch /img/forum/go_quote.gif My current rate is 8.25%. The total principle on my main private loan is $62,614.24. But the unpaid interest to be capitalized totals $13,168.64. But wait, there's more. That sums to the total amount to be repaid as of June 10 ($75,782.88). But then you add the interest payable during the repayment period (which totals a whopping $79,189.85) and suddenly I'm paying back $154,972.73. This works out to a monthly payment of $645.72. I have another private loan at the same interest rate that works the same way, but the numbers aren't nearly as gaudy, and that monthly payment works out to $83.12. All this totals to $728.84. Throw in the government loan ($268.65 a month) and my total loan payment each month is $997.49.

Yeah man the 8.25 is really high. I think I am lower than half of that, even on my private loan. You should try to pursue some loan consolidation. just a thought, would love you to save some money thats for sure.

 

[uzziah]

Quote:

Originally Posted by KYTGuy /img/forum/go_quote.gif Oh yeah, one little kicker: The jobs I listed above were done thusly: approximately six months of work, then six months of paid vacation - stagger them and stack them, and it is approximately one year work, then one year of Paid Vacation.....travel, see the world, hike to Katmandu, spend six months in Addis Abbaba, drive to the Tierra Del Fuego, Learn to Fly, Learn to Scuba Dive, etc.... Like I said, it enriched my life beyond measure...and my Wife's, and My Daughter's, and my friends, ......

i'm a bit befuddled; how did you manage that?

 

[Klarus]

Quote:

Originally Posted by slwiser /img/forum/go_quote.gif Depends on your tax situation. If your single, 4k a month might put you into an overall bracket (fed+state+local+fica) that you net 2.4k before expenses. 1k out of 2.4k is a very different situation.

It's more like 4.7k before taxes, so after taxes it'd probably be closer to 3k, 3.5k, from what I see online about tax brackets. 2-2.5k a month is more than decent to live on, especially for a single person. That's what I think anyhow. Still, that's just crazy debt. I agree with going to state college, working your way up a bit, then going to get a graduate degree with your own money.

@uzziah--thanks man, but it's not much fun!

I kinda wish I'd taken out loans instead, but that's life.

 

[slwiser]

Quote:

Originally Posted by Klarus /img/forum/go_quote.gif It's more like 4.7k before taxes, so after taxes it'd probably be closer to 3k, 3.5k, from what I see online about tax brackets. 2-2.5k a month is more than decent to live on, especially for a single person. That's what I think anyhow. Still, that's just crazy debt. I agree with going to state college, working your way up a bit, then going to get a graduate degree with your own money. @uzziah--thanks man, but it's not much fun! I kinda wish I'd taken out loans instead, but that's life.

I was basing my tax estimate at .28 for fed, 0.06 for state, 0.075+ for fica and possible another 0.03 to 0.05 for local and I rounded it down to 0.4 total. His net tax rate would be less since the 0.28 is on the next dollar and not the whole. So his fed net rate after standard deductions may be as low as .15 to .18 and his state net and local net probably would be a little lower as well thereby making it much less in net and closer to your estimate. The FICA which is social security/medical is fixed and he can't do anything about that. Still he will be considered wealthy and under-taxed by the [size=xx-small]bureaucrats [/size]that depend on his income.

 

[YamiTenshi]

Quote:

Originally Posted by uzziah /img/forum/go_quote.gif lol, what other debt did you have time to accumulate?

You'd be surprised the credit card debt some people in their 20s have accumulated.