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entremet
Member
(10-17-2017, 10:26 PM)
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https://www.cnbc.com/2017/10/17/stud...ng-people.html

For many recent graduates, student loan debt is literally giving them nightmares.

Over the last decade, college-loan balances in the United States have jumped to an all-time high of $1.4 trillion, according to a recent report by Experian. The average outstanding balance is $34,144, up 62 percent over the last 10 years.

Those student loan payments have created an "unprecedented financial challenge" for borrowers, according to a new report by Gradifi, a Boston-based start-up that provides a student loan benefit platform for employers.

To that point, 80 percent of working professionals with student loan debt said it is a source of "significant" or "very significant" stress, according to the survey of more than 3,000 Americans conducted online in May.

Many millennials said that student loans have impacted their ability to go on vacation, buy a car, pay rent or get necessities like food and clothing.

And then there are the long-term consequences: From buying a home to getting married and even having children, an increasing number of young adults are putting off major milestones because of that one large liability.

My loans were 10k when I graduated. Along with 10k of CC debt, incurred buying books, supplies, moving fees. I stayed home until I paid them both off, but it was hard to enjoy anything guiltfree for that first year for the working world. Paying them off felt like a huge monkey off my back.
Bucca
Fools are always so certain of themselves, but wiser men so full of doubts.
(10-17-2017, 10:28 PM)
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I mean, this should be completely obvious.

I'm finishing at $23k in student debt and even that relatively low number stresses the absolute fuck out of me.
zeemumu
Member
(10-17-2017, 10:28 PM)
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You...you guys didn't know this? This is surprising?

Have you been replacing the phrase "avocados" with avocados all this time when it's said by a young person?
Yoshichan
I've played over 500 hours of DMC2 and consider the game good.
(10-17-2017, 10:29 PM)
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Can't live with them

Can't live without them
Finaj
Member
(10-17-2017, 10:29 PM)
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I have 15k after finishing. That's a lot of money, but most students have so much more.
Fox Mulder
Member
(10-17-2017, 10:30 PM)
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I have 40k, but having nightmares is a bit millennial dramatic really.
Yoshichan
I've played over 500 hours of DMC2 and consider the game good.
(10-17-2017, 10:32 PM)
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Gonna have 40k when I'm done sith my studies
Servbot24
Banned
(10-17-2017, 10:33 PM)
I just got it down to below 10k this week. Getting close. Graduated 6 years ago. Worst mistake I've made in my life was going to college (art student).
wienke
Member
(10-17-2017, 10:34 PM)
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I have like $53k but that includes a year of grad school for accounting.

Iím far happier with my career and student debt compared to the alternative though so for me it was money wisely invested.
Crosseyes
Banned
(10-17-2017, 10:35 PM)
Easiest way to deal with them the last few months for me is a trash can.

But now my life is getting much stabler and I can actually start looking to pay them back the absolute minimum until legislation can be brought up but don't willingly get fucked by a system and society that never worked in good faith for you in the first place.
Afrocious
Member
(10-17-2017, 10:35 PM)
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Student loans are stressful as hell for most folks, especially if you want to pursue anything beyond a bachelor's degree.

I personally couldn't deal with 100k+ to pay back, and this is the norm for a lot of my friends. Some have to pay Sallie Mae and Great Lakes 2,000 a month.
jph139
Member
(10-17-2017, 10:37 PM)
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I was dumb enough to accrue tens of thousands in debt getting a liberal arts degree. Loved the college life but damn if that doesn't sting.

I'm lucky enough to have a solid job, an apartment, a handle on my debt and still end up with a bit left over each month to spend/save. I literally can't imagine what life would be like debt free - like, what do people even do with that much money?
Isaac Otherworld
Member
(10-17-2017, 10:37 PM)
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"Maybe if you brats didn't spend all your student loan money on avocado toast you would get a real job, like my job which I refuse to retire from!"
Inuhanyou
Believes Dragon Quest is a franchise managed by Sony
(10-17-2017, 10:37 PM)
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doesnt matter. Just make it slightly easier to get student loans, that'll solve the problem
Sibersk Esto
Banned
(10-17-2017, 10:38 PM)
At about 12,000.

I couldn't imagine having to deal with some of the figures I hear about.
Rygar 8 Bit
Jaguar 64-bit
(10-17-2017, 10:39 PM)
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Originally Posted by Yoshichan

Gonna have 40k when I'm done sith my studies

force lightning major?
Omegasquash
Member
(10-17-2017, 10:39 PM)
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I'm free and clear.

Saving for the kids. I expect the to take the responsibility for some things, however it's not fair, I think, to ask them to shoulder the increased financial burden. It's my responsibility to mitigate that burden to the point of "reasonable".

It's different now, and way more expensive. It sucked for me. It'll suck way worse for my kids. And I can definitely see how it would cause stress, leading to under-performing on the job, leading to lack of good wage, etc.

So, my wife and I are saving what we can. We plan to keep our house until our youngest has a graduate degree, or is in a position where reliance on my wife and I isn't reasonable. If my youngest wins multiple millions, we'd see about living in HER basement, not the other way around :)
Ouroboros
Member
(10-17-2017, 10:39 PM)
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Originally Posted by jph139

I was dumb enough to accrue tens of thousands in debt getting a liberal arts degree. Loved the college life but damn if that doesn't sting.

I'm lucky enough to have a solid job, an apartment, a handle on my debt and still end up with a bit left over each month to spend/save. I literally can't imagine what life would be like debt free - like, what do people even do with that much money?

Spend it on your spouseís student loans :P
JonnyDBrit
Member
(10-17-2017, 10:39 PM)
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UK based, but I'm looking at £27k ($35k or so) to pay back, and I was at least fortunate enough to have a family solidly in the middle class, plus I went to my local University, so I didn't need to take out maintenance loans either. Still feels daunting, though at least I have to be earning above a given salary to actually start paying it.
Kyougar
Member
(10-17-2017, 10:40 PM)
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Never understood US reliance on every non-minimum wage job to be a college grad.

Dual Education is so much better.

Wiki:

A dual education system combines apprenticeships in a company and vocational education at a vocational school in one course. This system is practiced in several countries, notably Germany, Austria, and Switzerland but also for some years now in South Korea.[1][2]

In the Duales Ausbildungssystem, students can learn one of 356 (as of 2005) apprenticeship occupations (Ausbildungsberufe), such as Doctor's Assistant, Dispensing Optician or Oven Builder. The precise skills and theory taught are strictly regulated and defined by national standards: An Industriekaufmann (Industrial Manager) has always acquired the same skills and taken the same courses in production planning, accounting and controlling, marketing, HR management, trade laws, etc.[3] Especially in southern Germany this model is also used for a special college system called Duale Hochschule.[4]

And the Students get PAID doing this.
Neolith
Member
(10-17-2017, 10:40 PM)
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Almost done with med school and I don't even wanna say how gross my debt is
ReAxion
Member
(10-17-2017, 10:40 PM)
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yeah, imagine that.
Shadybiz
Member
(10-17-2017, 10:40 PM)
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I am done paying mine, and it was a terrific feeling when I sent that last payment. However, we DO still have my wife's to contend with, and that will be a couple more years. It is very stressful indeed; I would just keep sending in the payments, and anything extra that I had at the end of each month. Never seeing your savings account grow weighs heavily on you.

It should be noted that while we're close to being clear, we're approaching 40. That's a lot of time to be lagging behind on retirement savings, making extra principal payments on the mortgage, etc (we both went to grad school). I did contribute up to my employer match for my 401(k) that whole time, but that was about the most I could do, and would be in a hell of a lot better shape if I didn't have those loans.

So yeah...pretty goddamn stressful.
Mirand
Member
(10-17-2017, 10:41 PM)
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Left undergrad with about 32k. Currently finishing a chemistry PhD and have been able to get it down to 5k on a grad school stipend. Thank goodness Pittsburgh is cheap AF and my program covers transportation/health care.
mullet2000
Member
(10-17-2017, 10:41 PM)
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Originally Posted by Afrocious

Student loans are stressful as hell for most folks, especially if you want to pursue anything beyond a bachelor's degree.

I personally couldn't deal with 100k+ to pay back, and this is the norm for a lot of my friends. Some have to pay Sallie Mae and Great Lakes 2,000 a month.

I'm sorry, 2000 a month? How is that remotely possible?
Kwixotik
Member
(10-17-2017, 10:42 PM)
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Yeah, i know they are bad for my mental health. Its hard to pay six figures when you make five.
Lombax
Banned
(10-17-2017, 10:42 PM)
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I can not imagine the weight that must be on a person. I graduated [1999] with 11k in student loans and had that paid off in 4 years. I am guessing that is not the case anymore.
Finaj
Member
(10-17-2017, 10:43 PM)
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Starting off at Community College and transferring credits to a state school was probably the smartest decision I made. Disappointed I couldn't acquire any scholarships while I was there, but I made out alright.
Ourobolus
Keeper of the Book
(10-17-2017, 10:43 PM)
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So glad we finally got the wife's student loans paid off (~50k give or take). Thankfully I didn't have any but man that was a significant pain in the ass each month.
Phrozenflame500
Member
(10-17-2017, 10:45 PM)
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Originally Posted by Kyougar

Never understood US reliance on every non-minimum wage job to be a college grad.

Dual Education is so much better.

I have heard the German system is pretty good at side-stepping this problem. Unfortunately I kinda doubt the US would be able to implement something similar.
TaterTots
Banned
(10-17-2017, 10:47 PM)

Originally Posted by Finaj

Starting off at Community College and transferring credits to a state school was probably the smartest decision I made. Disappointed I couldn't acquire any scholarships while I was there, but I made out alright.

I feel like that is the wisest path. My state is the first to offer free community college to everyone as long as you've been a resident for a year. I'd imagine that would help a ton with student loans and such. Hopefully, more states adopt this.

https://www.cnbc.com/2017/06/19/tenn...y-college.html
Just_myles
Member
(10-17-2017, 10:47 PM)
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Only young people?

Fixing wage stagnation would resolve this.
Sophia
Member
(10-17-2017, 10:47 PM)
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Originally Posted by Kyougar

Never understood US reliance on every non-minimum wage job to be a college grad.

Dual Education is so much better.

Wiki:


And the Students get PAID doing this.

Yeah, I wish this was more common in the US. There are vocational school here, but they're not as common and it seems like college was all that was pushed when I was growing up.
shimon
Member
(10-17-2017, 10:48 PM)
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Obvious thing is obvious.
SlickShoesRUCrazy
Member
(10-17-2017, 10:48 PM)
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Already accepted Iím dying with my student loan debt lol
schwabdizzle
Banned
(10-17-2017, 10:48 PM)
I use my degree, so the debt was worth it. I think if I didn't, I would be freaking out.
OrlanisWorks
Member
(10-17-2017, 10:49 PM)
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Feels like I'm gonna die with that debt still on me.

Education is business in America and it's one of the many many stupidest fucking things about our country.
Forerunner
Member
(10-17-2017, 10:51 PM)
I saw my three older sisters go through it and I was like nope. I joined the Air Force first then I got out and used my GI Bill. I got paid to go get my Bachelorís. One of my sisters actually ended up joining the Marines after she graduated because they paid off her student loans.
TrojanAg
Member
(10-17-2017, 10:52 PM)
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Paying off my Grad school debt is not a possibility. I don't even want to say how much it is, but I plan on riding out the next 15-20 years left paying the least possible until the rest is forgiven. I still have pretty good credit even though I owe that much in student loans. If it made more of an impact on my credit score then I would probably be more stressed out about it.
theofficefan99
Junior Member
(10-17-2017, 10:53 PM)
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idk how non-wealthy people attending private schools are gonna cope with the debt TBH. I take out $3000 loans per semester and I'm stressing out myself (though this is only bc I'm just starting out in a very risky major).
8byte
Member
(10-17-2017, 10:53 PM)
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I have 50K (bad choices, life struggles, shit happens).

You know how much I stress about it?

Zero. I pay the absolute bare minimum, and am fine paying until the day I die, because life is too short, and I know I'll never make enough money to pay it down in a few years and set up retirement, etc. Just not happening.
The Technomancer
card-carrying scientician
(10-17-2017, 10:54 PM)
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according to a new report by Gradifi, a Boston-based start-up that provides a student loan benefit platform for employers.

Oh god another one of these? There's one in Chicago also. Its not like healthcare, you don't get any benefits from the company as a whole negotiating and finding plans. Just pay your employees more FFS
LastGamer84
Member
(10-17-2017, 10:55 PM)
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I have a friend going through this. He got a degree in animation from some college down in Florida - something like $60,000 in debt. He can't pay every month, but he can't find a better paying job because it impacts his credit score..which prevents him from getting a better paying job and paying it off.

He's really stressed about it. I help where I can, but student loan debt absolutely kills your sense of self-worth.
Camelthepope
Member
(10-17-2017, 10:55 PM)
I get it, man do I get it.

Myself: I got the College Loan Repayment program when I joined the navy and they ended up paying off all my loans (I had this dream that I would do theater...shut up.). But that took care of the 3.5 years of collage for me. I eventuanlay got another degree via the GI bill and TA while serving.

But my wife...wow my wife having to deal with her private loans and college payment plans I feel like its holding both us back in a major way. Its BS.
SheSaidNo
Member
(10-17-2017, 10:57 PM)
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Graduated with 120,000 three years ago. Now at 70,000. I have a decent job but still live like crap because of them
KillerMan91
Member
(10-17-2017, 10:57 PM)
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4k student debt and even that is mostly because I was too lazy to properly search for summer jobs during my school years (you get student allowance for school months so for summers you are expected to pay your expenses with other money). Gotta love commie Europe (Finland).
TrojanAg
Member
(10-17-2017, 10:59 PM)
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At least I avoided getting private loans. Income based repayment plans through Federal loans are the only way I can handle it on a monthly basis.
kunonabi
Member
(10-17-2017, 11:03 PM)
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Mine is about 180k. Im suppossed to be paying like 1800 a month. Its nuts.
FullMetalx117
Member
(10-17-2017, 11:04 PM)
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I have about 25k and debt and to be honest I'm not stressed at all. Will take my sweet time paying them back over the next 10 years.


I honestly don't understand what people were thinking when they managed to rack up 100k+ in debt for UNDERGRAD...It makes sense for graduate school if you're planning on becoming a doctor, lawyer, etc. But undergrad??? Come on...I can't really sympathize honestly
SaviorX
Member
(10-17-2017, 11:06 PM)
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Originally Posted by TrojanAg

At least I avoided getting private loans. Income based repayment plans through Federal loans are the only way I can handle it on a monthly basis.

Yep, private loans have substantially higher interest rates.

The loans suck because even with a $1,000 payment, you still feel as if you didn't make a dent, and the interest is building literally everyday. It puts a lot of independence-type spending on hold. It requires a discipline to sacrifice enjoying several things, during your prime years, just so that you can alleviate the burden.

If I only knew what was coming at 17...

Some people are in for a rude awakening when their loans are forgiven after 20 some-odd years, but the giant tax comes into play.

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