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The Lasting Consequences of Student Debt

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191–200 of 209 posts

Re: The Lasting Consequences of Student Debt

#191

The thing that irks me about this the most is how it's the people who were doing exactly what they were told that got hurt the most. The good kids who went to the best school they could get in to, studied whatever they were interested in, and if that thing happened to be literature or women's studies or a wide number of other things you might just spend the next 20 years figuring out how to live with debt you can't p…

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Re: The Lasting Consequences of Student Debt

#192

Earlier quoted context omitted.

I graduated high school in 2008 and dropped out of college a few years later. I can honestly say not one person (other than my parents) ever recommended considering cost until after my Freshman year of college. The message that was pounded in again and again and again was "The best college at all costs." I'm pretty sure that's no longer the case - at least I hope so.

Sorry if this is too personal, but did you think your parents were blowing hot air or something? This thread has been eye-opening from the perspective of all these comments who (apparently) had negligible guidance from a group of people (parents) who absolutely need to talk about debt to their kids. Maybe a silver lining in this topic is a generation of future parents who will have better conversations with their kid…

Won't a lot of them be unable to afford kids?

Re: The Lasting Consequences of Student Debt

#193
The real costs are not even visible, the iceberg of debt is killing other risky behavior (like entrepreneurship). You do not build a company in a garage, if you are already in to your chin with debt. Any risky move, be it political or in your job, will be well thought through and in doubt, be aborted, because you "know" where risky decisions get you.

Re: The Lasting Consequences of Student Debt

#194

The thing that irks me about this the most is how it's the people who were doing exactly what they were told that got hurt the most. The good kids who went to the best school they could get in to, studied whatever they were interested in, and if that thing happened to be literature or women's studies or a wide number of other things you might just spend the next 20 years figuring out how to live with debt you can't p…

But the important this is that, like with the US health insurance system, all the people completely ruined and destroyed by it had choice and weren't 'forced' into anything by nasty government regulation. After all, that's what really counts. Anyway, lots of insurance and finance companies made millions. That's got to count for something. What are you, some kind of communist?[/sarcasm]

Re: The Lasting Consequences of Student Debt

#195

The thing that irks me about this the most is how it's the people who were doing exactly what they were told that got hurt the most. The good kids who went to the best school they could get in to, studied whatever they were interested in, and if that thing happened to be literature or women's studies or a wide number of other things you might just spend the next 20 years figuring out how to live with debt you can't p…

This is the biggest con our capitalist system pulls. People (especially kids) are not rational actors. Our current economic system just doesn't allow for mere emotional humans.

Re: The Lasting Consequences of Student Debt

#196
post #146

Earlier quoted context omitted.

That's really interesting, and I'm not surprised to hear it. There was a study a while back concluding that it doesn't matter where you go to college - provided you major in STEM. It's a little more complicated than that (attrition rates, quality of curriculum), but overall, there is some truth to this - if you want to get a good job and keep costs down, majoring in engineering at a reputable state school can be a go…

Good points. There's definitely a "class mentality" difference. In my case, it was "engineering school is your only way out of this hole, kid. Don't fuck it up!" It also helped that I, by some miracle, had tiger parents (although not Asian). For Tommy Rockefeller III in his Connecticut private school, it's "Go study whatever you want--it doesn't matter. You were born rich and are going to stay rich no matter what you…

Sounds like the traditional british class system already. Are you sure you dont have a king or queen?

Re: The Lasting Consequences of Student Debt

#197

The thing that irks me about this the most is how it's the people who were doing exactly what they were told that got hurt the most. The good kids who went to the best school they could get in to, studied whatever they were interested in, and if that thing happened to be literature or women's studies or a wide number of other things you might just spend the next 20 years figuring out how to live with debt you can't p…

> The thing that irks me about this the most is how it's the people who were doing exactly what they were told that got hurt the most. The good kids who went to the best school they could get in to, studied whatever they were interested in, and if that thing happened to be literature or women's studies or a wide number of other things you might just spend the next 20 years figuring out how to live with debt you can't…

I was in high school in the late 90s, and had absolutely no interest in college, at all. Not in medieval history, not in women's studies, certainly not in STEM, nothing. I just wanted to graduate HS and go learn a trade or something, and do music on the side. I never wanted to set foot in a classroom again. As dumb as that sounds, that's what I wanted to do.

I got so much shit from my parents and teachers. Not going to college was unacceptable. You HAD to go, it didn't matter what you majored in or how much it cost. People who go to college get good jobs and join the country club, people who don't wind up in jail or something. I'm not exaggerating, that was the message.

Of course that's just my experience, but for whatever that's worth, OP's experience is definitely consistent with mine.

Re: The Lasting Consequences of Student Debt

#198
post #126

This is a bit tangential to the conversation, but relevant: I have an art degree. I was pushed into getting any degree. I'm a part of that same generation that was told to go to college at all costs, even if you don't know what you want to do with yourself. Fast forward 11 years, and I've just finally paid my student loans off. Now I'm in this situation: I'm not doing a whole lot with art, and I'm trying to break int…

Give them concrete examples of your work. Why are you being turned down?

Definitely do not need a degree but you will have to change your job-seeking process to account for that fact.

Re: The Lasting Consequences of Student Debt

#199

The thing that irks me about this the most is how it's the people who were doing exactly what they were told that got hurt the most. The good kids who went to the best school they could get in to, studied whatever they were interested in, and if that thing happened to be literature or women's studies or a wide number of other things you might just spend the next 20 years figuring out how to live with debt you can't p…

> The thing that irks me about this the most is how it's the people who were doing exactly what they were told that got hurt the most. The good kids who went to the best school they could get in to, studied whatever they were interested in, and if that thing happened to be literature or women's studies or a wide number of other things you might just spend the next 20 years figuring out how to live with debt you can't…

Uh, as recent as six years ago, the common refrain around the state school I went to was "C's get degrees," and various statements about how all you need is the piece of paper. Hah. Plus, most people in college believe that just having a degree will entitle them to a six-figure job. Seriously. They've surveyed college students and found this to be true. Most don't realize that the average American household income is something like $40K. And even those who do, or who look at the distribution of pay for their chosen profession (though most studying English, American Studies, Art, etc. don't have a career in mind), may make fatal errors in evaluating the trade-offs. My wife and I were top of our class, both very bright (if I do say so myself), we knew about the income distribution (etc.) and we still screwed up and took out way more loans than we should have. Oops. Even on IBR our payments are the equivalent of a car loan for something nice.

So now we're living with the consequences and it'll definitely shape how we talk to our kids. We'll lean on them heavily to live at home through college, go to community college for the first two years, and then finish at a state school. The less debt they have out of college the better their choice set.

Re: The Lasting Consequences of Student Debt

#200

Earlier quoted context omitted.

In my ideal world (I'm trying to start a company that will eventually do this, but hard for obvious reasons) college would be a place where you "just show up," you learn what you need to, then you pay back the school with a percentage of income. The percentage piece aligns incentives, because the school is now invested in you earning the highest income, and it's now in part the school's responsibility to make sure it…

I like the idea in general, but a few issues seem problematic to me. The school would seem to have a strong incentive to only accept applicants who they are pretty sure will make a lot of money. The incentive isn't to teach anyone who shows up. The school would also seem to have a strong incentive to control the life decisions of students after they leave. i.e. they won't want to let students switch careers after the…

>The school would seem to have a strong incentive to only accept applicants who they are pretty sure will make a lot of money. The incentive isn't to teach anyone who shows up.

They would also have a big incentive to boot you if you had a bad semester or two, like an underperforming stock or race horse.

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