401–410 of 463 posts
And here we have once again why the government shouldn't be subsidizing student loans and shouldn't exclude them from bankruptcy. We need to quit incentivizing sub-prime loans. Unlike the housing crash where the houses retained most of their value and could be sold later, you can't sell your degree to pay back the money. If you're getting a necessary degree, it's very uncommon to default on your loan because you'll b…
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My kids are small, so jury's out on how smart they will end up being. The approach we've taken with them so far is to ground them in sober reality. (I feel like a lot of forces, both in school and media, try to insulate kids from how the economy works. It's like getting packaged meat in the store and not knowing how animals are raised and slaughtered and processed.) We're fortunate to be able to afford many luxuries…
You're not going to pay for undergrad? We decided not to pay for grad school, but I feel strongly obligated to cover undergrad (I'm thrilled that my daughter chose Illinois over Oberlin).
I mean it obviously depends on what happens a decade from now. I’m imagining some mix of taking some amount in loans with us covering living expenses. My wife worked through Iowa, and I feel like I would’ve done better had my parents made me spend my summer earnings from programming on tuition. But my older kid is so self motivated it may not matter.
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The 7% figure they gave is already adjusted for inflation.
Only if you think you're getting 7% returns after inflation, which statistically is highly unlikely. $2.1M is literally $100k compounded at 7% over 45 years.
And here we have once again why the government shouldn't be subsidizing student loans and shouldn't exclude them from bankruptcy. We need to quit incentivizing sub-prime loans. Unlike the housing crash where the houses retained most of their value and could be sold later, you can't sell your degree to pay back the money. If you're getting a necessary degree, it's very uncommon to default on your loan because you'll b…
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What I never understand about articles like this written from the perspective of Americans is that they don't seem to consider that there are other countries than the US? Why limit yourself to the US when education is much cheaper in other countries. And, it's not like a Art degree from a European country is going to be worse than from a US school, it'll probably open more doors not to mention that learning the langu…
I imagine it's difficult to get recruited back in your home country with a degree from a foreign institution unless it's a pretty named school. The simple and harsh reality being that they may have no idea or the bandwidth to figure out how to interpret the grades you received or the education you had. (Of course, CS or hard sciences are likely an exception to this with portfolios or research results being pretty universal...)
And then there's the issue of visa issues should you attempt to work abroad post graduation in that country.
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To maintain your debt, yes. But to clear it, and finally be free of it, you need to earn a lot of money. That is bound to focus the mind somewhat.
Or wait 20 years until it's cancelled. People regularly take out 30 year home loans much larger than the average student loan debt without debilitating psychiatric problems.
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Only if you think you're getting 7% returns after inflation, which statistically is highly unlikely. $2.1M is literally $100k compounded at 7% over 45 years.
The S&P typically returns 10% YoY. 7% per year is the historical average adjusted for inflation: https://www.investopedia.com/ask/answers/042415/what-average...
What I never understand about articles like this written from the perspective of Americans is that they don't seem to consider that there are other countries than the US? Why limit yourself to the US when education is much cheaper in other countries. And, it's not like a Art degree from a European country is going to be worse than from a US school, it'll probably open more doors not to mention that learning the langu…
Schools are a place for education but also a signalling tool for recruiting. I imagine it's difficult to get recruited back in your home country with a degree from a foreign institution unless it's a pretty named school. The simple and harsh reality being that they may have no idea or the bandwidth to figure out how to interpret the grades you received or the education you had. (Of course, CS or hard sciences are lik…
So, while I agree with you that schools are a signaling tool for recruiting, this is not necessarily the case for non top schools in the US and given that a art education is extremely cheap in Europe, the money saved can also open doors later.
Visa issues are not that much of a problem as one might think as long as the student gets a master degree (most countries give a one year visa immediately after the obtention of a master that can then easily be renewed if the visa holder is employed). In general, master degrees make getting visa much easier. I'd also argue that returning to the US after a couple years of employments will give the graduate more opportunities because at that point they will have an edge by having had an international experience.
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This discussion interested me enough to do some casual Googling. The US military's statistics from 2011 say that only 15% of service members are actually involved in combat roles; slightly over 1 in 7. See figure 2 and figure 4 here: https://www.semanticscholar.org/paper/Improving-the-DoD's-To... . And, of course, not every service member who is in a combat role gets PTSD or injuries. If you have current tooth-to-tai…
You do not have to be in a combat role to see combat, get PTSD, or get injured. My nephews serve as examples. Their non-combat roles were heavy construction, setting up communication networks, and airplane mechanic. However all three actually saw combat. 2 wound up with PTSD. And one wound up seriously injured when the plane that was delivering him to a secret mission got shot down en route. In fact according to some…
PTSD is the easiest diagnosis to get through the VA, and thus it is rife with fraud. As a result, it is quite difficult to get anything approaching accurate or useful numbers for it.
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Not planning for retirement in that you’re not even putting funds into a 401k or other retirement account? I get it if you’re strapped for cash but it sounds like you have the funds to save. This isn’t clever, it’s irresponsible especially given that just putting a little money away now literally pays dividends later.
I don't mean not putting in a 401k. The comment I was replying to was implying throwing $100k into a savings account is a good idea because you'll have a couple million when you're 63. I do not advocate throwing $100k into savings for retirement at 18. There's a difference between reasonable financial responsibility (401k, match pension contributions w/ employer, etc) and spending all your young years worrying about…