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I Paid Off $194k in Student Loans in Six Years. It Wasn’t Easy

benjaminlabaschin.com

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Re: I Paid Off $194k in Student Loans in Six Years. It Wasn’t Easy

#91

Post by somenameforme »

runako wrote: post #84
somenameforme wrote: post #83

Earlier quoted context omitted.

The raw educational attainment/income numbers suffer from severe selection bias. As but one example somebody with impaired intelligence is both probably not going to attend college, nor do economically well. But the fact he doesn't have a degree is obviously not the issue there. The question we want to ask ourselves is how would a person of at least average intelligence, motivated to work/learn, and so on do with vs…

> The median income for somebody with a BS, employed full time, is $69k [1]. The median income for a plumber is $60k. I know you're not arguing for everyone to become a plumber, so you should state that the chart you cite shows that high school diploma holders have a median income of $42k, or $27k less annually than those with a BS. Your data is showing why people go to college. (All of this is before one accounts fo…

I don't mean to strawman you, but I would certainly agree that people people are going to college because they're being misled by data. The reason for the huge gap between a plumber and a regular high school graduate is easy to understand. Plumbing is a skilled trade, so it basically filters out those incapable, or unwilling, to learn and apply themselves to something. These are the exact same things that even a 'useless' degree does. Even a person who majors in unwater basket weaving has shown themselves to hold those traits, and they'll serve them well in life - even if their degree and debt won't.

Oh neat thing on the law school comment. You don't actually need to go to law school, or school at all, to become a lawyer in some states, including California! In California one "just" needs to go through a legal apprenticeship program, and then pass the Bar. Just is in quotes there for good reason, but I think the world, particularly in education, is changing far more rapidly than we realize. Especially given the era of the internet, costly accreditation as opposed to skill tests (ideally with some apprenticeship component), just doesn't make any sense anymore.

Re: I Paid Off $194k in Student Loans in Six Years. It Wasn’t Easy

#92

Post by johnnyanmac »

tayo42 wrote: post #37

This is an abnormal amount of debt, I think this gets headlines and people riled up. 140k for 4 years of school is not normal. The average school debt is 40k. Maybe school is expensive, this is excessive and bad decision making. Maybe you could say that there is a subset that needs help avoiding this but most do. Public schools and community colleges are doable and affordable and with a little work you can get schola…

Apparently, the median tuition based on a 4 year public illinois University is $28,660. the author is way above the median, but it's not unthinkable. We're still talking about the average illinois student these days over $100k in debt

Re: I Paid Off $194k in Student Loans in Six Years. It Wasn’t Easy

#93

Post by testbjjl »

zeroCalories wrote: post #60
testbjjl wrote: post #53

Earlier quoted context omitted.

> But she has also considered marrying, then being a stay at home mom or working under the table jobs so that she can default without getting her wages garnished. This is not what I would be looking for in a partner. If you brazenly break contracts you willingly entered one day what’s to make anyone believe their contract with you is nonnegotiable.

Dunno about that. Many people have a hostile view of large institutions. They view scamming them as getting what they deserve.

Yet and still, the person that keeps their word is more likely to continue doing so, than a person who considers their word amendable because big corporations.

Re: I Paid Off $194k in Student Loans in Six Years. It Wasn’t Easy

#94

Post by testbjjl »

paxys wrote: post #64
testbjjl wrote: post #53

Earlier quoted context omitted.

> But she has also considered marrying, then being a stay at home mom or working under the table jobs so that she can default without getting her wages garnished. This is not what I would be looking for in a partner. If you brazenly break contracts you willingly entered one day what’s to make anyone believe their contract with you is nonnegotiable.

A contract that you were pressured into as minor without even understanding the full consequences should not weigh you down your entire life.

Really, no one has heard that college is expensive over the last 30 years? I think this is a different argument.

Re: I Paid Off $194k in Student Loans in Six Years. It Wasn’t Easy

#95

Post by testbjjl »

testbjjl wrote: post #53
zeroCalories wrote: post #38

That's pretty good, congratulations. I don't mean to suggest you did the wrong thing, but I want to share a perspective from one of my friends. She has a similar amount of debt, and is simply choosing to make minimum payments for the rest of her life, maybe even default at some point. She says that spending her money on herself while she is young enough to enjoy it is more important than living frugally for decades t…

> But she has also considered marrying, then being a stay at home mom or working under the table jobs so that she can default without getting her wages garnished. This is not what I would be looking for in a partner. If you brazenly break contracts you willingly entered one day what’s to make anyone believe their contract with you is nonnegotiable.

“babe, I love you it’s okay to default on your loans.” A week later, “what do you mean my deposits aren’t insured, it’s because of lazy people who steal public services. All that spam they steal has to be at least 1,000 times what my wife’s liberal arts education student loan she’s defrauding.” Your friend needs to acknowledge shitty human behavior and accept that as she accepts the non validity of her student loan contract.

Re: I Paid Off $194k in Student Loans in Six Years. It Wasn’t Easy

#96

Post by tayo42 »

johnnyanmac wrote: post #92
tayo42 wrote: post #37

This is an abnormal amount of debt, I think this gets headlines and people riled up. 140k for 4 years of school is not normal. The average school debt is 40k. Maybe school is expensive, this is excessive and bad decision making. Maybe you could say that there is a subset that needs help avoiding this but most do. Public schools and community colleges are doable and affordable and with a little work you can get schola…

Apparently, the median tuition based on a 4 year public illinois University is $28,660. the author is way above the median, but it's not unthinkable. We're still talking about the average illinois student these days over $100k in debt

I took a look and it says the average student receives alot in aid to lower costs. You can do your first two years at community college and save a ton. It's not like your Gen Ed classes matter... 5k to go to cc, and there is still financial assistance for that.

Re: I Paid Off $194k in Student Loans in Six Years. It Wasn’t Easy

#97

Post by jcpst »

jqpabc123 wrote: post #77
jcpst wrote: post #23

Earlier quoted context omitted.

That doesn’t work for everyone though. I work for an employer because I don’t want to spend time running a business. It’s just not worth it for a lot of us. I don’t even ever want to be a manager. I’d rather just put in my 40 hours as an individual contributor and then have the remainder of my time to do whatever I need/want.

I’d rather just put in my 40 hours as an individual contributor and then have the remainder of my time to do whatever I need/want. If you think like a corporate slave, that is what you will always be --- looking forward to the next layoff. One of my neighbors runs a landscape business --- no college dregree. He has 8 crews and a manager. I'll bet he makes more than you and spends less time doing it. He works about 3…

Ok. Am I supposed to feel bad now?

It’s fine if you’re neighbor makes more than me. I bet I have other neighbors that make more than me too.

I bet your neighbor didn’t just decide to own a landscaping business and went straight to his 3 hour days with 8 crews.

Guess what- I worked for myself for 7 years. I had some good times.

I like my “corporate slave” job better. I work when I want and where I want. It doesn’t even have to be 40hrs.

I don’t really deal with customers or deadlines, or making sure other people do their job.

I’m not worried about layoffs. And I’m not wishing for one so I can escape. My boss is the shit. The people high up know me by reputation. They don’t want to lose me. They know I could easily be working for a competitor.

So, what else is wrong with me preferring an employer over working for myself?

Re: I Paid Off $194k in Student Loans in Six Years. It Wasn’t Easy

#98

Post by the_only_law »

jqpabc123 wrote: post #77
jcpst wrote: post #23

Earlier quoted context omitted.

That doesn’t work for everyone though. I work for an employer because I don’t want to spend time running a business. It’s just not worth it for a lot of us. I don’t even ever want to be a manager. I’d rather just put in my 40 hours as an individual contributor and then have the remainder of my time to do whatever I need/want.

I’d rather just put in my 40 hours as an individual contributor and then have the remainder of my time to do whatever I need/want. If you think like a corporate slave, that is what you will always be --- looking forward to the next layoff. One of my neighbors runs a landscape business --- no college dregree. He has 8 crews and a manager. I'll bet he makes more than you and spends less time doing it. He works about 3…

> One of my neighbors runs a landscape business --- no college dregree. He has 8 crews and a manager. I'll bet he makes more than you and spends less time doing it.

I’m really curious how this works, there’s dozens of existing landscaping business near me already established with connections and business relationships who do pretty well. How do you get into such a saturated market?

Re: I Paid Off $194k in Student Loans in Six Years. It Wasn’t Easy

#99

Post by zeroCalories »

D13Fd wrote: post #70
zeroCalories wrote: post #38

That's pretty good, congratulations. I don't mean to suggest you did the wrong thing, but I want to share a perspective from one of my friends. She has a similar amount of debt, and is simply choosing to make minimum payments for the rest of her life, maybe even default at some point. She says that spending her money on herself while she is young enough to enjoy it is more important than living frugally for decades t…

> marrying, then being a stay at home mom or working under the table jobs so that she can default without getting her wages garnished. ~200k in student debt or other debt? My understanding is that most student debt in the US is non-dischargeable in bankruptcy, so defaulting and destroying your credit doesn't do you that much good. Also if it's student debt, seems like a bad plan to incur it in the first place if the…

It is student debt. She doesn't make enough money to pay it back without living very frugally for over two decades. She has already had her interest rates lowered because of this. Her plan is to stop making taxable money asap so that the government won't be able to get the loan back. Risky? Sure, but she really just needs to find a husband okay with a stay at home wife and she's set.
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