Utterly Demolished by Student Loans? Or Stupid Choices?

[MJ DeMarco]

This Bright-Eyed Young Man Was Utterly Demolished by Student Loans!

Oh my!

This Bright-Eyed Young Man Was Utterly Demolished by Student Loans - Yahoo! Finance


Hmmm demolished by student loans?

Or

His stupid choices?

IMO, they should change this headline to "This Bright-Eyed Man Was Utterly Demolished by his STUPID CHOICES" -- I'm tired of subsidizing other people's stupidity and lack of critical thinking. And yet, the brainwashing continues that we are all victims of a system we willingly, and wholeheartedly sign-up for.

 

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[socaldude]

WOW

"do what you love" even applies to jobs.

Does the job market really need another cook who does what he loves? OR does the market need another mechanical engineer?

He should have listened to his dad.



When you are ignorant of the possible consequences of your choices, let they be good or bad, don't be surprised if you end up where you don't want to be. :smx8:

 

[Kak]

Parents are often pushing their childrem into this debt. Thinking that an education is extremely valueable. They have no idea. I went to business school, now granted I didnt look for a job for when I got out, but my peers were offered jobs in the 24-35k range. That is just plain stupid considering the 120k they put into college.

 

[socaldude]

That is just plain stupid considering the 120k they put into college.

That just BLOWS my mind. I graduate next May with a degree in Finance. And TOTAL i'm going to spend about $13,000 CASH money, no loans, for my degree at my State University. Mr. Keith could have done the same thing at Iowa State University. And he could have had a job with an Engineering degree instead of making $10/hour, hell I was making $10/hour as a clerk straight out of high school.

If you are going to go to college, just like any other investment, you wanna pay as less as you can for it.

 

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[Trevor Kuntz]

Lol. Who takes out a $45,000 loan to go to a college that advertises on commercial during Jerry Springer hour? C'mon. Use common sense.

"The magic number was always 99 percent–whether Keith asked how many enrolled students graduated or how many graduates scored jobs afterward."
Does even Harvard have those 99 percent rates? I doubt it. Why would you trust a no-name culinary school?

If only parents (and somewhat educators, but it's more the parents' responsibility) would educate kids about money and real life, the world would be a better place. But they don't. So Johnny grows up with the little bit of advice his parent's gave him, he has kids, he fails, he gives his kids even less wisdom, they have kids, and the flat spin is never recovered from.

Sad.

 

[socaldude]

All these people think that somehow it's someone else's responsibility to take care of them or to "watch out for them". "It's the big bank's fault or it's the educational institution that screwed me into these loans". Then they complain that the banks want their money? Well duh, no different than if you borrow money from your aunt and she want her money back and THEN you somehow blame her now that you can't pay her back. :eusa_naughty:

 

[PatrickP]

Lol. Who takes out a $45,000 loan to go to a college that advertises on commercial during Jerry Springer hour? C'mon. Use common sense.

"The magic number was always 99 percent–whether Keith asked how many enrolled students graduated or how many graduates scored jobs afterward."
Does even Harvard have those 99 percent rates? I doubt it. Why would you trust a no-name culinary school?

If only parents (and somewhat educators, but it's more the parents' responsibility) would educate kids about money and real life, the world would be a better place. But they don't. So Johnny grows up with the little bit of advice his parent's gave him, he has kids, he fails, he gives his kids even less wisdom, they have kids, and the flat spin is never recovered from.

Sad.

Surprisingly a lot of people, NOT defending them just trying to understand them.

I think what it is as a parent you are desperate for your child, who didn't go to college and is just hanging around the house being unproductive. You see HEY they have an interest in making video games so you pay 75 K for them to go to fullsail or HEY they want to become a chef so you pay 80K for them to go to Le Cordon Bleu

BUT all you have to do is type in scam and the name of the college, into google and see just how horrible these sorts of places are.

Full sail is not too far from where I live and every year they are expanding and expanding and expanding. Think of it you put up one extra classroom and you can make an extra 3 million or so.

 

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[andviv]

And TOTAL i'm going to spend about $13,000 CASH money, no loans, for my degree at my State University

Thanks for sharing the numbers....

So, you are going in-state. And living with your parents? And they help you with books and food? (this is a 4-year degree, correct?)

Very good way to get it done.

Many kids go for out-of-state/private and this not only costs more in tuition but also in other living expenses...

 

[socaldude]

[\\

So, you are going in-state. And living with your parents? And they help you with books and food? (this is a 4-year degree, correct?)

Yup correct.

Earned 1 year of college credit from taking AP and IB courses in high school. Then 1 year of general ED at a community then transfer to a 4 year. Just completed 1 year of college, cost me about $6,000, paid cash. This next year should cost the same. And yup live at home with my mom.

Many kids go for out-of-state/private and this not only costs more in tuition but also in other living expenses...

Yea, no reason to do that. at least in my perspective. Living at home is pretty much the same thing to me, or unless you enjoy freedom from home.

I just spend all my time in activities conducive to the Fastlane which is pretty much just reading, working and going to the gym. last summer i read half a book a day. this summer im reading a book a day, so far ive read 13 books in the last 15 days.

but just food for thought i bought this book from amazon for $10: http://www.amazon.com/Finance-Barrons-Business-Review-Groppelli/dp/0764134205/ref=sr_1_1?ie=UTF8&qid=1338487347&sr=8-1

and its pretty much a four year degree in a 600 page book for $10

 

[jilla82]

^^^^do you have a social life though?
Youre young man...have some fun.

 

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[socaldude]

^^^^do you have a social life though?
Youre young man...have some fun.

Yes I do, I have fun ALL the time.

My only beef with college is the COST. Not the actual experience which is awesome, lots of girls, a lot of different people etc.

It hurts me to see so many people go into a shit hole of lifetime debt because of college costs. It should not cost a lot. Colleges get competitive and greedy and prices go up.

 

[LamboMP]

This Bright-Eyed Young Man Was Utterly Demolished by Student Loans!

Oh my!

This Bright-Eyed Young Man Was Utterly Demolished by Student Loans - Yahoo! Finance


Hmmm demolished by student loans?

Or

His stupid choices?

IMO, they should change this headline to "This Bright-Eyed Man Was Utterly Demolished by his STUPID CHOICES" -- I'm tired of subsidizing other people's stupidity and lack of critical thinking. And yet, the brainwashing continues that we are all victims of a system we willingly, and wholeheartedly sign-up for.

Where does personal responsibility begin, MJ? When will the wakeup happen?

 

[Rain]

A part of me feels bad for people who have dug massive financial holes for themselves. People are ignorant, shit happens, yeah yeah.

But then I remember that I didn't take out a six-figure loan to live well and not work during school, and become sick at the thought of digging them out at the taxpayer's expense.

 

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[Deleted5250X]

That just BLOWS my mind. I graduate next May with a degree in Finance. And TOTAL i'm going to spend about $13,000 CASH money, no loans, for my degree at my State University. Mr. Keith could have done the same thing at Iowa State University. And he could have had a job with an Engineering degree instead of making $10/hour, hell I was making $10/hour as a clerk straight out of high school.

If you are going to go to college, just like any other investment, you wanna pay as less as you can for it.

Wow $10 an hour, I was making $20 an hour after tips when I was 16 valet parking.

I went the state school route for about a year and a half at cal poly, ended up $13,000 in debt from cost of living expenses. I got out of there because I decided it just wasn't worth it anymore. What really set me over the edge and pissed me off was interest rates were down at all time lows, but I was locked in by the US Government on all my loans at over 6.8% APR! I consider myself getting out pretty lucky, with that amount of debt and the governments covering the interest until I get out. I was talking to a friend who began paying his back and he has around the same amount. He said he's paying $300 per month. I couldn't imagine having $50,000 in Debt, its absolutely nuts!

I did end up deciding this past fall that I needed a college degree in order to accomplish my dreams. I went on and off at the community college for the previous 2 years, trying to figure out what to do. In Novemeber I found out about Western Governors University or WGU.edu. It's a non-profit 100% self paced fully accredited university, which lets me accelerate through my degree and catch up on my missed time. They keep cost low because they don't develop any of there own curriculum, they do not have set class hours, they do not have required homework assignments, all there books are online e-books included in the price of tuition, and they provide multiple learning resources for each course. All they require is that you pass 12 units every 6 months. On top of all those benefits, they are Regionally Accredited by the same institution that accredits University of Washington, Gonzaga, and all other Brick and Mortar Institutions in the pacific Northwest. That means the degree is recognized the same as any other state school, or private school degree. Because you actually need to pass tests there is no skating through just doing homework and showing up to class. Can you believe at community college most classes awarded 10%-20% just for participating. I took one class where participation was the single most important factor in my grade. It's the same as every kid gets a little league trophy, except no its every student gets a pass.

This has been my most productive six months of college in the 4 years since I graduated high school. I've finished passed 57 units in the past 6 months and I have 2 more to finish before the end of the month. Best part out of pocket I'm paid $12,000 dollars, talk about value, it comes out to about $20 per unit although that price will double next term, cause I'll only have 27 to complete for my degree. If your out there and concerned about your debt, but don't know what to do, I strongly suggest checking out WGU. Its everything I always believed college could be. Oh yea, I thought about applying to grad school. $38,000 for a one year masters of accountancy at UC Davis. I'll pass WGU has masters programs if you really want it, and its the same price $3,000 every six months. At least there are some universities providing value.

 

[socaldude]

Wow $10 an hour, I was making $20 an hour after tips when I was 16 valet parking.

Yeah and I quit that job after my side business was picking up.

I would finish school for sure. I love it. Especially the school library after the chicks, I find GOLD in that place all day everyday with books on Entrepreneurship that haven't been checked out in years.

But other than that I tend to hate on the costs of college a lot. I mean we still need college to have doctors and lawyers. But college is not worth it if you are selling your soul to the devil with thousands and thousands in debt.

 

[Deleted5250X]

Yeah and I quit that job after my side business was picking up.

I would finish school for sure. I love it. Especially the school library after the chicks, I find GOLD in that place all day everyday with books on Entrepreneurship that haven't been checked out in years.

But other than that I tend to hate on the costs of college a lot. I mean we still need college to have doctors and lawyers. But college is not worth it if you are selling your soul to the devil with thousands and thousands in debt.

Oh I wasn't bashing on you, I thought you were referring to the culinary school graduate. I worked $11 dollar an hour jobs in high school life guarding also, but that was a "lifestyle" job.

College took away my momentum initially but now its help me regain it.

For all the successful entrepreneurs out there, do any of you regret not going to college? Do any of you regret attending college?

My guess is that those who are successful make the best out of it and used there entrepreneurial attitude to make it valuable.

 

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[socaldude]

For all the successful entrepreneurs out there, do any of you regret not going to college? Do any of you regret attending college?

Most successful entrepreneurs I have worked with said that they loved college. And that it was actually a life altering experience.

I really like college but i tend to bash on it a lot because of the cost. Because really you can do almost anything outside of college that you can do inside of college IMO.

 

[Deleted5250X]

Yes but you can't tell people your in college and about to earn your degree. Now that I'm getting close to finishing I'm talking about it more and I was extremely surprised at the amount of people who gave me business cards asking me to email them and set up a time to interview. A few people were a little surprised at my hesitancy in responding or not seeming extremely eager. I guess once your hard to get everyone wants you. But once you have a degree you can talk about how you have a degree, not sure if its beneficial to the fastlane, but if your selling to slowlaners, it probably helps.

 

[Kak]

Yes but you can't tell people your in college and about to earn your degree. Now that I'm getting close to finishing I'm talking about it more and I was extremely surprised at the amount of people who gave me business cards asking me to email them and set up a time to interview. A few people were a little surprised at my hesitancy in responding or not seeming extremely eager. I guess once your hard to get everyone wants you. But once you have a degree you can talk about how you have a degree, not sure if its beneficial to the fastlane, but if your selling to slowlaners, it probably helps.

I agree about the hard to get thing. Ive had all kinds of job offers. I get an unsolicited job offer at least twice a month on linkedin. And my page says at the bottom what to contact me for, job offers and career crap isnt on there.

Im definately not doing my business for the money right now because I could be making twice as much. I just believe in the potential.

 

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[andviv]

Remember that you are not paying for education. You are paying for the pedigree that having a formal title provides.

After all, MIT and other "big" universities have posted all their classes online for free.

The knowledge and education is free.

Still, people don't take it. They want the piece of paper that says "Graduated from MIT", not "I learned the stuff from a free online class from MIT"

 

[bigtamale]

Daughter heading to high school this year ... I think socialdude has opened my eyes a bit and has certainly influenced the advice I'll be giving her. Many thanks!!

5 years of college here with no degree, but I totally did it the hard way working, schooling & partying fulltime. Making my own way, no degree hasn't harmed me but I'd certainly prefer having it.

Removing the frivolous expenses of living alone, college would make a lot more sense at the inflated prices we currently have (I went mid 90's).

Hey kid, want freedom? Get a hotel room with your friends for the weekend.