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University Students: DON'T unnecessarily max out your Student Loans * 1
    #20875259 -

I really fucking mean it.  It's soooooooo tempting, I know.  You're at the registrar's office (or maybe its online these days) dealing with financial aid and all the various forms and templates required to get your cash.  They ask you:  "hey!  You can get $X,000 of subsidized loans and $XX,000 of unsubsidized loans".  You think to yourself.  God damn.  All that money!  What beauty!  I wouldn't have to work that shitfuck job I currently hold down.  I could eat, drink, smoke and snort whatever the fuck i want!  How beautiful a situation. How glorious an arrangement....

...and it is.  Until you get out of school - and get a job - and get hit with that repayment schedule.

Almost farcically, a lot of people consider themselves lucky if they land a job that qualifies them for the Income-Based Repayment; wherein your monthly loan payment can only be 10% (I think) of your monthly take-home pay.  As your income increases, so does your payment.  Eventually (10years?) the loans go away, or something to that extent.  It blows my mind that people will rejoice at paltry earnings only so they can get out of ill-taken loans.

That's 10 years of your life.  Not only is it 10 years of your life, but your earnings in the first decade out of school have a very large effect on your lifetime earning potential.
  • It reduces your ability to save
  • It demoralizes you, as you no longer get to 'splurge' like you did in school
  • If you do manage to save some cash, you're invariably doing so at the expense of vacations.
  • It largely squanders any investment options (stock markets, etc) that will be needed to mitigate the lack of social safety net that will exist by the time you retire.


Think about this:  every month I pay $400 in student loans (started with just over $30K).  About ~$250 of that is interest, meaning it does not - at all - reduce the outstanding loan balance.  The other ~$150 goes to lowering my principal.  Over time, as the principal shrinks, my $400/mo payment will slowly balance out so that most of it is principal and an increasingly-smaller amount is interest.  But for now, it SUCKS to go in and see that last month's payment, which brought me down to (for example) $28,800 has been increased back up over the $29,050 mark due to the interest accrued over the last three weeks.  Another $400, back down to $28,650, and next month the balance will show the $28,800 that it *appeared* I had finally reached months ago.




So please, take it from me.  It's not worth subsidizing collegiate drug- and alcohol-abuse for decades into your professional career.  Take out only what you need to pay for classes and books and food.  Work a par-time or full-time job to pay for your housing and transport.  Balance your time.  Missing out on the random wednesday-night parties doesn't matter; nobody remembers those.  Even the big weekend bashes fall into the obscure corners of your memory.  Capitalize on the nights you DO rage hard, maximize them, and you'll get all the glory everyone else remembers, without financially crippling your future.





*This has been a public service announcement by memes.  All of it is common sense, but we all know that common sense is not so common among university-aged students (i am a prime example, as I'm a smart motherfucker who still racked up $30k in loans over a too-short time period)*

:heart:

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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: memes]
    #20875300 -

Just borrow 30k from your friends...or the mob. Never pay em back. Boom....problem solved.

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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: memes]
    #20875338 -

Great post. :thumbup:

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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: memes]
    #20875354 -

Memes is right, don't ever, ever, ever take the max, or even half. Taking out massive student loans is the worst decision you can make.

I took out the minimum necessary to pay for tuition and books, and I was always fine. I ended up owing almost nothing compared to people who have 20k, 40k or even 80k in debt.

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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: nooneman]
    #20875431 -

good shit nooneman.  i'm /jealous of you

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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: memes]
    #20875628 -

memes said:
Almost farcically, a lot of people consider themselves lucky if they land a job that qualifies them for the Income-Based Repayment; wherein your monthly loan payment can only be 10% (I think) of your monthly take-home pay.  As your income increases, so does your payment.  Eventually (10years?) the loans go away, or something to that extent.  It blows my mind that people will rejoice at paltry earnings only so they can get out of ill-taken loans.


Thanks to Obama, they now have income-based repayment plans, so you only have to pay back up to 10% of your income.

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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: Crystal G]
    #20875638 -

isnt that what the paragraph says?

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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: Crystal G]
    #20875661 -

Other than mortgages, loans should be avoided at all cost.


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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: Patlal]
    #20875667 -

Patlal said:
Other than mortgages, loans should be avoided at all cost.


You mean other than business loans. Because that's basically what venture capitalists do...

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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: Crystal G] * 1
    #20875718 -

debt is not a bad thing.
unnecessary debt is. 


:thumbup:

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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: memes]
    #20875804 -

I am glad I go to school in Canada. To do so in America would be ridiculous but I suppose other factors would be different. Here though a year of university is around 5000 bucks (so cheap relatively) I feel lucky


--------------------


Ezuma Art:

http://ezumaart.weebly.com/

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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: Crystal G]
    #20875891 -

Crystal G said:
memes said:
Almost farcically, a lot of people consider themselves lucky if they land a job that qualifies them for the Income-Based Repayment; wherein your monthly loan payment can only be 10% (I think) of your monthly take-home pay.  As your income increases, so does your payment.  Eventually (10years?) the loans go away, or something to that extent.  It blows my mind that people will rejoice at paltry earnings only so they can get out of ill-taken loans.


Thanks to Obama, they now have income-based repayment plans, so you only have to pay back up to 10% of your income.


Yeah great.  Thanks to the commie cunt deadbeats and parasitic members of the academic-industrial complex can fleece the taxpayers for useless degrees and debauchery.


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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: memes]
    #20875910 -

Glad I'm Native. Less than a $1,000 for 4 semesters.


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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: zappaisgod] * 1
    #20875911 -

zappaisgod said:
Yeah great.  Thanks to the commie cunt deadbeats and parasitic members of the academic-industrial complex can fleece the taxpayers for useless degrees and debauchery.


Who do you think profits the most from poverty, Zappa? Why, you don't think it's those billion-dollar banks or corporations that give out loans at high-interest rates or offer goods on "layaway?"

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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: Crystal G] * 1
    #20875920 -

Why does anyone argue with that guy he's just a living pit of backwards notions and negativity, with occasional outbursts of weirdly over-intense aggression. And yet other times he seems okay ... :shrug:


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Ezuma Art:

http://ezumaart.weebly.com/

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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: Ezuma] * 1
    #20875973 -

because oftentimes his rantings hold more water than the dribble spewing from other's mouths.

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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: Crystal G] * 1
    #20875981 -

Crystal G said:
zappaisgod said:
Yeah great.  Thanks to the commie cunt deadbeats and parasitic members of the academic-industrial complex can fleece the taxpayers for useless degrees and debauchery.


Who do you think profits the most from poverty, Zappa? Why, you don't think it's those billion-dollar banks or corporations that give out loans at high-interest rates or offer goods on "layaway?"


Huh?  What does that have to do with letting deadbeats skip on loans?

Do you know who profits the most from poverty?  Liberal politicians.  They thrive on it


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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: memes]
    #20875985 -

The loans disappear after 10 years? So if you just avoid them and don't pay shit it's gone in 10 years? Or will they sue you and garnish your wages? Luckily for me I've never had student loans. Only grants which are free. I thought student loans never left unlike other debt.

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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: Ezuma]
    #20875990 -

Ezuma said:
Why does anyone argue with that guy he's just a living pit of backwards notions and negativity, with occasional outbursts of weirdly over-intense aggression. And yet other times he seems okay ... :shrug:


I love you, too, even if you are a Canadian.


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Re: University Students: DON'T unnecessarily max out your Student Loans [Re: Magicman69]
    #20876012 -

Magicman69 said:
The loans disappear after 10 years? So if you just avoid them and don't pay shit it's gone in 10 years? Or will they sue you and garnish your wages? Luckily for me I've never had student loans. Only grants.


I don't think that is correct for all loans.  The ones from the government disappear if you prove that you are a complete failure but I believe the private ones can still be pursued.  Kiss your credit rating goodbye forever.


My attitude on borrowing is never going to change.  If you borrow money and don't pay it back you are a deadbeat at best and most likely a finagling scumbag in addition.


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