Student loans....really disturbing welp....

"CCC (formerly CyclistCarCoexist)" (ccpbb) 04/14/2016 at 18:52 • Filed to: None

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This will be about loans...financial aid etc...Car flying off a cliff for your time.

I’ve recieved my financial aid options for both of my schools I want to go to....and the amount of student loans I need is mind boggling. Antioch College has a tuition of 36k. They are providing an grant/scholarship of 25k. The rest of it, will result to 11k a year for student loans.

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UC Riverside has a tuition of 36k (1. It costs a batshit 16k for room and board (jesus christ California). I applied too late for FAFSA so I didn’t get any Cal Grants...but 36k for student loans for a singular year...Even at this rate, it’s nearly 144k in debt....which I do not. If I live off campus, it’ll be a damn sight cheaper, as I found rent outside campus will cost ~600 a month.

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Jesus fucking christ. Any opinions Oppo on Students loans? Is there anyway to negotiate? My parents’ income is around 40k....i have no idea how in the hell this is going on....

Edit: FYI I am going into a Polisci Major and planning to go into law school afterward....

Bryan doesn't drive a 1M > CCC (formerly CyclistCarCoexist) 04/14/2016 at 18:59

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Just do whatever you can to minimize the student loans. I think the rule of thumb I’ve seen is that you should aim for less in student loans than what 1 year of your expected salary after graduating will be. That’s becoming unrealistic as salaries are stagnant and the cost of education continues to skyrocket, but it’s a useful ballpark measurement.

$270 to get an orientation from Highlander seems like a good deal...

TheHondaBro > CCC (formerly CyclistCarCoexist) 04/14/2016 at 19:00

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Don’t forget that you’ll have to pay back the unsubsidized loans at 4-6% interest immediately after graduating.

This is an honest question: have you considered going to Germany? Aside from a small fee of around 100 euros every semester/quarter, university is free even for foreign/non-citizens as long as you have a student visa. They even offer classes in English. I’ve considered going that route myself.

unclevanos (Ovaltine Jenkins) > TheHondaBro 04/14/2016 at 19:01

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*6 months grace period

Land_Yacht_225 > CCC (formerly CyclistCarCoexist) 04/14/2016 at 19:04

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Wake Forest University is 65k a year and they think they’re being overly generous giving me a generic scholarship for 20k a year.

You would have to be a ward of the state in order for your EFC to come up at 0. And even then, they’d be charging the state 10k behind your back. Colleges don’t negotiate. My family lost $150,000 when we sold our last house thanks to the bubble burst in 2008 and were on the verge of declaring bankruptcy, and the school would hear none of it.

Jesus fucking christ indeed. Colleges are a for profit racket these days, and you’re gonna walk away saddled with debt either way. My advice, as many majors and minors as you can manage because you better be damn sure you’re getting not-actually-your-monies worth.

Feel the Bern.

Edit: I forgot to mention, my private loans alone, not counting federal subsidized or unsubsidized loans, are 35k a year.

TheHondaBro > unclevanos (Ovaltine Jenkins) 04/14/2016 at 19:04

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Right, my bad.

Shamoononon drives like a farmer > CCC (formerly CyclistCarCoexist) 04/14/2016 at 19:05

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I worked while in college, it’s an idea if you can do it. My student loan was 17k for all four years combined which was mainly used for child care. This was ~ 10 years ago, but I still think most people can help pay some of their bill while in college. 16k isn’t that expensive considering rent is like 2k a month for a moderate apartment here. Best of luck, I know it’s expensive and have been packing money away for my kid.

unclevanos (Ovaltine Jenkins) > CCC (formerly CyclistCarCoexist) 04/14/2016 at 19:07

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I’ve gone to school for 4 years so far for my BS (went part time for second year and missed a semester due to financial issues). The financial issues were caused by our family’s stubbornness to take out loans, yes we did payment plans. But always paid late and resulted in crappy registration or ended up part time. I finally took federal loans in my 4th year. And its an instate engineering school so its cheap. Just plan wisely and compare which school you can payback asap after graduation and don’t get excessive loan amounts.

TheHondaBro > CCC (formerly CyclistCarCoexist) 04/14/2016 at 19:07

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Apply for every scholarship you can. Even the little ones can help you buy things like textbooks.

TheBloody, Oppositelock lives on in our shitposts. > CCC (formerly CyclistCarCoexist) 04/14/2016 at 19:09

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I helped mitigate some of the costs by doing a stint in community college, it’s better but will still hurt. I graduated 10 years ago and still haven’t finished paying off the loans I did have to take. It’s a god damn racket.

djmt1 > CCC (formerly CyclistCarCoexist) 04/14/2016 at 19:12

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Bloody ‘ell. I have student debts as of now of £10,500 and I thought that was a lot but $144K! Now I assume that in America that is totally normal amount and most people pay back with ease but still Bloody ‘ell that’s a bollock load of money.

TheHondaBro > djmt1 04/14/2016 at 19:18

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most people pay back with ease

Ryanator122 > CCC (formerly CyclistCarCoexist) 04/14/2016 at 19:23

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UC Davis used to offer the Blue and Gold scholarship program which was going to make it actually quite affordable.

It's an option; consider going to a GOOD city college and living at home for 2 years. It SUCKS but you'll have a lot lower debt.

Supreme Chancellor and Glorious Leader SaveTheIntegras > CCC (formerly CyclistCarCoexist) 04/14/2016 at 19:24

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Community college then into a Uni

That may help, but that’s as far as my advice goes. I dropped out of college, twice

djmt1 > TheHondaBro 04/14/2016 at 19:29

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In that case is a degree worth that much Stateside?

deekster_caddy > CCC (formerly CyclistCarCoexist) 04/14/2016 at 19:32

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My wife got her degree in 1998, two years before we met. We are still paying her student loans. So yeah... it’s ridiculous.

The other option is to find a full time job at a company that has tuition assistance/reimbursement and work your way through it. That way you are earning or at least not floundering into debt as you take the slow road through school.

Option c) is to go to a state school that’s cheap. And by “Cheap” I mean it’s still pretty scary to think about.

As a bonus, now you know why the college education stuff is such a political hot potato. Hundreds of thousands of eligible people just can’t afford to go to college.

Busslayer > CCC (formerly CyclistCarCoexist) 04/14/2016 at 19:45

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How about join the Army, or other branch? You can get GI Bill benefitsbenefits or if you stay in long enough, you might get the military to pay for your college entirely. I work with several guys that got college degrees while in the military and had it paid for. Alternatively, you can also qualify for GI Bill benefits as a reservist.

Busslayer > CCC (formerly CyclistCarCoexist) 04/14/2016 at 19:57

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Where I live, 30 years ago the state used to pay 80-90% of the costs at the public university system. You could get get a degree from a solid university for basically pocket change. Now the state only kicks in 10% of the total. The overall university budget per student, adjusted for inflation, has remained relatively stable.

Those yahoos that scream when anyone suggests college should be free or heavily subsidized probably got a free or heavily subsidized education.

TheHondaBro > djmt1 04/14/2016 at 20:05

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Not really. In fact, one of the big reasons Germany abolished tuition was to attract American students. There are currently over 4,000 American students studying in Germany on a student visa.

BrianGriffin thinks “reliable” is just a state of mind > CCC (formerly CyclistCarCoexist) 04/14/2016 at 20:07

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I feel that something is incorrect in your assessment; at a family income of $40k you should be getting some need based scholarships or loans. But regardless, I wouldn’t take books/personal costs/transportation (what is that, anyway??) into the mix, as those won’t be “loaned”.

Will you parents be willing to help out? Take part of the loans?

Kailand09 > djmt1 04/14/2016 at 21:16

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Actually student debt is a major crisis in my opinion, and will be a major factor in the next recession we see in the US.

No spending money (or spending money you shouldn’t) = no companies making money / defaulted loans.

Big problem.

Kailand09 > CCC (formerly CyclistCarCoexist) 04/14/2016 at 21:20

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IMO studying at a great-name school isn’t really worth that much. What is your degree?

Oftentimes the bigger / more expensive unis are actually pulling a Toyota and living off of their old, once-great name they earned. No longer do they actually provide a good education.

If your degree isn’t in a sure-shot field, don’t get it. If it is a moderate shot, spend 2 years are community college and move up to uni for the last 2. Even at that, go somewhere less expensive.

Source - I’m getting close to paying off my debt and I’m lucky. But my wife still has a lot. We both have pretty decent jobs, but it is still crippling and questionable how worth it the degree is for many people.

MUSASHI66 > CCC (formerly CyclistCarCoexist) 04/14/2016 at 21:32

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Wife went to Law School - nothing fancy, and racked up $170k. We’ve been paying over $3000 per month, sold a house she had as an investment and put all the after-tax profit on the loans, and we still have close to 2 years of payments left. When her loans are done, I will drink myself silly.

I paid a total of $56k for my bachelors degree, and close to nothing for my masters as I work for an university and was able to get most classes for free (paid maybe $5k in fees, books, and one or two classes I had to pay for). When I was done with my bachelors, I had $37k in loans and I paid them in 5 years or so. I still make a much as my wife does - I am in IT and she is a lawyer, but she does have a huge potential, where I might reach very low 6 figures and stay there forever.

Student loans and the cost of higher education these days is a huge racket.

Gone > CCC (formerly CyclistCarCoexist) 04/14/2016 at 21:46

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Are you planning to get a degree in something that makes money? Then yes, it can be an okay thing. At your parents income level, there should be a ton of aid/scholly stuff available to you. And if they don’t claim you as a dependant, that would help. Making this as short as possible:

Me: Small school (Physics maj) transferred to state school (engineering). 5yrs toral+1yr off from a paid internship that turned into a full-time job. I had about 33k when I got out (13yrs ago). That FT job helped keep the total number down. Paid it off in three making $45k/yr out of school living on my own and spending every spare cent getting out from under them (50% unsubsidized loans @10%-15%!). Parents made too much for scolly/aid, but they didn’t help me lol.

Wife: Associates deg, then went back to get an engineering deg at a small school. Between the two was in school forever, worked 3 paid internships, out for 2yrs now, owed 70k (LOLWTF - 50% @ 6.8%. Parents didn’t do shit for her - “Women shouldn’t be educated.” - *barf*. Will pay off in 2yrs.

We are very fortunate and I can’t imagine paying for college now. Can’t wait to put our kiddo through it...sigh. Our key was STEM degrees (why she went back for hers) and also marrying someone that makes good money. Not trying to sound shitty, but almost insane if you’re not going in for something that has good pay. And marrying a working spouse. Life’s a bitch. :/

Look out of state... may find something cheaper as far as living expenses.

CCC (formerly CyclistCarCoexist) > djmt1 04/14/2016 at 21:59

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I’m going into polisci and then planning to go into law school afterward.

CCC (formerly CyclistCarCoexist) > Gone 04/14/2016 at 22:10

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I’m going into polisci and going into law school after that...its not stem..but yeah.

Eric @ opposite-lock.com > djmt1 04/14/2016 at 22:36

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Not at all. It’s not even close to a guarantee of employment even in an in-demand field these days, with astronomical costs to get them. It’s a huge bubble/scam due to a lot of government intervention. I barely avoided it by starting before the very extreme ramping of tuition started. If I had it to do again today, I’m not sure I could stomach the cost, especially with such low starting wages...

Eric @ opposite-lock.com > Kailand09 04/14/2016 at 22:39

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It will also translate to a much wider income gap and probably a depression. Baby boomers somehow believe that they can sell run-down SFHs for above asking prices as a major part of their retirement portfolio, but little do they realize that their children don’t make enough to buy them.

Eric @ opposite-lock.com > BrianGriffin thinks “reliable” is just a state of mind 04/14/2016 at 22:54

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I was in college in the mid-late 90s, when prices were still very low by today’s standards, and in spite of my parents having 4 children and 1 income of $28k gross, I barely qualified for some government grants. Something about their situation made me less eligible or ineligible. Being white didn’t help. I ultimately ended up burning every bit of savings they had, getting a handful of grants, some private scholarships, and I worked as much as I possibly could. It was tough (I didn’t own or have access to a car until my last semester.), but I didn’t have any debt at the end, either.

I suspect this would be absolutely impossible today. I thought 1-2k/semester in tuition was stiff, and it was rising very rapidly in my years there.

Gone > CCC (formerly CyclistCarCoexist) 04/14/2016 at 23:00

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This plan, it’s good. You should be fine iutta school (I think?). The debt burden is crushing mentally though. Putting off houses, cars, marriage, kids, etc. Ugh.

Pay the min and let them be forgiven or day trade investments with higher risk stuff. I straight up paid mine off outta my paycheck. This time I’m day trading and throwing my post-tax EoY returns at them. This is working out much better, well, until I inevitably screw it up.

PetarVN, GLI Guy, now with stupid power > CCC (formerly CyclistCarCoexist) 04/14/2016 at 23:50

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this is exactly why I’m staying at home for college. sure I gotta deal with my folks, but the money I’m saving by not living on campus at UW (university of Washington in Seattle, WA) is astonishing. i’ll be saving about $40,000 over 4 years.
in a nutshell, I will have paid for the car I’m getting after HS, and had about $10K in savings by the end of my college just by living at home!
edit: I also can’t get any grants as my household has a quite large income (6 working people under one roof makes life good though)

PetarVN, GLI Guy, now with stupid power > djmt1 04/14/2016 at 23:53

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most people never finish paying their shit off... college degrees here do not pay off if you’re paying for them. I’m not paying for mine for the most part so I come out in the black, but most people deal with $30-$50k of debt after college for years with a big interest rate

Flyboy is FAA certified insane > CCC (formerly CyclistCarCoexist) 04/15/2016 at 00:42

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I feel you bro. My costs so far have been about 35k a year +/- 5k, with *only* a 12,500 a year scholarship that has a 3.0 GPA requirement. The rest is loan or out of pocket and the financial aid from the government is decreasing every time I apply for it...

Sometimes it’s scary to think about how much money you are gambling on this education, but that’s exactly what it is: a gamble. There is no guaranteed return on investment.

Khalbali > TheHondaBro 04/15/2016 at 01:14

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So much this. I have close to $100k and didn't even graduate, now I'm an apprentice mechanic with 30 years of soul crushing brokenness ahead.

TheHondaBro > Kailand09 04/15/2016 at 01:17

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This. The middle class are the backbone of a healthy economy. Every effort to fix the economy should be focused toward restructuring the declining middle class.

CCC (formerly CyclistCarCoexist) > Gone 04/15/2016 at 01:32

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EoY?

CCC (formerly CyclistCarCoexist) > BrianGriffin thinks “reliable” is just a state of mind 04/15/2016 at 01:39

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My parents are willing to help out, but only can help out so much.

CCC (formerly CyclistCarCoexist) > PetarVN, GLI Guy, now with stupid power 04/15/2016 at 01:53

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That’s where I’m thinking of Antioch....less CA amounts for rent, no overinflated housing and board, and cheaper cost of living in general. I was astounded on how cheap gas was.

CCC (formerly CyclistCarCoexist) > Shamoononon drives like a farmer 04/15/2016 at 01:55

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I’m going to be definitely be working.

Kailand09 > TheHondaBro 04/15/2016 at 05:53

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I agree, we need to do something there.

Kailand09 > Eric @ opposite-lock.com 04/15/2016 at 06:00

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Yup. I would love to buy a house and stop paying rent but it's expensive and I doubt many lending agencies will approve a mortgage with student loan debt. Which is likely widespread.

Gone > CCC (formerly CyclistCarCoexist) 04/15/2016 at 06:54

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End of Year. Business-speak nonsense.

V12 Jake- Hittin' Switches > djmt1 04/15/2016 at 08:18

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“Pay back with ease”

“With ease”

“ EASE ”

Shamoononon drives like a farmer > CCC (formerly CyclistCarCoexist) 04/15/2016 at 14:49

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Yeah, I’m sorry. I did a some counting and realized working 20 hours a week at 10$/hr would only bring in about 10k.

Stephen the Canuck > CCC (formerly CyclistCarCoexist) 04/17/2016 at 11:47

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Holy shit. Reading this and all the comments is tough to take. I did two years of college and 2.5 years of university in Ontario, and wound up with $30k Canadian in debt. It’s tough as hell to pay off. I’m not even remotely close to making a start on it and have been out of school for 3 years. The job market I’m looking to get into is very competitive.

I could not imagine $30k+ a year for school. This is going to come to a head in the future and something will implode.