School Loans Suck!!!

pwhiteelec05 · Nov 18, 2008

shit, i got hella lucky compared to you guys. i went to the local VoTech while still in HS, which they paid for all except supplies. on top of that it gave me 35 credit hours at my university, plus I only had to pay about half of my tuition. I never pulled a loan for college or my truck. but i also still live at home with my parents.

trevor · Nov 18, 2008

I've gone through my degree without a student loan.

It consisted of any money my parents 'paid' me for working on the farm going into an education fund. Paid is in brackets because i received more than the labour I did. Think of it as a subsidy :jester:

In addition to that, I basically worked 2.5 jobs through the summers, the last 2 at least. I'd get home at midnight and wake up at 4/5 to go back to work again. I'd quit that job early in the summer to work on our farm for harvest. And during school I still do the farm hand bit.

I'm lucky enough to still be able to live at home (lucky is a double edged word).

The only 'loan' I have is from my parents, who bought my truck. It's a 0% interest loan, to which I have not paid anything back on it. Funny thing is, I have enough now, while I'm still in school to settle up with my parents. But I dont know what I'm doing next year...it could be grad school :mullet:

trevor · Nov 18, 2008

Also, I've wondered this:

What if you were to take out the maximum amount of student loan you could take. I dont know all the hoops you have to jump, but I understand it is partially based upon your parents gross income, if you still are at home?

If you could prove that you needed the student loan without actually needing it, you could turn around and invest that money for the duration that you are in school. Because the interest only starts to accumulate on the student loans once you are out of school, you could set up your investments to come due at that time. Take the money out of your investments and pay off your student loans in one shot. And you walk away with the interest earned on the money that you got for 'free'.

Thoughts? What have I got wrong, because this is a pretty obvious arbitrage opportunity, I think.

:waiting:

BadASSDakota500 · Nov 18, 2008

trevor said:
Also, I've wondered this:

What if you were to take out the maximum amount of student loan you could take. I dont know all the hoops you have to jump, but I understand it is partially based upon your parents gross income, if you still are at home?

If you could prove that you needed the student loan without actually needing it, you could turn around and invest that money for the duration that you are in school. Because the interest only starts to accumulate on the student loans once you are out of school, you could set up your investments to come due at that time. Take the money out of your investments and pay off your student loans in one shot. And you walk away with the interest earned on the money that you got for 'free'.

Thoughts? What have I got wrong, because this is a pretty obvious arbitrage opportunity, I think.

:waiting:

You have to prove you are in school, and the money goes directly to the school, anything left over comes to you. I have heard of those private student loan companies that just sends you the check, but everything that I found you can only borrow up to what the school budget allots for you. But I have also heard (my girlfriend being one of them) that took out a student loan to buy a vehicle (in this case her ex a Harley - when they were together obviously). This is a big no no however, and you can get into trouble, probably atleast up to immediate payment.

The past two terms in law school I took out the maxium, and will be probably for the remainder of my time there. 8 terms at $30,000/2 terms= $120,000 on top of the $25,000ish I had previously. (that is for tuition, books, fees, and living costs - leaves me with about 6500 per 4 months).

Back to the original topic. I would LOVE a $500 a month payment when I am done. I did the math awhile back can't remember the exact amount, but I am figuring $1500-$1800 a month!!! (putting it into perspective: the house I own now has a mortgage payment of only $862, WTF?)

Jecht · Nov 18, 2008

thats the problem with student loans. You dont have to start paying until your done with school. So alot of people dont think about the payments or how much they will be. It gets pushed in to the back of their mind. Then when they get the bill they have heart failure. Like they say Education isnt cheap.

blaindsmith · Nov 18, 2008

Ahhh the American Dream to have a great education and then get fucked in the ass afterwards.

Jarheadoo7 · Nov 18, 2008

im lookin at 22 g when im all said and done.. i have been paying since i have been in thats why i starting my painting company, the profit goes to my student loans..(and a mod or two).. my other job pays my bills..

however when i do finish my BA ill be right in your boat buddy..

Grapejuice1998 · Nov 18, 2008

Jecht said:
thats the problem with student loans. You dont have to start paying until your done with school. So alot of people dont think about the payments or how much they will be. It gets pushed in to the back of their mind. Then when they get the bill they have heart failure. Like they say Education isnt cheap.

Seems like that is an excellent lesson to learn though. All loans come with terms that are laid out in a contract. The person taking the loan should make sure the terms will be acceptable, instead of just taking the money and not thinking about what it's going to cost them later on.

mopar318 · Nov 18, 2008

Mines 75 a month through sallie mae, Ive been paying 400-500 these past few months. Should be payed off quick, lol.

BlackKota52 · Nov 18, 2008

I currently owe 50 G's. What really sucks is that I didn't want to go to college in the first place but parents threatened to cut me off if I didn't go. I bought my truck outright but its registered in my mom's name and she threatened to sell it if I didn't go to school.

So I ended up getting a bunch of scholarships and grants but the University of Vermont is 39 G's a year. At first I only had to cover like 6 grand a year but I lost a few scholarships after my dad died because my grades slipped.

I was just starting to settle in here in New Mexico and I was starting to look at flight schools but now with the amount of money I gotta shell out for school loans I gotta wait a few years before I can think about flight training. I need another 50 or 60 G's worth of training now before I can start flying.

My GF got lucky cause her aunt and uncle are loaded so they covered all her schooling.

dogthenine · Nov 18, 2008

ddrt00 said:
I just did the math, and it will cost me less than $1,000 in interest to pay my $15,000 loan. Not bad in my book.

That doesn't sound right. Student loan intrest is compounded daily.
My 36,000 is scheduled to amass over 19,000 in interest @ 4.5%/20years.

ddrt00 · Nov 18, 2008

On my statement, it tells me how much that I've paid off of the acutal amount and what i've paid in interest alone. My interest rate is 2.3% fixed.
I don't know how you have yours set up, but that is what mine says.

Bad_banana · Nov 23, 2008

damn.. i have a 5k loan through chase, and at about an 8% mark,

Shatto · Nov 23, 2008

1. Every year, across the country, a few hundred kids killed themselves because they failed to get the grades to get into high school.
2. At the same time a few hundred did themselves in because they couldn't get into college.
3. Yeh, it was in the 60's and in Ethiopia.
4. And you are a victim, America sucks and nothing is good because you have a goddam loan to repay.
5. Bet you didn't even know there are about $2,000,000,000.00 in Grants, Fellowships, Scholorships and other ways to get your College paid for, in the Private Sector.
6. Get off your ass and get it.
7. Become the very best you can possibly be.

blaindsmith · Nov 23, 2008

Shatto said:
1. Every year, across the country, a few hundred kids killed themselves because they failed to get the grades to get into high school.
2. At the same time a few hundred did themselves in because they couldn't get into college.
3. Yeh, it was in the 60's and in Ethiopia.
4. And you are a victim, America sucks and nothing is good because you have a goddam loan to repay.
5. Bet you didn't even know there are about $2,000,000,000.00 in Grants, Fellowships, Scholorships and other ways to get your College paid for, in the Private Sector.
6. Get off your ass and get it.
7. Become the very best you can possibly be.

Did any of us say we were not paying it? No. So relax.

And its my American right to complain about whatever the fuck I want. You don't like a thread? Don't read it.

TurboBlew · Nov 23, 2008

Shatto said:
1. Every year, across the country, a few hundred kids killed themselves because they failed to get the grades to get into high school.

We should encourage more behaviour like that! Not up to par? Off yerself!

Shatto said:
2. At the same time a few hundred did themselves in because they couldn't get into college.

Guess those token few that had backup schools might get a 2nd chance to attend their first choice!! Again, more behaviour that should be encouraged!

Shatto said:
3. Yeh, it was in the 60's and in Ethiopia.
4. And you are a victim, America sucks and nothing is good because you have a goddam loan to repay.
5. Bet you didn't even know there are about $2,000,000,000.00 in Grants, Fellowships, Scholorships and other ways to get your College paid for, in the Private Sector.
6. Get off your ass and get it.
7. Become the very best you can possibly be.

Yeah great. A treasure hunt for cash. I have a friend that created a website to find those grants. Too bad its about 15yrs too late for me to use.
I just footed my own tution bills.
Honestly the ROE is ok for my college. Nothing like it would have been had I bought Microsoft stock when I graduated. Of course when I started college the job market was a tad different.
Motivated people will rise regardless of the paper chase. When I graduated I was offered single digit wages. I politely declined saying Im well past that "learning" wage so I stayed loyal at a company for 7 more years and left with an extra degree and more experience than ANY school could ever teach.

A good education is a useful tool. An expensive education is for tools.
Not everyone can be the cherry on the sundae. The sooner you realize that the happier you'll be!

Shatto · Nov 23, 2008

TurboBlew said:
We should encourage more behaviour like that! Not up to par? Off yerself!

Guess those token few that had backup schools might get a 2nd chance to attend their first choice!! Again, more behaviour that should be encouraged!

Yeah great. A treasure hunt for cash. I have a friend that created a website to find those grants. Too bad its about 15yrs too late for me to use.
I just footed my own tution bills.
Honestly the ROE is ok for my college. Nothing like it would have been had I bought Microsoft stock when I graduated. Of course when I started college the job market was a tad different.
Motivated people will rise regardless of the paper chase. When I graduated I was offered single digit wages. I politely declined saying Im well past that "learning" wage so I stayed loyal at a company for 7 more years and left with an extra degree and more experience than ANY school could ever teach.

A good education is a useful tool. An expensive education is for tools.
Not everyone can be the cherry on the sundae. The sooner you realize that the happier you'll be!

"Ignorence is America's most expensive commodity."

Used to be, a guy came on the radio and told where all that tuition money was. At least now, it is easier with a computer than it was, to find out who wants to give you money to go to school.

Don't forget #7.

trevor · Nov 23, 2008

Shatto said:
5. Bet you didn't even know there are about $2,000,000,000.00 in Grants, Fellowships, Scholorships and other ways to get your College paid for, in the Private Sector.
6. Get off your ass and get it.

I was well aware of the grants to put you through school...I recieved over $3,000 of them, which is beans compared to my $25,000 education (which is cheap comparatively speaking)

But the vast majority of them are based upon extracurricular and volunteer experience. I dont know about most other scholars, but when i was not attending school through the summer months, I was busting my balls, trying to make money, so that I could go to school. In addition, i worked on our farm for "free", so that it could still exist so that I can one day run it.

The scholarships, burseries and fellowships are very specific...it is not easy for a regular white man to receive these. (not saying that it is much easier for others)

Bad_banana · Nov 23, 2008

trevor said:
I was well aware of the grants to put you through school...I recieved over $3,000 of them, which is beans compared to my $25,000 education (which is cheap comparatively speaking)

But the vast majority of them are based upon extracurricular and volunteer experience. I dont know about most other scholars, but when i was not attending school through the summer months, I was busting my balls, trying to make money, so that I could go to school. In addition, i worked on our farm for "free", so that it could still exist so that I can one day run it.

The scholarships, burseries and fellowships are very specific...it is not easy for a regular white man to receive these. (not saying that it is much easier for others)

I agree with what you said.

Shatto · Nov 23, 2008

If you, or someone you know is looking for education money, take a look.

How lucky am I??

I just Googled "scholarship Research" and, out of more than 7 million up pops the one I've been talking about for years, under a new name.
They say; "The world's largest and oldest Private-Sector Scholarships, Graduate Scholarships, Worldwide Scholarships, Fellowships, Grants and Free Undergraduate College Scholarship database. 30+ years of College Scholarship Research, Scholarships Constantly updated.
You will find Worldwide College Scholarships here that you won't find anywhere else!"

Here: http://www.fastaid.com/

School Loans Suck!!!

pwhiteelec05

trevor

trevor

BadASSDakota500

Jecht

blaindsmith

Jarheadoo7

Grapejuice1998

mopar318

BlackKota52

dogthenine

ddrt00

Bad_banana

Shatto

blaindsmith

TurboBlew

Shatto

trevor

Bad_banana

Shatto

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