Comments on: Are Student Loans the Source of the Next Financial Meltdown? http://frugaldad.com/2008/04/01/are-student-loans-the-source-of-the-next-financial-meltdown/ Tips for living frugal while still having a life Sat, 20 Mar 2010 20:06:24 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: Abraham Lincoln’s Letter To Brother Asking For Money | Frugal Dad http://frugaldad.com/2008/04/01/are-student-loans-the-source-of-the-next-financial-meltdown/comment-page-1/#comment-21574 Abraham Lincoln’s Letter To Brother Asking For Money | Frugal Dad Mon, 30 Mar 2009 01:08:08 +0000 http://frugaldad.com/2008/04/01/are-student-loans-the-source-of-the-next-financial-meltdown/#comment-21574 [...] that refuse to help themselves. Over the years I have had occasions to help family and friends in a financial crisis. It could be said that some of my own struggles were created by my willingness to help. Through [...]

[...] that refuse to help themselves. Over the years I have had occasions to help family and friends in a financial crisis. It could be said that some of my own struggles were created by my willingness to help. Through [...]

]]> By: lina http://frugaldad.com/2008/04/01/are-student-loans-the-source-of-the-next-financial-meltdown/comment-page-1/#comment-18811 lina Tue, 24 Feb 2009 20:48:39 +0000 http://frugaldad.com/2008/04/01/are-student-loans-the-source-of-the-next-financial-meltdown/#comment-18811 I worked full-time through college while it is definitely a guaranteed source of income, you must consider that most college students will not be able to find a job above minimum wage--and you really do not make enough money on minimum wage to offset the physical and emotional difficulty a 80-hour/week schedule brings. The obvious drawback to the GI Bill option is that...well, you could get killed. Yes, it's a small chance. But is going to college worth that? (I realize this entry is old but people may still be looking at it.) I worked full-time through college while it is definitely a guaranteed source of income, you must consider that most college students will not be able to find a job above minimum wage–and you really do not make enough money on minimum wage to offset the physical and emotional difficulty a 80-hour/week schedule brings.

The obvious drawback to the GI Bill option is that…well, you could get killed. Yes, it’s a small chance. But is going to college worth that?

(I realize this entry is old but people may still be looking at it.)

]]> By: Another Economic Stimulus Check Could Ultimately Hurt the Economy | Frugal Dad http://frugaldad.com/2008/04/01/are-student-loans-the-source-of-the-next-financial-meltdown/comment-page-1/#comment-9835 Another Economic Stimulus Check Could Ultimately Hurt the Economy | Frugal Dad Tue, 21 Oct 2008 02:46:02 +0000 http://frugaldad.com/2008/04/01/are-student-loans-the-source-of-the-next-financial-meltdown/#comment-9835 [...] after years of economic expansion, we hit another snag.  Maybe this time it is the demise of the student loan industry, or maybe credit card debt finally reaches such epic proportion that borrowers en masse begin to [...]

[...] after years of economic expansion, we hit another snag.  Maybe this time it is the demise of the student loan industry, or maybe credit card debt finally reaches such epic proportion that borrowers en masse begin to [...]

]]> By: Smitty http://frugaldad.com/2008/04/01/are-student-loans-the-source-of-the-next-financial-meltdown/comment-page-1/#comment-5955 Smitty Fri, 22 Aug 2008 00:03:08 +0000 http://frugaldad.com/2008/04/01/are-student-loans-the-source-of-the-next-financial-meltdown/#comment-5955 I have to say that I vehemently disagree with those of you who insist college is not necessary. I took time off from school after three years and scoured Chicagoland for any sort of full time job, not even being picky, and the only sorts of jobs I found that would hire someone without a bachelor's degree were: Postal Delivery Person, waiting tables, hotel clerk, and other minimum to very low wage jobs with zero health or retirement benefits. I am an fairly intelligent and capable person with strong work experience behind me (having worked two jobs throughout my entire first years of college to help pay for tuition and rent) and yet I heard time and again, "Come back once you have your bachelor's degree!" or "If you had a college education you'd be a desirable candidate." After working and not being able to save anything off of the meager pittances I earned as a degree-less kid in the work force I made up my mind to go back to school and couldn't be happier with my decision. Right now I am struggling to find a private student loan to fill in where my (admittedly generous) grants from my school and federal loans weren't sufficient, and as much as this pains me, I know it will be worth it. The issue, I believe, is that students in America don't take their educations as seriously as they should. Higher education is a beautiful thing and extremely necessary. Wonder why you can't find a decent paying job out of college? Perhaps you should watch the news and listen to employers discuss the lack of work ethic most of their 20-30 something year old employees possess and the fat that foreign graduates are more desirable candidates as they work harder and are more grateful for the work given to them. Our American lifestyles are too lavish and irresponsible to keep up with our struggling economy. Perhaps you should sell your oversized SUV and save the money on car payments and gas to take public transportation instead (or purchase a used, more economical vehicle). Perhaps your rent or mortgage payments are too high and you should have shopped around for something more in your budget? As Americans we all love to possess things and we covet our vacations and possessions above all else, but if we had to take out money for student loans then maybe we should do what everyone else in my family and extended family has done: stay at home until you pay a large portion of it off, THEN go out and rent on your own and have a pseudo Hollywood lifestyle. Intelligence is a terrible thing to sacrifice. Don't blame "going to college" for the student loan crisis. Blame our government for being irresponsible with its budget and funds and for screwing the middle class as much as possible. It's not the middle and lower classes benefiting from the FAFSA, nor the very poor (they just aren't going to college period) it's those who can afford an accountant or other financial advisor who knows how to manipulate the system. Blame colleges for being too greedy and for putting all of their basketball and football stars on full ride scholarships, paying for their housing and giving them cars, while telling struggling students "Sorry, there's nothing we can do for you." There needs to be more responsibility taken by Universities and the government. For instance, Northwestern has taken a novel approach in telling its students that it will no longer allow them to borrow more than (I believe) 20,000 dollars in student loans - beyond that, they will fill in the tuition gaps in order to prevent their students from going too far into debt. Plenty of colleges can do this, they just don't want to. I have to say that I vehemently disagree with those of you who insist college is not necessary. I took time off from school after three years and scoured Chicagoland for any sort of full time job, not even being picky, and the only sorts of jobs I found that would hire someone without a bachelor’s degree were: Postal Delivery Person, waiting tables, hotel clerk, and other minimum to very low wage jobs with zero health or retirement benefits. I am an fairly intelligent and capable person with strong work experience behind me (having worked two jobs throughout my entire first years of college to help pay for tuition and rent) and yet I heard time and again, “Come back once you have your bachelor’s degree!” or “If you had a college education you’d be a desirable candidate.” After working and not being able to save anything off of the meager pittances I earned as a degree-less kid in the work force I made up my mind to go back to school and couldn’t be happier with my decision. Right now I am struggling to find a private student loan to fill in where my (admittedly generous) grants from my school and federal loans weren’t sufficient, and as much as this pains me, I know it will be worth it. The issue, I believe, is that students in America don’t take their educations as seriously as they should. Higher education is a beautiful thing and extremely necessary. Wonder why you can’t find a decent paying job out of college? Perhaps you should watch the news and listen to employers discuss the lack of work ethic most of their 20-30 something year old employees possess and the fat that foreign graduates are more desirable candidates as they work harder and are more grateful for the work given to them. Our American lifestyles are too lavish and irresponsible to keep up with our struggling economy. Perhaps you should sell your oversized SUV and save the money on car payments and gas to take public transportation instead (or purchase a used, more economical vehicle). Perhaps your rent or mortgage payments are too high and you should have shopped around for something more in your budget? As Americans we all love to possess things and we covet our vacations and possessions above all else, but if we had to take out money for student loans then maybe we should do what everyone else in my family and extended family has done: stay at home until you pay a large portion of it off, THEN go out and rent on your own and have a pseudo Hollywood lifestyle.

Intelligence is a terrible thing to sacrifice. Don’t blame “going to college” for the student loan crisis. Blame our government for being irresponsible with its budget and funds and for screwing the middle class as much as possible. It’s not the middle and lower classes benefiting from the FAFSA, nor the very poor (they just aren’t going to college period) it’s those who can afford an accountant or other financial advisor who knows how to manipulate the system. Blame colleges for being too greedy and for putting all of their basketball and football stars on full ride scholarships, paying for their housing and giving them cars, while telling struggling students “Sorry, there’s nothing we can do for you.” There needs to be more responsibility taken by Universities and the government. For instance, Northwestern has taken a novel approach in telling its students that it will no longer allow them to borrow more than (I believe) 20,000 dollars in student loans – beyond that, they will fill in the tuition gaps in order to prevent their students from going too far into debt. Plenty of colleges can do this, they just don’t want to.

]]> By: How to Be a Frugal College Student | Frugal Dad http://frugaldad.com/2008/04/01/are-student-loans-the-source-of-the-next-financial-meltdown/comment-page-1/#comment-5759 How to Be a Frugal College Student | Frugal Dad Fri, 15 Aug 2008 14:03:06 +0000 http://frugaldad.com/2008/04/01/are-student-loans-the-source-of-the-next-financial-meltdown/#comment-5759 [...] tuition costs making a college degree as expensive as a small home, many families are turning to student loans to finance education.  I’ve heard many families express that student loans are the [...]

[...] tuition costs making a college degree as expensive as a small home, many families are turning to student loans to finance education.  I’ve heard many families express that student loans are the [...]

]]> By: leapetra http://frugaldad.com/2008/04/01/are-student-loans-the-source-of-the-next-financial-meltdown/comment-page-1/#comment-5622 leapetra Sat, 09 Aug 2008 17:18:34 +0000 http://frugaldad.com/2008/04/01/are-student-loans-the-source-of-the-next-financial-meltdown/#comment-5622 The entire Student Loan industry should be shut down. The amount of debt I have is equivalent to a mortgage debt. Due to a few mistakes when I was in college and a loan consolidation that added my husbands on to mine (Thankfully we are still married, so we both can still pay on it). My kids are getting close to college age. I told them college is a must in this day and age, but if they take out even one loan, I will tear them a new one. Luckily for them, there are a few programs offered by the local colleges that will give them almost a free ride through school. They both have seen me and my husband struggle with the debt and the stigma attached. When we went to college we were told by supposed people in the know that the loans were the best way, or go into the military. I only started to heard about other solutions when I was a Junior. So basically we are stuck with a huge debt, nothing to show for it. (it wouldn't hurt so bad if the career I am in doesn't require a college degree to do.) It would be easy to say it was all our fault. But too many colleges during my college years were pushing loans like they were drugs. There are many people in my situation. The problem is no one that can change the system wants to. The entire Student Loan industry should be shut down. The amount of debt I have is equivalent to a mortgage debt. Due to a few mistakes when I was in college and a loan consolidation that added my husbands on to mine (Thankfully we are still married, so we both can still pay on it). My kids are getting close to college age. I told them college is a must in this day and age, but if they take out even one loan, I will tear them a new one.

Luckily for them, there are a few programs offered by the local colleges that will give them almost a free ride through school. They both have seen me and my husband struggle with the debt and the stigma attached.

When we went to college we were told by supposed people in the know that the loans were the best way, or go into the military. I only started to heard about other solutions when I was a Junior.

So basically we are stuck with a huge debt, nothing to show for it. (it wouldn’t hurt so bad if the career I am in doesn’t require a college degree to do.) It would be easy to say it was all our fault. But too many colleges during my college years were pushing loans like they were drugs. There are many people in my situation. The problem is no one that can change the system wants to.

]]> By: » Saving Money While You Still Have a Job - How to ? What is credit card http://frugaldad.com/2008/04/01/are-student-loans-the-source-of-the-next-financial-meltdown/comment-page-1/#comment-5478 » Saving Money While You Still Have a Job - How to ? What is credit card Wed, 06 Aug 2008 10:15:24 +0000 http://frugaldad.com/2008/04/01/are-student-loans-the-source-of-the-next-financial-meltdown/#comment-5478 [...] Reimbursement. Education on the company dollar is a terrific way to further your knowledge and your career. Check out the company requirements for how long you must work after obtaining a new degree or [...]

[...] Reimbursement. Education on the company dollar is a terrific way to further your knowledge and your career. Check out the company requirements for how long you must work after obtaining a new degree or [...]

]]> By: 15 Tips for Saving Money While You Still Have a Job | My Dollar Plan http://frugaldad.com/2008/04/01/are-student-loans-the-source-of-the-next-financial-meltdown/comment-page-1/#comment-5399 15 Tips for Saving Money While You Still Have a Job | My Dollar Plan Mon, 04 Aug 2008 14:01:00 +0000 http://frugaldad.com/2008/04/01/are-student-loans-the-source-of-the-next-financial-meltdown/#comment-5399 [...] Reimbursement. Education on the company dollar is a terrific way to further your knowledge and your career. Check out the company requirements for how long you must work after obtaining a new degree or [...]

[...] Reimbursement. Education on the company dollar is a terrific way to further your knowledge and your career. Check out the company requirements for how long you must work after obtaining a new degree or [...]

]]> By: How to Pay for College? http://frugaldad.com/2008/04/01/are-student-loans-the-source-of-the-next-financial-meltdown/comment-page-1/#comment-1760 How to Pay for College? Thu, 24 Apr 2008 14:42:34 +0000 http://frugaldad.com/2008/04/01/are-student-loans-the-source-of-the-next-financial-meltdown/#comment-1760 [...] garbage floating around as “good advice” it is no wonder people are wondering if student loans will be the next financial meltdown.  We have been setting up an entire generation for failure with this kind of advice.   Some [...]

[...] garbage floating around as “good advice” it is no wonder people are wondering if student loans will be the next financial meltdown.  We have been setting up an entire generation for failure with this kind of advice.   Some [...]

]]> By: Links and Carnivals http://frugaldad.com/2008/04/01/are-student-loans-the-source-of-the-next-financial-meltdown/comment-page-1/#comment-1263 Links and Carnivals Wed, 09 Apr 2008 20:38:29 +0000 http://frugaldad.com/2008/04/01/are-student-loans-the-source-of-the-next-financial-meltdown/#comment-1263 [...] Dad asks the very pertinent question: Are student loans the next financial meltdown?  Judging from what I hear on campus, the worst may still be [...]

[...] Dad asks the very pertinent question: Are student loans the next financial meltdown?  Judging from what I hear on campus, the worst may still be [...]

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