>just graduated from college last month
>knew that I took out a few loans, but for the most part I paid out of pocket
>finally looked at how much I owe
>$70k
What the FUCK am I supposed to do? They want me to start paying this shit back in January. I make $2k a month. And even if I was making double this, the idea of literally just throwing away ~$1k per month paying back loans is fucking soul-crushing.
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If it was so hard to think about this before you get the loans, how are you supposed to make more than 2k ever? I mean you are literally retarded, how did you even finish college lol.
>tfw 27 no debt, 1 leasing condo and 1 house for living, no mortgage, making 57k after taxes.
Almost thankful I was a lazy bastard, only 15k deep
>fucking soul-crushing
Delusional. If you grew up in a shitty area you'd know the alternative, stuck in low paying manual work until your body is wrecked. $70k is nothing
70 months are not even 6 years
not that much. sounds like a lot but as you go on in your career you get so much random ass money. I had about $7500 in student debt and paid it off a year later when my stock options vested and ended up being like $80k cus the stock randomly went up.
exactly, I myself worked through college to pay for it but my house appreciated 2000% by the time I went to retire! don't worry, life is full of random money
>finally looked at how much I owe
1. You decided to look at what your indebting yourself into AFTER the fact, are you dumb?
2. You went into debt to pay for school, did this "schooling" (and I use the term loosely, considering the absolute state of American unis) improve your earning potential? No? Then why did you go in debt for it?
Own your mistake instead of moping about it, learn to be financially responsible and you'll have a skill for life
Man, American young adults are such goddam fools
>t. boomer
does it make you feel good to make retarded hindsight comments
Could of made a million from investing 70k
stay poor
Do not, I repeat, DO NOT get your college education in the US.
There are free colleges all over Europe with enormously high quality of life and all you really need to quality is 10k USD in your bank account, a non-terrible high school education and the willingness to learn a foreign language.
You are getting the same or better education, sometimes even with courses taught in English while being absolutely debt-free with a Bachelors or Masters diploma at the end.
>not receiving a full tuition scholarship to law school and undergrad
Pathetic
How do you have college debt in America? You worked through high school enough to save up $10-15k right? You chose to go to a solid state school for that instate tuition + scholarships instead of an ivy league meme school right? You studied something in STEM or hard business so you could make $25/hour during all 3 of your internships right? If that still wasn't enough you wagecucked during the semester right?
>saving 10-15k in highschool
yes, sure most highschoolers worked for 1000-1500 hours kek
god most highschoolers have maybe $1000 if they're lucky
That's nothing, my random 600 BTC became to be worth almost a million when I sold them
I could have had 12 million if I sold the absolute top and didn't sell on the way up
Is a criminal justice degree worth it if you get it for free?
bampz
To clarify, I went to art school. And before people start calling me a dumbass, I didn't study drawing, painting, acting or any random shit like that. I studied motion graphics.
The average motion graphics designer in my city gets paid around $70k per year for a salary job. If you're really good, you can just do freelance or occasional contract work for a big agency and make $7k in a week. Some guys I know will literally work for 30 days straight then just relax for three months.
I'm actually in the process of starting my own motion graphics agency now, so I'm seeing that to get clients, all you need is a good portfolio. A college degree isn't nearly as important. Especially now that there are online motion courses you can take and complete in under a year. If I had spent the last four years just honing my craft and learning on my own, I probably could have started the agency already. The first two years of school were just generic general education classes.
Obviously hindsight is 20/20. If I had known what I know now when I was 18, I would have made different choices. But people don't tell you this shit. You're just told to attend and finish school, no matter the cost. I know I'll pay this shit off and it won't ruin me. But it sucks ass knowing I'm just gonna be throwing away $1k every month that I could be investing in my business.
I'm not necessarily making this thread just to complain. Just to see if anyone else is dealing with this student loan trap, and how they're managing it. Overall, I'm happy that I'm one of the lucky ones. I'm actually quite passionate about animation and graphics, and there's a lot of money in it right now. I have other friends from the same school with over $100k in debt and they studied stuff like how to draw webcomics.
I made over $20/hr working construction with overtime in the summers, it's hard but doable.
I'm glad you realized your mistake, user. I got burned too but it was for "only" $30,000. This whole "college at any cost" belief it total bullshit. The federally-backed student loan program needs to be shut down.
I believe in you, man. Just remember not to go into further debt. As your income increases you'll be able to pay off those student loans more and more quickly.
Default. Fuck em.
Probably not. You could get an education of actual value in those 4 years instead. You’re only young for so long.
>tfw 26, finishing my PhD in chem, no debt and ~30k in savings
Also, this
>hurr, got a degree
>can't manage basic debt
I feel a little bit sorry that schools prey on people like you
>finishing my PhD
What kind of job do you have lined up, then? My wife is working on her Ph.D. in chem and she has no idea where to work.
>make it in crypto
>disappear to SEA with a ledger full of tumbled btc
>finally looked at how much I owe
w.t.f.
if the American tuition problem was universal, we'd see this shit everywhere man
it's ok user just wait for the student loan bubble to pop. Any day now.
> t. zoomer with $170k student loans
The only loan I personally went through the process of applying for was a ~$34k loan. All this time, I thought that was all I owed. But today, I just found out that some of the "federal aid" I received was just another loan that I have to pay back, which brings it up to $70k.
He's right tho. About 12 years ago i had to make a choice; it was either going to college or starting my own business. I decided on the latter and now run a small printing business that employs about 12 people.
I make about 75K a year and i'm without any debt. Smartest move i ever made. On top of that, the whole psychological advantage of not having to submit to someone else and calling my own shots is worth millions, priceless even.
Wish I could high-five you, user. Self-made people who find their own way are the most honorable.
Amazing how little thought and planning your average person puts in before taking tens of thousands in debt.
The liberal education system only teaches you how to be a lemming.
My brother's college debt single-handedly devoured my family's savings. We all know the power of compounding interest, but take a moment to think about how compounding interest expresses itself over the course of three generations or more.
There is generational wealth being wiped out, propping up the student loan bubble.
get on an IBR plan so you don't default. other than that you're pretty much never going to get out from under it unless you start making a shitload more money or get lucky with an investment. you're screwed and so are most other people, this shit will crash the economy fairly soon.
If they had enough money to pay for his loans + interest why didn't they just help him pay for a cheap local school?
It was hard work tho, especially the first 2 years or so. There were months my diet consisted of cheap noodles only. It all paid off tho. Appreciate your reply bro. Cheers :)
I think about shit like this all the time. I have so many friends who are literally buried in debt. People who went to all different kinds of schools with all different kinds of economic backgrounds. I can't go a day scrolling through normiebook without seeing someone talking about how shitty life is and how suicidal they are because of debt and shit-paying jobs. Even people who seem successful on the surface.
Never before in history has it been considered normal for people to start out life already tens of thousands of dollars in debt. I know everyone on Jow Forums has to larp about how they're the ultimate entrepreneurs who make six figures every year and have no debts. But statistics show that the average college student graduates with $30k debt minimum. That's not the way a functional society is supposed to operate.
Christian college, and our father became severely ill and had to quit working a few months after signing on the loan. My parents now have nothing and are in their 70s/80s.
Do you do your own books? Where did you learn to do basic accounting during those first few years?
I don't mean to rip on your parents (my dad is the same way sadly), but how can you work your whole life and have no retirement savings? Just how much did this school cost? Your parents should have been squirreling away at least 15% of their gross income over all these years.
That's so retarded. If they don't have a full ride, then you force your kids to go to community College or refuse to help them with their loans.
How do you compete with the mega printers who overnight stuff, etc. Like vistaprint
> Man, American young adults are such goddam fools
You're not wrong, but it's also a very predatory system.
> literally no practical financial curriculum in high school (nobody teaches you how to do taxes, budget, etc...)
> burn into your brain that you NEED to go to college after HS or you're going to be a failure (trade schools are almost never discussed unless you go out of your way to make an impression on your auto/woodshop teacher)
> no places will hire you without a college degree
> "party schools" and pretty much any other non-ivy university is easy as fuck to get into
> Surprise! The school has to charge you insane tuition to subsidize their new football stadium
> actively encourage taking out loans
> loan process is easy as fuck with pretty much 0 restrictions as to who can borrow
> pretty much no limit on how much you can borrow (up to the full tuition costs)
> graduate in massive debt
> jobs value "experience" more than a degree
> you now have big debt and no job
Most student loans are ok with you paying what you can. I live in IA and paid like $25 a month on mine (though admittedly much less than your total) for a while until I got a jerb.
I've ended my ties with them over it, no harm in ripping on them. They messed up, now they live with it.
They did save -- though not nearly enough -- but it wasn't wise of them to invest so much into him. He was blinded by emotion and didn't evaluate the job market, and they were blinded because of his passion. The medical emergency caught them for surprise.
That's what I was faced with. I instead dropped out and started buying Bitcoin in 2012, said they should take 15%/20% of their inheritance and put it into assets that actually grew.
They must face this reality alone now.
Yes, book printing is part of my business but it only constitutes about 30% of all business. We also print posters, all sorts of advertising such as t-shirts, pens, usb sticks, product manuals, etc, etc. Most people don't realize how diverse the printing business really is.
As for the accounting, i did a cheap home course that took me about 6 months or so. Costed just a few hundred bucks if i remember correctly.
They're "OK" because your interest is capitalizing. Don't you realize that the amount you owe is *increasing* every month? They're going to try to bleed you for the rest of your life if you keep this up.
this, 100%.
also add to that the fact that student loans are the only type of debt that you can't declare bankruptcy on - you can thank BOTH the democrats and republicans for that nasty tidbit.
americans can sign away their entire lives before they're even legally allowed to drink a bottle of beer
IBR/income based repayment until you can afford to pay it down quickly or else you'll be stuck with it for 10-15 years
tell me your payment, exact total, and interest rates and I might be able to calculate how long it will take
Sorry, I meant do you do your own accounting bookkeeping. Although it sounds like you do.
Do you have a link to that online course?
Get big in a targeted niche first and do it locally, then expend from that. atleast that's what i did.
Countries in the world where this happens:
>United States
>...
Yes, it's pretty absurd how people here are slaves to debt. People have school loans, home loans, car loans... you can even *lease* a mattress to sleep on!
I'm trying to convince everyone I know to embrace the debt-free lifestyle. Cut up all those credit cards and never go into debt again.
No links mate, it all came trough the mail. And it's all dutch anyway ;) Not an american.
90 % of usa who have more than 50k debt at graduating will default on their student debt. there are simply no good paying jobs
I wonder whose fault this is
Bad goy! how you dare spreading such an unamerican way of life! being a good goy debt slave, slave in every single conceivable aspect to the banker jews is quintessentially american
30k for UK education and that's without the housing/taxes fees goes up to 10k/year if you are living like a poor bastard, so turns out quality education actually cost money, and we get it quite good in the US.
You what now? I have no debt, buddy.
With automation handling the vast majority of formerly non-skilled labor production, the goal of the global economic system is the maintenance of the ideal consumer to purchase these commodities. The obvious problem is that these consumers have to have liquid capital to spend on the automation-produced goods. The “socialistic” solution is controlled wealth distribution to allow for product consumption. This might not seem to make sense—redistributing wealth from producers to consumers, so that they can purchase that production—but this cyclical process helps integrate consumers into the consumption process via credit, debt accumulation, and eventually with the onset of cashless society, directed and monitored spending.
That's why neoliberalism has had to embrace some redistributionary measures. The neo-homogenous population receive controlled liquid capital in the form of credit to spend on commodities. This credit, through debt, then ties them to the consumption apparatus. In other words, the more they spend, the more dependent they are on the system that allows them to spend. Eventually, there won't be any motive in collecting the debt as money, because the point is for them to be able to spend and maintain a semblance of normalcy. The debt will be collected in the form of lifestyle concessions, which will (1) address climate change by reducing carbon emissions and (2) further the goals of identity reconstruction, biological integration, and population pacification. It will also allow the flow of information to be controlled via where money is allowed to be spent.
The worst are boomers that can't even retire because they still have a ton of debt and no savings. How can you work your whole life and save nothing?
show them your income / gross annual adjusted on tax forms and you can make minimum payments for 10 years then pay capital gain tax on the loan instead of principle.
sheeeet, living in the US is really fucked up
> be me
> pay taxes
> Free education
> Had operation, all free
> Govt pays me to study at university
How are you allowing yourselves to be milked by those companies on the one hand, and on the other hand being served shit food with toxins in it because "... muh, freedom"
he thinking is likewise: (1) Climate change necessitates that human lifestyles, particularly those of the industrialized world, be transformed to limit carbon emissions. (2) Automation will lead to the endemic unemployment of the vast majority of humanity by the end of the century.
The solution to both problems is what I have outlines in parts. Someone mentioned the "destruction of the middle class," and this is partially accurate. I prefer to put it in terms of equalizing the global population into two group: population and managers. The population, who constitute the majority, which not produce anything but will consume based on credit. This credit will integrate them into a controlled economic apparatus. Debt will not be collected an money, which undermines the purpose of the system, but rather as lifestyle adjustments. In other words, once sufficiently indebted, "middle class" population will be transitioned into equalized population life. This population, then, will be transitioned toward more carbon sustainable living.
These transformation will be largely unavoidable because the credit-debt infrastructure will make cooperation with the credit distribution agencies necessary for their continued consumption at all. Wide-scale unemployment will ensure that the vast majority of the global population is integrated into the population category, with those who are not being integrated into managers who help preserve and administer the system.
Don't tell americans to come here!!! ARE YOU FUCKING CRAZY?
Also, people outside the EU are not as privileged. You have to proove yourself first. Which is nearly impossible for mediocre US citizens.
just leave the USA OP and go live to Portugal/Spain, nice weather and no need to pay debt. just default
American and india people are so funny
70 installments of $1k doesn't pay off $70k lmao
great, catapult yourself into wageslavery. If you default, you are not allowed to open a company for quite some time.
OP, i feel for you and all those american kids ;(
You could travel across country right now
You could visit the world right now
You could start small and relax a bit
But you are in the US
and in debt
I got a master's degree from a good state uni in my state and went to college completely debt free. Now I make 65k atter tax and save 95% of my income at 23. How is it even possible to get into 70k worth of debt? You can go to good state unis for as low as 5k in some states.
I call bullshit that you can live on less than $10,000 a year
Do you not know how interest works?
Buy all the IDEX tokens that get dumped and flip them.
>paying for university
AHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAAAHAHHAA
what a pussy faggot. and why didn't you do part of your education in a community college for 1/5 the price?
you're incompetent and always destined to be poor.
> him being american
> ALMOST feel sorry schools prey on fellow citizens
> trump university a real university in own country
top kek
I know I'm not very interested in replying to your dumb ass
I live with room mates, don't have a car, only drink water, have no friends, pirate most of my media. It's pretty easy if you're not a normalfag that goes out every week. If my stocks keep on doing well and crypto moons I'll easily be retired. I'd be retired easily in a few years if crypto doesn't even moon.
I'm 100% right though. You're embarrassing yourself.
congrats, you played yourself instead of listening to all the reasonable voices in the room
please fuck off, american students suck ass. we have enough retarded exchange students here. stop leeching off our superiour education and fix your own shit
Whatever you say retard
Explain how 70 installments of $1k pay off a $70k loan
Oh you can't? What a surprise.
You're still a dumbass. I put myself through state university for the same thing, went on to get a master's, and only had 20k in debt when all done.
You just need to really hustle and pay that shit off ASAP.
tfw 26, 1k debt, and a really nice laptop
>Went to school to get educated
>Not get educated enough on how much they squeeze out your money getting educated
Kek
Ask for a refund
No pity for lazy faggots like you. I worked through college and only took out a total of 5k in loans. Paid that back in like 4 months after getting my first job.
Good thing Im not lazy and stupid, right?
I already won, the burden of proof is in your pudding big boy
I already explained that interest is acquired in the meantime. Your turn to challenge that claim.
>tfw dropped out of college after a year
>140k in crypto
lmao
I already told you I'm not interested, quit flirting with me you fuckin homo
default on your debt, indian students in the UK do it all the time, all you need to do is go to another country and never come back. russia, china, turkey, argentina, these are all good picks.
Lol check how much of your loan payment goes towards the actual debt. About 50% goes to debt and 50% towards paying the interest.
Nah, I've seen 90% of the US students getting kicked within 2 months in my grande école. You guys aren't really up to the standards.
OP is such a fucking goyim. If he lived in the year 1700 he would sign up to become an indentured slave in America without even reading the fucking contract. Sorry OP, but you deserve to be a slave because you're so fucking clueless, how do you go to school and not even look up how much it costs? Get to work you dumb fucking debt slave, fucking scum animal. fucking 60%er