Student Loan Interest rates are they "Criminal?"

[CJ]

So, in your mind, you were posting the following towards me? Lolz

No, the reply was to the post made. Don't flatter yourself

[Nash B.]

I have no debt and I paid for my school while working. I've done well. That exact kind of attitude is why people are buried in shit, and can't get jobs because they acquired education without any work experience. If you have the drive and motivation you can do both. Many people on here have done it. As for the few dollars, I guess your education didn't include finance. I look at resumes all day long of people trying to get a job and I move onto the next one because they have zero work experience. Going to school for 4+ years out of highschool definitely worked in days past. However, in today's current economic climate, it's a mistake. I deal with people on a daily basis that are in financial ruin because of student loans. When I was in college, I had tons and tons of friends that were careless in their studies and squandered tens of thousands because they were not paying for it with their own money. It adds a level of respect and focus you just can't appreciate otherwise. Everyone has their own way of moving through life, I'm not saying mine is best, but I feel I'm considerably better off than many of my generation because of my choice to not borrow a few hundred grand for college.

I borrowed about $20,000, and it's about $4,000 a year for 10 years. It's manageable. I know I'm not alone. I think the numbers you see might be skewed because of your job. As the Jodys have said, broad stroke.

[CJ]

I borrowed about $20,000, and it's about $4,000 a year for 10 years. It's manageable. I know I'm not alone. I think the numbers you see might be skewed because of your job. As the Jodys have said, broad stroke.

I would agree that 20k is very manageable, but most student debt is considerably larger than that. I understand I'm taking a stance on this issue against the main stream of how people do things. It's easy to continue the accepted path, but in my business experience I don't think it's the best way to do things. I've heard a lot of reasons how it's possible to study full time and not work, or how it's manageable, but that's not what my point is. When you get out of college what you have in common with every other applicant is you have no work experience. I have plenty of individuals with no work experience, everyone is in the same boat to me - unqualified. Like some others have mentioned hiring directly out of college for the purposes of molding their perfect employee is something I have no experience with. My industry (as with the majority I would presume) is focused on experience, and who is best fit. A degree is a prerequisite, not a benefit. As of right now, separate from times past, there is an overwhelming surplus of unqualified educated applicants. I'm simply saying if you can handle the increased responsibility of paying for your schooling as you take courses, while simultaneously building a work history, it's more beneficial. Not only that, by my company paid for a portion of my degree - which is yet another bonus I forgot to mention. As long as I scored a B or higher in any class, they paid 100% of my tuition, and 100% of my books. Most companies will do this, at least all that I've worked for. And there is no doubt that's a better way to get your degree - having it paid for while earning a decent wage and building work experience. I'm 29 years old right now and I have 12 years of finance experience, I'm far more qualified than anyone my age and although being my age sometimes can be a detriment with executives, I'm fortunate to be on course to be a VP in a few years. I know for certain if I had spent my first 4 years in college without building any work experience, I'd be in a much worse situation as the economy/finance industry crashed in '07, which would have left me without any work experience or any job opportunities until very recently, I'd essentially be starting from an entry level position. This phenomenon still applies now, because the surplus of degreed applicants is only increasing, what separates them is their work experience..

[slow99]

Average student loan balance is about $23k according to FRBNY. Median amount is much lower.

[Nash B.]

People should get started on a career with no degree and no work experience because they won't be able to start that career with a degree and no work experience?

I borrowed what I couldn't afford so I could get out of school and into a real job as soon as possible, and I'm paying back what I couldn't afford plus another $2,000 a year (for 10 years).

[CJ]

Average student loan balance is about $23k according to FRBNY. Median amount is much lower.

It appears I'm mistaken, I'm simply going by the student loan debt I see on most applicant's credit bureuas, it seems to be between 30-50k. Are you going to address any of my points, or just cherry pick what works for you? Because right now you're not engaging in a discussion, you're just taking pot shots for self validation.

[CJ]

People should get started on a career with no degree and no work experience because they won't be able to start that career with a degree and no work experience?

Sounds great when you change what I said. Clearly what I'm saying is if you can handle going to school while working it's more beneficial? What's wrong with that? It is a better way to do things, you build work experience and you get your school taken care of. Not to mention if it's a degree applicable to your career, most companies will pay for your education. Does that not make sense? When you apply for a job with no work experience you're at a disadvantage. It is more difficult to get hired, it's common sense. I'm sorry I offended you by giving a contrasting perspective.

[slow99]

It appears I'm mistaken, I'm simply going by the student loan debt I see on most applicant's credit bureuas, it seems to be between 30-50k. Are you going to address any of my points, or just cherry pick what works for you? Because right now you're not engaging in a discussion, you're just taking pot shots for self validation.

Lmfao at self validation. I have to post from my phone at work; I'm not quoting your dissertations. Any other points in there I should disregard?

[Nash B.]

Sounds great when you change what I said. Clearly what I'm saying is if you can handle going to school while working it's more beneficial? What's wrong with that? It is a better way to do things, you build work experience and you get your school taken care of. Not to mention if it's a degree applicable to your career, most companies will pay for your education. Does that not make sense? When you apply for a job with no work experience you're at a disadvantage. It is more difficult to get hired, it's common sense. I'm sorry I offended you by giving a contrasting perspective.

But how do you get hired if you have no work experience AND no degree? It's great if you can do it, but your whole argument is based on people not being qualified with a degree and no work experience and your advice is to get work experience even though they're even less qualified than they'll be when they graduate.

It didn't offend me. I would have liked to have paid straight cash for my education, but borrowing money to pay my way through wasn't a bad choice and it definitely wasn't the wrong choice.

[CJ]

Lmfao at self validation. I have to post from my phone at work; I'm not quoting your dissertations. Any other points in there I should disregard?

Have a discussion, instead of posting a one liner followed by "lmao" or "lolz."

[YALE]

Meh. My girlfriend's student loan debt was at $80k or so, and she's been able to pay $20k, her first year out. She's on pace to pay all of it off in about 3 years. It's not that scary, if you just work at it. Just get a degree in something valuable.

[CJ]

But how do you get hired if you have no work experience AND no degree? It's great if you can do it, but your whole argument is based on people not being qualified with a degree and no work experience and your advice is to get work experience even though they're even less qualified than they'll be when they graduate.

It didn't offend me. I would have liked to have paid straight cash for my education, but borrowing money to pay my way through wasn't a bad choice and it definitely wasn't the wrong choice.

That's a really good point. I managed to do this so my best reference is my own experience. I started as a temp employee for household finance doing verifications. I worked my way up from a temp, customer service, assistant, collector, funder, credit officer, underwriter, auditor, manager. Household, HSBC, Triad, and American General all paid for my degree, some paid for books, some only tuition. My point is you can work your way up if you have the drive. And the end result is you come out ahead of someone who went to school full time. Anytime I have two applicants both with bachelor degrees the deciding factor is who has more pertinent job experience. Going to school doesn't tell me anything other than you can finish what you start. Having a full time job tells me you at the very least can hold a job, and you show up on time, and do what you need to do. The more pertinent the experience, the better.

I think what is important in this discussion is the fact that it will take you longer working and going to school. I don't think 15hr class load with a full time job is realistic. The trade off is you will start with more work experience, you won't be paying back student loans, and more than likely you will be at a higher wage in comparison to your age. In my opinion, it seems to me that given the economic circumstances it was a definite advantage. I feel it would be for others as well. There's no detriment to having work experience with a degree.

[Chas_svo]

What CJ says is true and relevant. Working while going to school also teaches time management. It's funny that one of the things that got me into my current job was part store experience, in addition to my degree.

I paid for everything but the last semester out of pocket. A "cheap" degree, as in not expensive, but good and it got me to a great job.