Are student loans haunting you? - pg.5 | allnurses

Are student loans haunting you? - page 5

Do you ever have moments where you wish you didn't have any student loans? :mask: Having multiple student loans can be scary. For those who have multiple loans, have you thought about... Read More

  1. Visit  GitanoRN profile page
    0
    Quote from brian
    Do you ever have moments where you wish you didn't have any student loans?

    Having multiple student loans can be scary. For those who have multiple loans, have you thought about consolidating?



    Click Like if you enjoyed it. Please share this with friends and post your comments below! Want more nursing cartoons?
    This happened so many moons ago that I can't remember, however, I feel for those who are still having to repay these loans, as I wish them the very best...Aloha~
  2. Visit  maffechr profile page
    0
    Quote from brandy1017

    I don't think you are stupid or lazy, just misinformed. You are right salary is not rising with tuition costs. Too many people are being bamboozled by the high schools and colleges that push the dream at any cost! Everyone is pushed to go to college and to do whatever it takes with the promise you will get a good paying job. That is just a pipe dream for most people today! This allows the colleges to charge whatever they want and the corp big shots to continue to underpay and mistreat their workers. College is not for everyone! If you can't afford it, rethink your plans! The hospital or business company doesn't care how much you paid for your education and how many student loans you have! They will hire people as cheaply as they can and too bad for the poor fools that are drowning in debt! That is the truth! America has been pushing the college dream ie MYTH instead of pursuing unionization that would help workers with pay and working conditions. We are going down the wrong road! It only helps the people at the top. Business management is not a good degree if you look around you will see corp are cutting their management to the bone, you are competing with many other experienced managers who've been laid off. Can you start a business using the knowledge you learned from college? That is your best bet at this point, something practical like landscape or lawn mowing, pet sitting or you name it!

    If you go to school you need to take practical classes, skilled classes, you would have been better off getting an accounting degree. That said even the skilled professionals are being outsourced to India so even with an accounting or computer degree there is no guarantee that you will be able to get a good paying job! The checkout person at Walgreens had a BA in marketing making $12/hr and was planning on going back to school for a nursing degree. That is why we all of a sudden have so many nursing students because they have other degrees but can't get a decent job. Good luck to you all because you will have an even harder road with the outsized student loans and the hospital/nursing home cutbacks making the working conditions even worse!
    I pursued this degree well before the economic crisis. I had no idea what was going to happen when I graduated in terms of the economic environment.

    I'm not misinformed. The only difference is that you were able to find a well paying job during and after your undergrad studies. You were luckier than I was. I was a great student and a great worker. When did you graduate, by chance?

    Sorry, but I don't subscribe to the fact that the only people who should go to college are those that have money. That would make college the exclusive domain of the rich and powerful. I don't buy into that. Neither should you.
  3. Visit  brandy1017 profile page
    0
    It's not just a recession/depression that is the problem, rather it is a restructuring of the American work force of downsizing and outsourcing and cutting middle management. So there are not enough good jobs out there for everyone competing for one! Even in medical jobs like RN/LPN they are cutting staff, increasing patient load and hiring more techs and medical assistants to save money by keeping the salaries low.

    I don't have an answer, other than it seems like many people are going to need to create their own jobs/business or they will be trapped in low paying dead end jobs. Many companies don't even hire employees, just use contract employees with no benefits and all the taxes are by paid by said employee. No job security, nothing! It is a sad reality these days.

    Your right in many ways it boils down to who you know and luck. When I went into nursing it was at the start of the downsizing and restructuring due to managed care and DRG's. There was a nursing surplus, I was lucky to get a job that is true. Some nurses moved from MN for a job and even Canada!

    When you realize what you are up against all you can do is try to minimize the danger of taking out student loans because you will be required to pay them back whether you get a good job or not and they can haunt you to the rest of your life. Some social security recipients are now being garnished for past due student loans for themselves or their family. If you read the dangers of student loans on the web you will find many people young and old from 20's to 50's to 60's who went back to school and found themselves with crushing student loan debt but no job to show for it! So when you are dealing with such bleak circumstances I think it is wise to avoid student loan debt and if you go to college to know what you are up against and minimize student loan debt.

    You have no consumer protections and that is why the banks and govt are willing to give just about anybody student loans to the sky's the limit! There is no sanity in the student loan process, they don't give a damn if you end up over your head in debt because its not their problem and you are the one on the hook.

    It's too late for all the people who are trapped in debt with no job to show for it. All one can do is try to warn others before they end up in the same trap!
  4. Visit  jagged777 profile page
    0
    good thread
  5. Visit  Calabria profile page
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    Quote from flibbertygibbert
    Totally agree! I completed my RN with no loans whatsoever. I did work when I wasn't in school. I had to say no to some parties and fun times. I didn't have a new car or the newest phone. I didn't have cable. (what is the point when you are working full time and a full time student!?!) I'm not complaining about what I didn't have! I graduated debt free because of the choices I made; they weren't always easy. I don't understand why so many people (although most of the people on this forum ARE NOT an example of this - go Nurses!) think their student debt should be forgiven and that their plight is so "unfair." Do people really take out loans and think they don't have to repay them?

    My advice is to get a job and apply yourself. Suck it up for the few years you are in school. It will be well worth it in the end. If you absolutely need loans, then take other people's advice and "live like a poor student" until your loans are paid in full. Because face it: You may not be a student, but you are still in massive debt and the poor still applies!!
    This type of attitude is naive. As someone else said, you're "privileged". I graduated with my first Bachelors degree in 2009, at the height of the recession. When I chose to go to that undergraduate program, I picked it because it was the cheapest out of all of the schools to which I was accepted, even with state schools in consideration. I had scholarships and grants, but still needed to take out loans. My parents are not wealthy, so they helped when they could, but they couldn't foot the entire bill. I had multiple jobs simultaneously (part-time) through school, one being an RA so that room and board was free. Those jobs helped cover other costs for school, but my priority was mainly to excel academically.

    I decided to go back to an accelerated BSN program immediately after I graduated because a lot of my classmates couldn't find jobs. I knew by then that I wanted to be a nurse anyway. I picked the cheapest, most reputable program again. I got a BIG scholarship, but still needed to take out some loans, mostly for cost of living. The program was also one that would all but guarantee me a job immediately after I graduated so I knew that I'd be in a good place financially to pay back my loans. I used public transit and walked everywhere, my apartment was cheap given its location, and I didn't buy anything new for myself unless I had to. When I started work a couple of months after graduation, I immediately started paying back my loans, even though they were still deferred.

    Your plan is wonderful; I'm glad it worked out for you, but it's not as easy or simple as you say.
  6. Visit  flibbertygibbert profile page
    0
    Quote from Calabria
    This type of attitude is naive. As someone else said, you're "privileged". I graduated with my first Bachelors degree in 2009, at the height of the recession. When I chose to go to that undergraduate program, I picked it because it was the cheapest out of all of the schools to which I was accepted, even with state schools in consideration. I had scholarships and grants, but still needed to take out loans. My parents are not wealthy, so they helped when they could, but they couldn't foot the entire bill. I had multiple jobs simultaneously (part-time) through school, one being an RA so that room and board was free. Those jobs helped cover other costs for school, but my priority was mainly to excel academically.
    I find it pretty ironic that someone who had parents who helped them pay for their education finds me "privileged". I don't know how working full time to pay for tuition, books, and living expenses (on my own) gives me an advantage others don't have. I didn't have some special, secret high paying job for either my first Bachelors or my subsequent nursing degree. (Think fast food, retail, CNA). I know that the path I chose is not for everyone, but it is an alternative to massive loan debt. I don't "look down" on people that chose to take out loans or some who absolutely had to because they don't have an alternative; the only thing that makes me frustrated is when people act like they are victims and shouldn't have to pay for loans they took out. Clearly, you are not one of those people, and if you are comfortable paying back your loan and that worked out for you, then that's awesome! That's how student loans are supposed to work, and that's why many are backed by the federal government, to promote education in this country.
  7. Visit  loanprison profile page
    0
    It's called usury!
    I have an unsurmountable amount of private loan debt to pay off for the rest of my life (at one time it was more reasonable). I intend on paying as long as I can but for these companies they would rather take everything a hard working tax payer can pay rather than work within amounts that a single income family can afford. Adjustable interest rates are one problem and as they go up progress slows furher and further. Because of the $800 a month I am paying(not even half of the payment) all other debt goes right along the path of the student loan, I pay what I can. So far the best legal advice I have gotten is to write to legislators that are pushing for student loan reform.

    If this forum (ALL NURSES) is any indication of how large the problem is for hard working people who can support themselves through education in a great field, changes should be made. Education and the loans provided/ backed by the US government should not be used to make lifelong slaves of the educated working middle class (seems like always working).
  8. Visit  joanna73 profile page
    2
    It's still the responsibility of every consumer to determine what they can afford to pay. You'll always find someone willing to lend money, but at what cost?

    More people need to sit down with a financial advisor to determine a budget. Before you borrow money, determine how long it takes to pay off and how high those payments will be.
    brandy1017 and Rose_Queen like this.
  9. Visit  LoyalWeim profile page
    1
    Loans are given out so readily nowadays. The reality is that this raises the tuition prices year after year. It ends up costing students a much larger amount (I believe costs increase about 6% annually, if I recall), and these are loans that follow people to their graves. Current student loan debt nationally stands around 1.2 Trillion. I do not believe this to be sustainable particularly if one considers that the economy is still not providing enough jobs for new graduates. Ultimately, I believe this will truly be devastating once the default rates hit critical mass. Remember what happened to the credit markets in 2008? They froze- locked up. Suddenly banks required up to 20% down or more for a home loan and only to those with pristine credit. This in-turn caused a home values to collapse because there were far less available buyers. I do not see how this is going to end well when so many are being called on their loans with practically no ability to pay them back.

    For you new students out there.... just remember that there are no bankruptcy protections for student loans (that I know of). They follow you to your grave (at least for now) so take loans out sparingly!

    Just my 2 cents...
    LW
    brandy1017 likes this.
  10. Visit  brandy1017 profile page
    0
    Truthfully I think financial advisors are mainly for the wealthy who have money to pay them in the first place. Also the majority of financial advisors are really salespeople selling the insurance or financial products for the company they work for or the one offering them the best incentives for those who work as indept brokers!

    We really need basic consumer protections and restoring bankruptcy protections would go a long way to helping the truly desperate. Student loans are the only debt out there that has no bankruptcy options, without this protection, there is absolutely no incentive for student lenders to work with debtors. In fact they have a disincentive and it profits them to send someone into default. Once in default your loan can double and triple in size due to the capitalized interest and 25% fee added on! Some private student loans charge 18%! That is just crazy! Also cosigners are left to pay off massive student loans if their loved one dies unexpectently.

    Bankruptcy should be restored and there should be a cap both on interest rates and fees for default! Plenty of good citizens have defaulted due to the inability to get a good paying job or because they lost a decent job and the lenders won't work with them because it is simply more profitable to push them into default! Some states have even taken away workers license to practice and many find they can't get or keep a job if they have defaulted. How can you pay back a loan if you can't work?

    You can find your loan doubling in size simply by leaving it in deferment/forbearance which the lenders love because the interest is capitalized and the loan grows exponentially! But once you have used up your 3 year allowance the loan will default if you can't pay it back. The only option the majority of those in trouble have is the income based repayment with a 20-25 year payment plan. This is ruining our economy as people can't afford to buy houses and cars, etc because so much of their money is going to student loans. Forget about saving for retirement as well when all your money goes to student loans.

    I never defaulted, but put my loans in deferment at least once when I couldn't pay all my bills and it will take me almost 25 years to actually pay them off! It ****** me off every month when I have to pay the student loan! Also it ticks me off that my loans have been bought and sold to three different lenders without my consent, the latest by the evil Sallie Mae! I regret taking out the student loans and these were govt, but interest rates were 8-10% on one loan and 12-14% on the other. I had no other way to pay for college. I had no rich relatives and worked part time it was enough for living expenses, but not student loans. And I have never been on an income based payment plan!
  11. Visit  brandy1017 profile page
    1
    Quote from maffechr
    I pursued this degree well before the economic crisis. I had no idea what was going to happen when I graduated in terms of the economic environment.

    I'm not misinformed. The only difference is that you were able to find a well paying job during and after your undergrad studies. You were luckier than I was. I was a great student and a great worker. When did you graduate, by chance?

    Sorry, but I don't subscribe to the fact that the only people who should go to college are those that have money. That would make college the exclusive domain of the rich and powerful. I don't buy into that. Neither should you.
    The bottom line is you will have to pay back your student loans till you die! It doesn't matter to the lenders if you can't afford them. If you can't pay them back you will be pushed into default and they will simply garnish any wages you have, tax returns and it will keep you from working for the govt and may even keep you from getting a license to work in your field! Even your social security and/or disability. Even if you are considered disabled by social security that is not enough proof to the lenders that you can't afford to pay the loan back. You will have to prove to their satisfaction and if and when they believe then you will be hit with income taxes on whatever is forgiven! While if you marry it is still your loan, that won't stop Uncle Sam from confiscating your joint tax return either!

    I'm not stopping you from going to school or taking out student loans. Truth is it's too late for you. I'm speaking to the rest out there to be careful and to avoid student loans and at least to open up everyone's eyes to the risks of taking out student loans!

    The lenders would have you believe that all the people who have defaulted are greedy lazy people, this is not the case at all! It just works in their best interests to bamboozle the public to the truth of the student loan debt situation! God forbid people would open their eyes, have sympathy and fight for the restoration of bankruptcy options and interest rates caps, mediation, and limits on fees, because that would get in the way of all the profit to be had on all the debtors!
    LoyalWeim likes this.
  12. Visit  LoyalWeim profile page
    0
    For the most part, I totally agree with you Brandi. But one of the big problems with student loans is that there is no collateral for the bank. They cannot repo your degree. This is the root of the problem. As you said, the banks have no interest in working out new loan terms. Why would they when the government is there to backstop them (the banks I mean)? Banks are probably afraid to reduce loan terms because either it will set up a precedent upon which the remaining 75% of student loan borrowers mysteriously and suddenly are unable to pay. See what I mean? I am not defending the banks whatsover but I can understand their predicament. They have nothing to repossess; therefore, they are trapped. If they did do this, they would be flooded with fresh defaults because the loans that students have are huge. Even if I had the ability to pay back on $100,000, do you think that I would while these other students are getting reduced settlements? See the unfairness? To me, this is a clear ponzi scheme because it cannot go on forever like this. Something has to break.

    But overall, I do agree with your sentiment. The banks will relentlessly come after you for the money that you owe- that much is certain. Best to take out as little as humanly possible...


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