$100,000 in student loan debt? - page 15

I keep reading about new nurses saddled with $100,000 worth of student loan debt. I'm curious about this. Are these students using their loans to live off of while they attend school or are they... Read More

  1. by   cardiacRN2006
    Quote from ~Mi Vida Loca~
    I am not upset at all, I just said it was like banging my head into the wall, when I get nothing but excuses back. But nope, not upset here, I am not the one with a rude awakening coming my way when the bill collectors come to collect.
    Yes, I love how we dispute the necessity of 100,000 dollars in school debt for a BSN and it gets turned around as "if you have a car or home you are the same as me" :chuckle

    Lol.

    Don't you think it's sad that they can't tell the difference? You would think with their expensive education that they would be able to figure this out.

    Then again, those of us who are smarter about our money know the difference anyway, now don't we?
  2. by   ~Mi Vida Loca~RN
    Quote from melmarie23
    wait, didnt you say previously that you have a payment on one of your cars? and may need to take out a SL to help pay for day care?

    Isnt this a bit hypocritical? How can you talk about one person's debt when you carry your own?



    Again, I will say, its all relative. If you have the money to afford the payments, then how is that exactly being irresponsible and reckless?

    No it's not hypocritical, I said "Let's face it, the only SMART debt is NO DEBT" Didn't say I was debt free, I will be in a few years but I at least am a step ahead of the game in that I can see that no debt is the SMART thing to do. I won't make excuses why my debt is OK. I also won't act like 100K in SL debt is no biggie.
  3. by   melmarie23
    cardiacRN2006, I never argued 100K is good or bad for a BSN. What I did say that for some, SL are a necessary means to fund an education. Its simply a matter of opinion.

    However, I am not the one knocking another's means of funding an education, ASN, BSN, MSN or otherwise. However someone chooses to pay for college...its really of no concern to me, because what they choose to do financially is none of my business. As long as they feel confident in their decision and are being responsible borrowers, then no skin off my back.

    I just think that its a bit ironic that those who are touting no debt do in fact have debt of their own. Yes, car loans = debt. Yes, mortgages = debt. Equity aside, crap happens and I would hate to be up crap creek without a paddle, stuck between a rock and a hard place should a job loss happen. That is all I meant by that statement earlier. You can plan all you want...have all your ducks lined up in a row...but the unexpected can, and does happen.

    ::shrug::
  4. by   cardiacRN2006
    Shrug: anything can happen at any time. If you choose to live this way, then sad for you.
  5. by   ~Mi Vida Loca~RN
    Quote from sunshine0509
    Its still a loan- and the poster is saying to have NO DEBT. Maybe she should take some time off from school to save..especially if its such a small loan!

    Actually, no I never said that. Reading Comprehension really seems to be lacking in this thread. I said the only SMART debt is NO debt.

    But I never said anyone in here should have NO DEBT at all. I have said a few times I can understand the need for student loans. I also said I can't understand the need for 100k+ student loans. Hopefully my actual words are read this time.
  6. by   ~Mi Vida Loca~RN
    BTW and as a nurse or soon to be nurse, hopefully this is an analogy that can be better understood.

    I can say that eating a diet of Lean Proteins, and Good Carbs and good fats, and exercise is a good way to live.

    This statement is TRUE. even if I stop at McDonalds and order a Big Mac, this statement is still true. Me having some debt doesn't make my statement that the only SMART debt is NO debt any less true.
  7. by   melmarie23
    Actually having some debt, and being responsible with it, is what builds up your credit. So I would argue that some debt is actually good debt.

    You say potato, I say potahto. :wink2:
  8. by   ~Mi Vida Loca~RN
    Quote from melmarie23
    Actually having some debt, and being responsible with it, is what builds up your credit. So I would argue that some debt is actually good debt.

    You say potato, I say potahto. :wink2:

    If you save and pay cash for things you don't need credit. The person some of us have talked about many times Dave Ramsey is a multi millionaire, he has NO credit. He was young and racked up tons of debt and was careless and had to file BK, he got smart about money, now he has milliones and has NO DEBT. He doesn't need credit, he can walk in and pay cash for anything he wants. He started from the bottom got rich, fell and did it all over again but with the insight and knowledge on his side. That is the way to live, being a slave to NO ONE!!! By having a debt you are a slave to the lender so to speak.
  9. by   melmarie23
    Question: Did you pay for your house in cash? Or did you rely on your credit score to get you a good interest rate on your mortgage?

    If its the latter, then yes, having a good credit standing is beneficial.

    And what about that one car loan of yours you previously mentioned? Again I ask, did your credit score qualify for a good interest rate on that car loan of yours?



    And my intelligence and comprehension skills have been called into question in this thread? As Cher Horowitz once said, "As if!"
  10. by   cardiacRN2006
    Sorry, you have tried, and tried to somehow equate home ownership to an expensive private school. Not gonna work.

    Maybe that's why we question comprehension?
  11. by   melmarie23
    Quote from cardiacRN2006
    Sorry, you have tried, and tried to somehow equate home ownership to an expensive private school. Not gonna work.

    Maybe that's why we question comprehension?

    I did no such thing.

    What I did do was point out the irony of those who were criticizing other's debt when they in fact have their own. Having a mortgage is debt, especially in these trying times where many people owe more than what their home is actually worth.


    Are we really going to try and argue the validity of this? Isnt this why many people are facing foreclosure these days?


    DISCLAIMER: not saying you personally owe more on your house, I was simply using it as an analogy, which apparently was a big fat FAIL. Oh well, you win some, you lose some, right?
    Last edit by melmarie23 on May 19, '09
  12. by   ~Mi Vida Loca~RN
    Quote from melmarie23
    Question: Did you pay for your house in cash? Or did you rely on your credit score to get you a good interest rate on your mortgage?

    If its the latter, then yes, having a good credit standing is beneficial.

    And what about that one car loan of yours you previously mentioned? Again I ask, did your credit score qualify for a good interest rate on that car loan of yours?



    And my intelligence and comprehension skills have been called into question in this thread? As Cher Horowitz once said, "As if!"

    Oh dear lord I feel like i am conversing with my teenager. I was speaking about getting to a point where you have NO DEBT and you have a savings. You said you NEED debt for good Credit, I said when you get to that point that point is to NOT USE CREDIT for ANYTHING. Also, there are lenders that will go off of other things that aren't your credit scores. Dave Ramsey' Classes you teach you about this and where to go for this. Places that do their own underwriting. Seriously, if you actually READ with what I am responding to you would see this. I am not to that debt free point YET my goal is to GET there. My car with the payment I bought 3 years ago. Before I took the Financial Peace Classes and got a reality check. Since then I have cut up all Credit Cards and when we bought our latest card we paid CASH for it. We saved up 7 thousand dollars and paid for it in full.
  13. by   eriksoln
    Quote from pers
    The economy isn't tanking because people borrowed money to go to college. You want to jump on the debt destruction bandwagon, be my guest! But there are far worthier targets than people who take out loans for their education.

    How bout the idiots who paid insane prices for their homes and are now facing forclosure? Or the people who have racked up thousands in credit card debt they can't afford to pay? Those are the reckless and irresponsible folks who are now filing bankruptcy to get a clean slate without paying that money back. Student loans get paid back one way or another--the government will keep tax refunds and garnish wages (I know someone who was in this situation) if you don't pay voluntarily but one way or another, those of us with student loans are paying them back.
    Ah. There is a good point that may show where the true differences in our opinions are. See, you make a definite distinction between people who borrow for education in excess and people who cant manage their credit card/mortgage.

    In my eyes, the ones who borrow in excess for their education ARE or BECOME the ones who take out mortgages they cant afford and run their credit cards to heavenly heights with no intention of getting them paid off.

    Kind of..............the kid in grade school who is caught stealing milk money is likely to be the one stealing cars in HS. Thats how I see it. Human behavior is rarely random or impulse. We act a certain way and show tendencies towards certain approaches to problem solving because that is where our experiences/attitudes/moral compos leads us to. If you show a tendency to spend recklessly in school with borrowing for things you should be taking care of yourself, more than likely you will be doing the same post graduation.

    Then you get into what I was talking about from the start. Someone who has shown poor decision making from the beginning and has put themselves in a hole vs. someone who has sacrificed and been responsible. Those that spend recklessly rarely take any accountability for the end result of their poor decisions. Eventually they look for a hand out, expect to be saved from the debt beast they've created for themselves. And the government is beginning to sympathize with these individuals. Not fair for those of us who have gone without the frills and luxuries in the name of being responsible. Our taxes go up, we continue to go without and get no sympathy/hand out from the government. Looking at things in this light, I think one can see why the responsible people tend to be bitter.

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