$100,000 in student loan debt? - page 16

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   ~Mi Vida Loca~RN
    Quote from melmarie23
    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?

    BTW, owning a home if you are smart about it can be an INVESTMENT. We bought our house for 185 we sold it 3 years later for 255. You do the math.
  2. by   eriksoln
    Quote from melmarie23
    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?
    There is a grand difference between "having debt" and "being in debt".

    One who owns a car and makes car payments to go to work is in a completely different realm than one who.............owns a tripped out Hummer to go camping and a sports car to go to work.........but only makes 20K a year.

    One who owns a house and got a mortgage they can afford has taken a different route than those who..........live off CCs to the point that they cant make their mortgage payment, or one who is trying to "keep up with the Jones's" and got a mortgage they only afford if many variables go their way.

    Having good credit and using it does not equal being in debt. At all. Nope. Way off.

    Thats the problem with the school loans. They are not so dependent on your credit since most people at that age have not built up a credit history. They are giving huge "max" borrowing ceilings to people who can not comprehend the implications of what they are doing.
  3. by   sunshine0509
    Quote from ~Mi Vida Loca~
    BTW, owning a home if you are smart about it can be an INVESTMENT. We bought our house for 185 we sold it 3 years later for 255. You do the math.

    And their is also people who bought homes for 400K in California that are now selling it
    for 250K.

    Im glad you were LUCKY.
  4. by   eriksoln
    Quote from sunshine0509
    And their is also people who bought homes for 400K in California that are now selling it
    for 250K.

    Im glad you were LUCKY.

    More than likely the same people who paid 100K for an RN license.

    See, it all makes sense when you break it down scientifically.


    100K TO MUCH for an RN license
    400K TO MUCH for a 250K house
  5. by   sunshine0509
    Quote from eriksoln
    More than likely the same people who paid 100K for an RN license.

    See, it all makes sense when you break it down scientifically.


    100K TO MUCH for an RN license
    400K TO MUCH for a 250K house
    I think most people who read this will understand the problem with this logic.
    I think anyone who bought a house within the last 5 years would. Probably would be offended. Especially those who saved 20% to see it wiped away.

    But If you dont, I think its obvious you will not be changing your opinions.

    It been a great debate everyone!
    Last edit by sunshine0509 on May 20, '09
  6. by   ~Mi Vida Loca~RN
    Quote from sunshine0509
    And their is also people who bought homes for 400K in California that are now selling it
    for 250K.

    Im glad you were LUCKY.

    It isn't just California,and it was NOT luck!! but those are the people that were not smart about debt and got themselves into a mess. Had that not borrowed more than they could afford they would not be in that mess. This is how buying a house works for most people that are smart about their investment, they find a house they can afford and is at a good price, they live in it for many years, when they go to sell it, they have equity in their home and they actually make money off of it. This is the norm for the past couple hundred of years, the norm isn't people paying an obscene amount for a little house in comparison and than NEEDING to sell because they didn't pay attention to the loan terms and all their buddies did the same and others were not going to be dumb with their money and pay that amount for the same house. Although it isn't just the people to blame, I also blame the lendors, but in the end the responsibility falls on the individual IMO and the lenders shouldn't have gotten bailed out either. IMO

    The thing about Student Loans is the limits are pretty high where they look at need and it's not hard to keep borrowing the max amount allowed, they also don't check your credit to see if you have a history of being smart with credit. Although your payments will show up on your credit report. Private loans will check but not the federal ones, so they are allowing all these people to pull out the max amount and than what happens when it's time to pay back and you didn't realize you have a 1200 dollar a month payment??? I can assure you, the person is going to pay the house payment and utilities and probably even a cell and food and clothes and non necessary items before that loan payment and if they don't have enough for the loan payment it won't be the number 1 priority. I don't see many people being homeless, and hungry in order to pay for this loan and because there is a huge gap on what truly is a necessity and what people just consider a necessity all that will come first.

    Sure I suppose I might just be assuming and people really might pay the loans above anything, but being that they responsible about it to begin with, I highly doubt I will be wrong. Just like the people with the homes they couldn't afford.

    I have a little more sympathy with the people with the homes though.
    Last edit by ~Mi Vida Loca~RN on May 20, '09
  7. by   ~Mi Vida Loca~RN
    Quote from sunshine0509
    I think most people who read this will understand the problem with this logic.
    I think anyone who bought a house within the last 5 years would. Probably would be offended. Especially those who saved 20% to see it wiped away.

    But If you dont, I think its obvious you will not be changing your opinions.

    It been a great debate everyone!

    I bought a house in the last 5 years and I am not offended. I would also be willing to bet that MOST of the people that have lost their homes did NOT save 20% because they got into these no money down or interest only home loans and ARMS with no money down. Financing at 110% and when it came time when the Arm is up or it's no longer interest only they couldn't afford the payment. People weren't losing their homes the first few months of payments, it happened when the "real" payment kicked in. But as I stated before, if these people were responsible with their hard earned money to begin with and didn't borrow more than they could afford, they would not be in their situation.

    We were dumb about our home loan as in the TYPE of loan we got, thankfully though we were SMART with the home we purchased so even though our payment jumped over 800 dollars when our ARM went up, when we decided to move to a new state and sell our home, it was still worth something. No one has any right to be offended, the ones that lost their homes, bottom line, they weren't responsible with their money. IMO I can admit my fault in financial decisions without blaming everyone else, it's an amazing thing to put blame where it actually belongs.
  8. by   FireStarterRN
    I can't believe the emotional investiture that you all have in this topic! It astounds me, actually.
  9. by   Tweety
    Quote from FireStarterRN
    I can't believe the emotional investiture that you all have in this topic! It astounds me, actually.
    LOL.......you frequently say that after you start a thread. You're the master at starting these kinds of looooooong threads.
  10. by   Tweety
    I think it's foolish to borrow above and beyond what you need to live. My ex did this when he was getting his Masters, just because it was offered. Granted his loan repayments are only $125 a month for ten years.

    I didn't have that option when I went back to school a few years ago, as the school I seemed stingy and would only give enough to cover the cost of the courses minus our tuition reimbursement because the knew we were working RNs.

    I don't think the money is out there in such generous amounts anymore so the point is probably moot.

    Was there anyone on this thread that actually said they paid $100,000 for their RN. I doubt it's really all that common, but high debt is. Parents can't afford the cripplling costs of an advanced education and getting loans are the only option for most people.

    Interesting now that Suze Orman (not sure what Dave Ramsey is saying) is that having some credit card debt might be good for the next year because otherwise your limits will be cut, or your card canceled and you won't have the limit you need in an emergency. This happened to me as I have no credit card debt and was informed by my credit card company that my limit was cut in half.
  11. by   ~Mi Vida Loca~RN
    Quote from FireStarterRN
    I can't believe the emotional investiture that you all have in this topic! It astounds me, actually.

    LOL I am not emotional at all about it. If it were my debts I might be, but being that they aren't I am not.
  12. by   ~Mi Vida Loca~RN
    Quote from Tweety
    I think it's foolish to borrow above and beyond what you need to live. My ex did this when he was getting his Masters, just because it was offered. Granted his loan repayments are only $125 a month for ten years.

    I didn't have that option when I went back to school a few years ago, as the school I seemed stingy and would only give enough to cover the cost of the courses minus our tuition reimbursement because the knew we were working RNs.

    I don't think the money is out there in such generous amounts anymore so the point is probably moot.

    Was there anyone on this thread that actually said they paid $100,000 for their RN. I doubt it's really all that common, but high debt is. Parents can't afford the cripplling costs of an advanced education and getting loans are the only option for most people.

    Interesting now that Suze Orman (not sure what Dave Ramsey is saying) is that having some credit card debt might be good for the next year because otherwise your limits will be cut, or your card canceled and you won't have the limit you need in an emergency. This happened to me as I have no credit card debt and was informed by my credit card company that my limit was cut in half.
    No it wouldn't be Dave Ramsey saying it, he is against CC period and thinks people should have an emergency fund instead of relying on CC. I have heard some of Suze Ormans stuff and I think she has very good advice on some things but overall I am with Dave. LOL

    Some people in here have talked about coming very close to 100K and some PAST it. One girl said she was 130 thousand in the whole and she was in her early 20's if I recall. I had no problem getting the max federal student loan for this Fall semester coming it. It will all go to childcare and tuition and books and stuff. A lot of these people though are also getting private loans.
  13. by   FireStarterRN
    Quote from Tweety
    LOL.......you frequently say that after you start a thread. You're the master at starting these kinds of looooooong threads.

    And, I always end amazed at those who can stick to the topic for so long! My attention span is definitely not up to that of these tenacious souls!!!:chuckle

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