Grads Buried in Student Loan Debt, but Unwilling to Give Up Luxuries

[Sorrow_god]

On one hand I agree, There is a cycle that is designed to keep us in debt.

But on the other hand I began to question are some of the things we buy becoming much too expensive in the first place?

Everything that is a necessity in life today basically puts you in debt, When in reality with productivity being the highest ever, everything should be cheaper, ALOT cheaper honestly.

I'm not one to believe in the illuminati or large conspiracy theories or socialism but it seems to me like the wealthy are really just finding various ways to remain wealthy when in reality alot of people should be able to prosper with the technological advances we have in place.

I mean my grandmother just passed away and while looking at caskets anything that was above a fucking woodbox was over 5-6k for a regular looking one and that's not including anything personal which pushed it over 10k. Everyone dies so why should something that EVERY SINGLE PERSON on the planet will one day experience potentially put us in debt?

Even now companies are looking at ways to take away ownership of everything, shit most cell phone plans now have you basically renting the phone from the company, Then things like uber and airbnb etc sound wonderful to my generation. I see them as an attempt to slowly transition our world from one of personal ownership to where everything is owned by corporations, like a reverse communism.

 

[Young_Chitlin]

If you guys are able to, join the conference call where all types of knowledge bombs are dropped. You may not comprehend certain things and that is fine, just listening to all the wisdom from everyone will give you motivation and fuel belief in your ideas.

 

[jniam]

I wish i know then what i know now. All this shit (education, home ownership,etc) are created to keep your ass in debt. The American dream is a scam created by the banks and wealthy to sell a facade.

What you mean by home ownership b?

a 30 year mortgage is straight debt. Plus when you do pay off the shit, you still have to pay property tax on something you owned outright. That doesn't even make sense to me.

It's a cycle and it goes like this

Go to college- on average the typical graduate coming out 40k in debt

Get married - on average the typical wedding cost 27k in debt

Buy a house - on average the typical home ownership debt is 120k

Then you have kids, kids have college fund. It's all a cycle.

I've said this and I'll say this again. The American system is fueled on debt. Debt forces people to go to work and stay productive for the sake of the economy. Go to college, debt (though I still think college is a good investment, but you have to go there and gain skills needed in the economy. Going to school to study Underwater Basket weaving and going 50k in debt gets no sympathy). Car Note, debt. Mortgage, debt. Etc.

 

[EmM HoLLa.]

I wish i know then what i know now. All this shit (education, home ownership,etc) are created to keep your ass in debt. The American dream is a scam created by the banks and wealthy to sell a facade.

FACTS! I been tryna tell cats..

So what do yall suggest

This is something I am still trying to figure out.. Right now my only suggestion is find a way to make more money.. I have an undergraduate and a graduate degree.. So my student loan debt is significant.. I pay approximately $500 a month and only $100 goes to the principle balance.. It will take me 30 years to pay off this loan at that rate.. The only solution for me is to boss up and create a business where I can see those big lump sums and pay off student loan debt/houses and stuff people typically use loans for in cash..

All debt isn't bad debt but it does come with risk.. A finance term called leverage is what I am speaking about.. There was a real estate thread the other day and in that thread a poster mentioned taking equity from one property and using it as a down payment to buy another.. The issue with that is you will be leveraged and if the market tanks you got your ass out.. However, if the market appreciates you are in a good spot.. @Sion Did I explain leverage properly?.

Sorry for the tangent.. But at the end of the day I aint got the answers.. What I do know.. The cycle of getting mortgages and being in debt isn't what I want for my future.. The conundrum however is.. Had I not gone to college I wouldn't have matured mentally to the point where I am now. I'd probably still be stuck in the hood tryna flip packs or working a dead end retail gig.. Shit is one big clusterfuck..

 

[The_Jackal]

Tuition assistance financial aid and academic scholarships>>>>>>

 

[Sorrow_god]

Tuition assistance financial aid and academic scholarships>>>>>>

This^

Had I realized in high school that 4 more points on my ACT would be the difference between 10k in debt and 40k I definitely would've pushed harder and taken it more seriously. Now not everyone has homes where education is pushed strictly and I feel a lot of people take high school for granted.

That's why i dislike Bernie sanders plan of making community college free when in reality we should work to increase the standards that public high schools abide by. Right now it's just not taken seriously enough.

 

[StillFaggyAF]

Tuition assistance financial aid and academic scholarships>>>>>>

Not everyone can get them AND Keep them

 

[Mister B.]

Tuition assistance financial aid and academic scholarships>>>>>>

Not everyone can get them AND Keep them

Especially if most scholarships are about retention in schools, just getting students to schools. You think that shit is easy once you make it? Fuck that. It's harder to stay in school, knowing 50% of your scholarship opportunities are gone now that you're a rising Sophmore/Jr/Sr/Etc...

But, the biggest reason people are in debt after graduation and still "living it up" is because they've added their monthly student loan costs to their regular expenses. So, if after rent/utilities/phone/food/student loan bills, if there's some left over where it's not enough to make much of a difference in speeding up the process of paying those bills off, most people will be like fuck it, and just do what they normally do with the disposable income.

 

[The_Jackal]

Tuition assistance financial aid and academic scholarships>>>>>>

Not everyone can get them AND Keep them

I agree but I get damn near 7k from army just for being in the reserves damn near everyone can get that atleast.

 

[mryounggun]

My student loan debt is negligible, but knowin what I know now...id have skipped college altogether if I could go back and do it again.

 

[blackrain]

I wish i know then what i know now. All this shit (education, home ownership,etc) are created to keep your ass in debt. The American dream is a scam created by the banks and wealthy to sell a facade.

What you mean by home ownership b?

a 30 year mortgage is straight debt. Plus when you do pay off the shit, you still have to pay property tax on something you owned outright. That doesn't even make sense to me.

It's a cycle and it goes like this

Go to college- on average the typical graduate coming out 40k in debt

Get married - on average the typical wedding cost 27k in debt

Buy a house - on average the typical home ownership debt is 120k

Then you have kids, kids have college fund. It's all a cycle.

Who the fuck is going 27k in debt for a wedding? That's just being stupid as fuck...mine was no more than 5k and it was paid for like 2 mons before the wedding..

Married in a church= free

Reception, invitations, random wedding bullshit...was no more than 5...shit was easy as fuck to plan and we had everything we wanted...plus an open bar

 

[The_Jackal]

My student loan debt is negligible, but knowin what I know now...id have skipped college altogether if I could go back and do it again.

Personally to me no debt is negligible but thats just my opinion. It especially depends on how much your degree costed and what you are making after school.

 

[StillFaggyAF]

Tuition assistance financial aid and academic scholarships>>>>>>

Not everyone can get them AND Keep them

I agree but I get damn near 7k from army just for being in the reserves damn near everyone can get that atleast.

Not everyone can get into the military or they are not willing. Also a lot of folks lose their scholarships while in school (I was one of them , lost my scholarship sophomore year). Additionally, not everyone qualifies for the scholarships/grants/loans that are available. So while many options exist, not everyone can take advantage

 

[Melanin_Enriched]

Jesus christ. Niggas really putting themselves 10k+ in debt for a car?

 

[The_Jackal]

Tuition assistance financial aid and academic scholarships>>>>>>

Not everyone can get them AND Keep them

I agree but I get damn near 7k from army just for being in the reserves damn near everyone can get that atleast.

Not everyone can get into the military or they are not willing. Also a lot of folks lose their scholarships while in school (I was one of them , lost my scholarship sophomore year). Additionally, not everyone qualifies for the scholarships/grants/loans that are available. So while many options exist, not everyone can take advantage

I agree just saying people have to look for options. Like for instant you live in Jersey I know that if you live in newark and go to Ru newark your tuition is halved. Community colleges are cheap alsom

 

[leftcoastkev]

I'm glad I didnt drank the student loan kool aid except 1 semester. Fucked up the deferment payment and Sallie Mae was on my ass over 2k. They garnished my paycheck and gangstered their bread outta me. Learned my lesson at a low cost.

 

[Young_Chitlin]

Jesus christ. Niggas really putting themselves 10k+ in debt for a car?

I got it for no money down

 

[T. Sanford]

I invest in my education with my own money. One time I was about to apply for a student loan but I am glad that I changed my mind

 

[jniam]

I wish i know then what i know now. All this shit (education, home ownership,etc) are created to keep your ass in debt. The American dream is a scam created by the banks and wealthy to sell a facade.

FACTS! I been tryna tell cats..

So what do yall suggest

This is something I am still trying to figure out.. Right now my only suggestion is find a way to make more money.. I have an undergraduate and a graduate degree.. So my student loan debt is significant.. I pay approximately $500 a month and only $100 goes to the principle balance.. It will take me 30 years to pay off this loan at that rate.. The only solution for me is to boss up and create a business where I can see those big lump sums and pay off student loan debt/houses and stuff people typically use loans for in cash..

All debt isn't bad debt but it does come with risk.. A finance term called leverage is what I am speaking about.. There was a real estate thread the other day and in that thread a poster mentioned taking equity from one property and using it as a down payment to buy another.. The issue with that is you will be leveraged and if the market tanks you got your ass out.. However, if the market appreciates you are in a good spot.. @Sion Did I explain leverage properly?.

Sorry for the tangent.. But at the end of the day I aint got the answers.. What I do know.. The cycle of getting mortgages and being in debt isn't what I want for my future.. The conundrum however is.. Had I not gone to college I wouldn't have matured mentally to the point where I am now. I'd probably still be stuck in the hood tryna flip packs or working a dead end retail gig.. Shit is one big clusterfuck..

Yes you are correct. Leverage is simply borrowing money to buy something. Gotta be careful with it because it is a trap. In my experience I've seen rich people lose it all because of debt and getting in over their heads and/or markets tumble. With leverage the way I see it, rich people don't need it and smart people avoid it. One thing I can tell you, all the accounts I've seen, rich people have next to zero debt, and people with little money had either bad spending habits or too much debt. It's hard to lose money when you don't owe anybody anything and its even harder NOT to save when you have no one you have to pay.

I agree tho that the American dream has changed and now it is largely propagated by debt. Material items, social associations with people, having things, etc. All those things are synonymous with debt SMMFH. The pursuit of happyness is having a sense of purpose not riches. Because you could have all those things and still be miserable af. But if wealth is what a person is after there is nothing wrong with that either just be conscious of what the work requires and the pitfalls.

This is Gold.

 

[R.D.]

If I knew then what I know now, I wouldn't have went to college

But I only learned what I know now by going and having that experience lol