Got a couple of apts for rent and am reviewing applications. I'm astonished at the amount of debt some people have. Looked at one recently. Person was 32 and probably 4 years out of graduate school with $315k of debt. Another in her mid 20's with $120k of debt. I assume most of that is from education loans. How can a society bear that kind of debt load on its youth? Both of those people will be enslaved to the banks for the huge portion of their working lives. (and to me or some other landlord who offers housing at the low end of the economic spectrum)

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1977 300d 70k--sold 08
1985 300TD 185k+
1984 307d 126k--sold 8/03
1985 409d 65k--sold 06
1984 300SD 315k--daughter's car
1979 300SD 122k--sold 2/11
1999 Fuso FG Expedition Camper
1993 GMC Sierra 6.5 TD 4x4
1982 Bluebird Wanderlodge CAT 3208--Sold 2/13

Hey now, I got student loans and just financed a car today education is expensive but IMO well worth it. I honestly don't know how you can get 315k in debt from it though, my guess is there is a mortgage on top of those loans or there are medical bills or something. Mine are not nearly that bad and somewhat paid off at this point and I'm still in grad school.

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TC
Current stable:
- 2004 Mazda RALLYWANKEL
- 2007 Saturn sky redline
- 2004 Explorer...under surgery.

Past: 135i, GTI, 300E, 300SD, 300SD, Stealth

No mortgage. 4 years at a private university could get you 200k in debt easily. Another 3 or 4 at a graduate school could double it. How much would you have to earn to justify that much money on graduate school?

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1977 300d 70k--sold 08
1985 300TD 185k+
1984 307d 126k--sold 8/03
1985 409d 65k--sold 06
1984 300SD 315k--daughter's car
1979 300SD 122k--sold 2/11
1999 Fuso FG Expedition Camper
1993 GMC Sierra 6.5 TD 4x4
1982 Bluebird Wanderlodge CAT 3208--Sold 2/13

There are many alternative ways to obtain a quality education at a fraction of the cost.

I'm not sure why you ask how society can afford it, but it's probably just the way you're saying that it's a big burden.

It's the kids who made the market decision. If it's not a marketable skill then they're really 'up-the'creek'.

I started out studying philosophy and physics when my adviser asked if I had any thoughts about supporting myself and my future family.

So at the age of 20 I moved from what I thought I loved to what I thought would support me but didn't love.

A number of years later I recognized that I am doing what I love but didn't realize it when I made the decision.

I can't imagine there are many 20-somethings that are wise enough to make $300K decisions. Some, but very few.

I ask how society can afford it because the social implications of that much debt at such an age are pretty far reaching. The young graduate can't afford to buy a house, or raise a family, or put away money for retirement, or take care of their parents, or pay enough taxes to pay down the national debt, or buy a new car, or pay for health insurance, etc etc. If every student coming out of graduate school were in this much debt, society would be in deep doo-doo. I don't know what the percentage of young adults with this much debt is, but I'm pretty sure it's going up. I never saw applicants like this 20 years ago.

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1977 300d 70k--sold 08
1985 300TD 185k+
1984 307d 126k--sold 8/03
1985 409d 65k--sold 06
1984 300SD 315k--daughter's car
1979 300SD 122k--sold 2/11
1999 Fuso FG Expedition Camper
1993 GMC Sierra 6.5 TD 4x4
1982 Bluebird Wanderlodge CAT 3208--Sold 2/13

I couldn't agree more. It is a scandal what is happening to most college graduates these days. I had a conversation with a then college senior a few years ago and asked if a debt load north of 100k was in his future? He calmly and matter of factly said yes. I was floored!!!

Kudoos to you for your vigilance in screening..

30, 1 condo, no mortgage. And they wonder why I drive 20 year old cars.

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CENSORED due to not family friendly words

Two colleagues of my wifes recently left to go teach in China and one of the "stans", Uzbeki or Tajiki, can't remember which. The ones who went to China did so because the both lost their jobs and figured there were done with teaching in AZ, the one who went to the Stan did so because she was a primary school teacher with 120K in student debt. It seems inconceivable to me that you can run up that much debt for a basic college degree or two but apparently you can. No reasonable chance in this economy to pay it back so she had to effetively take "danger pay" by going to a "stan" for this company to teach the kids of oil workers over there.

- Peter.

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2021 Chevrolet Spark
Formerly...
2000 GMC Sonoma
1981 240D 4spd stick. 347000 miles. Deceased Feb 14 2021
2002 Kia Rio. Worst crap on four wheels
1981 240D 4spd stick. 389000 miles.
1984 123 200
1979 116 280S
1972 Cadillac Sedan DeVille
1971 108 280S

This would be my advice to the high school student. Look at the trends. See where the money is and head towards that. Sure, you can date but I wouldn't be in a hurry to start a family right away. Make sure you can afford it first. Too many people get married or even not married and start a family. All with the attitude of "We'll figure it out later". This is like the kids going thru grad school and emerging with $300K in debt.

If you ask my wife what she wants to do, she'd rather be an actress or a lounge singer. Well, unless you make it BIG there, you won't be able to feed yourself. Took a few tests and decided that she could either go into health care or funeral director. Since funeral director has to deal with corpses and I am VERY uncomfortable with corpses, either she gets hosed down in the front lawn before she comes in or she stays in the shed. She chose health care.

Since she found that being an RN was a good career and there was a projected shortage, she went into nursing. Worked 40 hrs a week and went to school to keep the debt down. During RN school, she found that she had lupus and her days of being a physically active RN were numbered. 4 yrs after graduation from RN school, she worked at a hospital where they paid, based on your employment status, up to $5000 for school. During which, she had to keep full time employment.

Point is, all of this was planned and not just done willy nilly. As a result, she emerged with a smaller debt load. Paid up first one before the 2nd set of schooling began. All the while, we kept track on where the jobs were going. We did not move to the Milwaukee area just for the hell of it. We saw that NP jobs were more plentiful in that area but decided to commute till it stabilized. If it didn't work out, we wouldn't want to be there since there are moving expenses.

As a fresh graduate, she was offered a good job. The catch was that they would require us to move to the middle of BFE. Well, what if that job didn't work out after a few months? We'd be stuck with a house there and fewer job opportunities. After careful consideration, we turned it down. In the Milwaukee area, if the job had not panned out, we could have more opportunities. Of course, if the area didn't work out, we wouldn't have been stuck with a house and we'd still have our old house.

Bottom line is that people need to plan CAREFULLY if they want to emerge without too many issues. If you can't afford the school, don't go to it because you still have to pay it back later. Pick something that you can see will bear fruit and not just do something because of the love of it. Unless money is no object, that is. Does my wife want to go to MD school? Absolutely. We can't afford it though. She'd be close to retiring before she completed being a specialist. Without that and just a regular family doctor, she'd never be able to pay it back. As a specialist, she'd have to build up a practice and what not and it would take more years. In short, cut your coat according to your cloth and NOT the other way around.

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01 Ford Excursion Powerstroke
99 E300 Turbodiesel
91 Vette with 383 motor
05 Polaris Sportsman 800 EFI
06 Polaris Sportsman 500 EFI
03 SeaDoo GTX SC Red
03 SeaDoo GTX SC Yellow
04 Tailgator 21 ft Toy Hauler
11 Harley Davidson 883 SuperLow

Sure.

Nothing inflammatory meant by my comment.

But I still don't see why it is societies problem because kids spent money foolishly?

No one forced them to do so. Many, many, many folks find a way through the gauntlet of the 20's without such actions.

Also, if they obtained MD's or MS/PhD in engineering, MBA, computer science, etc then it is probably OK.

If they got their degree (picking a silly example so I don't offend anyone) in comparative naval gazing then, as far as I can see its their problem not mine.

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Took out my first student loan today for fall. Grand total of $1200. That's it! Its. Probably the only one I'll use.

College is to expensive, it got that way because the government hands out cheap student loans like candy.

$50k a year is IMHO to much to pay for an education unless your going to make a fortune off of it, ie a doctor, or a very specialized engineer.

Going $200k into debt to get a $40k a year job is downright silly, more so when there are perfectly good state schools that offer great degrees for a fraction of that.

I graduated from a state school, paid for half out of pocket and financed the rest at 4.75%, I have $18k in student loans, which IMHO is reasonable for a BS in business management from a decent school.

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1999 SL500
1969 280SE
2023 Ram 1500
2007 Tiara 3200

The degree would have to be worth over $500k a year, if not pass. I can't name one that pays like that, maybe top of your class at a one of the best law schools? Can't help but think a NY firm would skim the top 1% off and pay them $200k+/- a year starting?

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1999 SL500
1969 280SE
2023 Ram 1500
2007 Tiara 3200

One is already defeated if they take that attitude.

People are making money. Jobs are available. It's tough but if you look back over the past 200 years say for western civilization we still are a very fortunate lot.

This is probably a time that one should learn how to create wealth.

Buy 5 cases of product X, sell them one-at-a-time over craigslist, at flea markets etc.

Ask yourself, does my skill have market value, will it hold value, am I reliant on others for my success.

These questions would have been more helpful if asked earlier but there is no reason you cannot ask them in your 30's or 40's or 50's or 60's.

Frank Lloyd Wright's best work was after he was 60. After the critics had said he was no longer able to contribute.

The notion that someone else needs to provide for one is so limiting.

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