Debt accrued over years of study often surprises, and straps, borrowers

[hegemony]

http://www.lasvegassun.com/news/2008/nov/3...-loan-payments/

[ishmael109]

When I borrowed $$ for Graduate School, I sat down with my family, and figured out the amount of my monthly payment, + interest BEFORE I signed the paperwork. The amount of $$ I borrowed did not exceed what a first year salary was for someone entering my field at the Master's level, back in 1996.

 

I worked hard to pay my loans off in full 10 years ahead of schedule, and had developed a plan to accomplish this goal before I signed the paperwork.

 

I can empathize with folks having financial hardships, but what happened to common sense math skills?

[raingirl]

The one thing I didn't hear in this is how he worked through school to minimize his debt.

 

Of course it is easy and generates a profit, it does so for the big Universities here too. In fact they receive incentives for every student who signs up for a credit card at the campus rallies. No amount of parental pleading and legislative attempts have moved it though and it is big business generating billions.

 

While I feel for him and others, who like me, ran into debt which overwhelmed, I have to ask as I was reading, where was his job? Living in a house with his girlfriend? Why a house? Get a small studio. Take the bus, cook at home....

 

I understand the message in the story; SL's can get out of hand for those who don't understand what they are for and just take take take.

 

I also understand living 2 years on nothing one can certainly pay off a lot of money quickly. It is not fun. It is hard and challenging. I guess my beef is with those who are not really helping themselves. They are kind of, or sort of or want to know why they can't get a break while not really sacrificing.

 

In my current MBA program everyone is maxed on SL's and they bring fast food to class, take trips and still shop. Most are worried now with the economic downturn about jobs.

I, having lived through the pain, stash away what I can each month to pay off on the loans already, cook one night a week while studying and bring dinner to class, don't shop, traded in the car and bought a used one. Staying at this level even after graduation and getting a job for 2 more years will allow me the ability to pay off half the loans while putting a savings away for a house too.

 

 

I guess it is all what some consider a privilege or a right.