Business major doesn't understand money.

[redxblack]

Ohio no longer requires econ. for graduation. There's a proposal pending to require a financial planning semester, but that's been hung up for 3 years because it's unclear who would teach it. Integrated Social Studies licenses do not have any financial planning training and not many schools have a business department.

[cyrus buelton]

If I needed loans for college.............




why not join the military and have them pay for it?

[Triple J]

I felt bad for the grandmother...until I read that she co-signed on these loans. WTF...apparently no one in the family has any financial sense.

Why on earth would you risk your situation by co-sigining on loans needed because the person didn't meet the deadlines for filling out paperwork for a better loan option and/or couldn't maintain a 2.0 GPA? 2.0...wtf. Then she took out more than she needed for classes? Lame.

[Triple J]

If I needed loans for college.............




why not join the military and have them pay for it?

...or pick a school that isn't outrageously expensive, get the paperwork in on time for govt. loans with better terms, keep your GPA up, and choose a degree that can actually get you a good job. That's what I did. 

[Pedro-bot]

"Great minds discuss ideas. Average minds discuss events. Small minds discuss people."
  --  Eleanor Roosevelt

[cyrus buelton]

Then she took out more than she needed for classes? Lame.

my former bestfriend (turned into a douche, you'll see) pulled this shit when he went to Med School.

He maxed out his student loans so he could:

1. One year bought a car
2. went to Fiji another year
3. paid for his wedding
4. vacations constantly

He is now at the University of Michigan doing a cardio-thoracic surgery residency.....I think 5yrs.

Starting out you make around 45k and then by year 5 you are probably around 80-90k (might vary per program, though).

then once you finish..........that's when you start making $$$ and also when the first loan payment is made.


However, this dumb make the beast with two backs won't look at it that way. He'll buy a huge house, fancy car, clothes, etc etc.

I won't get into why I don't like him, but it stems from how my Dad mentored him about becoming a doctor and now.......won't even speak to my Father because he is "above him" because he is a surgeon and my Dad isn't. make the beast with two backsing arrogant cocksucker.

[Grampa]

Finding Osama

[Triple J]

He maxed out his student loans so he could:

I never understood that mentaility. I had loans to cover school...then worked about 30 hours per week during school, and full time during breaks so I could afford to live (with roommates). The most extravagant trip I took in college was a road trip to Lake Havasu  during Spring Break my Junior year. Other than that...work.

[Grampa]

"Great minds discuss ideas. Average minds discuss events. Small minds discuss people."
  --  Eleanor Roosevelt

Real me do. DMF'rs cut and paste quotes

- me

[Cicero]

na..... 10 years of federal government service.... an it'll all be good.

I hear the tracking chip install is painless

It just pinches a little   

[DCXCV]

grade point average fell below a 2.0. To make matters worse, she failed to pass at least two thirds of the academic credits she signed up for, another requirement for eligibility.

Uh.. how did she graduate?

Ms. Dillon also borrowed more than the amount needed to take classes.

Mr. Frantz said she borrowed $43,290 in excess of the cost of tuition and fees to attend Robert Morris.

Every student takes out extra for living expenses. We don't work.

Every student? Only the students with well off and generous parents didn't work at the school I went to.

"Great minds discuss ideas. Average minds discuss events. Small minds discuss people."
  --  Eleanor Roosevelt

The idea is that stupid people often create events worth discussing.

[redxblack]

If I needed loans for college.............




why not join the military and have them pay for it?

http://collegesavings.about.com/od/otherfundingsources/a/gibill.htm

The way the GI Bill works is kind of complicated. The maximum lifetime benefit is just shy of $40k, but it's paid in monthly installments. You'd probably still need a student loan to pay tuition up front if you're the type who NEEDS the GI Bill.

There's something morally amiss about sending poor kids to serve for the sake of attaining an education. To an extent, it strips the notions of nobility and shared sacrifice from the service.

[tangent] The value of the GI Bill needs to be looked into again. After WWII, MANY soldiers were able to pay their way through school and buy a home between the GI Bill and the Veteran's mortgage programs. Tuition for a semester at a state school was $200-300 per semester after the war. It hasn't kept up w/ the rate of inflation of tuition. [/tangent]

[corey]

first off... i live in pittsburgh...
anyone paying that much money to go to robert morris university needs to be eliminated from society.
what a waste of money.

try a tech school, learn a skill or trade... people don't do that kind of work anymore... but someone has to. i can't count the people i know that have "business degrees" and are working retail, or food service, or whatever. the business world is a saturated market.

i have nothing BUT sallie mae loans. people need to consider that if nobody in their family has been to college, and nobody is making enough money to help you handle a considerable amount (half) of the load burden, then you need to choose a school that you can afford... that's like me being able to afford a honda fit, but going out and buying a Z06 corvette.

failblog.org

[il d00d]

The financial education aspect of this is simple.  Before the loan is granted the applicant sits down and calculates the loan payment schedule based on their income after college.  IF they make 30k a year, they will be paying X amount for the next 25 years.  Also, work out the rest of your budget - this is how much you will pay for rent, lights, phone, food. For each increase, they recalculate.  I don't think the reality of the situation is too hard to express - the loan providers and the colleges being the monogamous partners in this clustermake the beast with two backs lack the will to do this.

Part of the problem is that the universities (and irresponsible children) rely on hapless grandmothers and parents to be the safety net.  A good example of this is the credit card industry - kids with no income and no prospects of income are given credit cards and sent on their broke way.  Don't do anything stupid.  Parents who care more about the financial future of their children are likely to step in when they inevitably do, if they have the means.

Here's my solution.  In the above scenario, have the applicant do the math, then make out a list of things, that if they graduated today, they could not afford given their projected income and expected debt.  iPhone, car, ironic t-shirts, beer, backpacking through Europe etc.

[redxblack]

Part of the problem is projected job opportunities. When I started my undergrad degree in 98, there was a projected teacher shortage in my state. The retirement system changed from 30 years to 35, and that shortage disappeared. Lots of people who borrowed responsibly and got a "sure thing" degree in education couldn't find a decent paying job for several years. In short, the risks are minimized.

I graduated first in my class and had a hard time finding a job. I only got 2 interviews after sending out well over 70 resumes. Luckily, I nailed one of them.