I've been seeing so many social media posts / articles / discussions lately. It seems to be ramping up, though it has been a high profile topic for years.
I entered university right around when things really got out of control (2006), and by the time I had graduated I had accumulated about 50k in loans. Maybe a little more, actually.
Many millennials want student loan forgiveness. You'll often hear that it's not fair, to NOT fully forgive student loan debt.
While a part of me understands their frustration, what do those millennials have to say about someone like me: I worked hard in a competitive major, which led to a stable job. I also live frugally in a tiny, cheap home and never buy things like new clothes, electronics, etc. Unless I need to. Ive had the same cell phone since 2013. Because of this, I've never missed a monthly loan payment and I've pretty much almost completely paid the loans off. Has it set me back? Yeah, obviously. Would they be willing to cut me a check for $50k?
Student loan debt
Report Thread
-
-
Great job man
I see a bunch of millennials that complain of student debt yet spend 700 a month on coffee, clothes, $60 haircut, social life a month- then want their loan forgiven lol.
You can’t leave the trendy barber without paying and same applies for student debt.
Congrats -
Sure, everyone wants something for nothing. So student loan forgiveness is certainly attractive for lots of students who are saddled with debt.
But I'm in a similar situation to yours: graduated university in '05, masters in '09, another masters in '11. I have two kids, a decent home, two cars, and still live frugally enough to make my student loan payments every month along with my wife's student loan payments.
If they all of the sudden forgive the loans, am I going to get my money back?
It's just symptomatic of the larger issue of bloated higher education administration and BoT not willing to dive into endowments for operational costs. The solution: raise tuition at a faster rate than inflation, saddling generations with debt, and then harp on about how millennials saddled with this debt are ruining the economy because they won't buy houses.
It's a mess. I hope my kids never want to go to college. I'm going to try to talk them out of it. -
Jsjsjs wrote:
then want their loan forgiven lol.
And why not? We did it for Wall Street in 2008 to the tune of about 3 trillion dollars in bullsh!t mortgage bonds that the Fed still holds to this day.
AIG : bailout.
Auto industry : bailout.
Stupidly over-leveraged banks : bailout.
But when it comes to student loans the triggered and out of touch boomers never cease to amaze -
selfish brats
"i want a pony, too!" -
I want my note on my 100k Mercedes forgiven.
-
Millennials think life is like an Oprah show where everyone gets a book for free!
Wish millennials could open their own bank so I could borrow tons of money and never pay them back!! -
Counter to your assumption, Pretty sure we all disagree with the AIG, Auto, and Bank Bailouts just as much as we disagree with student loan bailout/forgiveness.
-
RunnerSam wrote:
Counter to your assumption, Pretty sure we all disagree with the AIG, Auto, and Bank Bailouts just as much as we disagree with student loan bailout/forgiveness.
I didn't say anyone "agreed with it." We did it anyways though because we had to prevent the Great Depression 2.0.
Everyone freaks out over the thought of forgiving student loan debt as if it will create a moral crisis without stopping to think if it's something we have to do because once again, relaxed lending standards have created a huge money grab that can't go wrong till it does. -
Jsjsjs wrote:
I see a bunch of millennials that complain of student debt yet spend 700 a month on coffee, clothes, $60 haircut
You don't know a single person that spends $25 a day on coffee and spends 60 on haircuts -
Weak flair- I see it everyday- kombucha for $8 x 2 everyday, eating out all the time, Whole Foods, and moan about student loan while living in best part of town by themselves. Oh and mom and dad helping out haha
-
Hsjsjsjsjs wrote:
Weak flair- I see it everyday- kombucha for $8 x 2 everyday, eating out all the time, Whole Foods, and moan about student loan while living in best part of town by themselves. Oh and mom and dad helping out haha
kombucha is not coffee and you are not supposed to drink it everyday, more less twice a day. you do not know anyone that does that.
nothing wrong with whole foods
living in the best part of town does not mean you don't have problems -
ric flair woo wrote:
Jsjsjs wrote:
I see a bunch of millennials that complain of student debt yet spend 700 a month on coffee, clothes, $60 haircut
You don't know a single person that spends $25 a day on coffee and spends 60 on haircuts
I think he meant $700 per month combined for coffee, clothes, and hair cuts. Specifying $60 hair cut because it sounds so absurdly high. A typical cut for a woman is about $40 so $60 really isn't that crazy though. -
And millennials god forbid they skip out on college loans but HAVE to have that Sushi 3 times a week haha!!! Just BLOWING cash not to mention their craft beer haha!!
-
My haircut is $20 and I tip $8.
-
And paying out HORDES of cash for soul cycle and CrossFit lol!!! 700 was too low!!!
-
Student loans are welfare for colleges.
-
Bilbo schwagginz wrote:
My haircut is $20 and I tip $8.
I haven't paid for a haircut since 2009. -
Why do some people talk about a generation as if they are one person? Seems strange to take the overall habits of a group and distill them down as if one person performs all of these actions, and somehow that person is everyone in the group.
There are many people in the millenial generation who lives beyond their means to look cool just and the same goes for the boomer generation. Do you people even know how to think of has the internet rotted your brains? -
I don't know what to feel about student loans, because without them a ton of people would not be able to go to college, which would effectively create a caste system where the wealthy stay wealthy and the poor stay poor. College should not be as expensive as it is. Period. And the government should forgive a substantial amount of student loans for poor people that had no choice but to take them, and people who graduated during the economic crisis years of 2008-2012.
