Pretty Insane

[jwhitleyjr]

This is more of a statement then a question. But today I have pretty declared myself to be a not so intelligent person. I saw the actual figure of how much debt I am in and it's very disturbing. Basically I am an idiot who believed in using student loans in the promise of having a great career. So I am pretty much a fool who fell for this trap, taking out an enormous amount of student loans. Even though I am 44, there is still alot about life I need to learn and be more "woke" as they say. But I pretty much declare myself as something wrong with me to take out so much money without a promise of a career.

[jwhitleyjr]

No. I am just working hard and looking for better paying positions. I once I had a job that helped me to pay it off but I was laid off from that job. I am trying to rebound.

[Hidden]

I don’t think there’s so much wrong with you. A college degree counts for something!!! I went to college but some other things in my life happened to me and I don’t have a college degree. Still, debt is debt. You have to figure out some way to pay it back.

[jwhitleyjr in reply to Hidden]

Thank you, just looking for higher paying positions and trying to get a particular form of loan forgiveness.

[jwhitleyjr]

Wow, for me it's going on seven. I just hope I can get two approvals for loan forgiveness.

[jwhitleyjr]

I see

[Blueruth]

I think you are asking if they are exempt from bankruptcy and the answer is yes... if you go into bankruptcy you still owe the student loan. You will be forgiven for literally every other bad investment or mistake or medical bill even if you are greedy but not an education.

[jwhitleyjr in reply to Blueruth]

No I know it's not exempt from bankruptcy

[Blueruth in reply to jwhitleyjr]

you are right you can get it discharged but you have to prove "undue hardship" which is incredibly hard to do. It actually is against the whole point of bankruptcy. Bankruptcy was designed to encourage investment and risk. The loan companies got a good deal.

[jwhitleyjr in reply to Blueruth]

Yes I know that is hard

[Blueruth]

Let's clear this up:

• 43.2 million student borrowers are in debt by an average of $39,351 each.

• The outstanding Federal Loan Portfolio is over $1.59 trillion.

• Approximately 42.9 million Americans with federal student loan debt each owe an average $37,105 for their federal loans.

• More than 35 million of these borrowers qualified for general student debt relief under the CARES Act of 2020.

• The average public university student borrows $30,030 to attain a bachelor’s degree.

* average means half more and half less.

more:

COVID’s Impact on Student Debt

3.2 million new federal student loan borrowers borrowers and a spike in unemployment fueled the largest increase in the total student loan debt balance since 2013. Student debt relief efforts, however, may have helped drive down the average student loan debt.

The nationwide total student loan debt balance increased 8.28% in 2020.

The average student loan debt, meanwhile, increased 4.5%.

In May of 2020, 9% of borrowers who attended public institutions were behind on their student loan payments.

7% of borrowers who attended private, nonprofit institutionts and 24% of borrowers who attended private, for-profit schools were behind on their loan payments.

By July, 11.2% of adults with student loan debt reported they were unable to make at least one student loan payment that year-to-date.

In early 2020, 75.3% of private student loans were in repayment while 20% were in deferment.

While many private lenders offered suspension in payments of up to 3 months, few (if any) deferred interest.

even more:

Student Loan Debt Statistics

Student loan debt is now the second-highest consumer debt category. Nationwide, 43% of college attendees report they incurred some type of educational debt. Among today’s college students, 65% graduate with student debt.

Last year, private student loan debt increased by $16.8 billion or 14%.

15% of all American adults report they have outstanding undergraduate student debt; 7% report outstanding postgraduate student loans.

Between 39% and 50% of indebted student borrowers have loans from both undergraduate and postgraduate education.

Among adults with student loan debt, 93% report borrowing to pay for their own education while 81% report borrowing to pay for a child’s or grandchild’s education.

First-generation college students are twice as likely to report they are behind in making student loan payments.

Graduates of private, for-profit institutions are more than twice as likely to report late student loan payments.

Public university attendees borrow an average of $30,030 to attain a bachelor’s degree.

Private, non-profit university attendees borrow $33,900 and private, for-profit students borrow $43,900.

The student loan debt growth rate outpaces the rise in tuition costs by 353.8%.

23.6% is the annual growth rate of the total student loan debt balance, or 513% faster than the growth rate of the nation’s gross domestic product (3.85%).

94.8% of people with student loan debt borrowed for an undergraduate education.

44.2% of people with student loan debt borrowed for a postgraduate education.

You ARE NOT unintelligent! Nor are you alone. They are going to have to do something because it is affecting everything from housing to babies.

educationdata.org/student-l...

[jwhitleyjr in reply to Blueruth]

Yes, I should look at it that way. Thank you.

[Blueruth]

Perception and good marketing! College tuition has tripled in 20 years. It was sold to us that if you want to make any money you need a 4 year degree.

Here is my rant...We do need people with higher level education. We need scientists and innovators to compete in the world but it is so expensive we are missing people because they can't afford it or putting them into such bad debt they can't afford to be a teacher. On the other hand we have a shortage of trades people. So much that my state has incentives. IDK if you have met any plumbers or electricians lately but they make a really good living. If they are on their own they have freedom most of us corporate slaves dream of. On top of that is freshman year actually worth anything? Seems like you could do way better with a gap year or 2 years at a community college... but no... I hear if you do that you hurt your chances of getting into a good engineering school. pfffft --- not worth it. I'm glad I am old enough to have missed all this bs but I feel bad for the people that have to live with it.

[jwhitleyjr]

That is my issue the Damn interest