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Does anyone else feel that COLLEGE LOANS are a joke

#61
gard0300 said:
If everyone wants the price of higher education to come down. Then the government need to quit offering so much student aid. It just creates an never ending demand for the universities. Demand = $$$$$
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But in doing so there would be a period during which only rich kids and people with scholarships (and who actually manage to keep it) would be able to afford their tuition.
 
#62
sloasdaylight said:
With the amount of information available for free on the internet these days in the form of MOOCs and online courses, I think it makes a lot more sense for young kids to learn a trade and study on other things after a while. Skilled tradesmen/women can make a lot of money doing their jobs, because there's a serious shortage of them, to the tune of something like 3 million across the country. It's a much better situation to be in when you're in your early twenties than being saddled with tens of thousands of dollars in debt and "who knows?" for your job prospects.
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Mike Rowe sums it all up in a very meaty nutshell.

Looking for a good job?

Here is the trick to making seriously good money in this day and age.

 
#63
two fingers said:
Also, if your parents aren't paying anything towards your education, not even the loan payments afterwards, why would you put them on the application for the loan? Are they paying for your housing, food, car, etc.?
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Because, unless the Feds have changed the application forms, you have no choice. I applied for a loan years ago, and even though I was a 32 year old Staff Sargeant, stationed 2800 miles away from my retired parents, and hadn't lived at home since I was 17, I had to list them. And guess what? I didn't get a loan either; not because I made too much - my parents made too much. If college loans are a joke, it's an obscene, twisted one.
 
#64
GIBrat51 said:
Because, unless the Feds have changed the application forms, you have no choice. I applied for a loan years ago, and even though I was a 32 year old Staff Sargeant, stationed 2800 miles away from my retired parents, and hadn't lived at home since I was 17, I had to list them. And guess what? I didn't get a loan either; not because I made too much - my parents made too much. If college loans are a joke, it's an obscene, twisted one.
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You should've been able to appeal as an independent. It's an extra step but my parents had no ability to contribute and like you I was moved out and working to support myself.
 
#66
GIBrat51 said:
Because, unless the Feds have changed the application forms, you have no choice. I applied for a loan years ago, and even though I was a 32 year old Staff Sargeant, stationed 2800 miles away from my retired parents, and hadn't lived at home since I was 17, I had to list them. And guess what? I didn't get a loan either; not because I made too much - my parents made too much. If college loans are a joke, it's an obscene, twisted one.
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I don't know when you filled out the FAFSA, but it's definitely changed. You're considered independent once you hit 23, even if you're living at home.
 
#67
GIBrat51 said:
That's not the point. As a 32 year old, my parents income (or lack of it) should have been totally irrelevant. In any case, I just re-enlisted, got my bonus, and Uncle Sugar eventually paid the bill for my education anyway.
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They make it intentionally the default to keep everyone from being able to check a box and game the system whether they come from privilege or poverty.

It's an extra step and it's less convenient than the honor system, but the honor system doesn't work as well.
 
#68
BassMom88 said:
I was 23 and living in another state, paying my own rent and completely independent of my parents. For Grad school, Boston Univ. still counted my parents income. I was required to include them.

I had massive loans and all my parents did was co-sign. They had given me 10K for undergrad and that was it...so I ended up paying back a total of 90K (plus interest) for 6 years of school. It worked out for me with some luck in the housing market, but I would not wish this type of debt on anyone.
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I take it that Mass. no longer forgives student loans if the grad works in the state for two years, right? They did that in the early '80s, when a friend of mine moved back and finished school.
 
#69
It was a long time ago but one of my brothers-in-law got his medical school paid for in exchange for working for the (federal) public health service for 4 years after he was ready to be a doctor. He did a couple of 2 year stints in free clinics, one in Alabama and one in New Mexico.
 
#70
1958Bassman said:
I take it that Mass. no longer forgives student loans if the grad works in the state for two years, right? They did that in the early '80s, when a friend of mine moved back and finished school.
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I ended up living and working in NH, but had never heard of that option, so I'm not sure. I could have worked for the VA on a similar program, but I was newly married and could not move around. I know a few people though who did that or worked as traveling therapists. No loan forgiveness on the latter, but travelers were paid very well and their housing was covered.

I think that my whole experience taught me how to help my own child and now she has a full-tuition 4-year scholarship to her first-choice school for next year. She works incredibly hard and has had amazing support from so many people (it takes a village!), but she also knew what I went through and I'd like to think that provided some motivation :)
 

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