Comments on: Student Loans Can Wreck You: The Next Financial Crisis

By: Andrew

Andrew — Tue, 09 Feb 2010 02:17:18 +0000

Columbus,

I’m sorry to hear about your cousin’s situation. Hopefully he is able to get his finances in order with this new job and do his best to get out of the debt.

Unfortunately, this story isn’t rare: it’s happening to many people today.

His advise of starting your own business is definitely good advice. Keep reading the rest of this site for more information and tools on how to do that.

By: Columbus

Columbus — Mon, 08 Feb 2010 22:36:40 +0000

I have a cousin with a degree in Economics. He now makes 13 dollars an hour designing graphics for the local news.Over the summer he lost his apartment because he was unable to pay rent due to his loan payments.He now lives with his parents at the age of 31. He adviced me to go into business myself rather than go to college like he did.

By: pip

pip — Thu, 02 Apr 2009 14:43:17 +0000

I’m graduating in this May and I have about 60,000 in undergrad loans. I even make payments but the interest is killing me. I was one of those students who didn’t have a cosigner because my parents didn’t make enough. I came to school with the prospects of getting a job and now I’m unemployed and my loan payments are going to be 800 a month. If i find a job it will probably pay min wage which is still less then 800 a month. I’m an advocate for education but something needs to be done to allow poor kids to get an education with out loan company’s and schools taking advantage of them. My school personally pulled 4000 a year funding from me after my first year because of funding. That’s 12,000 dollars I had to get loans for and now with interest I’m sure it is around 14,000.

By: Senior tomato response

Senior tomato response — Sat, 14 Mar 2009 10:57:33 +0000

Mr. Senior Tomato is very keen on his knowledge about economy, banking, lending and the whole theoretical and practical marvel behind it. Good for him. Maybe he should go back to when he was 15 and start dissecting Economic Theory again and MAYBE he will understand that it is all based on a illusion called debt which is the magic that makes the practice of lending so surprisingly “natural” in our minds. Standard of living is going up?! Wake the hell up!!! General standard of living?! What are you talking about “expert”?! How about you examine banking, currency, inflation and its origins for starters and compare that to the past standards and maybe you will realize that it did to our standard since the dollar can buy much less then it could before! Why do you think that is the case? Oh I don’t know, maybe it could be because of the accumulated debt which is the foundation of the whole “I give you money, you pay me back with an ascending interest” economy? Could be… But you would not know that since you know all theories banker and “experts” have presented to US “tribes of ONE worthless example” right? Well how many examples of you being kicked in the ass do you need before you can “rationally” conclude you ARE being kicked in the ass?

Leave people fight the thieving bankers as ever they can, don’t protect the lending scam. Perhaps you can be that much of a human? Anyway, I am sure they can not be “much worse” liars than one standard student loan offer…

My apologies for bad language.

Thank you.

By: Senior Tomato

Senior Tomato — Wed, 11 Feb 2009 17:56:05 +0000

Student loan debt is a consequence of pursuing higher education for a lot of people who simply don’t have the ability to pay for school out of their pockets. Your advice to not accumulate student debt is based on a single example…probably not even a real one. Most people I know pay a lot less for school and earn a lot more when they graduate with an *undergraduate* degree. In reality, universities are usually a pretty good investment, as long as they’re part of a greater career strategy.

Your Einstein reference is only slightly short of retarded. Nobody gives non-compound interest rates. It simply does not make sense from an economic point of view. But who cares about that…god forbid someone goes into compound (oh no!) debt in order to become a more educated and more productive member of our society. Don’t wanna pay compound rates? Then you won’t be doing much borrowing. Go to Cuba if you don’t want to buy into the borrowing/lending economy. See how the standard of living is there.

A lower standard of living than we had growing up Are you serious? Please examine the general trend in the standard of living in our world ever since people started thinking about economic theory. Sure, some people won’t make the right career decisions and end up worse off than their parents, but the general trend is we are all getting richer in a real sense as the products we purchase become cheaper as humans get better and better at producing stuff and trading.

Please refrain from writing stupid articles in the future. You’re doing a disservice to the Internet.