School debt doesn't HAVE to be crippling
Re: School debt doesn't HAVE to be crippling
by Winchester » Thu Jan 21, 2016 12:33 pm
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Re: School debt doesn't HAVE to be crippling
by Saz » Thu Jan 21, 2016 12:33 pm
Instead of another round of QE they should just cancel all outstanding student loans. I would buy a f**k hummer tomorrow if that happened
DON'T BE A TOUGH GUY. DON'T BE A FOOL! I WILL CALL YOU LATER.
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Re: School debt doesn't HAVE to be crippling
by IndependentProfessor » Thu Jan 21, 2016 12:34 pm
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Re: School debt doesn't HAVE to be crippling
by Saz » Thu Jan 21, 2016 12:37 pm
DON'T BE A TOUGH GUY. DON'T BE A FOOL! I WILL CALL YOU LATER.
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Re: School debt doesn't HAVE to be crippling
by IndependentProfessor » Thu Jan 21, 2016 12:40 pm
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Re: School debt doesn't HAVE to be crippling
by Winchester » Thu Jan 21, 2016 12:41 pm
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Re: School debt doesn't HAVE to be crippling
by IndependentProfessor » Thu Jan 21, 2016 12:43 pm
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Re: School debt doesn't HAVE to be crippling
by Dylan » Thu Jan 21, 2016 12:44 pm
So, to pay off $35,000 in four years at 4.5%, you need to pay about $1000 a month.
In Louisiana, at $75K annually (a VERY rare result for a person with an undergraduate degree from LSU), you bring home about $4600 a month, assuming you don't do things like invest in your 401(k), don't have deductions for health insurance, dental, life insurance, disability, etc.
So you have to pay at minimum 20% of your salary for your first 4 years out of college to get out of debt. And all this assumes you are a genius who can excel in an exceedingly difficult field while still working 20 hours a week and that you can snag a great, $75K job without any internships or research experience whatsoever! Which is incredibly unlikely.
But you're right, for a few unicorns it's not all that bad! Let's not touch the system.
In Louisiana, at $75K annually (a VERY rare result for a person with an undergraduate degree from LSU), you bring home about $4600 a month, assuming you don't do things like invest in your 401(k), don't have deductions for health insurance, dental, life insurance, disability, etc.
So you have to pay at minimum 20% of your salary for your first 4 years out of college to get out of debt. And all this assumes you are a genius who can excel in an exceedingly difficult field while still working 20 hours a week and that you can snag a great, $75K job without any internships or research experience whatsoever! Which is incredibly unlikely.
But you're right, for a few unicorns it's not all that bad! Let's not touch the system.
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Re: School debt doesn't HAVE to be crippling
by Dylan » Thu Jan 21, 2016 12:45 pm
Lol how many petroleum engineers does Prof think there's room for in the US?
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