Student loan debt and the older generation

[FromMyColdDeadHand]

I’ve helped over 100 people change tires on the side of the highway since 2011(closest call was a semi on the white line). Too many damn males can’t change a damn tire.

As for the topic on hand, i had my college paid for thanks to my mom working at a private university. I’m extremely grateful for that. If I did it again, I would have gone to trade school. Why? Because I’m not even using a degree which is practical and typically lucrative

Spreadsheets didn't put accountants out of business, but it hurt book keepers doing math. Buddy is in insurance, they are already using AI for some low level paper work on claims and it is working its way up. Specialize, specialize, specialize and add value. Wife was finishing residency and was thinking about a specialty. I was like - you can spend three more years and make almost double for the rest of your life? This trophy husband doesn't finance a small army on his own - I'll see you in three years.

[fedupflyer]

The airline industry tanked about the time I graduated and there were no jobs to be had for years afterwards. Airlines like Piedmont and USAir went under flooding the industry with skilled workers.

Points of correction
They airline industry tanked in ‘91 with Eastern and PanAm both going out of business. I graduated in ‘93 also and sounds like from the same school.
Piedmont and US Air did not go under.
US Air bought Piedmont in a leveraged by-out in ‘89 and did almost wreck both companies in the process.
US Air would later merge with America West in 2005 and then in 2015 US Airways bought American Airlines. (AA did not buy USAir as many believe)

[teufelhund1918]

Points of correction
They airline industry tanked in ‘91 with Eastern and PanAm both going out of business. I graduated in ‘93 also and sounds like from the same school.
Piedmont and US Air did not go under.
US Air bought Piedmont in a leveraged by-out in ‘89 and did almost wreck both companies in the process.
US Air would later merge with America West in 2005 and then in 2015 US Airways bought American Airlines. (AA did not buy USAir as many believe)

Long time ago and I'm sure those brain cells died in my feeble mind.

Riddle Diddle Kite School?

[fedupflyer]

Long time ago and I'm sure those brain cells died in my feeble mind.

Riddle Diddle Kite School?

Yup......

[thei3ug]

I skipped college because I got a job doing what I was going to go to school for (this had issues of it’s own, mostly due to lack of life experience).

When I was dating a law school student, it was shocked at how much she was taking out in loans. I was even more shocked at how much grant money was available yet wasn’t claimed because people couldn’t be bothered to fill out the paperwork on time. She literally could have shaved 15-20% off of her tuition by filling out some paperwork.

…

I really don’t know what advice I’ll give my kids. I’d love got them to have the opportunity to have a great experience, but the chances of them having to be wage slaves to pay off student debt is scary.

M

Average(!) JD grad makes 55k/yr. it doesn’t go up much farther. Law school is a gamble unless you’re too 10% or in a top 14 school. Glut of lawyers, lower retirement rates, and as you said AI is turning new jd grads into $15/hr analysts training machine learning models.

[Averageman]

My Son is about to Graduate with his MBA with an emphasis in accounting.
I'm hoping he works for a Bank rather than as an Accountant.

[Whalstib]

The idea of loan forgiveness doesn’t bother me in the least! Student loans are welfare for college towns.

Few if any grads graduate with much of a bank account. Money is all left behind in the local economy.

There's a LOT wrong with the entire system and to make the student 100% responsible is ridiculous! Hold the universities responsible for job placement to some degree.

If they can't provide internship or interview possibilities during students tenure THEY pay the loan! It's easy stuff! No promises to jobs but will put you face to face with a person who may hire you...at least once!

[ddbtoth]

Doesn't get quite as much publicity as student loan issues with younger folks, but it seems to be a substantial problem. Looks like a lot of these people will die still owing a lot of money for these debts. Getting your Social Security benefits garnished would be the icing on the cake, I guess. Of course, there's the opposing viewpoint of "You took out these loans willingly. So you can't really complain too much".

"Over 8 million borrowers over age 50 hold 22% of the federal student-debt load, or $336.1 billion.

Insider spoke with borrowers with debt burdens they fear won't be paid in their lifetimes.

One borrower started with $79,000 in debt, paid $175,000, but still has a balance of over $200,000."


https://www.yahoo.com/news/older-peo...123000078.html

Be willing to bet the above mentioned $200K still in debt wasn't a math major. Stupid decisions should hurt, and others should not be forced to pay it off.

[a1fabweld]

It does give me comfort knowing that the pink haired gals and skinny jean soy boys pouring coffee at Starbucks have masters degrees in political science to back up their work.

[dmd08]

I graduated with a professional degree and well into 6 figures in debt. Current graduates with my same degree can easily expect a half mil in debt. I've paid off a majority of mine so far only due to my degree being potentially lucrative if you're willing to work. I'm lucky in that I'm currently more concerned with putting away for retirement than paying off the remainder at 2.7% interest.

It will reach a point where even a lucrative career doesn't make up for a decade of schooling/lost earning years/5-700k+ in education debt before even acquiring funds to build your business or purchase a home.

I can't imagine accumulating large amounts of debt for a degree that doesn't give the opportunity to earn. I try to ingrain this thinking into my kids. But I still worry about them. My oldest is graduating high school in a couple weeks......

I think it's a multifactorial problem that I don't know the answer to. I think the best start would be to get the government out of the student loan business. Or seriously curtail it. I'm sure Universities froth at the mouth thinking of all the "free" money their student body feeds them from Uncle Sam.