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whopis01

(3,921 posts)

11. It really is amazing.

Tue Apr 22, 2014, 07:11 PM

Apr 2014

I was just talking to a young fellow the other day who had gotten a degree from a private tech school place - a place that made it very easy for him to get loans. In fact they did all the paperwork and he had to do virtually nothing other than sign for it. He is just out and already regrets it because he is about $75k in debt and realizes that he got very little for it.

I didn't even realize what that really meant for him when I was talking to him.

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"These New SAT Questions Are A Little TOO 'Relevant'" [View all] kpete Apr 2014 OP

LOL, that's a good one. K&R Electric Monk Apr 2014 #1

$80,000 loan at 8% interest? Art_from_Ark Apr 2014 #2

Sorta not possible. Max federal student loans are about $27k spread over 4 years. MissB Apr 2014 #3

But you are only talking about federal student loans, right? Art_from_Ark Apr 2014 #4

Very true. But kids need a cosigner for the private ones, since no credit history exists. MissB Apr 2014 #5

I graduated 20 yrs ago w/$75K debt at 8% interest.... mike_c Apr 2014 #6

Wow - when I read your post I thought that couldn't possible be right whopis01 Apr 2014 #8

my payments are actually closer to $750/month.... mike_c Apr 2014 #10

It really is amazing. whopis01 Apr 2014 #11

Great cartoon Gothmog Apr 2014 #7

They could confiscate Social Security payments madville Apr 2014 #9