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>That's quite a burden, right up there with a mortgage. That's nowhere near a mortgage at the income levels where it makes sense. If you're stuck in a crappy j

by learc83 11y ago

>That's quite a burden, right up there with a mortgage. That's nowhere near a mortgage at the income levels where it makes sense. If you're stuck in a crappy job making $30k a year and you're single, it's about $100 a month. If you're making $60k and you're single, you could definitely pay off the average $30k loan in 3 or 4 years (assuming you live somewhere where 60k is a decent income). And If you're making $60k and you have a family of 3, you're payments are going to be about $250 per month. Obviously the cost of college has gone up a good bit. Mainly due to an increase in the number and cost of administrators and a decrease in state funding. However, it hasn't gone up nearly as much as it seems when you realize that most people aren't paying the sticker price after you factor in federal grants, state scholarships, and university scholarships. >And we went to Stanford Right now if you go to Stanford and your parents make less than $65k a year, you get a waiver for tuition and room and board. They also waive tuition for students whose parents make less than $125k a year.

JoeAltmaier 11y ago
If you're making 30K you don't have a mortgage. 100$ a month for life is a significant fraction of your disposable income, and it never ends. ITs very much like a mortgage. Anyway, folks aren't bellyaching about $100 a month. Student loans are costing millions of Americans many times that for 20 years.
- learc83 11y ago
  >If you're making 30K you don't have a mortgage. True, but that's probably the case regardless of whether you have a $100 a month student loan payment. > 100$ a month for life is a significant fraction of your disposable income, and it never ends. It's not for life. If you haven't paid it off in 20 years, the rest is forgiven. >Anyway, folks aren't bellyaching about $100 a month. Student loans are costing millions of Americans many times that for 20 years. The income plan is for people on the lower side of the income scale. The standard plan is only 10 years. If you can afford that, you'll be done in 10 years. If you can't afford that, it's unlikely that you'll pay "many" times $100 a month for 20 years because what you pay is directly proportional to your income. And anyway, $100 a month for someone making $30k a year is basically an equivalent burden to $350 for someone making $60k. Sure there are exceptions--people who took out enormous sums of money to live on campus at an out of state school. The solution is to got to either go to a state school and don't live on campus, get scholarships, or go to a school with a large enough endowment to waive most of the cost.

by learc83 11y ago

JoeAltmaier 11y ago

If you're making 30K you don't have a mortgage. 100$ a month for life is a significant fraction of your disposable income, and it never ends. ITs very much like a mortgage. Anyway, folks aren't bellyaching about $100 a month. Student loans are costing millions of Americans many times that for 20 years.

learc83 11y ago
>If you're making 30K you don't have a mortgage. True, but that's probably the case regardless of whether you have a $100 a month student loan payment. > 100$ a month for life is a significant fraction of your disposable income, and it never ends. It's not for life. If you haven't paid it off in 20 years, the rest is forgiven. >Anyway, folks aren't bellyaching about $100 a month. Student loans are costing millions of Americans many times that for 20 years. The income plan is for people on the lower side of the income scale. The standard plan is only 10 years. If you can afford that, you'll be done in 10 years. If you can't afford that, it's unlikely that you'll pay "many" times $100 a month for 20 years because what you pay is directly proportional to your income. And anyway, $100 a month for someone making $30k a year is basically an equivalent burden to $350 for someone making $60k. Sure there are exceptions--people who took out enormous sums of money to live on campus at an out of state school. The solution is to got to either go to a state school and don't live on campus, get scholarships, or go to a school with a large enough endowment to waive most of the cost.