That’s horrible why wouldn’t you pay it off if you can lol. It gets worse every year.
@Leigh22: “Or maybe others get your point, but just don’t agree that it’s relevant”.
Possible, but that doesn’t explain why they keep insisting that Germans who are in a lower track at a young age are doomed to never enter college (these days).
Though I agree that the German system won’t take root in the US, for better or worse.
I am very very familiar with the German system.
There is a difference between “allowing” anyone to go to university if they qualify and having a society that actively works to give kids a solid non university path that is valued by society. In the US we do NOT do a good job of that. Kids, of all abilities, get the message from a young age that success lies only in the college path. We do a terrible job of validating alternative education paths. We also do a terrible job of career counseling. Hence the number of people with advanced degrees doing jobs you barely need a college education to excel at.
LOL, no one is saying kids are “doomed to never enter college!” We are saying Germany does a good job of sending kids who shouldn’t go to college to trade schools. Big difference.
Agree that probably not a drop off from 2 years ago, but the chatter has been much greater in the last 6 months…
I do think that such talk can provide the rationale for some to stop paying…especially if there’s something else on the horizon that interests them more…like putting those payment dollars towards a new car.
I know someone who stopped paying his student loans because he believed that he was going to go back into the military and get some sort of signing bonus. Neither thing happened and now the credit ding.
Your kids accept their obligation, but we both know that we can’t force our adult kids to think (or not think) a certain way. I agree with avoiding IBR because that’s what ends up causing many of these people to get into bigger debt.
It sounds like your “minimum wage” child must live at home because it would be hard for a new grad earning minimum wage to pay rent, etc, and also make such loan payments. Hopefully she can find a better paying job. Is she good at sales (up selling?). If so, have her apply to become a (real) AT&T salesperson. I’m amazed how much they can earn!
Agree that probably not a drop off from 2 years ago, but the chatter has been much greater in the last 6 months …
In 2009, the students at the public university where I worked had a big rally to call for loan forgiveness. The buzz has been out there for a number of years, but I think it’s picking up around the election rhetoric. That is not a political statement … just an observation.
Isn’t this, at least partly (I think mostly) about personal responsibility? You borrowed, you pay it. If you happen to want a nicer apartment or car, too bad. That can wait. Pay it. That’s what being an adult is all about.
Reminds me of the financial crisis when many stopped paying their mortgages (not talking about those that lost their jobs and couldn’t find work) on investment properties or even their primary residence because they were upside down. So many in my area walked away via short sale without thinking twice. They could still pay but didn’t want to because the value of the RE was declining. So, too bad! Risk reward. If the value was appreciating the bank doesn’t get to reevaluate the loan and charge more. If you lose money in the stock market you don’t get to have it back.
The monthly cost may be the largest expense after their housing (or even more). So, pay it. Rice and beans for as long as it takes. Nobody forces anyone to take a student loan.
No, she lives with her boyfriend and he pays most of their costs. He’ll find out on MOnday if he’s going to Army OCS, so my biggest concern right now is that she’ll get married just to qualify to live together on base and get extra pay for being married (she thinks $300/mo FREE sounds fantastic). I’m hoping he’ll go to training to see if he likes it before they get married, but I’m just her mother so have no say in it.
She’s substitute teaching. She applied to the Peace Corps but even she thought living in a remote part of Africa alone (they told her there would be no other volunteers within 4 hours of her) was not a good idea.
It’s all just part of finding her place in the world. But she has to pay her student loan while she does it.