In many ways, Daniel Strong is happy with his life. He owns a three-bedroom ranch-style house in Charlottesville, Virginia, where he lives with his wife and 3-year-old son, Benjamin. He recently made the last payment on his silver, Toyota Tacoma. He likes his job.
But there's one problem that won't go away.
Strong and his wife owe more than $350,000 for their bachelor's and master's degrees.
"The huge monster in the closet for me are these student loans that keep getting bigger and bigger," said Strong, 36. When they graduated, they were faced with monthly bills of around $800 each and have since struggled to keep up.
"It's so stressful to think about the fact that you're probably going to have to work until you drop dead at work because of your student loans," Strong said.
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13 comments:
It is an interesting catch 22.
I have been doing accounting without a degree for over 25 years so I most certainly know more than a recent graduate. I have worked my way up the ranks and throughout my job history have known more and had more experience than the people above me - but employers try to pay me less because I did not pay for a degree.
Then you have these people that have paid 100K for their degree and get paid more but by the time they make their monthly loan payment they are making the same as me.
So tell me again how this economically benefited you? Especially now when you see ads for retail clerks and a job requirement is a degree.
Albeit there are careers that definitely need further education, most do not.
Well didn't they think they would have to pay the loan back. I'm tired of hearing about these people that borrowed money to go to college. If you borrow money you are expected to pay it back.
Smart enough to get a master's or PhD. but not quite smart enough to do simple math on a loan. Let's hope common core will help change this. "The blind leading the blind"
So, am I supposed to feel sorry for them?
That CNBC article is full of misrepresentations and conflated facts.
This is what happens when you tell kids to follow their dreams, as opposed to going into a career that'll pay the bills. Stop federally backing student debt, and tuitions won't rise as fast and the student debt trend will be reversed.
Well what do you suggest? You both have degrees and I am assuming that you both have well paying jobs to go with those degrees. If not, suggest that both of you obtain work to payoff the loan you so gladly took from the struggling taxpayers. A Master's Degree is impressive and should land you an impressive pay check. I'm sure you can do better. Is your next student loan for a PhD.
Life is full of choices and they are always accompanied by consequences. You made the choice. Now live with the consequences and stop whining like an 11 year old girl. You're attitude is exactly what has gone wrong in our country.
They probably consider themselves very smart, very intelligent.
I submit they are dumber than rocks.
They didn't know how much they were borrowing??????
$350,000 for a degree? Nuclear physicists couldn't pay that back.
Guarantee they are democrats, too. NONE of them can add 2+2 and get the right answer.
To democrats, 2+2 means YOU owe them something.
Keep cheering.
I'm not sorry for you and wife for making a choice. I'm sorry (actually pissed) that the taxpayer will have to PAY for your choice.
That's whats really wrong with this picture!
Exactly why my daughter isnt in college, Im not willing to go into triple digit debt for her to be more indoctrinated then she already is. I myself have never been to college either.
What a load of crap. Worwic is free for 2 years and SU is less than $10k per year.
The money did not exist before they borrowed it. They created it with their promise to pay.
Taxpayers have nothing to do with the corporate debt of the US Federal Government. It is a for profit business that never loses money.
first off many jobs today require a college degree. case in point years ago one could be a pharmacist without a degree. that is no longer possible, same for many other jobs. so now kids have to look at having the degree. Things could be done differently. ie, majors selected etc. even doctors come out with a heavy debt load.
The government should support STEM degrees with no interest loans. All the rest you are on your own.
Think about earnings and taxes over 30 years. Is it better for the country to collect tax revenues on someone making $100K a year or $20K a year and on welfare during their lifetime?
It's not hard, however the universities are a gravy train for liberal profs who actually offer nothing but to enrich themselves and puff up their egos!
teach your kids how to make proper decisions or .........
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