@scottalanmiller said in Just How Hard is University to Overcome:
@PSX_Defector said in Just How Hard is University to Overcome:
@scottalanmiller said in Just How Hard is University to Overcome:
The more that they have to borrow, the harder it is to pay back. So that's why I showed how devastating a student loan would be on average.
Then use the average, not some DeVry jizz fest number.
http://blogs.wsj.com/economics/2015/05/08/congratulations-class-of-2015-youre-the-most-indebted-ever-for-now/
$135K is insane. $35K is nuts, but that's the cost of a new car now, not impossible to pay off. Repayment would be on 30 years, not 85, making the note somewhere around $1400 a month if the rate was good. Even if someone racked up a huge number, it would most certainly fall under the rule of allowing someone to discharge it in Chapter 7.
No matter how insane it feels, those are the average numbers.
Did you not read the WSJ article?
Average for 2015 is $35K. $135K is insanity, cherry picked bullshit numbers to make your argument.
@scottalanmiller said in Just How Hard is University to Overcome:
@PSX_Defector said in Just How Hard is University to Overcome:
$35K is nuts, but that's the cost of a new car now, not impossible to pay off. Repayment would be on 30 years, not 85, making the note somewhere around $1400 a month if the rate was good.
Absolutely, but keep in mind that those are payments that people not having gone to college can, on average, make as well.
Guess I wasn't clear.
$1400 a month would be for the $135K number you are throwing around with a nutso 30 year note at usury rates of 8%. $35K would be somewhere around $250 a month on a 30 year repayment plan. $35K would most likely be on a 10 year plan, making the payment $425. Same $135K would be $1600. Using the average, the real average, is much more realistic. Crazy, but not insurmountable. And certainly more possible with a BS from Texas A&M in your hand than a BA from the school of hard knocks.
Not getting into this magic saving of huge sums of money when you are starting to work. That's utter bullshit. The only way one could do that at 18 to 22 would be to either slang rock out on the streets or you came out of the golden crotch of someone already rich. Someone would have to be clearing $27K a year NET before that could even start to make sense. Assuming the standard deduction for federal plus a low tax state you would need to not have a single expense and make $16/hr from the get-go just to get to that number. And since we live in the real world, we need a place to live and eat, tack on ~$1500 a month for bare expenses.
Using all these numbers, you expect a person fresh out of high school, without a golden crotch to lean back on, to make $60K out the fucking gate?
No, only through nepotism would that happen. Which leads to the real crux of the argument. It doesn't matter how hard you work, or how good you are at what you do. Your fate is decided well before you even attempt it. Sure, some people can somehow break loose and become richer than astronauts. But the only surefire way to make lots of money is to come from money to begin with. Hence why I will probably never have millions.