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Moxie

I joined a budgeting group on FB

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What’s the name of the group? I think I might like to try it.

 

ETA: six figure student loan debt...that makes me so sad and so worried for my kids someday.

Edited by Just Kate

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Six figure student loan debt is only horrifying if the person is not on track to a career path where loan forgiveness can be utilized to take care of it.

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Six figure student loan debt is only horrifying if the person is not on track to a career path where loan forgiveness can be utilized to take care of it.

Economies change, politics change, NO WAY would I borrow that much with the promise of forgiveness down the road.

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It is horrifying how many young people have six figure student loan debt.

 

 

ETA: six figure student loan debt...that makes me so sad and so worried for my kids someday.

 

 

Economies change, politics change, NO WAY would I borrow that much with the promise of forgiveness down the road.

 

Yes to all of this. DH and I didn't realize until we were quite a few years past graduation the significance of NOT having student loans, and the massive burden that those with large loans face. It is very sad and concerning. 

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We still have loans hanging on that we are steadily chipping away at.  

 

It is one of our top priorities--helping our children make it through without debt.  We're considering moving states to make this a better reality.

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Economies change, politics change, NO WAY would I borrow that much with the promise of forgiveness down the road.

Ask the DACA kids about how honorable Washington DC is in keeping its promises.

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Six figure student loan debt is only horrifying if the person is not on track to a career path where loan forgiveness can be utilized to take care of it.

 

As DH and I work though paying off a debt load that is in the very high 5 figures...I whole heartedly disagree with this.  A 6 figure student debt load is 100% horrifying.  It impacts every aspect of your life.  It's crushing. 

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Six figure student loan debt is only horrifying if the person is not on track to a career path where loan forgiveness can be utilized to take care of it.

 

 

I think it is horrifying regardless of the path.  That path is not a for sure thing.  Too many things can go wrong.

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As DH and I work though paying off a debt load that is in the very high 5 figures...I whole heartedly disagree with this. A 6 figure student debt load is 100% horrifying. It impacts every aspect of your life. It's crushing.

This. How can you buy a house when you are already paying off the equivalent? How can you start a family or a business? It’s crazy. My dh and I were gifted our Bachelors degrees by our respective parents. I am grateful to both of them. We were not behind before even starting out, which is how I think it would feel.

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It is horrifying how many young people have six figure student loan debt.

 

 

Moxie do you like the group?  I need a little accountability and encouragement but the Dave Ramsey people are so rigid I can't deal.

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I think it is horrifying regardless of the path.  That path is not a for sure thing.  Too many things can go wrong.

 

Way Way too many things.  A person could get sick and not be able to work.  Have a car accident and be out of work for several months.  The person could end up in a horrific job situation and need to leave (Harvey Weinstein anyone?)  Or their spouse could end up needing to take a job far away so the whole family has to move.  Or the job place closes down and lets everyone go.  Or whatever.  Eleventy billion things. 

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I DO feel it necessary to say here that there are also many ways to get a college degree without 6 figures in debt.  Also, the student debt load that we are paying off....it is so high because we were STUPID.  In all capital letters STUPID.  It is all our fault.  The entire debt load is from DH's schooling that he received while we were married.  We took out too many loans, more than he needed.  And we kept them in deferral too long, accumulating interest.  And so many other dumb things, big and small. 

 

And now, we are nearing the tail end.  We are down to less than $24k. 

 

Last year, FIL passed away.  His estate consisted of his house and it's contents, a vehicle, a boat, and a bank account that was marked "payable on death."  The bank account gave us a few thousand, the truck had a loan and was upside down, the boat only netted like $1600.  The house thankfully was worth more than he owed, so DH received an inheritance.  Nothing like six figures and not even half of what our debt load was.  But EVERY SINGLE DOLLAR went to debt.  Every one.  And yes, we still have just under $24k.

Edited by happysmileylady
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I DO feel it necessary to say here that there are also many ways to get a college degree without 6 figures in debt.  Also, the student debt load that we are paying off....it is so high because we were STUPID.  In all capital letters STUPID.  It is all our fault.  The entire debt load is from DH's schooling that he received while we were married.  We took out too many loans, more than he needed.  And we kept them in deferral too long, accumulating interest.  And so many other dumb things, big and small. 

 

And now, we are nearing the tail end.  We are down to less than $24k. 

 

Last year, FIL passed away.  His estate consisted of his house and it's contents, a vehicle, a boat, and a bank account that was marked "payable on death."  The bank account gave us a few thousand, the truck had a loan and was upside down, the boat only netted like $1600.  The house thankfully was work more than he owed, so DH received an inheritance.  Nothing like six figures and not even half of what our debt load was.  But EVERY SINGLE DOLLAR went to debt.  Every one.  And yes, we still have just under $24k.

 I liked the first sentenced, but not the rest.  But you are honorable to pay it off, and to speak to the truth of the matter.  I'm sorry this has been part of your path...

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I DO feel it necessary to say here that there are also many ways to get a college degree without 6 figures in debt.  Also, the student debt load that we are paying off....it is so high because we were STUPID.  In all capital letters STUPID.  It is all our fault.  The entire debt load is from DH's schooling that he received while we were married.  We took out too many loans, more than he needed.  And we kept them in deferral too long, accumulating interest.  And so many other dumb things, big and small. 

 

And now, we are nearing the tail end.  We are down to less than $24k. 

 

Last year, FIL passed away.  His estate consisted of his house and it's contents, a vehicle, a boat, and a bank account that was marked "payable on death."  The bank account gave us a few thousand, the truck had a loan and was upside down, the boat only netted like $1600.  The house thankfully was work more than he owed, so DH received an inheritance.  Nothing like six figures and not even half of what our debt load was.  But EVERY SINGLE DOLLAR went to debt.  Every one.  And yes, we still have just under $24k.

 

 

Thank you for sharing that.  I think it is important for people to be honest about how much debt is actually really required if that is the route a person chooses.  I think a lot of time it isn't seen as a lean season to get through but just a way to live normally while you get a degree. 

 

It really just does not need to break people even if they do have go in debt.  Which I am not personally in favor of, but I understand some people feel it is worth it.  

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I DO feel it necessary to say here that there are also many ways to get a college degree without 6 figures in debt.  Also, the student debt load that we are paying off....it is so high because we were STUPID.  In all capital letters STUPID.  It is all our fault.  The entire debt load is from DH's schooling that he received while we were married.  We took out too many loans, more than he needed.  And we kept them in deferral too long, accumulating interest.  And so many other dumb things, big and small. 

 

And now, we are nearing the tail end.  We are down to less than $24k. 

 

Last year, FIL passed away.  His estate consisted of his house and it's contents, a vehicle, a boat, and a bank account that was marked "payable on death."  The bank account gave us a few thousand, the truck had a loan and was upside down, the boat only netted like $1600.  The house thankfully was work more than he owed, so DH received an inheritance.  Nothing like six figures and not even half of what our debt load was.  But EVERY SINGLE DOLLAR went to debt.  Every one.  And yes, we still have just under $24k.

 

Don't beat yourself up quite that much.... predatory lending is a huge problem in student loan debt.  Which is bigger than auto debt at this point, crazily enough.  Lending money to naive people you know won't be able to reasonably repay is often illegal , and always unethical.   Consumers, especially young consumers, are really no match for the finance industry.    The finance industry sees consumers are exploitable resources.   Heck, I used to work in finance and I remember getting a special celebratory note at a bank I worked for when our 'consumer fee' income exceeded other income categories.  Slimy.

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Don't beat yourself up quite that much.... predatory lending is a huge problem in student loan debt.  Which is bigger than auto debt at this point, crazily enough.  Lending money to naive people you know won't be able to reasonably repay is often illegal , and always unethical.   Consumers, especially young consumers, are really no match for the finance industry.    The finance industry sees consumers are exploitable resources.   Heck, I used to work in finance and I remember getting a special celebratory note at a bank I worked for when our 'consumer fee' income exceeded other income categories.  Slimy.

 

Well, I am not beating us up, I don't think WE are dumb.  But it wasn't predatory lending, it was our own bad decisions.  We DID make dumb decisions.  100%.  We knew better.  I knew better.  We weren't naive, we were not tricked, and no one preyed upon us.  Sally Mae/Navient wasn't slimy with us, we just made stupid decisions. 

Edited by happysmileylady

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