Her payments are $1100 per month. She is just one of several college grads with payments at that level or higher that I know through work.
i don't see them ever paying it off.....
Ladies and Gentleman, one of many major things wrong with America...and abroad too I suppose...
Meanwhile I signed on to an apprenticeship and started out with ZERO experience making almost $30K a year. Five years later I could make over $70K a year if I wanted all the overtime. All of this without a dime of student loan debt. But I'll be honest...it really is...wait for it...hard work! GASP!!
Some of them do. Especially if they have to go work out of town (construction type apprentices).
Dave Ramsey would not like this.
I thought the student loan reform made it so that barnone, you could never be required to pay more than 10% of your gross income per month.
Those are sausage fests though. The ratio is terrible.
She, and her parents, didn't make a smart cost/value calculation before signing for all those loans. Sorry, but it's like borrowing $50k for a car that's worth $20k - you just won't get a payback on that investment.
Would be interesting to hear what she studied, as not all degrees are worth the same in the real world. Have to decide how much you want to invest in a degree where the jobs only pay $20-30k a year.
She has a business degree in corporate communications. There are a glut of people with that degree and even more out of work that did it in the past. She has no experience and gets killed when she goes against experienced job applicants.
They should have thought about that before they signed on the dotted line. I'm assuming after all that since they were in college that the simple concepts of addition and subtraction should have already been mastered! No sympathy for them at all, it's called responsibility, look it up in the dictionary if you don't know what it means.
When my youngest graduated Ball State I asked her what her plans were, she said that if she couldn't find a job she was going to stay in school in get her Masters and then a PHD. I mentioned the financial aspects of her decision and she said she didn't care she'd never have to repay the loans as long as a democrat was in the white house. She's smarter than I gave her credit for.