06-03-2012, 01:54 PM
(This post was last modified: 06-03-2012, 02:08 PM by clydosaurus.)
Its not that I don't think people should take loans, but despite what Fannie and Sallie have been selling, it does not need to be pushed to the absolute limit. If you know you know right now you can't afford more than $1000/mo mortgage/taxes, then that is all you can afford and you'll have to work within that budget. When you have more money, upgrade! You can't let yourself be sold something that is ultimately going to hurt you. My brother, who has perfect credit, during the bubble was approved for something like $400k on a mortgage. He knew he'd never be able to make that payment, or at least not forever, especially since he's in his 40's and that's over 30 years. He ended up buying a much cheaper home that needed some work, and didn't have all the amenities that he might have wanted... and the payment is manageable, even if his already not-so-high income were to be reduced. Who doesn't want marble counter tops and a 3 car garage with pool? Just because you can, doesn't mean you should.
It's only very very recently that a degree has been required to do anything. I'm not sure how education will help you if you can't talk your way into some kind of job even without a degree. You might have a crummy job, but at least you can offset your costs. It might take longer, you might have to go to CC and then state school and you might have to live with your parents. If you don't have that particular option to live with your parents, there are still cheaper options than student housing. There are ways, aside from testing out etc, plenty of people have been able to do it and still are doing it. That's the hard way that doesn't allow much of the college experience (aka partying) that people don't want to know about. You're still going to have loans, but thats the difference between 20K and 100K.
Going to an expensive college with no direction what-so-ever as to what you'll do when you graduate or how much you'll have to pay back is asking for trouble. Especially now that it doesn't even guarantee you a job. The student loan industry is jacked. Its awful, I'm not denying that at all. Thats why it is so so important to not take out a penny more than absolutely necessary.
It's only very very recently that a degree has been required to do anything. I'm not sure how education will help you if you can't talk your way into some kind of job even without a degree. You might have a crummy job, but at least you can offset your costs. It might take longer, you might have to go to CC and then state school and you might have to live with your parents. If you don't have that particular option to live with your parents, there are still cheaper options than student housing. There are ways, aside from testing out etc, plenty of people have been able to do it and still are doing it. That's the hard way that doesn't allow much of the college experience (aka partying) that people don't want to know about. You're still going to have loans, but thats the difference between 20K and 100K.
Going to an expensive college with no direction what-so-ever as to what you'll do when you graduate or how much you'll have to pay back is asking for trouble. Especially now that it doesn't even guarantee you a job. The student loan industry is jacked. Its awful, I'm not denying that at all. Thats why it is so so important to not take out a penny more than absolutely necessary.
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