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Joined: Nov 2003
Posts: 28,860
Campfire Ranger
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Campfire Ranger
Joined: Nov 2003
Posts: 28,860 |
bbassi,
No matter your level of education there is room for more. Because you have not experienced something or are not aware of it happening in no way precludes its happening. About google: I spend time on bing when I want to know something, not when I'm trying to prove someone wrong.
"Only Christ is the fullness of God's revelation." Everyday Hunter
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Joined: Jan 2005
Posts: 22,884
Campfire Ranger
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Campfire Ranger
Joined: Jan 2005
Posts: 22,884 |
Ringman,
Just pony up an example or some sort of proof, and quit being a jerk about it. You're better than that.
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Joined: Feb 2010
Posts: 17,927
Campfire Ranger
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Campfire Ranger
Joined: Feb 2010
Posts: 17,927 |
Tuition is a bubble caused by government backed student loans. The government has absolutely priced everyone out of higher education. Or more effectively created a generation of debt slaves to the government. College is for the privileged and underprivileged. The middle gets to pay for it...
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Joined: Dec 2011
Posts: 4,147
Campfire Tracker
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Campfire Tracker
Joined: Dec 2011
Posts: 4,147 |
My youngest daughter is graduating from Med school in April. Between scholarships, grants, money from the ATM Machine (Dad) etc, she still has about $20k of debt.
I'm probably going to help her out, and pay off the loan. Although I'll do a little this year, and a little next year as a gift.
If I paid the whole thing off, the IRS would tax her. So, $14k this year, and balance next year.
Parents need to plan for the education of their children, from the day that they're conceived. Invest and save. Help your kids out.
I just hope that when I'm 85 and trying to live on my SS check and Alpo that she'll remember her sweet old Papa.
James Pepper: There's no law west of Dodge and no God west of the Pecos. Right, Mr. Chisum? John Chisum: Wrong, Mr. Pepper. Because no matter where people go, sooner or later there's the law. And sooner or later they find God's already been there.
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Joined: Jan 2006
Posts: 69,383 Likes: 3
Campfire Kahuna
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Campfire Kahuna
Joined: Jan 2006
Posts: 69,383 Likes: 3 |
A friend's son tried to skip on his loan. Some years later he tried to buy a house. Oops. It caught up with him. He had to make some serious payments for several years to get his credit rating back up enough to qualify.
βIn a time of deceit telling the truth is a revolutionary act.β β George Orwell
It's not over when you lose. It's over when you quit.
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Joined: Feb 2009
Posts: 10,953 Likes: 3
Campfire Outfitter
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Campfire Outfitter
Joined: Feb 2009
Posts: 10,953 Likes: 3 |
Ringman,
Just pony up an example or some sort of proof, and quit being a jerk about it. You're better than that. No he's not. He's full of schit and can't back up his claim. I don't care if he uses Google, Bing, or goes to the library and looks through old microfilm. I want to see ONE example of his claim.
They say everything happens for a reason. For me that reason is usually because I've made some bad decisions that I need to pay for.
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Joined: May 2006
Posts: 3,945
Campfire Tracker
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Campfire Tracker
Joined: May 2006
Posts: 3,945 |
If you borrow money in good faith what exactly do you think would happen when the time comes to pay it back?
If the Interest rate was offensive from the get go why sign the loan?
Experience hath shewn, that even under the best forms of government those entrusted with power have, in time, and by slow operations, perverted it into tyranny. Thomas Jefferson
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Joined: Jul 2011
Posts: 23,453
Campfire Ranger
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Campfire Ranger
Joined: Jul 2011
Posts: 23,453 |
Ringman,
Just pony up an example or some sort of proof, and quit being a jerk about it. You're better than that. No, he really isn't. He's full of schit, again, and being called on it - again.
America needs to understand that our troops are not 'disposable'. Each represents a family; Fathers, Mothers, Sons, Daughters, Cousins, Uncles, Aunts... Our Citizens are our most valuable treasure; we waste far too many.
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Joined: Jul 2011
Posts: 23,453
Campfire Ranger
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Campfire Ranger
Joined: Jul 2011
Posts: 23,453 |
If you borrow money in good faith what exactly do you think would happen when the time comes to pay it back?
If the Interest rate was offensive from the get go why sign the loan? This makes as much sense as not refinancing a mortgage when a lower interest rate is available (i.e., none).
America needs to understand that our troops are not 'disposable'. Each represents a family; Fathers, Mothers, Sons, Daughters, Cousins, Uncles, Aunts... Our Citizens are our most valuable treasure; we waste far too many.
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Joined: May 2006
Posts: 3,945
Campfire Tracker
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Campfire Tracker
Joined: May 2006
Posts: 3,945 |
Student loans are different animals. Those rates are set by each Lender that writes them. They are not negotiable. In fact while interest rates have been at all time lows Student Loans have remained high.
You will need to borrow from a bank for a personal loan or an home equity loan to pay off the Wells Fargo loan.
You are wasting your time believing you can negotiate with Well Fargo.
Experience hath shewn, that even under the best forms of government those entrusted with power have, in time, and by slow operations, perverted it into tyranny. Thomas Jefferson
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Joined: Sep 2010
Posts: 3,891
Campfire Tracker
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Campfire Tracker
Joined: Sep 2010
Posts: 3,891 |
First let me say I agree with the 12% is usury and refinancing isthe way to go . Also I admire the OPs daughters commitment . The whole student loan debacle gives me mixed feelings. yes higher Ed is out of hand and is a scared cow. On the other hand I don't see many of the students living like we did when we went to school . I see the new dorms going up at UK and they have fitness gyms and food courts a in the lobby's as well as private baths etc. That comes at a price I made that statement to a professor there and his response was they will go so some where else if we don't build them that way. I also note that the professors and instructors I had in state college seemed to teach am much heavier schedule than most of the professors I now know. For example the afore mentioned professor I quoted earlier taught 1 class the last semester and spent the rest of the time r at full pay editing a textbook that he co- authored. The issue is he authors a book on university time and then reaps the royalties personally. Again thee is a price to that too. So I see plenty off blame to go around but as a taxpayer I have to say my empathy u is worn pretty thin for all involved. I am also a bit taken aback by the number of staunch conservatives that denounce taking government subsidy are so quick to advocate walking a student loan.
Last edited by bangeye; 03/09/16.
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Joined: Feb 2005
Posts: 4,427
Campfire Tracker
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Campfire Tracker
Joined: Feb 2005
Posts: 4,427 |
As the saying goes......stupid should hurt.
The student loan program is the liberal wet dream bomb.
Loans that cannot be defaulted.
Working parents required to co-sign.
Money cleanly funneled into liberal college institutions.
Tuition skyrockets for those actually paying their own way (just like Obama-care).
After graduation, students discover $100,000 of debt.....and no marketable degree. Prime, ripe pickings for the liberal politician promising student loan forgiveness.
Anyone participating deserves EVERYTHING they get.
As usual....the actual taxpayer will pick up the tab for the stupidity.
We paid the tuition.....with the stipulation of acceptable grades.
More government money for education meant more money out of my pocket......every time.
Anyone participating deserves EVERYTHING they get. They likely will not get what they deserve, given the number of educated 'victims'.
"Those that think they know everything are annoying those of us that have Google." - Dr. D. Edward Wilkinson
Note to self: Never ask an old Fogey how he is doing today. Revised note to self: Keep it short when someone asks how I am doing.
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Joined: Jul 2011
Posts: 23,453
Campfire Ranger
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Campfire Ranger
Joined: Jul 2011
Posts: 23,453 |
Student loans are different animals. Those rates are set by each Lender that writes them. They are not negotiable. In fact while interest rates have been at all time lows Student Loans have remained high.
You will need to borrow from a bank for a personal loan or an home equity loan to pay off the Wells Fargo loan.
You are wasting your time believing you can negotiate with Well Fargo. Dead wrong. Refinance and consolidation is possible, and pretty easily so. A personal loan or a home equity loan is not necessary; the borrower herself can refinance and consolidate those loans through another lender.
America needs to understand that our troops are not 'disposable'. Each represents a family; Fathers, Mothers, Sons, Daughters, Cousins, Uncles, Aunts... Our Citizens are our most valuable treasure; we waste far too many.
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Joined: Apr 2011
Posts: 383
Campfire Member
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Campfire Member
Joined: Apr 2011
Posts: 383 |
She needs to refinance if possible. .gov changed the rules on refinancing and consolidating student loans a few years ago and a lot of banks wont touch them. I did consolidate my loans in 2007 upon graduation and have a 3.5% interest on the private loans. I paid off the federal loans but they were around 6%. The interest for federal loans is set by the feds even when it is way out of line with other interest rates.
Good on her for wanting to pay them off. I cant wait to have mine paid off I am down to about 3.5 years and I put every extra penny I have towards them. Thankfully after 9 years in the workforce I am making good wages so there is light at the end of the tunnel.
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Joined: Jan 2009
Posts: 127
Campfire Member
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Campfire Member
Joined: Jan 2009
Posts: 127 |
Wife and I just sold our home to pay off student loans. Moved into the in-laws' basement temporarily to save up money for another house.
Bought the house in 06, just before the market crashed. This fall, the house was finally worth almost what we paid for it. Sold it, used the equity to pay off loans.
Some generilizations that I took away from our 20's, post college:
1. sacrifices need to be made, (can't keep up with the Jones').
2. The baby boomer generation is wealthy because they have accumulated wealth over their lifetime. Most of their kids in their 20's-30's can't (shouldn't) live at the same spending level as their parents, but they do. This riddles them with debt and the inability to save.
3. Student's need to better understand the monthly impact of their student loan debt post college, the info is there, it just isn't real until you experience it.
4. Don't go to a $40,000 a year school to make $35,000 a year when you get out. Unless you love the job, and don't mind not having much money.
5. College is oversold, not for everyone, and sometimes a very poor investment.
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Joined: Nov 2010
Posts: 19,009
Campfire Ranger
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Campfire Ranger
Joined: Nov 2010
Posts: 19,009 |
Wife and I just sold our home to pay off student loans. Moved into the in-laws' basement temporarily to save up money for another house.
Bought the house in 06, just before the market crashed. This fall, the house was finally worth almost what we paid for it. Sold it, used the equity to pay off loans.
Some generilizations that I took away from our 20's, post college:
1. sacrifices need to be made, (can't keep up with the Jones').
2. The baby boomer generation is wealthy because they have accumulated wealth over their lifetime. Most of their kids in their 20's-30's can't (shouldn't) live at the same spending level as their parents, but they do. This riddles them with debt and the inability to save.
3. Student's need to better understand the monthly impact of their student loan debt post college, the info is there, it just isn't real until you experience it.
4. Don't go to a $40,000 a year school to make $35,000 a year when you get out. Unless you love the job, and don't mind not having much money.
5. College is oversold, not for everyone, and sometimes a very poor investment.
Some are better off at community / junior college learning a trade. Much cheaper.
Dave
οΏ½The man who complains about the way the ball bounces is likely to be the one who dropped it.οΏ½ Lou Holtz
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Joined: Nov 2013
Posts: 28,805 Likes: 2
Campfire Ranger
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Campfire Ranger
Joined: Nov 2013
Posts: 28,805 Likes: 2 |
Wells Fargo is awful. My son had a private loan through them and I called to get a payoff amount so we could refinance. The agent refused to tell me the amount. I rolled the loan into a new mortgage soon after.
The lesson here is to use the loan program and then refinance with a good outfit like EdSouth. They will work with you to keep costs low. Start paying as early as you can and stay current.
The other lesson, maybe the main one, is to think long and hard about whether college is the right choice and then about what to major in so there's a job waiting when the kid gets out. Among my sons' friends, most who went to school are working in a field other than their major. My older son is an exception; he went to a trades college and got a two-year degree in Landscaping Technology. He was able to get work as a supervisor right away and now, with his third company, is rising up through the ranks.
What fresh Hell is this?
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Joined: Jan 2010
Posts: 732
Campfire Regular
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Campfire Regular
Joined: Jan 2010
Posts: 732 |
Some are better off at community / junior college learning a trade. Much cheaper. [/quote] Agreed. Now try convincing a teenager. You won't have the fancy marketing tools and presentations that the schools have. The dorm tours, seeing all the student hanging out int he quad, etc., etc. Someone above wrote that you can't walk away from a loan, unless you can prove the school mislead. I would argue, they've all mislead these kids. Unless you have a child with a passion for their chosen career (and the grades to back it up), community college is where they should start. I like them having a dorm experience at some point, but until they truly decide what they want to do, or at least on a realistic path, universities are a mistake.
"Honey, when I die, sell my guns for what they're worth and not what I told you I paid for them."
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Joined: Jun 2002
Posts: 131,691 Likes: 15
Campfire Sage
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Campfire Sage
Joined: Jun 2002
Posts: 131,691 Likes: 15 |
My niece has a student loan through Wells Fargo. She is paying about 12% interest. She is hell bent to pay it off and is paying $800 per month but can hardly keep up. Does anyone have experience on paying off the loan? She refuses to skip out and stick it to the taxpayers but needs help. Is there anyone out there that knows of a bank or credit union that is cheaper. Wells Fargo refuse to give her a break on the 12% interest. Any thoughts? That's an absurd rate for a student loan. I think my student loans were for around 2% interest.
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Joined: Sep 2007
Posts: 26,524
Campfire Ranger
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Campfire Ranger
Joined: Sep 2007
Posts: 26,524 |
That's an absurd rate for a student loan. I think my student loans were for around 2% interest. Dad charged you interest?
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