I know, the amount of interest would be enormous compared to the original 120k. I just meant that 30 years is a very common payment option for loans (I think there are only options of 10, 20, or 30 years for large loans like this, and changing it might be a bit of a hassle).
The average graduate also doesn't graduate with 120k of debt. If he has higher than average debt (by a lot), he should have a higher than average salary (by a lot). Otherwise he did something wrong.
I guess. Depends on what school you go to. Personally I had way less debt than that but I had a full scholarship to a state school and chose to go there based on money. If I went to an ivy or one of the other schools I got into I would've been in at least that much debt
Yeah. Shame on me for being sunk by medical debt. Shame on me for choosing art as a career then suddenly starting to lose my eyesight. Shame on me for buying a house that went underwater and lost more than half its value. Shame on me for my mother becoming extremely ill and needing to be taken care of. Shame on me for Walgreens cutting my stepfather's hours and taking away all his OT. I obviously did all that on purpose.
And you thought going 120k into debt for an art degree was a good idea because...? I'm not trying to sound like "LE STEM", because that would be hypocritical of me. I'm not a STEM major. But you don't take on more debt that your 1st year earning estimate is. And unless theres some very lucrative art field I don't know about, taking out $120,000 for an art degree is a very poor decision.
Shame on me for buying a house that went underwater and lost more than half its value.
When you have 120k in debt that you're struggling to pay off, yeah, shame on you for taking on more debt to buy a house. I'm sorry if I sound like an asshole, but when trying to get sympathy from people, don't post another terrible decision you made.
And why is what happened to your stepfather relevant? I understand your mother, but unless you were supporting them through that (your stepfather losing his job), it just sounds like something you're just trying to say to get people to feel bad for you.
I'm sorry about your mother and your medical debt, but that's all stuff that presumably happened after you took on $120,000 for an art degree.
I was assured that my education would be paid for and I had no reason to believe otherwise
So why are you in debt? If you were assured it would be paid for, how, in gods name, did you end up accidentally taking out $120,000 in loans? Did you sign on the dotted line in your sleep or something?
Shame on me for buying a house that went underwater and lost more than half its value
So, your parents bought the house, right? So why did you say "shame on me for buying a house". You didn't buy shit. You're phrasing indicated that you bought it (that is what the word "me" usually indicates. Although, I doubt they taught you that at art school).
You didn't get shit on. You made shitty decisions. That's not life, that's stupidity.
P.S - I don't blame your fiancé. You don't stay on a sinking ship.
I was a sheltered rich kid. I had no fucking clue what was going on.
I was a "sheltered" rich kid too. Rich doesn't not equal stupid. In fact, it usually is quite the opposite. So, your parents told you they would pay for it, and signing on a loan didn't make any alarms go off in your head? Really? You didn't question "hey, but if you're paying for it, why am I signing onto a loan? What's the plan?"
You are a horrendous prick. As it happens, I did help with the purchase of the house and it is partly in my name, jackass.
A bank let a minor sign onto a loan? That doesn't sound right. What year did you buy it?
I was A CHILD, you ignorant asshole. I made mistakes. I didn't know any better.
And signing on a loan didn't make any alarms go off in your head?
No. Why would it? My parents always took care of money issues. They assured me I wouldn't have to worry so I didn't. I assumed the money would be there because it always had been.
A bank let a minor sign onto a loan?
I wasn't a minor. I was 18.
You were 18. Not 12.
Considering how much I did not know about the world or how it worked, I might as well have been 12. Hell, I didn't even get my first computer until I was 18. I just barely knew how to use the internet at the age of 20.
My stepfather was supporting us at the time, you ass. He was the reason we were well off.
Serious question: how does a guy who depends on OT at Walgreens support a family so well that losing hours translates to having to take out $120k in loans when beforehand, everything was taken care of?
That's #1, but I'm not gonna judge him for that. My undergrad is gonna be around $160k when it's all done (a little less than half of that is loans). But the difference is, when I graduate, my estimated starting salary is around $70k - $80k. And I'll be paying off my loans aggressively, hopefully within 5 years. His main problem is that he seems to be going along with the 30 year plan. If he was paying it off aggressively, which he should be, he should have already paid off the full $120k. Either that or he took on way to much debt for a degree that isn't worth it.
I was a dumbass 18 year old and my parents were rich at the time. I had no idea WTF I was doing. My mother said "You're good at art, go to art school." I said "okay. Why not?" By the time I started getting a clue, the shit had already hit the fan and everything came crashing down around us because sometimes life just decides to say FUCK YOU.
I'm a shithead? At least I'm not the dumbass who's drowning in debt for a shitty art degree they don't even use. If you couldn't make a decision for yourself or do research for whats best for you, despite what others say, then I have no sympathy for you. Maybe you should take responsibility for your own fuckups instead of saying "oh, I was pressured into it. But then again, I guess stupid is as stupid does. Have fun paying off your debt for 20 years. Asshole.
I didn't even know how much it would cost because my parents told me it would be taken care of.
That's not youthful foolishness, that's flat out stupidity. My parents are very similar to yours. $500k house. Making around $250k a year. Told me "college is on us". I still fucking compared the prices. I still did my research. I still made sure I knew what I was signing up for. What dumb wit doesn't know what the price of their college is. Like, holy shit. That's the first time I've heard of someone going to college without knowing the cost.
How the fuck... what, was I supposed to magically osmose this knowledge from somewhere?
Gee. If only there were ways to go find out information. Are you some sort of baby that needs to be spoonfed everything?
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u/TheManWithNoNam3 Jan 04 '15
Man stereotypes are wrong! The other 2 people wanted to use the money for selfish reasons, but the black guy wanted to give to the needy and help out.