Student Loans and Inability to Repay

Originally posted by AnIntellectualRedneck
reply to post by OutKast Searcher

 

IT Management for me. Other people graduated with degrees in Computer Science for the most part. And the thing about moving is that it takes money. Money that, if I had, I wouldn't be worried about paying my student loans in the first place.

IT Management...what does that even mean???

You aren't going to walk into a management position straight out of college.

Yes...moving takes money...going to college takes money....you do it as an investment.

You can't just sit at home and expect a job to come to your doorstep...you may have to move across country to get a job. But if you are holding out for that "management" position...good luck...no one is going to hire a recent college grad with zero experience as an "IT Manager".

I'm curious though...what exactly did you learn in college for an IT Management degree???

reply to post by babybunnies


I actually held two part-time jobs for the bulk of my schooling. But, seeing as how I had to pay for things like rent and food, I really couldn't put forth too much of my own money into it. Not enough to make that big of a difference.

I heard that with the enactment of that new student loan deal, your payments cannot be more than 10% of whatever your take home income is. If you can find a job in the public service sector, your loans are waved after 10 years of service, and are wiped clean after 20 years, I believe. Right now I'm in economic deferment of a 60k+ loan. I have a specialized BA in the education field and what is now a useless Master's Degree. Unfortunately, many states require teachers to hold a Master's degree to receive their permanent license, so I had no choice but to get it. If the education department at my university would have done a better job of informing students about Master's degree reimbursement programs through public school employers, I would have more actively searched for a position right out of undergrad. I had a full time position which didn't work out, and I've been doing freelance gigs and substitute teaching full time for almost 3 years now.

If I were you, I'd start checking the job databases for your state, and sign up for civil service exams. Your IT degree could be useful in dispatch, governmental administration, etc. I went that route when the teaching field went downhill (especially for my content area). I haven't been qualified for the majority of the jobs I applied to (but the tests were free since I made under a certain amount of money), but the tests give a feel for what public service employers are looking for.

Or you could do like a friend of mine did and just move out of the country for 7 years. After that, they stop looking for you and eat the cost. I'd probably do the same if I wasn't taking care of family members.

I find the federal loan program to be more forgiving than private loaners, so I hope you got your loans through the Fed (I'm grinding my teeth as I type this).


Good luck with whatever you decide. Remember: bankruptcy cannot clear your loans. If you become permanently disabled, then you might be able to get your loans cleared. But I wouldn't wish that on anybody.



-TS

reply to post by OutKast Searcher


It was the school's weird name for Management Information Systems.

So far I've learned about networking, BASIC, am learning SQL and database management at the moment. I had to have some semesters of Java and C++, so I've learned a good bit.

Hopefully I am fixable. If not that's just the way the ball bounces. No matter what you have to live with it or at least make it manageable.

Originally posted by AnIntellectualRedneck
reply to post by OutKast Searcher

 

It was the school's weird name for Management Information Systems.

So far I've learned about networking, BASIC, am learning SQL and database management at the moment. I had to have some semesters of Java and C++, so I've learned a good bit.

That is a decent skillset to get into a place.

Have you gone to all the career fairs...there are jobs out there...places are hiring again. You aren't going to make the big bucks straight out of college...but if you are looking at jobs at $9 for that skillset, then I'd say you are looking in the wrong places.

But if you are limiting yourself to your immediate geographical area...then yes...it is going to be very very hard to find a job.

It's sad but The Government is illegally and dishonestly coercing young kids to get student loans, to rob them blind and further continue to control those people as they get older.

It's a Scam. College itself Is a scam. Why are there no jobs? Because you only want the jobs you get trained for in college - in the scam.

I have skills. I work any day and any time I want to - and you know what..

I make you Sick because I hate working so much, that I only work when I want to or need to - no 9 to 5 job for me. I'd rather have more time for Me and my family.

We don't make a ton of money but we don't need to. I own a house, vehicle, two computers, cell phones, have plenty of food, have parties for friends, enjoy all the same entertainments you do, go on vacations - and I live below the poverty line. i do not live beyond my means and work only as much as i need to. We are happy and have much more free time than those stuck in a 9 to 5.

Get yourself some skills and like me make 30 to 60 dollars an hour. You can learn many skills for Free by going to Home Depo classes.You don't get a "degree" but you don't Need a degree - this is what most people don't understand - if you have the skills, the work will always be there.

reply to post by JohnPhoenix


However, there is a major mindset to get past. I do agree with you.

But, the problem is, the system has generated a mindset that unless you go to college you do not know what you are doing unless you have that little piece of paper. I have skills myself, and the problem I have run into many times is I do not have that piece of paper that "proves" I know what I am doing. Never mind the fact that my experience was gained through doing the task over many years and not sitting in a class room.

I am currently in college full time and have been a student off and on since late 2006. I am STILL working on finishing up my core classes...with one more semester to go full time to complete them. What should have been 2 years full-time, turned into 6 years because I couldn't afford tuition and I REFUSE to get student loans. What classes I take now are with the help of the PELL Grant, scholarship money, and out of pocket. If I don't have the money then I put it off until I can. I also took out a small student loan in the beginning $1500...that was a mistake because as soon as I stopped going because I couldn't pay for the next semester's classes, they started calling me everyday and it's just a viscious cycle. I used income tax returns to pay them back, but promised myself I would never do it again. I don't care if it takes me the next 20 years to finish my Bachelors. Thankfully though scholarships are helping take most of the load off right now financially. My suggestion is forego then student loans. It may take you longer, but you won't have the stress to worry about. If you already have student loans, I am sorry. I don't know what to say or how to help you. Lots of prayer

Lol. I have an IT degree in Network Administration. The only jobs that have been open around here are either entry level help desk support paying minimum wage with minimal advancement or high level Network Admin positions that require years and layers of experience that is impossible to get in the current economy. Even those jobs from what I see in my area are paying $12-15 an hour, with the occasional $20 depending on which corporate teet you manage to suckle on to.

Luckily for me, I am only about 15k in the hole on my student loan. Having my own business, 60% of my income goes to overhead while the other 40% goes towards my survival. I am certainly living below the poverty line and should they ever try to garnish my wages, they wouldn't exactly have anything to take.

I've even been willing to travel, but within the past four years, there hasn't been anything decent in entry to mid-level IT in the past four years within a hundred mile radius. I have family and friends and I am sorry, but they come first before any job in my life.

College always has and always will be a scam. Unless you are going for some super specialized skill (law, medicine or engineering) you are probably getting ripped off. A business degree is really just highschool diploma 2 and liberal arts degrees are equally worthless.

Mostly what i have learned is that all college really does is push back real world experience a few years. So many people that go to college come out the other end ignorant of society and how things like interest work and how just 1 day late is still a late payment and how that effects them.

It's amazing to me that someone will go to college just to go, get a degree in a worthless field, take out loans to get there, and then blame someone else for their predicament. Not that the government does not deserve some blame for arranging the loans in the first place. I believe that, too, but anyone who gets a B.A. in Medieval English Literature and expects anyone to pay them other than minimum wage for grunt work is crazy to begin with. Then to top it all off people want their loans forgiven because they "can't repay them."

What a crock! You sure took the money when it was offered, and right there is where I think the problem is. The banks, with government pressure, are giving you MY money to waste. Here's what any self-respecting business, including banks, would do: If I were a loan officer and you came to me and said, "I'd like you to pay for my college. I'll pay back the loan when I get out." I would be asking questions like:

What kind of job will you qualify for when you graduate?
What is the marketplace for those kinds of jobs?
Where are they?
What's your GPA?
Are there any projections for a need for these skills in the future?
What kind of beginning salary would you expect to make?
How marketable are you, personally?

I would take your answers and not take your word for it, but bounce them against my own internal research sources to see if they were credible. And if you told me your B.A. in English would qualify you for a management job in publishing or a department head at a major research library I would say, "No. Actually you'll be lucky to get a job flinging fries at Burger King, so no, we can't loan you the money."

And if I didn't give you the loan you'd be all over the place whining about "discrimination," about your "civil rights" and all manner of screaming that you didn't get your way to get a BA in socialism.

Tell them you want a refund, the education you received in exchange does not amount to a hill of beans. Tell them when you get 50k worth of education you would be more than happy to start paying.

You are confusing the lender and the university. That would be fine of it was the university that fronted you the money, but they did not. The bank fronted you MY money so you could go to school. Is it my fault you didn't get 50K worth of education or YOUR fault you did a stupid degree? You are accountable for your screw-up. So sue the university and good luck.

university of phoenix online campus, graduated, was able to get into the program from a managerial perspective of IT without going into the nuts and bolts of what makes IT work

Un-friggin'-believable! In other words you have no idea how IT works, but you think you can "manage" it. That's the perfect PHB: Pointy Haired Boss who knows nothing. Meanwhile, the people who started the University of Phoenix are billionaires. There's one of your culprits right there.

The whole thing is messed up. Students with unrealistic expectations are part of the mess up. They are not innocents.

reply to post by schuyler

Wow, you're right. Kids don't understand that that money is our money, we as citizens are obligated to pay it back. I wonder if anyone in government is aware of what they are actually creating with this false economy.

reply to post by schuyler


I'm sorry that the society that you created brainwashed me and my generation for 12 years into taking those loans and then elected governmental officials that created policies that destroyed the opportunities we would've had.

I'm sorry that I'm just a little bit miffed about the fact that any slob can go buy tens of thousands of dollars worth of crap, declare bankruptcy, and then still get to keep a good bit of it. Whereas I was just trying to get an education, to do the right thing, but I can't even get a break if it's ruining my life and crippling my ability to provide for me and my family.

Originally posted by schuyler
It's amazing to me that someone will go to college just to go, get a degree in a worthless field, take out loans to get there, and then blame someone else for their predicament.

You mean it's NOT the republicans fault that i can't get a high paying job at NASA with my degree in literature?

Originally posted by schuyler


What kind of job will you qualify for when you graduate?
What is the marketplace for those kinds of jobs?
Where are they?
What's your GPA?
Are there any projections for a need for these skills in the future?
What kind of beginning salary would you expect to make?
How marketable are you, personally?

I agree with your points....
I have a handful of friends who went to school for subjects that would NEVER land them a job, but never even thought about that when they signed up. Most of them are working jobs they hate and again, have nothing to do with what they went to school with. I do not get why people do this?! It is a huge common issue. Why would someone spend all that time & money and go to school for say a....history degree? What are you going to do with THAT? Compete with seasoned professors who teach history?

I already have one degree and it got me far. It was a degree that allowed me to get a job anywhere and it is a job that is always in demand and can pay well. I'm working on a new degree for a new career, again, a field that is always hiring and the pay is not too shabby.

GPA is very important. Ive heard many say it is not, but Ive been positions to hire people and Ive had employers ask for my GPA. I work my ass off to maintain as close to 4.0 as possible.

and last, yup, personality is very important. And some people are NOT hirable based on their personality. Whether one wants to accept that it doesn't matter, that is a fact of life. Showing up late....showing up with your clothes and hair looking ratty....and the list goes on. Overall marketing and presentation of oneself can get you a job or get you a "no thanks". Ive interviewed people who show up looking like they just rolled out of bed and couldn't see to even fake a smile. Makes me not even want to look at their resume or ask questions.


As far as loans go. I have seen some points made in this thread that arent really helpful...

Not everyone can get a full scholarship unless you are some star athlete or some "special case". Community colleges are not cheap. My first year of college, out of high school, I attended a community college. It was super expensive. Maybe it just depends on the college itself. Online courses? Again, they are not cheap. I'm taking them now. Any scholarships? Well they don't come easy. Usually only a handful are handed out and you have to compete against others for it. Or you are not "special" enough and are not eligible for that scholarship Also, GPA comes into play. Don't have a high enough GPA (3.5), you may not get it. While Id suggest apply for every scholarship you can, there is no promise you will get it; therefore, you cannot depend on them. For many if not most people attending colleges, loans are the only option.

Others say that college is a waste. Well if you are going for say a history or political science type degree than yes, it is. If you are seeking a specialized field then no it is not. You need to learn and be trained in whatever it is so you can pursue that career field.

As far as the OP goes....sorry you are in this situation. It sucks. And yup, lots are in this situation. All you can do is be wise and careful as you go forward. Hang in there and best of luck....

I've got to know what degree you all have with 50- 90,000 in loans. I have a two year degree and my base pay is over 50k a year....what happened?

I'm not trying to belittle anyone so don't fret, I've seen the want ads for social workers with a masters deg paying 9$ an hour.

Just curious.

The way I see it is we are all being screwed by the fraud that is the federal reserve.

I mean, if they print all the money, then loan it out with interest, all money gets repayed to the central banks.

99 years this has been going on. The Federal Reserve has a 100 year charter. It's up in 2013. No one’s talking about it but we need to be.

If we can end the fed, we can change the system into one that doesn't screw the people of a country.

reply to post by greeneyedleo

You have incentive and drive, college didn't give you that. School did not give you that. School is only a tool. Kids are led to believe that going to college is going to get you a good job and half the time it is the case. The people with intelligence and are willing to work and accomplish things more often succeed. Once the baby boomers all retire there will be more jobs. Lot of them own small businesses though and they will dissolve the businesses if nobody wants to buy them and sell the equipment. This could cause a further decline in employment. The college loans may limit the young from acquiring a loan to buy a business.