Chef Jim Posted February 22, 2012 Share Posted February 22, 2012 I know it's been mentioned here but it will most likely be student loan debt. Let me give you the most recent example I've come across. This woman is 30 years old and has been pretty much a career student. She is now done (yeah right) with school after 10 years. She is entering the work force with $475,000 in student loan debt. The debt is rising seeing she's not paying anything towards her loans. She is currently in negotiations for a job (I don't remember exactly what it was) in another state. She's asking $50,000 they're offering $40,000. He number one goal that she is looking for from us? Help me with my student loan debt. Ummmm, not what we do. So according to OWS that debt should be forgiven? Link to comment Share on other sites More sharing options...
KD in CA Posted February 22, 2012 Share Posted February 22, 2012 Not only should everyone get a free education (never mind that they already do), but apparently everyone should be able to spend their entire lives doing nothing but going to school at the most expensive university possible while someone else pays for the world class instructors, the building, the materials, the janitor etc., etc. It must be so refreshing to live in a world that is free from even the most basic fiscal common sense. Link to comment Share on other sites More sharing options...
Jim in Anchorage Posted February 22, 2012 Share Posted February 22, 2012 I know it's been mentioned here but it will most likely be student loan debt. Let me give you the most recent example I've come across. This woman is 30 years old and has been pretty much a career student. She is now done (yeah right) with school after 10 years. She is entering the work force with $475,000 in student loan debt. The debt is rising seeing she's not paying anything towards her loans. She is currently in negotiations for a job (I don't remember exactly what it was) in another state. She's asking $50,000 they're offering $40,000. He number one goal that she is looking for from us? Help me with my student loan debt. Ummmm, not what we do. So according to OWS that debt should be forgiven? $475,000? Hell I would have taken the money and skipped to Costa Rica and lived like a king. What kind of degree do you get for that anyway? Link to comment Share on other sites More sharing options...
KD in CA Posted February 22, 2012 Share Posted February 22, 2012 $475,000? Hell I would have taken the money and skipped to Costa Rica and lived like a king. What kind of degree do you get for that anyway? Probably an advanced degree in Gender Studies. Link to comment Share on other sites More sharing options...
Chef Jim Posted February 22, 2012 Author Share Posted February 22, 2012 $475,000? Hell I would have taken the money and skipped to Costa Rica and lived like a king. What kind of degree do you get for that anyway? She has an MBA and a PhD in Psychology. I think those are her degrees. She's not a client of mine but one of my reps. I couldn't hold back the laughter when I reviewed this case. I asked him "so when's she planning on growing up?" Link to comment Share on other sites More sharing options...
John Adams Posted February 22, 2012 Share Posted February 22, 2012 $475,000? What the hell? I took out a lot in student loans and had 50K. At least I was an engineer with job prospects. The best thing about student loan debt: Can't be discharged in bankruptcy. One step in fixing: The debt amounts available (from the federal government--banks can do what they please) should be lowered substantially. Link to comment Share on other sites More sharing options...
Jim in Anchorage Posted February 22, 2012 Share Posted February 22, 2012 Probably an advanced degree in Gender Studies. I would give seminars on " How I pulled a half million dollars in unsecured loans with no job." Standing room only,I bet. Link to comment Share on other sites More sharing options...
Chef Jim Posted February 22, 2012 Author Share Posted February 22, 2012 $475,000? What the hell? I took out a lot in student loans and had 50K. At least I was an engineer with job prospects. The best thing about student loan debt: Can't be discharged in bankruptcy. One step in fixing: The debt amounts available (from the federal government--banks can do what they please) should be lowered substantially. $300-$500k student loans for med school grads in not undeard of. But they tend to be offered just a bit more than $40k when they graduate. Link to comment Share on other sites More sharing options...
DC Tom Posted February 22, 2012 Share Posted February 22, 2012 She has an MBA and a PhD in Psychology. I think those are her degrees. She's not a client of mine but one of my reps. I couldn't hold back the laughter when I reviewed this case. I asked him "so when's she planning on growing up?" Those are actually not completely worthless degrees (not worth a half-million, mind you). I'm mildly surprised she can only find a job offering $40k - but only mildly, because she obviously has almost no work experience. Beyond a certain point (which she passed about $400k ago), it's awfully stupid to go deeper into debt for a degree. One step in fixing: The debt amounts available (from the federal government--banks can do what they please) should be lowered substantially. That may have changed. The industry underwent structural changes about six years ago (to make it more like the mortgage markets, just before the mortgage markets went to ****). I'm not completely sure of the details, I just know things changed (was doing some web work for a student aid company back then - since defunct, since the changes to the industry left them unable to actually loan money.) Link to comment Share on other sites More sharing options...
KD in CA Posted February 22, 2012 Share Posted February 22, 2012 $475,000? What the hell? I took out a lot in student loans and had 50K. At least I was an engineer with job prospects. The best thing about student loan debt: Can't be discharged in bankruptcy. One step in fixing: The debt amounts available (from the federal government--banks can do what they please) should be lowered substantially. Bingo. Problem solved. Can't get the degree you want from Harvard with the money available? Guess what, they offer the same degree at the community college down the street. Link to comment Share on other sites More sharing options...
DC Tom Posted February 22, 2012 Share Posted February 22, 2012 Bingo. Problem solved. Can't get the degree you want from Harvard with the money available? Guess what, they offer the same degree at the community college down the street. And that and Photoshop will get you a Harvard degree. Link to comment Share on other sites More sharing options...
Chef Jim Posted February 22, 2012 Author Share Posted February 22, 2012 Those are actually not completely worthless degrees (not worth a half-million, mind you). I'm mildly surprised she can only find a job offering $40k - but only mildly, because she obviously has almost no work experience. Beyond a certain point (which she passed about $400k ago), it's awfully stupid to go deeper into debt for a degree. I agree those are by far worthless. But a better path is to get a degree of some sort and work for a few years to get a resume up then go back for the MBA and Doctorate. Seeing my office is down the road from Stanford I'm coming across a lot of these career students. Link to comment Share on other sites More sharing options...
Jim in Anchorage Posted February 22, 2012 Share Posted February 22, 2012 Those are actually not completely worthless degrees (not worth a half-million, mind you). I'm mildly surprised she can only find a job offering $40k - but only mildly, because she obviously has almost no work experience. Beyond a certain point (which she passed about $400k ago), it's awfully stupid to go deeper into debt for a degree. Tom, contrary to you're personal experience, Psychology is not a hot job market. I understand you set up automatic bill pay with your mental health worker,but thats just you. Link to comment Share on other sites More sharing options...
Chef Jim Posted February 22, 2012 Author Share Posted February 22, 2012 Tom, contrary to you're personal experience, Psychology is not a hot job market. I understand you set up automatic bill pay with your mental health worker,but thats just you. No she's been involved in research at Stanford so that end of it is big. I'm with Tom I'm wondering why she's only being offered $40k. Maybe she's ugly. Link to comment Share on other sites More sharing options...
Doc Posted February 22, 2012 Share Posted February 22, 2012 If she's attractive, suggest pole dancing. Link to comment Share on other sites More sharing options...
DC Tom Posted February 22, 2012 Share Posted February 22, 2012 Tom, contrary to you're personal experience, Psychology is not a hot job market. I understand you set up automatic bill pay with your mental health worker,but thats just you. I didn't say it was a hot job market. I said it wasn't a worthless degree. Neither is an MBA. Link to comment Share on other sites More sharing options...
Jim in Anchorage Posted February 22, 2012 Share Posted February 22, 2012 No she's been involved in research at Stanford so that end of it is big. I'm with Tom I'm wondering why she's only being offered $40k. Maybe she's ugly. Research is a grant. Closed ticket. Move on. Link to comment Share on other sites More sharing options...
DC Tom Posted February 22, 2012 Share Posted February 22, 2012 No she's been involved in research at Stanford so that end of it is big. I'm with Tom I'm wondering why she's only being offered $40k. Maybe she's ugly. Research is probably a tighter job market than clinical work. If she's in research, and just got her degree, she's probably being offered a post-doc position, in which case she's probably lucky to get $40k (and in which case her MBA's not worth a whole lot, either.) And all that indicates a decision-making paradigm bad enough that she's probably not even worth $40k, either. Link to comment Share on other sites More sharing options...
Chef Jim Posted February 22, 2012 Author Share Posted February 22, 2012 Research is probably a tighter job market than clinical work. If she's in research, and just got her degree, she's probably being offered a post-doc position, in which case she's probably lucky to get $40k (and in which case her MBA's not worth a whole lot, either.) And all that indicates a decision-making paradigm bad enough that she's probably not even worth $40k, either. Now you got me thinking. Not sure if she was looking research of clinical. I was too busy laughing. Link to comment Share on other sites More sharing options...
Jauronimo Posted February 22, 2012 Share Posted February 22, 2012 I agree those are by far worthless. But a better path is to get a degree of some sort and work for a few years to get a resume up then go back for the MBA and Doctorate. Seeing my office is down the road from Stanford I'm coming across a lot of these career students. That's the new fad with the younger crowd. Go to school forever, where its safe and familiar. They rationalize these decisions with "well, the job market sucks right now and will be better in a few years when I'm out of grad school," and "how could more education be a bad thing?," but its usually a tactic to delay the onset of real life. While knowing more is almost never a bad thing, what no one tells these kids is that when they graduate with their Master's they're still just some dipsh%t with no experience and a mountain of debt. Link to comment Share on other sites More sharing options...
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