One of the things we have to change is the mindset of the “college experience.” The idea that if you didn’t experience football games and fraternity parties, you missed out on life. College is too expensive to treat it like a working vacation.
College is great, the problem is it costs a shit ton in the US. In Israel for example I had to pay around 2-3k tuition a year for the best engineering university in the country, add to that 100-200$ monthly for dorms.
"The idea that if you didn’t experience football games and fraternity parties, you missed out on life." Tell me you never went to college without actually saying it.
@@thaddeusstevens1344 I went to college and never went to a single football game or frat party. Our football team sucked. I socialized within my interests and got decent grades. I don't feel that I missed out on anything.
Have been screaming this all along.. The whole "if we are going to forgive them then you shouldn't be giving them", Our government should not be in the College Loan Business
@@bradleymaravalli2851Another good business when I was in college was Pell Grants and other grants and scholarships. The lines at the financial aid office was hours long with people picking up that check. So many of them never came back to class!
I’ve got to give Dave a ton of credit here! I’m entering my final year of my masters and I’ve been debt free up until this point (community college years 1-2, blessed to have a college account for years 3-5) but for my final year it was all up to me. Prior to watching Dave I was in the “I’ll just take out a loan” mentality…but after listening I decided to stack up all my classes for my final year into one semester (long story short it cuts the bill by about 10 thousand) and decided to drain about 70% of my savings to pay for it outright instead of taking a loan! Thanks Dave for getting me on this path!
And how many youngish people have enough savings to pay for even one semester of college? There are plenty of students who live frugally, close to the bone, and probably few have any significant savings.
Similar story but I did my first 3 years in a community college. It also helps when people get real degrees. I received a masters in a healthcare field and have a real job. These colleges should be held accountable to offering real career paths.
That's my favorite argument; they advocate for bailouts while still offering the loans. Do they even know where the term "bailout" comes from? They keep filling the boat with water!
Wow! What side hustle are you doing!? Could you show us how to do the same?! Who should we contact?! (Yeah you guessed it, this is one of those bot reply threads).
I finally put my head down and charged through my student loans. Paid off $41,735 from July 5 to Sept 8. Now, my bank balance is recovering and I’m officially debt free. I have to thank this show for the encouragement to bust it out!
I went to Nursing School at Community College. One thing I looked at choosing the school was their passing rate on the State Board Nursing test. They had a 98% passing rate. Excellent! But the course was hard, half the class failed or dropped out after the first semester. Not me, despite the fact that I worked about 30 hours a week, and was a single mom of an infant, didn’t drive a car and had to take the bus everywhere ( I was never late for school), I graduated with high honors. And passed the Nursing State Boards with flying colors. And I immediately had a job, a paycheck, and a career……. And NO Student Loans!
I'm proud of you. For those students that didn't finish: it's better to get out sooner rather than later, before they rack up more student debt. I've heard stories of students going all the way to the fourth year before dropping out, by then they've racked up major debt and nothing to show for it. Plus the earlier they get out of one program that's not working out for them the earlier they can take a different career path. So having hard courses is better for everyone in the long run.
@@thaddeusstevens1344 I am retired now. The last few years I was working I was making between $86,000 and $110,000 a year. The $110,000 year was a year where there was a lot of overtime available to work. I was in a speciality nursing area so my pay, at that time, might have been a bit higher than the average nurse. But, then, you must remember that during Covid Nurses risked their own lives every time they showed up for work, and what is that worth?
College was originally designed for the sons of the wealthy and nobilty to be educated to become sophisticated and intellectual among their peers. College was never supposed to be for job training or jobs - which is why colleges offer courses in poetry, philosophy, etc. Corporations decided that training employees is too expensive, cuts into profits, so it's cheaper to make the employee pay for their own training and education. Now everyone thinks that's college equals jobs, but it was never intended for that. Universities never figured out how to become job training centers instead of honing the knowledge of the elite.
@@LuisCalderon-bw2xh tbh, they aint wrong. Vocational school, institutes of engineering and tech, agri and mechanical schools used to be where we trained people for jobs. Vocational school has been done away with and engineering/tech and A and M schools merged with Universities in order to attract talent and research funding. US education system is f&cked (especially public secondary schools) except for the few that actually learn something and then go on to work for some big soulless megacorporation.
That was true hundreds of years ago. Things change, if you've not noticed. The world didn't need many educated men, it sure does now. Even women! Ha ha....like my three STEM daughters. The computer and interne that you are using was created 100% by college educated men with just a few very rare exceptions. And they have/had off the charts intelligence.
I can't thank Dave and his team enough. I'm not young anymore. Luckily me, I made a lot of financial mistakes, but none has been catastrophic so far. Mainly just didn't save my left over money enough, due to my ignorance. But since discovering Dave this year, I have had many big instances to make a financial decision coming at me. Switching a job too soon, upgrading to a 'nicer' house when I'm not ready, keep wasting my money on vacations etc. Without the lessons I learnt from Dave Ramsey, I 100% would have made at least one wrong choice, which could place me under tremendous stress. I think that's how God protected me. Thanks be to God.
There are two sides to this story. My daughter got into graduate school at MIT. I told her I could not pay for it. So she borrowed $70K and two years later got both MS in Chemical Engineering and an MBA. She then got a job working for a well know consulting company, more than doubled her previous salary, and totally paid off those loans within 2 years. Today she is a vice president in a large health care company making a huge salary. Only use debt to buy an appreciating asset. It worked for her.
What year was this? At Johns Hopkins University, it costs $88,900 per academic year. My guess is this was around 10 years ago, at least. I also have a Master's degree in Computer Science and paid nothing (my employer did). I'm not a VP and nowhere close to it. Statistically, your job performance and work history determine where your career path goes. Your daughter and I are perfect examples of this. It sounds like her work ethic and performance is what got her to her VP position. Pardon my frankness, but I have known fairly unwise people who have multiple Master's degrees. Suggesting that getting a Master's degree is a path to a VP position is irresponsible and a large part of why the country is in this student loan mess. I get your proud of your daughter, but she got to where she is because of her job performance, not some Master's degree.
Your daughter is intelligent. Now, they are telling students to go to college that don’t have the intelligence which is forcing the colleges to drop expectations. They are calling that…….DEI. A cover up to allow colleges to make more money.
Our kids will be going to in-state school and paying for it with a combination of scholarships, dual enrollment transfer credits, money they've saved up from working, and the scholarship of Mom and Dad. We have been telling them for almost 4 years that we're not co-signing any student loans, and the scholarship of mom and Dad only applies if they don't get any debt either. It really does force you to look carefully at what your options are and make wise choices, whereas debt allows you to skip past a lot of carefully planning and just make stuff happen.... with little regard to the final results.
If your kids are top academic performers and if you earn less than $200K per year, it's also worth looking at the top private schools that offer need-based financial aid. The sticker prices are astronomical, but the aid can mean that the bottom line comes out less than in-state schools.
I had to take loans out for pharmacy school but I made a plan and paid them back once I graduated. Now I'm mostly debt free and following Dave Ramsey's advice.
You probably checked the salary before pursuing that degree and saw that it was a good investment... nothing wrong with that and more people should do it!
I know one thing for sure, starting early is the best way of getting ahead to build wealth, investing remains a priority. The stock market has plenty of opportunities to earn a decent payouts, with the right skills and proper understanding of how the market works.
Agreed! Getting a head start on building wealth is crucial, and having a solid strategy is key, personally I think having a coach is the smartest move in today's stock market.
What are the best strategies to protect my portfolio? I've heard that a downturn will devastate the financial market, so I'm concerned about my 300k stock portfolio
There are strategies that can yield solid gains in any economic situation, typically implemented by a portfolio strategist with a lot of experience. My friend introduced me to a financial advisor in 2022 and even though I was skeptical, I went on. I finally was making enough monthly dividend to quit my soulless job and pursue my dream
Most folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve not with standing inflation, from 275k to 750k
Talking about advisors, do you consider anyone worthy of recommendations? I have about 100k to test the waters now that large cap stocks are at a discount... Thanks
I don’t have the debt. I got a bunch of degrees. I got a good job. I also have a lot of mental scars from the general abuse across a few schools. At this point I just try and laugh and go I’m the biggest failure the program ever made to make myself feel better.
@@coreyburke3493 I call colleges modern day slavery. Working 60+ h weeks was the norm for 9 years on top of classes. All the while you aren’t getting paid you are paying to get yelled at and belittled. I got yelled at for going to my dad’s death bed and funeral was called lazy and selfish for doing so. It’s like no one thinks that will mess someone up? They have issues if you have any interest that isn’t your major. Like I always made room for sports and I still remember multiple professors calling me into their office to tell me I needed to stop going to the gym for literally 1 h a day because I wasn’t being productive. One threatened to fail me and prevent me from graduating despite me having an A in the class. Are chemists really supposed to be that way. That I can’t run in the morning? Am I allowed interests outside of the field? I still don’t know this answer and I struggle with it. But that said the worst stories have come from coworkers. I have friends who tried to switch schools because their advisers were worse than mine. And the advisor tanked their GPA so they couldn’t graduate or transfer. It sabotaged their entire career. And it’s horrible.
From reading various comments, I think this needs to be said and this is my take. Legally it may be the parent's responsibility to pay off the loans full stop. BUT if I made a verbal agreement with my kid about payback of the loan and my kid fails to honor the agreement, I have failed as a parent way beyond the money I owe for the student loan. And my kid's word will be no good with me in the future until they have proven to me that they are trustworthy again. Trust is easily broken but hard to repair. Honoring agreements (verbal or written) is one hallmark of good morals and, character.
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If the government promises forgiveness for public service the loans should be forgiven and there should be no shady technicalities. People are spending 10yrs in public service forgoing higher salary jobs based on a promise. That promise needs to be honored.
We have a cpa and RN, paid for both , state schools . I was a firefighter my wife a part time office worker , saved / invested 2k a year for each from the year they were born . Two rules, state school and a field you can get a job in . Issue is for most you have kids who don’t understand finances,taking advice from parents who don’t either
My son got a full scholarship to a trade school for an associate degree in welding! He finished first year on the deans list and as a honorary student. I told my kids, trade school, work and pay for college, or join the military! They all listened and have zero student loans!
From someone who did go to college in the early 90's, I hope every knows you can watch MIT or CalTech gives lectures on mathematics or even engineering? So what is a college degree? A piece of paper that gets you in the club only -- it isn't about an education.
I have talked to my son in great lengths about this subject. I told in state schools only-community college to state is all I’ll pay for-you want something else-then it isn’t me who will fund it.
I worked 30-40 hours a week while working on my bachelors and graduated on time, debt-free this past May. I stayed in state, budgeted, and lived at home. It’s POSSIBLE to do and that work ethic I developed to pay it off has set me up for the interviews I’m doing now for my first full-time job out of school. I don’t regret missing a frat party or football game 😂
I watched Borrowed Future with my Freshman in High School son, we will never forget the image of a grown man crying over his student loan mess. Thankfully my son took all the knowledge and hes now projected to graduate from his associates during his Junior year in High School! All free! And we will cash flow the rest 😊
many schools won't accept those credits. My niece pretty much finished 1.5 years of college in high school and NHS and a lot of schools wouldn't accept those credits so she's going online to Liberty U. My roommate in college, he took so many AP classes he finished the first two years of college but went to East Carolina because Duke, Wake Forest and UNC wouldn't accept those credits. They want your money.
@nobodynothing00000 We were aware of that but thankfully those credits count in all in state universities here in Texas so definitely it is so worth it for him!
I started making payments 10/2022 and I cleared the debt a couple days ago 7/2024. 43k student loans, i paid less than 500 in interest (i did take advantage of the repayment pause for about a year). I'm single no kids and I went to school for nursing. There is a place for student loans, but it's only for those who can be responsible earners.
Another thing I noticed with someone who has student loans is that 18 year old kids have their naivety taken advantage of. You're told if you go to college, you'll make a lot of money. What they don't tell you is that not every profession is high paying, that many of the "big bucks" dollar amounts depicted are earned years after you graduate, and that's if you're good at your profession, and that the interest is compounded daily. Also, there's no amortization schedule used to break down how much you'd pay and how long you would pay to demonstrate the true cost of the loans to 18 year old kids.
For all the high school kids watching this, students loans are not always bad. In fact, it’s the best investment I’ve made due to my lifelong ROI. I grew up with a single mom who did not save much for my college. I took out student loans to attend a top 10 university, and majored in STEM. I’m making six figures right out of school. If I compared my salary throughout my life to the typical American, I’m leaps and bounds ahead. With the help of student loan forgiveness at work + living below my means to put more towards my student loans, I’ve paid off 2/3rd of my student loans in a year. All my student loans will be paid off by age 24. Rule of thumb: Don’t take out more student loans throughout college than what you will make, on average, after you graduate. You can do this by working part time either at the university, or somewhere nearby. Likewise, if you learn to budget in college you will be golden.
My aunt had an easy solution for loaning out money. She took out a book and made me sign my name saying I would pay it back. I was shocked and slightly appalled but she was right to protect herself. And You better believe I paid it back. I love her for being so smart ❤
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My daughter is getting her doctorate and she doesn’t owe a dime. A lot of hard work and scholarships. Also she didn’t go to the most expensive schools.
Professor here. Say it louder for the people in the back. I worked hard to avoid loans because no way was I taking on debt for an art degree. I worry now about my students’ future.
I gave my daughter a choice between her Florida prepaid plan or my GI bill benefits. She chose the GI bill (who wouldn't). When she was choosing her school I told her any private (expensive) schools that did not come with Yellow Ribbon was off the table. She chose a private school; it came with the yellow ribbon program. While her education was expensive, it was covered. Getting a degree, if that is what you want, without a huge debt in the end is hard to overstate. Thanks Dave!
I went to community college for two years then my local 4-year university for another 2 years to complete my bachelors. I ended up graduating with about 15k in debt. Each year was about 15-20k but I worked my tail off to pay as I went for as much as possible.
I wish parents were more transparent and open about how money actually works. I only learnt about money management, and the dangers of debts when I started working.
I went to college and almost everyone I went with changed their major 4-5 times and then dropped out. These people racked up 10k in thousands for nothing!!!!
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The fact that graduates can't even pay their loans off should scare new students away. If the ship is sinking, do you really want to get aboard on that program? I was actually paid to attend the police academy and retired with a pension. The military will pay for your college too. They also have a pension plan and free medical for life. That's an amazing deal.
I did an ABSN program during COVID, took at a parent plus loan. My mom made payments while I was still in school, I paid the rest off once I became an RN. Parent plus loan was paid off before payments were due
Fact... college is expensive. Additional fact... proper planning with starting at community college, going to state schools and other avenues can make it cheaper. Be sure and do your due diligence if starting at a cheaper community college to ensure every credit transfers and no time or money is wasted. Fyi... if you are going to college or considering college and you don't have a spreadsheet with a cost breakdown and analysis of different schools and paths, then you are a fool. This is what I did. 2 years at a community college. I had done the research beforehand and 100% of my credits transferred to the larger state university. And my undergraduate degree is from that university. I saved lots of money. But then again, I was older, mature, a veteran and to me college was ONLY an institution of higher learning helping me achieve my career goals. It was NOT an experience or party time.
I borrowed money to finish my education, and finally paid it off during COVID's 0% interest. My daughter is now at college age, and we are blessed enough to cash flow her education. I can't tell you how many parents are allowing their children to take on this debt for "experience". They are using loans to pay for Greek life, $1600/month apartment etc....I'm so sad for these students, and deeply disappointed in parents starting their kids out so far behind.
As a responsible parent , I fully explained the concept of compound interest and making payments . I had 3 in college at once and I co-signed all their loans . I worked as a truck driver for 40 years and my wife worked part time as an office assistant. I helped them as best I could so they only had the student loans to pay at graduation . They moved their debt into manageable private bank loans as soon as they could . I also explained to them “ you screw me on this , that’s your inheritance “ . They all graduated on time , in their field of study ,in viable careers ,and have never asked for financial help or a government bailout. You sign , you pay … no different than a car loan or mortgage. What are we teaching these kids that they can be absolved of their respondibilities
The loans I took have had an amazing ROI. I graduated in 2010, but due to the education that I otherwise could not afford, I now make in 3 months what my entire 4 year education cost me. Real degrees with real skills have incredible return.
Great rant. But I suspected that after the forgiveness act that they were going to follow it up with an plan to reduce the cost. But when the forgiveness act was jammed up, their plan to reduce cost was also stymied. Like you said before, lawmakers most likely do not have your best interests at heart
Dave mentions a lot about the futility of and lack value in Left Handed Puppetry degrees and as some one with a Masters in Right Handed Puppetry I gotta say that I absolutely agree with him. You gotta pick the right degree.
My student loans were only like 25k and I got a job paying very well right after I graduated. They were definitely worth it for me. I didn't pay them off till many years later because the interest rate was only like 1%
I responded to someone, but I think it is important to repost. A college degree is not necessary for success, but it is necessary for various career fields. Try to sit for the bar exam, CPA exam, become a doctor or registered nurse, physical therapist, teacher, etc., without college. For various occupations, it is either a REQUIREMENT OR you won't get your foot in the door without it. Try submitting your resume to Amazon Corporate for a finance position without a college degree. Besides, do you want your doctor practicing medicine on you without college, then medical school, then clinicals, residency, etc. And it all starts with that undergrad degree.
@AudreyPerry Figure out the cheapest path for starters. Seek scholarships, grants. Go to community college as I did for my first 2 years. Oh and if all else fails... JOIN THE MILITARY as I did. The U.S. needs the military, and the military needs people and yet so few are willing to serve which is why the military offers the G.I. Bill, and other educational opportunities! This country and the economy is tough right now. I won't deny that. But people can cry about it and do nothing OR they can try and do something!! I'm even ok if you cry AND do something but just do something!
Yes, but in SOME of those cases, that is an artificial roadblock that was lobbied for and put in place BY THE UNIVERSITY systems. There are way to many jobs that require licenses that don't mean anything. And the only reason they require them, is so that you HAVE to go to college despite the fact that you can learn the material online.
@@Yetizod1You will get no argument from me!! But if you want to be in those fields you can either scream at the sky and get nowhere or fulfill the requirements.
They made the bed that they slept in. I am a Xennial. I work with these people, hear their stories, and see their lifestyles. They need to learn to not buy crap that they cannot afford.
I am fortunate I made productive decisions that changed my finances (gathered over 1M in 2years) through my financiaI planner. Got my 2nd house in Feb, and hoping to retire nxt yr.
If you love your kids, tell them to stay away from student loans or parent plus loans. Don't have them be 70 years old and still with $100K in student loans.
if you love your kids, tell them to major in something that pays. After that, when they have money saved up, they can pursue their basket weaving passion. You don't see too many doctors or computer programmers walking out there saying that they can't pay their student loans back. If there are some, look at the cars they drive and house that they live in to point out that student loans isn't the problem. Living outside their means is
Spot on with the tuition being tied to the proliferation of student loans. The idea was loans would allow more disadvantaged children, like myself, to attend college and get into a good career. However, it quickly turned into a for-profit racket with luxury or straight-up phoney colleges and degrees that didn't and have never lead to a career with a decent salary and job prospects. If I didn't have my 100% tuition, fees and books scholarship I would have either joined the military or gone to trade school where I could work immediately. Even with a full ride I was working full time and a decent paying co-op that start of my sophomore year.
"Good news! We invented this cure for heart disease that will save your father!" "That's amazing! Let's administer it right now!" "Oh, actually we can't do that." "What?" "Yes, you see, Dave's father died before we could invent this medicine, so it would be unfair for your father to be saved by it." "WHAT?!" "Well if you really think about it, doctors shouldn't be in the business of making their patients lives better anyway." This is how the world sees and hears you monsters.
How is anyone support to go to college without taking out loans? Even if you go to the cheapest college, it's hard for the average person to pay for it. If you want to go to Med school, or Law School, or grad school, there is no way anyone but the 1% can pay for it.
My parents didn’t even let me have access to my own FAFSA. And then they couldn’t co-sign a loan for me (which is fine) but then without my knowledge, they got my aunt to co-sign on a $13,000 loan (way more than I needed) with a 13% interest rate. I had no idea how any of this stuff worked. Thankfully I left that university and chose a cheaper state school after and my husband had zero college debt because he went to a trade school and had so much scholarship that they basically paid him to go. Now he earns a great income, we are debt free (except our mortgage), and I stay home with our kids. We sacrifice a lot, but it’s been so worth it. We’ll have a very nice retirement as well. Praise be to God!
There was a time when college was actually affordable, and you didn't have to get exorbitant loans to go to school. I had a coworker who put 2 kids thru college, at the same time, with her weekly paycheck ($150) and nothing more. All the money wasn't due 'up front', they made monthly payments directly to the school. Both kids worked on the week-ends to earn their spending money, worked all summer to save money for their books and supplies. They commuted daily, no dorm fees or meal plans, packed their lunches. Graduated debt-free, one with a teaching degree, one with a nursing degree.
Yes, it was before gov loans, lotteries, and various other methods of the government paying for it. Once it was no longer 'real' money paying for it, tuition went through the roof.
No student loans of any kind, any time? Nonsense. I was in engineering, I borrowed enough to finish 2 years early, easily paid back the entire balance in one year with my engineering salary. The 2nd year was 'gravy'--no student loans, made a ton of money.
My main issue with student loan forgiveness is that I worked double time for 2 years and got $200k paid off in between 3 and 4 years. If they forgive the loans then the person who worked normal hours, bought a house, and went on nice vacations would end up in a better spot than me financially after making less responsible decisions. What they should do is have a lower interest rate on the loans and take the money from people's paychecks to pay the loans off.
I have to be in the realm of the last people in the last 20 years who finished university with zero student loans. I just worked and it took a few years longer.
@@glcmranger421 When they find that pre-sliced ham is the same price, the ham slicer guys will fight tooth and nail and win. I've literally seen something like this while working with a government customer.
I will say that I never knew it was that easy to get a student loan. I literally got on the website, filled it out the information and I was told I could borrow up to triple what was due for the year. It makes no damn sense but I’m not stupid and just got out what I owed for the year. They are giving out this money like candy.
I started waking up to the fact student loans were ripping me off about halfway through grad school. I stopped accepting loan disbursements and even paid a few back right after they were disbursed. Right after graduation, everyone asked me when I was buying The New Car, The New House, The New Spending Habit. I took 100% of my increased earnings and dumped them immediately into my loans. In 2.5 years, they were GONE FOREVER. Those people who thought I was nuts for killing my loans are now unable to retire while I’m able to build wealth.
I served in the military and paid back my wife's student loans. That said, student loans are and have been predatory in nature since the beginning. As a country, we give billions to corporations, NGOs, foreign governments, etc. Id much rather that money go to wipe student debt.
His anger is a bit misdirected. The for profit banking industry makes $ Billions annually (from you the taxpayer) in fees for handling the paperwork for virtually risk-free loans. How did that happen? Ask your Congress person. They bought and paid for the system we currently have (hint, they are not gonna give it up easily).
I blame the society that for years told us, "If you want a good job, you need to go to college". That was all that was repeated in the 80s and 90s and community colleges were looked down on and I don't think anyone even mentioned trade schools.
My wife and I began saving for each kid's college from when they were born. No fafsa, no bs, state school, all paid for. I will never understand parents who start looking at college costs when the kid is a junior, then expect someone else to pay for their kid's college.
The amount of people who can afford to do that is quite small. And don't tell me then they shouldn't have kids because then most of the world shouldn't have kids
Ok but they can save something. And over 18 years the stock market doubled. Over 30 years I put 25k in an account and now it's 68 without adding any more
@@firefly9838 almost anyone can go to 2-year community college in my state for free. All you have to do is graduate HS with a B- or better GPA, do 50 hours of community service, and not get convicted of a felony, which is almost impossible since you're under 18 most of the time. Not a high bar to reach.... We have at least 8 universities last I checked that offer full transfers of all credits, so there's a 50% coupon off the cost of a 4-year degree. No reason for anyone to go into debt. It's the lazy way that will haunt you for decades.
@firefly9838 They also don't have to send their kids to college. If they aren't able enough to either save up enough money or help their kid find an alternative path, then they probably should rethink bringing an innocent life into the world.
My mom had to take a Parent PLUS loan at my final semester - I paid that every single month until my mother qualified for disability and they forgave it. It was for me, so it was my responsibility to pay it.
My parents forced me to go to one of those schools that advertise during maury. I owe $10,000. Then after I graduated I saw that the pay was the same amount that they paid fast food workers. What a waste of time and money. At that time I thought it was a lot but compared to these other people I'm glad that's all it was.
One of the things we have to change is the mindset of the “college experience.” The idea that if you didn’t experience football games and fraternity parties, you missed out on life. College is too expensive to treat it like a working vacation.
College is great, the problem is it costs a shit ton in the US. In Israel for example I had to pay around 2-3k tuition a year for the best engineering university in the country, add to that 100-200$ monthly for dorms.
"The idea that if you didn’t experience football games and fraternity parties, you missed out on life."
Tell me you never went to college without actually saying it.
@@thaddeusstevens1344 I went to college and never went to a single football game or frat party. Our football team sucked. I socialized within my interests and got decent grades. I don't feel that I missed out on anything.
@@ViceCitizen that’s a good point if you don’t have to pay for college
I heard that crap every single day back in college. I was just there to do classes and leave as soon as possible lol
Have been screaming this all along.. The whole "if we are going to forgive them then you shouldn't be giving them", Our government should not be in the College Loan Business
10000000% colleges shouldn’t be making people corporate slaves either
It's a good business. Making 7% interest on unsubsidized loans that you cannot go bankrupt on. Guaranteed money.
@@bradleymaravalli2851I don't know why people say they're screaming about this. It's not the loan that's being forgiven, it's the egregious interest.
@@bradleymaravalli2851Another good business when I was in college was Pell Grants and other grants and scholarships. The lines at the financial aid office was hours long with people picking up that check. So many of them never came back to class!
*line
I’ve got to give Dave a ton of credit here! I’m entering my final year of my masters and I’ve been debt free up until this point (community college years 1-2, blessed to have a college account for years 3-5) but for my final year it was all up to me. Prior to watching Dave I was in the “I’ll just take out a loan” mentality…but after listening I decided to stack up all my classes for my final year into one semester (long story short it cuts the bill by about 10 thousand) and decided to drain about 70% of my savings to pay for it outright instead of taking a loan! Thanks Dave for getting me on this path!
Good job on being responsible. Now a days it’s rare especially in the younger people.
And how many youngish people have enough savings to pay for even one semester of college? There are plenty of students who live frugally, close to the bone, and probably few have any significant savings.
Similar story but I did my first 3 years in a community college. It also helps when people get real degrees. I received a masters in a healthcare field and have a real job. These colleges should be held accountable to offering real career paths.
I love Dave’s tough love… it feels awesome to hear parents acting responsible and giving their kids realty checks.
That's my favorite argument; they advocate for bailouts while still offering the loans. Do they even know where the term "bailout" comes from? They keep filling the boat with water!
I appreciate having Rachel in these conversations, she is very much in touch with our current cost.
Love my Ramsey rant mornings. Cup of cheap coffee, doing passive side-hustle, and listening to this man get worked up on facts.
this is literally me rn omg
Haha. What's the side hustle?
Wow! What side hustle are you doing!? Could you show us how to do the same?! Who should we contact?! (Yeah you guessed it, this is one of those bot reply threads).
@@helenacakebunniI'm laughing at the rant. Dave is silly
You’re poor listening to a rich man complain
Dave and Rachel are the best duo! Absolutely love their dynamic 😂😂😂
I finally put my head down and charged through my student loans. Paid off $41,735 from July 5 to Sept 8. Now, my bank balance is recovering and I’m officially debt free. I have to thank this show for the encouragement to bust it out!
No youre rich and could afford it in the first place
I went to Nursing School at Community College. One thing I looked at choosing the school was their passing rate on the State Board Nursing test. They had a 98% passing rate. Excellent! But the course was hard, half the class failed or dropped out after the first semester. Not me, despite the fact that I worked about 30 hours a week, and was a single mom of an infant, didn’t drive a car and had to take the bus everywhere ( I was never late for school), I graduated with high honors. And passed the Nursing State Boards with flying colors. And I immediately had a job, a paycheck, and a career……. And NO Student Loans!
Well done.
I'm proud of you.
For those students that didn't finish: it's better to get out sooner rather than later, before they rack up more student debt. I've heard stories of students going all the way to the fourth year before dropping out, by then they've racked up major debt and nothing to show for it.
Plus the earlier they get out of one program that's not working out for them the earlier they can take a different career path. So having hard courses is better for everyone in the long run.
Awesome 👏
"And I immediately had a job, a paycheck, and a career……. And NO Student Loans!"
What do you get paid yearly?
@@thaddeusstevens1344 I am retired now. The last few years I was working I was making between $86,000 and $110,000 a year. The $110,000 year was a year where there was a lot of overtime available to work. I was in a speciality nursing area so my pay, at that time, might have been a bit higher than the average nurse. But, then, you must remember that during Covid Nurses risked their own lives every time they showed up for work, and what is that worth?
College was originally designed for the sons of the wealthy and nobilty to be educated to become sophisticated and intellectual among their peers. College was never supposed to be for job training or jobs - which is why colleges offer courses in poetry, philosophy, etc. Corporations decided that training employees is too expensive, cuts into profits, so it's cheaper to make the employee pay for their own training and education. Now everyone thinks that's college equals jobs, but it was never intended for that. Universities never figured out how to become job training centers instead of honing the knowledge of the elite.
What… weird take
@@LuisCalderon-bw2xh tbh, they aint wrong.
Vocational school, institutes of engineering and tech, agri and mechanical schools used to be where we trained people for jobs.
Vocational school has been done away with and engineering/tech and A and M schools merged with Universities in order to attract talent and research funding. US education system is f&cked (especially public secondary schools) except for the few that actually learn something and then go on to work for some big soulless megacorporation.
That was true hundreds of years ago. Things change, if you've not noticed. The world didn't need many educated men, it sure does now. Even women! Ha ha....like my three STEM daughters. The computer and interne that you are using was created 100% by college educated men with just a few very rare exceptions. And they have/had off the charts intelligence.
@@frequentlycynical642Actually, it was true until the last twenty years.
I can't thank Dave and his team enough. I'm not young anymore. Luckily me, I made a lot of financial mistakes, but none has been catastrophic so far. Mainly just didn't save my left over money enough, due to my ignorance.
But since discovering Dave this year, I have had many big instances to make a financial decision coming at me. Switching a job too soon, upgrading to a 'nicer' house when I'm not ready, keep wasting my money on vacations etc. Without the lessons I learnt from Dave Ramsey, I 100% would have made at least one wrong choice, which could place me under tremendous stress.
I think that's how God protected me. Thanks be to God.
What a good episode, so true!
There are two sides to this story. My daughter got into graduate school at MIT. I told her I could not pay for it. So she borrowed $70K and two years later got both MS in Chemical Engineering and an MBA. She then got a job working for a well know consulting company, more than doubled her previous salary, and totally paid off those loans within 2 years. Today she is a vice president in a large health care company making a huge salary. Only use debt to buy an appreciating asset. It worked for her.
What year was this? At Johns Hopkins University, it costs $88,900 per academic year. My guess is this was around 10 years ago, at least. I also have a Master's degree in Computer Science and paid nothing (my employer did). I'm not a VP and nowhere close to it. Statistically, your job performance and work history determine where your career path goes. Your daughter and I are perfect examples of this. It sounds like her work ethic and performance is what got her to her VP position. Pardon my frankness, but I have known fairly unwise people who have multiple Master's degrees. Suggesting that getting a Master's degree is a path to a VP position is irresponsible and a large part of why the country is in this student loan mess. I get your proud of your daughter, but she got to where she is because of her job performance, not some Master's degree.
Your daughter got a valuable degree. Some kids get an education that has no value on the job market.
@@lyndahammel9502: Like Underwater Lesbian Basket Weaving! Thanks Mark Levin!
Your daughter is intelligent. Now, they are telling students to go to college that don’t have the intelligence which is forcing the colleges to drop expectations. They are calling that…….DEI. A cover up to allow colleges to make more money.
Good, so how do you feel about all the lazy students that are now getting their loans forgiven on the taxpayer dime?
Dave is such a gift lol, love his videos. Keep up the great work, I support the work that you do!
Keeping your word, thats a new concept. These two are the best team.
Dave, tell us how you really feel. LOL Love Dave. The bluntness is great. Those Dave Rants are epic.
Our kids will be going to in-state school and paying for it with a combination of scholarships, dual enrollment transfer credits, money they've saved up from working, and the scholarship of Mom and Dad. We have been telling them for almost 4 years that we're not co-signing any student loans, and the scholarship of mom and Dad only applies if they don't get any debt either. It really does force you to look carefully at what your options are and make wise choices, whereas debt allows you to skip past a lot of carefully planning and just make stuff happen.... with little regard to the final results.
If your kids are top academic performers and if you earn less than $200K per year, it's also worth looking at the top private schools that offer need-based financial aid. The sticker prices are astronomical, but the aid can mean that the bottom line comes out less than in-state schools.
I had to take loans out for pharmacy school but I made a plan and paid them back once I graduated. Now I'm mostly debt free and following Dave Ramsey's advice.
You probably checked the salary before pursuing that degree and saw that it was a good investment... nothing wrong with that and more people should do it!
I know one thing for sure, starting early is the best way of getting ahead to build wealth, investing remains a priority. The stock market has plenty of opportunities to earn a decent payouts, with the right skills and proper understanding of how the market works.
Agreed! Getting a head start on building wealth is crucial, and having a solid strategy is key, personally I think having a coach is the smartest move in today's stock market.
What are the best strategies to protect my portfolio? I've heard that a downturn will devastate the financial market, so I'm concerned about my 300k stock portfolio
There are strategies that can yield solid gains in any economic situation, typically implemented by a portfolio strategist with a lot of experience. My friend introduced me to a financial advisor in 2022 and even though I was skeptical, I went on. I finally was making enough monthly dividend to quit my soulless job and pursue my dream
Most folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve not with standing inflation, from 275k to 750k
Talking about advisors, do you consider anyone worthy of recommendations? I have about 100k to test the waters now that large cap stocks are at a discount... Thanks
Not everyone should go to college. College can be a really damaging experience in many different ways.
I don’t have the debt. I got a bunch of degrees. I got a good job.
I also have a lot of mental scars from the general abuse across a few schools. At this point I just try and laugh and go I’m the biggest failure the program ever made to make myself feel better.
How so? Aside from the loans how would college be damaging?
@@coreyburke3493 I call colleges modern day slavery. Working 60+ h weeks was the norm for 9 years on top of classes. All the while you aren’t getting paid you are paying to get yelled at and belittled. I got yelled at for going to my dad’s death bed and funeral was called lazy and selfish for doing so. It’s like no one thinks that will mess someone up?
They have issues if you have any interest that isn’t your major. Like I always made room for sports and I still remember multiple professors calling me into their office to tell me I needed to stop going to the gym for literally 1 h a day because I wasn’t being productive. One threatened to fail me and prevent me from graduating despite me having an A in the class. Are chemists really supposed to be that way. That I can’t run in the morning? Am I allowed interests outside of the field? I still don’t know this answer and I struggle with it.
But that said the worst stories have come from coworkers. I have friends who tried to switch schools because their advisers were worse than mine. And the advisor tanked their GPA so they couldn’t graduate or transfer. It sabotaged their entire career. And it’s horrible.
From reading various comments, I think this needs to be said and this is my take.
Legally it may be the parent's responsibility to pay off the loans full stop. BUT if I made a verbal agreement with my kid about payback of the loan and my kid fails to honor the agreement, I have failed as a parent way beyond the money I owe for the student loan. And my kid's word will be no good with me in the future until they have proven to me that they are trustworthy again. Trust is easily broken but hard to repair.
Honoring agreements (verbal or written) is one hallmark of good morals and, character.
Well said! I couldn’t agree more.
I studied ambidextrous puppetry, so I got double the value for my student loan.
I can actually do that but I learned from Puppet Productions for 40 bucks
PhD in Social Justice Miming here. I'm set for life.
PhD in Unicorn Studies FTW
@@Project-Masculinity Unicorn farts will power the globe!
Medieval Puppet Poetry degree here. I'm thinking of going on for my PhD. Only 4 more years. The job market is waiting for me to graduate.
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If the government promises forgiveness for public service the loans should be forgiven and there should be no shady technicalities. People are spending 10yrs in public service forgoing higher salary jobs based on a promise. That promise needs to be honored.
Again, you are so right on point Dave!
We have a cpa and RN, paid for both , state schools . I was a firefighter my wife a part time office worker , saved / invested 2k a year for each from the year they were born . Two rules, state school and a field you can get a job in . Issue is for most you have kids who don’t understand finances,taking advice from parents who don’t either
It's the whole education system. Who can afford $5000 per semester without assistance.
Also I never had that support from my parent. I came from a single parent household so I had to take out loans
It's very insensitive you are thinking about a whole demographic with no parental guidance.
Preach it, Reverend Dave!
My son got a full scholarship to a trade school for an associate degree in welding! He finished first year on the deans list and as a honorary student. I told my kids, trade school, work and pay for college, or join the military! They all listened and have zero student loans!
I worked my ass off and went to community college before getting my Bachelors and Masters. Some people are just LAZY
Amen for the direction from parents!
Totally agree with Dave and Rachael. Be responsible and pay your debts.
From someone who did go to college in the early 90's, I hope every knows you can watch MIT or CalTech gives lectures on mathematics or even engineering? So what is a college degree? A piece of paper that gets you in the club only -- it isn't about an education.
This is the foundational problem with debt, " oh I can pay it off" then comes time to pat the piper and NO ONE wants to pay
I have talked to my son in great lengths about this subject. I told in state schools only-community college to state is all I’ll pay for-you want something else-then it isn’t me who will fund it.
This is the best thing on money. Send this to congress. This is right on.
That is why I went into the Air Force they gave me money as soon as I arrived in Lackland AFB. I got a job.
I spend my money, you go where i say. Sounds right to me Dave!
I worked 30-40 hours a week while working on my bachelors and graduated on time, debt-free this past May. I stayed in state, budgeted, and lived at home. It’s POSSIBLE to do and that work ethic I developed to pay it off has set me up for the interviews I’m doing now for my first full-time job out of school. I don’t regret missing a frat party or football game 😂
I watched Borrowed Future with my Freshman in High School son, we will never forget the image of a grown man crying over his student loan mess. Thankfully my son took all the knowledge and hes now projected to graduate from his associates during his Junior year in High School! All free! And we will cash flow the rest 😊
many schools won't accept those credits. My niece pretty much finished 1.5 years of college in high school and NHS and a lot of schools wouldn't accept those credits so she's going online to Liberty U. My roommate in college, he took so many AP classes he finished the first two years of college but went to East Carolina because Duke, Wake Forest and UNC wouldn't accept those credits. They want your money.
@@nobodynothing00000 The idea a degree from LIberty U is worth what Duke , WF or UNC is laughable.
@@JudePi-jx7yo who the fuck asked you, derp
@nobodynothing00000 We were aware of that but thankfully those credits count in all in state universities here in Texas so definitely it is so worth it for him!
I started making payments 10/2022 and I cleared the debt a couple days ago 7/2024. 43k student loans, i paid less than 500 in interest (i did take advantage of the repayment pause for about a year). I'm single no kids and I went to school for nursing. There is a place for student loans, but it's only for those who can be responsible earners.
Another thing I noticed with someone who has student loans is that 18 year old kids have their naivety taken advantage of. You're told if you go to college, you'll make a lot of money. What they don't tell you is that not every profession is high paying, that many of the "big bucks" dollar amounts depicted are earned years after you graduate, and that's if you're good at your profession, and that the interest is compounded daily. Also, there's no amortization schedule used to break down how much you'd pay and how long you would pay to demonstrate the true cost of the loans to 18 year old kids.
For all the high school kids watching this, students loans are not always bad. In fact, it’s the best investment I’ve made due to my lifelong ROI. I grew up with a single mom who did not save much for my college. I took out student loans to attend a top 10 university, and majored in STEM. I’m making six figures right out of school. If I compared my salary throughout my life to the typical American, I’m leaps and bounds ahead. With the help of student loan forgiveness at work + living below my means to put more towards my student loans, I’ve paid off 2/3rd of my student loans in a year. All my student loans will be paid off by age 24.
Rule of thumb: Don’t take out more student loans throughout college than what you will make, on average, after you graduate. You can do this by working part time either at the university, or somewhere nearby. Likewise, if you learn to budget in college you will be golden.
My aunt had an easy solution for loaning out money. She took out a book and made me sign my name saying I would pay it back. I was shocked and slightly appalled but she was right to protect herself. And You better believe I paid it back. I love her for being so smart ❤
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What do we do if we already have $340,000 in student loans and no job? Do we just not pay
My daughter is getting her doctorate and she doesn’t owe a dime. A lot of hard work and scholarships. Also she didn’t go to the most expensive schools.
Wow WTG!
Professor here. Say it louder for the people in the back. I worked hard to avoid loans because no way was I taking on debt for an art degree. I worry now about my students’ future.
I love Dave!
I gave my daughter a choice between her Florida prepaid plan or my GI bill benefits. She chose the GI bill (who wouldn't). When she was choosing her school I told her any private (expensive) schools that did not come with Yellow Ribbon was off the table. She chose a private school; it came with the yellow ribbon program. While her education was expensive, it was covered. Getting a degree, if that is what you want, without a huge debt in the end is hard to overstate. Thanks Dave!
I went to community college for two years then my local 4-year university for another 2 years to complete my bachelors. I ended up graduating with about 15k in debt. Each year was about 15-20k but I worked my tail off to pay as I went for as much as possible.
Omg Rachel your southern accent is flexin
I wish parents were more transparent and open about how money actually works. I only learnt about money management, and the dangers of debts when I started working.
100 percent agree with Ramsey on this issue .
Well said Dave Ramsey
I went to college and almost everyone I went with changed their major 4-5 times and then dropped out. These people racked up 10k in thousands for nothing!!!!
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That's what I did: Community College for two years, transferred to a four year university and got my BA. And got a job the following Fall. :)
The fact that graduates can't even pay their loans off should scare new students away. If the ship is sinking, do you really want to get aboard on that program? I was actually paid to attend the police academy and retired with a pension. The military will pay for your college too. They also have a pension plan and free medical for life. That's an amazing deal.
That’s wonderful for the people who actually qualify for military service. Most Americans don’t
I did an ABSN program during COVID, took at a parent plus loan. My mom made payments while I was still in school, I paid the rest off once I became an RN. Parent plus loan was paid off before payments were due
Some states have free tuition, like NM. Yes, you have to be a resident of New Mexico, but free tuition speaks to me.
Fact... college is expensive.
Additional fact... proper planning with starting at community college, going to state schools and other avenues can make it cheaper. Be sure and do your due diligence if starting at a cheaper community college to ensure every credit transfers and no time or money is wasted. Fyi... if you are going to college or considering college and you don't have a spreadsheet with a cost breakdown and analysis of different schools and paths, then you are a fool.
This is what I did. 2 years at a community college. I had done the research beforehand and 100% of my credits transferred to the larger state university. And my undergraduate degree is from that university. I saved lots of money. But then again, I was older, mature, a veteran and to me college was ONLY an institution of higher learning helping me achieve my career goals. It was NOT an experience or party time.
Fact: there are plenty of companies who will pay 100% tuition when you work for them.
@@atrain132Absolutely!! Another cost saving measure!
I asked Yoda about parents and their kids; college. He said: "Pay or do not pay; there is no loan."
underrated comment
I borrowed money to finish my education, and finally paid it off during COVID's 0% interest. My daughter is now at college age, and we are blessed enough to cash flow her education. I can't tell you how many parents are allowing their children to take on this debt for "experience". They are using loans to pay for Greek life, $1600/month apartment etc....I'm so sad for these students, and deeply disappointed in parents starting their kids out so far behind.
As a responsible parent , I fully explained the concept of compound interest and making payments . I had 3 in college at once and I co-signed all their loans . I worked as a truck driver for 40 years and my wife worked part time as an office assistant. I helped them as best I could so they only had the student loans to pay at graduation . They moved their debt into manageable private bank loans as soon as they could . I also explained to them “ you screw me on this , that’s your inheritance “ . They all graduated on time , in their field of study ,in viable careers ,and have never asked for financial help or a government bailout. You sign , you pay … no different than a car loan or mortgage. What are we teaching these kids that they can be absolved of their respondibilities
The loans I took have had an amazing ROI. I graduated in 2010, but due to the education that I otherwise could not afford, I now make in 3 months what my entire 4 year education cost me.
Real degrees with real skills have incredible return.
Great rant. But I suspected that after the forgiveness act that they were going to follow it up with an plan to reduce the cost. But when the forgiveness act was jammed up, their plan to reduce cost was also stymied. Like you said before, lawmakers most likely do not have your best interests at heart
Dave mentions a lot about the futility of and lack value in Left Handed Puppetry degrees and as some one with a Masters in Right Handed Puppetry I gotta say that I absolutely agree with him. You gotta pick the right degree.
My student loans were only like 25k and I got a job paying very well right after I graduated. They were definitely worth it for me. I didn't pay them off till many years later because the interest rate was only like 1%
I responded to someone, but I think it is important to repost.
A college degree is not necessary for success, but it is necessary for various career fields.
Try to sit for the bar exam, CPA exam, become a doctor or registered nurse, physical therapist, teacher, etc., without college. For various occupations, it is either a REQUIREMENT OR you won't get your foot in the door without it. Try submitting your resume to Amazon Corporate for a finance position without a college degree.
Besides, do you want your doctor practicing medicine on you without college, then medical school, then clinicals, residency, etc. And it all starts with that undergrad degree.
yes, and those can be expensive degrees, so what are people supposed to do?
@AudreyPerry Figure out the cheapest path for starters. Seek scholarships, grants. Go to community college as I did for my first 2 years.
Oh and if all else fails... JOIN THE MILITARY as I did. The U.S. needs the military, and the military needs people and yet so few are willing to serve which is why the military offers the G.I. Bill, and other educational opportunities!
This country and the economy is tough right now. I won't deny that. But people can cry about it and do nothing OR they can try and do something!! I'm even ok if you cry AND do something but just do something!
Yes, but in SOME of those cases, that is an artificial roadblock that was lobbied for and put in place BY THE UNIVERSITY systems. There are way to many jobs that require licenses that don't mean anything. And the only reason they require them, is so that you HAVE to go to college despite the fact that you can learn the material online.
@@Yetizod1You will get no argument from me!!
But if you want to be in those fields you can either scream at the sky and get nowhere or fulfill the requirements.
Yes, those are useful degrees, but they’re not left hand puppetry degrees.
This is one of the primary reasons why Boomers and Gen-Xers are incredibly underprepared for retirement
They made the bed that they slept in. I am a Xennial. I work with these people, hear their stories, and see their lifestyles. They need to learn to not buy crap that they cannot afford.
Thank God my parents were broke! 😂😂😂 All my loans were in my name.
SHE RESTORED MY FINANCES.
I am fortunate I made productive decisions that changed my finances (gathered over 1M in 2years) through my financiaI planner. Got my 2nd house in Feb, and hoping to retire nxt yr.
Get to her, if you care…
Elizabeth Green Hunts
Kudos.
Great info…
If you love your kids, tell them to stay away from student loans or parent plus loans. Don't have them be 70 years old and still with $100K in student loans.
If they're 70 years old, and still paying $100k worth of student loans, that means they never paid any of it.
I agree
if you love your kids, tell them to major in something that pays. After that, when they have money saved up, they can pursue their basket weaving passion. You don't see too many doctors or computer programmers walking out there saying that they can't pay their student loans back. If there are some, look at the cars they drive and house that they live in to point out that student loans isn't the problem. Living outside their means is
@@tuan2u Don't assume most professionals paid off their student loans. Please Google the Dentist that has over $1M in student loans.
@@atrain132 If you collect SSA retirement benefits, you can get a $0/mo repayment plan
Dave Ramsey on student loans. Where’s the popcorn?
Spot on with the tuition being tied to the proliferation of student loans. The idea was loans would allow more disadvantaged children, like myself, to attend college and get into a good career. However, it quickly turned into a for-profit racket with luxury or straight-up phoney colleges and degrees that didn't and have never lead to a career with a decent salary and job prospects. If I didn't have my 100% tuition, fees and books scholarship I would have either joined the military or gone to trade school where I could work immediately. Even with a full ride I was working full time and a decent paying co-op that start of my sophomore year.
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The problem with higher education is people view it as a status seeking endeavor and not as a means to gain marketable skills to earn a living.
Good evening from South Africa ☺
How is anyone support to go to college without taking out loans? Even if you go to the cheapest college, it's hard for the average person to pay for it. If you want to go to Med school, or Law School, or grad school, there is no way anyone but the 1% can pay for it.
My parents didn’t even let me have access to my own FAFSA. And then they couldn’t co-sign a loan for me (which is fine) but then without my knowledge, they got my aunt to co-sign on a $13,000 loan (way more than I needed) with a 13% interest rate. I had no idea how any of this stuff worked. Thankfully I left that university and chose a cheaper state school after and my husband had zero college debt because he went to a trade school and had so much scholarship that they basically paid him to go. Now he earns a great income, we are debt free (except our mortgage), and I stay home with our kids. We sacrifice a lot, but it’s been so worth it. We’ll have a very nice retirement as well. Praise be to God!
There was a time when college was actually affordable, and you didn't have to get exorbitant loans to go to school. I had a coworker who put 2 kids thru college, at the same time, with her weekly paycheck ($150) and nothing more. All the money wasn't due 'up front', they made monthly payments directly to the school. Both kids worked on the week-ends to earn their spending money, worked all summer to save money for their books and supplies. They commuted daily, no dorm fees or meal plans, packed their lunches. Graduated debt-free, one with a teaching degree, one with a nursing degree.
Yes, it was before gov loans, lotteries, and various other methods of the government paying for it. Once it was no longer 'real' money paying for it, tuition went through the roof.
Right on Dave Ramsey
No student loans of any kind, any time? Nonsense. I was in engineering, I borrowed enough to finish 2 years early, easily paid back the entire balance in one year with my engineering salary. The 2nd year was 'gravy'--no student loans, made a ton of money.
We need trades, make great money and get paid while training.
My main issue with student loan forgiveness is that I worked double time for 2 years and got $200k paid off in between 3 and 4 years. If they forgive the loans then the person who worked normal hours, bought a house, and went on nice vacations would end up in a better spot than me financially after making less responsible decisions. What they should do is have a lower interest rate on the loans and take the money from people's paychecks to pay the loans off.
I have to be in the realm of the last people in the last 20 years who finished university with zero student loans. I just worked and it took a few years longer.
My dad was poor. He wanted the GI bill but the war ended when hecwas 17. So he lived home and worked 2 years. And went to college more mature....
These day, you cannot do that.
The government couldn’t make a ham sandwich without frucking it up !!!
The government will write a five page set of instructions on making that sandwich.
@@glcmranger421 When they find that pre-sliced ham is the same price, the ham slicer guys will fight tooth and nail and win. I've literally seen something like this while working with a government customer.
@@glcmranger421Only five? Then they’ll add a thousand page addendum.
I will say that I never knew it was that easy to get a student loan. I literally got on the website, filled it out the information and I was told I could borrow up to triple what was due for the year. It makes no damn sense but I’m not stupid and just got out what I owed for the year. They are giving out this money like candy.
I started waking up to the fact student loans were ripping me off about halfway through grad school. I stopped accepting loan disbursements and even paid a few back right after they were disbursed. Right after graduation, everyone asked me when I was buying The New Car, The New House, The New Spending Habit. I took 100% of my increased earnings and dumped them immediately into my loans. In 2.5 years, they were GONE FOREVER. Those people who thought I was nuts for killing my loans are now unable to retire while I’m able to build wealth.
I served in the military and paid back my wife's student loans. That said, student loans are and have been predatory in nature since the beginning. As a country, we give billions to corporations, NGOs, foreign governments, etc. Id much rather that money go to wipe student debt.
His anger is a bit misdirected. The for profit banking industry makes $ Billions annually (from you the taxpayer) in fees for handling the paperwork for virtually risk-free loans. How did that happen? Ask your Congress person. They bought and paid for the system we currently have (hint, they are not gonna give it up easily).
i agree!
I blame the society that for years told us, "If you want a good job, you need to go to college". That was all that was repeated in the 80s and 90s and community colleges were looked down on and I don't think anyone even mentioned trade schools.
My wife and I began saving for each kid's college from when they were born. No fafsa, no bs, state school, all paid for.
I will never understand parents who start looking at college costs when the kid is a junior, then expect someone else to pay for their kid's college.
The amount of people who can afford to do that is quite small. And don't tell me then they shouldn't have kids because then most of the world shouldn't have kids
Ok but they can save something. And over 18 years the stock market doubled. Over 30 years I put 25k in an account and now it's 68 without adding any more
@@firefly9838 almost anyone can go to 2-year community college in my state for free. All you have to do is graduate HS with a B- or better GPA, do 50 hours of community service, and not get convicted of a felony, which is almost impossible since you're under 18 most of the time. Not a high bar to reach....
We have at least 8 universities last I checked that offer full transfers of all credits, so there's a 50% coupon off the cost of a 4-year degree. No reason for anyone to go into debt. It's the lazy way that will haunt you for decades.
We did the same!!
@firefly9838
They also don't have to send their kids to college. If they aren't able enough to either save up enough money or help their kid find an alternative path, then they probably should rethink bringing an innocent life into the world.
My mom had to take a Parent PLUS loan at my final semester - I paid that every single month until my mother qualified for disability and they forgave it. It was for me, so it was my responsibility to pay it.
Dave for Speaker of the House.
My parents forced me to go to one of those schools that advertise during maury. I owe $10,000. Then after I graduated I saw that the pay was the same amount that they paid fast food workers. What a waste of time and money. At that time I thought it was a lot but compared to these other people I'm glad that's all it was.
Yes the Government needs to push colleges to lower tuition costs, educate students on loans, and let them know their options.