Student Loans 101 | Kids Shows
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- Опубликовано: 11 сен 2024
- How do your kids plan to pay for college? Taking out student loans may sound like a good idea, but it’s a huge obligation for a young adult to take on. Before making a decision, learn the basics of student loans, what they are, and how they work with this episode of Cash Course.
I would think twice before going to a four year institution. A lot of my friends work in highly skilled jobs such as commercial plumbing, a journeyman electrician, county auditor, and nursing. They earned very good salaries and did not borrow that much on loans. Be wise and patient, and know what they want before attending school.
Same my husband is an Elevator mechanic and makes $180k with free healthcare, pension, 401k, free vehicle, parking, and gas. And he gets to retire when he is 51. When he works overtime, it is crazy how much he can make. One year he almost made 300k. My brother is an electrician and makes 150k and our friend is a plumber making 170k. Definitely wish I joined a trade instead of going to college and making 1/3 of what they make.
Yes, because I so want to be a plumber instead of a historian etc That sounds like a dream job lol
I went to a community college the first two years, transferred to a small branch of a state university with a very community college feel to it (and cheaper price tag), lived off of campus, worked as many hours waiting tables as I could, put my tax refunds towards school, spaced my semesters if I didn't have the money for the next round of classes (then worked a crap ton of hours in the months off to save up for them), drove a piece of crap car, wore shoes with literal holes in them...and graduated with ZERO debt!
You can do it, you just have to throw away the glamorous illusion you have of your perfect college experience and embrace the harsh reality of broke/stressed-out/ugly life for four to five years.
(And I still graduated with a 3.9)
You need to talk to my son… I’ve tried my best to explain everything and how dept is a very deep hole! He’s not listening and I’m afraid he is going to REGRET his choices… 🤦🏽♀️🤦🏽♀️🤦🏽♀️
Excellent job Jenny 🎉🎉🎉👍🏽👍🏽👍🏽👏🏽👏🏽👏🏽
Congratulations….. now your taxes will pay for your classmates that had no work ethic or borrowed to the hilt and no want you to pay off their balance……. Elections have consequences
It's great that you were able to do this, but in most of the country this is pretty inaccessible for people.
My partner did the same thing you did. He transferred into a UC for his final two years, and after all tuition and fees, in state, it was still about $15,000/year.
He worked his butt off with part time work, but between cost of gas, insurance, food, rent, and more, this is just not feasible without loans.
He was making like $15/hr at the time, and that's not enough to cover all living expenses plus tuition.
You were really lucky, and probably worked really hard. But the harsh reality is that isn't possible for a lot of people even if they work hard.
You wouldn't have to it if you had a rich Daddy who could take care of everything for you. Just saying. People less talented than you have afforded better education than you have and gotten better jobs and you will never be able to compete with them. That's the reality. And why did you need a car in college? Ahh yes, America.
And don't forget - EXPENSIVE expensive colleges are a CHOICE. Many successful people came from state, city or community colleges.
All the rich people I know didn’t even go to college while I’m over here with college debt making 1/4 of what they make.
Here’s one easy life hack to avoid student loan debt:
Don’t get a loan for a degree that will NEVER pay for itself.
kindly give a practical example.
And thank you for you amizing advice.
Kindly educate me
What degrees that will NEVER pay for itself ?
This is nice in concept, but it ignores the reality that our society relies on millions of workers we expect to have college degrees that don't pay enough. This is why we have the worst teacher shortage in history. It's a profession that requires a 4 year degree, and in many states barely pays enough to survive. Yet we expect that having access to education is a societal guarantee, and still complain when teachers making $40k/year go on strike 🤷
About 50% of educators in the US have student loan debt.
So should no student go the college route of becoming a teacher?
Or how about UN - privatizing education so you don't have to pay that much for educating your own population, which will be better for the economy you know, if more people went there.
In my opinion, the problem of student debt is the result of there being no incentive for institutions to control costs. They keep raising tuition and lenders keep lending money to students. Worse, if the students cannot service their debts, nothing happens to the institutions.
While there will be various unintended consequences, a big way to bring the student debt problem under control would be to require the institutions to be guarantors of the debts taken out by their students. Then, if a student couldn't pay, the institutions would be on the hook
The institutions aren't the problem. Stop the government from throwing asinine amounts of money to students many whom have no business being there and the tuition costs would be reasonable.
Sending a person to a car dealer with someone else's money to "live their dream" isn't going to keep car prices down.
The institutions are part of the problem. Tuition costs have been rising much faster than inflation. Some people argue that the problem would solve itself if more and more Americans choose not to go to university but I don't believe that is going to happen since there are countless people coming for a degree from Asian countries.
Student loans are the ultimate test of resisting the temptation of short term gratification.
Unfortunately, many fail. Although the tuitions are truly extreme.
College is a scam for a large percentage of attendees. Why does college cost so much? When you compare 50+ years ago, someone could go to college for cheap and then support a family on a single income. They keep trying to convince older people that it's young people's fault for short-term gratification? Guess what, you won't be remembered well for holding that stupid view? The more surprising thing is they are actually able to convince older people that taxpayers are funding students when they went through the same thing without any debt? They've convinced older people that students today are more stupid than they were when they were young, and don't deserve a cheap college. It's being passed as taxpayer cost despite them not having any college costs, and these days kids have college debt exceeding $50K per person. These boomers have the audacity to complain about their taxpayer money resulting in a student that has that much debt, while they went through the same system with a fraction of the debt?
For the first time in modern history, the next generation is worse off than the previous, and the previous generation has the nerve to act like they are better -- truly the most spoilt generation.
I mean, one night stands are much more tempting... hehe
My son is mediocre in academics and never enjoy school. Even though I've a great career with pretty unusual academic achievements, I told him to quit school, stop wasting time and build up his career. He got lucky with an apprenticeship from a big company. The company is very happy with his work ethics, offer him permanent contract after 6 months, couple pay rise with healthcare and pension. As a late teen, he knows he has no education to compete with graduates, so he is focusing on networking skill with people and building relationships with people that can help him in life. He knows it's not easy but he is a free spirit with a head start.
There are always plenty of top class academics and the job market pie is shrinking. No point wasting money & time to join the big queue if you are not in the top Ivy league, especially if you don't know what you want in life.
I find it criminal that we give loans to 18 year Olds that don't know any better. Specially when the high-school don't teach personal finance correctly. I wanted to go to a trade school and my mom/dad did all the paperwork so I never fully understood what I was getting in to. Went 30k in debt for an education I could've got on the job or at a community College. There should be a prerequisite quiz before a loan is issued imo... colleges and society preys on the young and dumb. And as a 13 year mechanic it's even worse as I also have to provide all of my own very very very expensive tools to do the job I trained for. I don't wanna hear about how teachers "have" to provide crayons and markers... for what I've paid on tools, I could've probably funded 300 classrooms of supplies... but they are the real heroes after all so I guess I should respect their community College degree
The real question is that WHY an 18 year old needs a loan to become educated when it would benefit the country as a whole if more people went to college and took expert jobs rather than the Indians taking them.
Here’s my student loan story. Use it as a cautionary tale if you wish. And, please know up front: I’m not whining or trying to get out of anything. I’ve been paying them back for 12 years.
My dad was a southern baptist pastor, specifically a church planter. He’d go to a new area, start up a new church with the man who would become the local pastor, get it up and running, and then move along to the next. This would usually take 1-3 years. Sometimes, instead of starting a new church, he’d go into a very “dead” church that had only a handful of elderly people in attendance and sort of rebrand and revitalize the church. This usually took about 1 year. He dragged us wherever he was needed next. Pennsylvania, Florida, Virginia, Tennessee, and Maryland were all places I’d lived before graduating from high school, and I attended 8 different schools because we moved so much. We were always poor- it was ministry, after all. My mom always took whatever job she could find when we’d move, but always very low paying jobs like being a store clerk or a receptionist. I was brought up attending church and Christian schools. It was drilled in my head from the time I was in elementary school that I needed to go to a Christian college so I could learn some field that I could use on a missions field, like being a nurse or a teacher. Again, I was basically brainwashed with these notions of “finding God’s will” and “being a missionary.” Back in 2005, the least strict of all of the Christian colleges was Liberty University. My parents couldn’t afford to send me, so my mom used my SSN to sign me up for a $10,000 student loan while I was at work one day. “Good debt,” she called it. She said it was an investment into my future and not to be concerned about how I’d pay it back because everyone who goes to college earns tons of money. So, I went. And while I was there, everyone from Jerry Falwell Sr to professors would talk about the evils of debt with the caveat that student loan debt to attend Liberty University was A-okay with Jesus. It was “good debt” to “find God’s will for my life.” I remember so many instances during my college years of trying to find God’s will for my life. After all, that’s what every adult told me I should be doing. I thought by the time I graduated, I would feel passionate about some holy career path that I would use to support myself on a missions field in some bush country. 🤦🏻♀️ Alas, that blinking neon sign never came. I graduated from college during the 2008 recession with $77,000 in student loan debt into an economy without enough jobs to go around. I took jobs in retail just so I could fulfill my borrower obligation. Having student loan debt meant I had to turn down jobs that would have given me better experience for jobs that paid just slightly higher. It meant I couldn’t buy a house or have a baby. It meant I really struggled until my early 30’s when the economy started looking better. And today, it means that instead of saving $2,000/mo toward my son’s college tuition, I’m spending that much paying my own college debt back. Taking out loans is truly the biggest regret of my life.
STUDENT LOANS ARE PREDATORY. It’s a trap. They aren’t there to help you or even the playing field so poor kids get a shot. They’re there to financially r*pe you for the next 15 years of your life. If you are absolutely certain that you want a specific high paying career, like becoming a structural engineer or a physician or something, then sure, take a calculated risk. But if you want a career that only averages $45,000, you have no business taking out student loans.
Another option is asking your job to see if they provide tuition assistance. Some companies will pay for your education in exchange that you promise to work for them x amount of years. This only works if the job and the education you are getting are related. Companies will only pay if it benefits them in some way.
All this is explained before you take loans. I’m tired of people making excuses.
It is explained nowadays. That wasn’t the case 10+ years ago.
I love paying 100€/year for my college which is top of the line in it's field in my country (I actually don't pay anything since i'm in Scholarship)
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I paid off my student loans within 2 years and then my employer laid me off it was awesome
There are aprx 15 different types of deferments. For example, an 'unemployment' deferment typically stops you from having to pay the bill for 3 months. If after 3 months you still are unemployed, call back so that your account will be put back on 'unemployment' deferment status. After putting your account into a deferment status (i.e. military deferment, temporary disability deferment, etc.) you might still receive a bill or 2 - - Don't panic. Just call to double-check that it is in a deferment status. Sometimes the computer will still generate a bill if the deferment was not set up in time to stop the last bill that you received. **You SHOULD call, however, to make sure that your understanding of the deferment is still in effect. Going to school with less than 6 units / credits will put you into automatic repayment status. Going to school with 6 units/credits is essentially (as far as the loan industry evaluates students' status) just like being out of school and therefore, expects you to be working if you are attending school so little. This may not be the case. You may have just had a baby - - which is another deferment and you should call your loan center before your classes go down to the 6 unit/credits threshold. ** Remember - If you are working, then they want a piece $$$ of the pie right away. You must be attending school more than 6 units per semester. Double ck with your loan repayment center for what the unit/credit threshold may be. PEACE 😃 Don't be scared - Be prepared. If the person isn't being nice and helpful (acting like the gatekeeper to knowledge) then they should NOT be in the customer service business. Be nice too when contacting - all conversations are recorded and the CSR will make notes of your conversation to your account that all future CSRs will review when you call back.
At this point, if I were American, I'd strongly advice all my kids to learn a trade. Even as a Norwegian, becoming an electrician has made my life way easier than it could have been had I chosen to study. Instead, I did two years of vocational high school and then did a 2.5 year apprenticeship. I'm buying a home this fall, I have almost no debt and I have been a paid employee for years allready - at 21.
Sweet. Norway sounds far superior than the US in terms of education. Norway, unlike the US, is also not in last place when it comes to leading health indicators compared to other developed nations... it's almost like you're on to something making fair & rightful critiques about America. 🤔
Something this channel fails to acknowledge with its blatant & outrageous bias towards American exceptionalism.
Look for a community college first. Many of them have 2 year associates degrees in the field and are much cheaper. And if you want to get the 4 year degrees many of the colleges will accept those credits and you can roll into their 4 year degree.
Federal loans do not tend to have lower rates. Because the federal program approves just about anyone the default rate is higher and the Feds charge more to help cover the money lost from defaults. Private lenders are much more selective and can afford to offer lower rates. Federal loans do offer more flexibility in terms of repayment options but they are not cheaper as a rule. The rest is accurate. I work in the private student loan and refinance industry and I see so many people with massive debt and crap degrees.
Twenty-One years to pay off.... On average........ How the hell you supposed to pay rent bills
Great video!
PRAGERU!!!!!
We should have student loan forgiveness so blue collar workers like myself can pay for someone to have a 6 figure income.
@pt0430 The thing is the government doesn't care how much your work. So if I put in 100 hour work weeks at $20. I'm going to pay way more income tax, than someone working 40 hour work weeks at $40 an hour.
The only issue I have with student loans are the crazy interest rates…. 7%!?
Crazy.
The majority of student loans are totally avoidable. People shouldn’t blame the system for their own poor choices!
Student loan services are *highly* predatory. It’s only been in the last 10 years or so that legislation has been passed requiring students to take financial literacy classes before signing up for student loans. Prior to that, they handed them out like candy, telling students they’ll be stuck at McDonalds forever if they don’t earn a bachelor’s degree. As someone who came of age in the early 2000’s, this was drilled in my head by every TV show I watched and by my own parents.
@@sayhello5377 The federal government is responsible for over 80% of student loans so you are saying our government is predatory?
We are told that a college education is an investment... A college grad will make 1 million more over their lifetime than someone who did NOT go to college, we are told. RIGHT!?
An investment.
If you don't go to college and instead invest that tuition in index funds ($40,000)(never adding another dime) you will have 1.1 million at 60. However the average cost of college is about $100k over 4 years. Invest THAT and you will have 2.8 million at age 60.
College sucks as an investment....AND it makes you stupider!!!
I owe nothing in student loan debt. How? It's called working during the summer and even the evenings during school. Save up your money and pay tuition and books without any crushing interest on your shoulders. There are plenty of seasonal and part-time jobs that will help you. Not every student can get a food handlers permit to flip patties or fry chicken. Most good student jobs involve a mop and a bucket of chemically enriched water. Builds character and common sense.
Oh, dear😢
How much debt are we typically looking at after 4 years?
I graduated high school in Canada in 2015, thank God I didnt fall for that group mentality of University is the only way to a successful career. By age 19 I met people with crippling student debt that said people couldnt even properly pay back.
Like many that have worked for a DOE contracted servicing company it's obvious they have no intention of anyone paying back loans.
IBR, IDR, NHD, UNE, PSLF, Forbearance, yada yada... the goal was to defer not collect. Forever.
Student loans or just the way to manipulate the entire path of our future, you didn't choose that profession it's the only options you have in college,,, colleges only charge as much as they do cuz of student loans...
NO STUDENTS LOAN
About 5 years too late but thanks.
Starting A dolthood
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Good infomercial too bad loan givers tune in into the wants of their prey and numb the downsides of a loan by loudly playing the upsides of the possibility and paying back later but hey some people gotta learn the hard way wasnt too bright when they were born anyway.
What???? Taking 350,000+ dollar loan for a joint lesbian dance theory/gender studies degree is a bad idea???? You will graduate and make 28,000 a year!!!! Why is that a bad idea???? 😂😂😂😂😂😂😂 You can make hamburger!!!! Its great!!!!
Loans for education should not be a thing anyways
Then whose going to pay for me "chasing my dream"? 🤔
I am sure that a degree in feminism will pay so well.