I'm a mortgage lender, and see potential first time buyers saddled with student debt and ridiculous car payments all the time. While @FannieMae @FreddieMac and @HUDgov have lowered the impact of student loan debt on mortgage qualifying, it still limits buying power.
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By the time my husband and I are done with school, our student loan payment will exceed our mortgage payment.
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The cost of college educations is totally out of control.
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You mean this has nothing to do with avocados?
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I have to say, though, I see college students make a lot of foolish financial decisions. Fancy apartments, new cars, the latest cell phone, lavish vacations, eating out constantly - start living within YOUR means.
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That's bull. What about the credit card companies that send u offer as soon as you turn 18? Or the k-12 education system that teaches you zilch about debt and income and how to manage money? What about the college recruiters that tell you don't worry, just get loans to cover it!
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Damn, you got to learn how to say no, to them, and more importantly, to yourself. Debt makes you a slave.
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Unfortunately a lot of young people don’t have adults around to sit them down and explain these things.
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I actually started watching Suzy Orman, and put some of her advice to work. My family/sibs were not good with money - always in debt and living check to check. I hated all the worry and wanted to do things differently.
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Mine were not great either, same living paycheck to paycheck no $ saved for emergencies. I still have huge financial insecurities no matter how much money I have in the bank because of those early years. But yea, Suzy Orman is great!
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Wow this is.... GROUNDBREAKING? As if my generation hasn't been saying this for years.
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When people have money, they are able to buy things. Who'd have thunk it?
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One must ask the question...why do we charge our young people to get an education? Even the elementary schools require fees. Canada doesn’t. It’s time for change here in the US. Healthcare and education should be provided for our citizens
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Thank you Captain Obvious!
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If people had to pay the same amount of money for a drivers license as they did 20 years ago every kid would own a car. So what`s your point? The older generations ruined everything for us because they wanted to squeeze maximum profit out of us?
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State university and community college is very reasonable. Why aren't people choosing wisely when making their purchasing decisions? Hard to believe that the ROI for a more expensive school is worth it. Do kids even know what ROI is?
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Because not every human being owns a bank account with 10.000 dollar. They use the money they charge for valuable education to keep the poor under control by the rich. So a rich idiot can become everything, but a poor genius stands no chance.
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My kids graduated in past 2 years from a state univ. Both had scholarships, no help from parents, worked as RAs in the dorms. One came out with only 20k in debt and the other 20k in the bank...on their own through wise choices. It can be done.
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Why is the boomer response to the student loan crisis always along the lines of “my kids did fine so anyone who didn’t has only themselves to blame”? I’ve worked in higher ed for almost a decade. Anecdotal evidence like this is worthless. The problem is real.
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First, I’m not a boomer. Second I have real experience from kids and their friends who just graduated college in 2016 and 2018. The debt problem is real but so is the irresponsibility in pre-college financial choices. Don’t choose expensive private colleges!
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Shouldn't education be freely available to everyone so the level of success depends on your skills and not on your daddy's wallet? Just saying..
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Where I live, you can get a free associates degree and vocational certifications while you are in high school. Kids just have to want it and be willing to work hard.
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