[hellogoodbyeeee]

It's silly to say that a student should only go to college if they can afford to do it with no loans. I think a large part of the "student loan" problem is that we don't talk about income enough. It is completely reasonable for a comp sci major from a good school to graduate with $75k in loans ($900 payments). That will not be a burden for them. Likewise, a $20k student loan ($300 payments) should be manageable for someone who makes $40k a year. The issue is when the person who only real prospects pay $40k a year and they have $75k in loans.

[okmokmz]

I was admitted to a relatively competitive university's (<10% acceptance rate) computer science program, but it would mean I would have to take on just over 100k of debt. After the first year I chose to transfer to a local community college to earn an associates, and then trasnfer to a state school. I was hired after my associates, got my bachelors paid for and completed it online, and graduated with no debt. I'm extremely happy I made the change, rather than paying 100k for a bachelor. Sure, I could've afforded it, but instead I was able to purchase a car in cash and buy a house pretty much straight out of school. I wouldn't recommend anyone go into debt for a bachelor; in my opinion the money could be better spent elsewhere, and it is unlikely to make a significant difference in position/pay having a name brand degree rather than something from a state school

[hellogoodbyeeee]

I take a lot of pride in my liberal arts education and how it shaped my world view. I would never in a thousand years trade it in for a car and a house... And it cost less too.

[okmokmz]

Ok... lots of state school offer liberal arts programs so not sure what point you're trying to make there. I would hope that it cost a lot less than a house, but I still think going into debt for a bachelors is a bad idea. I'm gaining equity every month rather than paying hundreds of dollars for a degree that provides little to no benefits over what you can get from a state school without taking on debt. Also, my house has appreciated 46.5% since I purchased it which is another financial benefit I would not have had I stayed at the expensive university

[hellogoodbyeeee]

I'm sorry I wasn't clear. You are making the world out to be a false dichotomy, either you spend $100k or 0 for a college education. One means you are broke and the other means you can buy a fancy car and a house. My point is that it is a spectrum. My schooling cost me $50k. I got a small, liberal arts environment in a cool city with access to a variety of internships. State schools around me did not offer that combination. A) I enjoyed my schooling and I don't mind paying $500/month in loans for it and B) it didn't cost $100k and C) I find it nuts that you are bragging about the fact you got to buy a car because you didn't have student loans.

[geggam]

Cant live in a degree or drive it to work, how you feel about things and their actual value might need some perspective shifting.

[hellogoodbyeeee]

Funny, no one has ever asked me whether or not I own a brand new car or own my own house in a job interview. However, every interview has asked me about my college education.

Maybe you are the one who needs to reevaluate their priorities.

[geggam]

Revisit this thought 20 years from now when you finally finish paying off that loan and still have no place to sleep.

[hellogoodbyeeee]

Who are you angry at? My loans will be paid off in less than four years from now (7 total) and possibly as little as two more years (if I can figure out how to not eat out so much...). My college education was a fantastic investment.

[notfromhere]

No one should owe 75k for a bachelors, and having educational loans take up 20% of your post-tax income for a decade is beyond ridiculous.

[hellogoodbyeeee]

Minimum student loan payments are fixed while your income should grow. What starts out as 20% of your first paycheck won't be 20% by year five.

[WorldMaker]

"Should" being a huge keyword there. Labor wage growth in general has barely kept up with inflation, on average. The software industry bubbles have kept it largely immune to this and overall still seems to be seeing relatively strong wage growth in certain cities and sectors, but there's no guarantee that will continue.

Not to mention that with the time value of money, 20% of your first paycheck isn't just immediately a lot (which it is), it's also a potentially much larger chunk of long term savings and investments potential.

But the main argument here remains that a lot of the complaints are the overall slow delay in people with student loan debt engaging with other economic concerns (buying homes, starting families, etc), and all you've done is exactly illuminate why it is considered such a crisis, people are rationally waiting for that "year five" when student loan payments are less than 20% (or whatever high water mark) of their income, rather than starting bigger projects earlier than that.

[hellogoodbyeeee]

Those wage growth numbers discussed are an average. It would be very strange to have someone not have any significant raises between year 0 of their career and year 10.

[WorldMaker]

On a bell curve there are as many people below the average as there are above it. Given the overall wage growth in software industry it's very easy to assume that has largely propped the average up over the last couple decades of statistics and that there are lots of people in other industries that have suffered wage loss more than wage growth.

You could argue that wages do not follow a bell-curve distribution, but there isn't a distribution out there without people falling at or below the average. "Significant raises" in one's career seems to be the outlier statistic, not the norm.

[hellogoodbyeeee]

I agree with everything you just said, but its also an average across age groups. It would not surprise me to see many 40year old workers getting 1% yearly raises for the rest of their career. What would surprise me is if there are a significant number of 25 year olds only making 1% raises until they are 35. Most industries will pay a premium for an individual with ten years of experience over someone with no experience (a recent graduate).

[toasterlovin]

If you owe $75k for a bachelors that isn't a STEM degree from a top tier school, you're Doing It Wrong™.

[paulpauper]

agree. when you break-down the math, it's not that big of a big deal.

[i88y6]

What's silly is to ever allow an institution to take 10% or more of your earnings. Unless they're doing 10% of the work for you, they're not entitled to any claim to the earnings. All that does is perpetuate the gatekeeper fallacy that somehow you need to "pay your dues (to the institution)"