Man leaves US to avoid paying student debt

[tompalm]

The program has been poorly managed from day one. Like someone else pointed out that money was given to people for degrees where the chance of getting a high paying job had no chance. Also, people kept taking out loans quarter after quarter with no thought about how much debt was being racked up or being close to completing their degree. The government should have been making assessments on each check before lending additional money each quarter. It was a known loss of government funds from the beginning.

 

[klpca]

No. Where I come from, it is crass to discuss money. I would never dream of asking, and I would not tell.

If someone at the vacation pool asks my retirement number, I tell them I don't have one. I can retire when my div income exceeds my monthly expenses. It's not what you have, it's what you spend. No actual numbers needed for that concept.

I agree about sharing the info. I would never do that. It isn't anyone's business at all. But truth be told, I actually had some fun with it.

Nosy guy: So what is your retirement number?
Me: We don't have a number.
Nosy guy: but how much are you planning on living on when you retire?
Me: Oh, about what we live on now. How many grandkids do you have again?

I had a former boss who was nosy like this so I know how to deflect and change the subject. But it was a head shaking moment.

 

[bbodb1]

Part of the problem is that for the last 50 to 60 years Colleges and Universities have been increasing fees and tuition on an annual basis well exceeding increases in CPI. Sometimes by 2X or 3X the increase in CPI.

This is exactly why we need the private sector to enter the picture and act as a corrective force in colleges and universities. The corrective element is missing as presently constructed in the world of academia and that has lead to our of control tuition increases (at least it is a contributing factor).

 

[joestein]

Who? This is the quote from the article. “When he graduated, Albright estimated he owed $30,000 in student loans...Haag graduated in 2011 with $20,000 in debt.”

There is an article on Yahoo on an individual who ran to China to avoid payment on his debt which ballooned to over $200K with accrued interest.

 

[bogey21]

I am planning to send my kids to 2 years at community college and 2 years to Rutgers (this part can change based upon their needs). They can live at home. We have already saved enough in their 529 plans to cover this ($200/month since birth each). We are buying them a car to share this year as they are getting their learners permit. When they go to college, one can have the car and the other can get our current car and we will buy a new one for ourselves.

Just proves that some are thinking straight...

George

 

[joestein]

Very interesting. I don't personally know anyone who is sending their kids to community college - not saying that it is a bad idea, just saying that we have two very different experiences. Maybe it's the area where we live.

I'm genuinely curious how you know how much people earn and how much debt they carry? Do you all discuss it openly? My own kids and family have no idea what we make, and I'd be very surprised if my neighbors knew either. We keep things very close to the vest and live (outwardly) well below our means. I'm pretty sure that our relatives have no idea either because the one relative that is always borrowing from other family members has never approached us. I figure that either they know that I would never say yes or they think that we can't swing it. Whatever, it works for us. We met a couple on a trip who kept asking us what our retirement number was, lol. Like we would tell some virtual stranger something that personal. But now I'm wondering if others share that information more freely than we do.

Some friends share their information, some don't. However, most of our friends careers fall into regulatory, HR and accounting. Not sure why. So we have an idea of what those jobs pay within a range. Some friends will discuss debt. We share that we are paying off our mortgage this year and will be debt free. So we are able to get an idea of their financial situation.

 

[bogey21]

Sounds like a plan, but like any plan, it can change. Does this take into account your children's needs? What if Rutgers isn't the right school for them? I'm sure they'd love to get through college with no debt. But going to a particular school just to achieve that one goal might not be in their best interests.

I may be the next thing there is to an authority on this as I went to 9 (that's not a misprint folks) universities before I graduated. Some were highly rated, some were not. There were great professors and lousy professors in all of them. A degree from any of them would have been fine with me. If anyone is interested I graduated from Southern Illinois University. IMO unless one is looking at a very specific career path they all work. A degree with a good class standing is all that matters...

George

 

[joestein]

I just thought of this.....

I am currently serving grand jury duty. Every Monday for 3 months. a couple of weeks ago we had to wait for a witness or something and we had a long break. The prosecutor from the previous case, who had finished her load for that day hung out with us until the next case arrived. She told us every detail about her life including some finances, how much she paid for her house and what she is trying to sell it for. Details about her divorce, her ex and her boyfriend.

She said she is a sharer.

 

[WVBaker]

I just thought of this.....

I am currently serving grand jury duty. Every Monday for 3 months. a couple of weeks ago we had to wait for a witness or something and we had a long break. The prosecutor from the previous case, who had finished her load for that day hung out with us until the next case arrived. She told us every detail about her life including some finances, how much she paid for her house and what she is trying to sell it for. Details about her divorce, her ex and her boyfriend.

She said she is a sharer.

This could be quite interesting.

One thing most courts try to impress on the public is the unprejudiced nature of the Grand Jury, or any court for that matter.
One point that's explained to any juror is that jurors on any case should refrain from talking on ANY subject, even if it is not related to the matter being tried with any lawyer, witness, or of course any party in the case. Prosecutors, in all the jurisdictions I've worked with, regardless if they're trying a case that day, go to great lengths to avoid ANY contact with a member of a jury. Most don't visit a jury room or mingle with jurors for small talk even if he/she is a "sharer".

You could have quite a news story.

 

[rapmarks]

Over sharing
In Illinois, teachers salaries have been published in the newspapers since the sixties.
There are two websites I know that publish retired teachers pensions and teachers salaries. The really high ones are administrators and superintendents but there is no indication. We all get told we are overpaid, but anyone can find out our income with a little searching. It is public knowledge.

 

[bogey21]

Many years ago when I ran a large S&L with 13 branches I posted everyone's salaries (including my own) every year on January 31st. The first year I did it was a little dicey but once we got things straightened out it worked well. Kind of like posting final exam grades in college...

George

 

[Ken555]

Many years ago when I ran a large S&L with 13 branches I posted everyone's salaries (including my own) every year on January 31st. The first year I did it was a little dicey but once we got things straightened out it worked well. Kind of like posting final exam grades in college...

George

I’m curious. Given today’s attitude toward corporate management salaries and their frequent disconnect from typical employees at the company, would you feel comfortable posting those salaries now?


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[bogey21]

That was back in the 70s. I don't think it would fly in today's world...

George

 

[WVBaker]

That was back in the 70s. I don't think it would fly in today's world...

George

Good times but, not many things from the 70s would George.

 

[Ken555]

Good times but, not many things from the 70s would George.

Exactly my point.


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[SteelerGal]

Those seem like very high numbers. Do you have any references to back up those numbers?

For reference, this is what I have found (2017 data):

​

Reference: https://www.insidehighered.com/quic...-loan-debt-graduates-four-year-colleges-28650

Kurt

Annual cost to go to UCLA was 33k, room and board. I am actually a UC graduate so it concerns me when my own children most likely will not be able to attend one of the UC Campuses.
Yes, can you find cheaper options, no doubt but in high cost areas as well as urban areas, the cost is much higher than the national average. And if you do decide to go out of State, it is cheaper however out of State fees are added on top.

 

[Ken555]

Annual cost to go to UCLA was 33k, room and board.

https://www.collegetuitioncompare.com/edu/110662/university-of-california-los-angeles/tuition/

The 2019 undergraduate tuition & fees of University of California-Los Angeles are $13,226 for California residents and $42,218 for out of State students. The 2019 graduate school tuition & fees are $12,946 for California resident and $28,048 for others.

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[SteelerGal]

https://www.collegetuitioncompare.com/edu/110662/university-of-california-los-angeles/tuition/




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Only tuition, not room and board. And most kids are having to pay room and board. Do you know the cost of housing in Westwood? It is soo significant,that many students are living in their cars or moving 2hrs away.(I know a # of graduate students who have had to make the choice.). I wish schools would be honest about the true cost. So parents and students are prepared.

 

[Ken555]

Only tuition, not room and board. And most kids are having to pay room and board. Do you know the cost of housing in Westwood? It is soo significant,that many students are living in their cars or moving 2hrs away.(I know a # of graduate students who have had to make the choice.). I wish schools would be honest about the true cost. So parents and students are prepared.

I am extremely familiar with housing costs in Westwood.


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[SteelerGal]

It’s a travesty that Schools can only post tuition knowing that room and board alone can be nearly double.

 

[rapmarks]

I taught with a man who had seven children. They all went to the same state college as the parents had. He bought a house near the campus and his children lived in it and had roommates whose rent that covered expenses. It really worked out well for the family.

 

[PigsDad]

Annual cost to go to UCLA was 33k, room and board. I am actually a UC graduate so it concerns me when my own children most likely will not be able to attend one of the UC Campuses.
Yes, can you find cheaper options, no doubt but in high cost areas as well as urban areas, the cost is much higher than the national average. And if you do decide to go out of State, it is cheaper however out of State fees are added on top.

Yes, but that doesn't back up your claim that "Most students graduate w/ at least 50k-100k for an under graduate" in debt. That simply is not true. The published average in 2017 was $28,650; nowhere near $50-100K.

My daughter will be a freshman in college this fall at a $49K/year school, so yes, I know first hand how expensive college can be. However, she earned herself scholarships so it will be affordable. Hard work definitely pays off.

Kurt​

 

[PigsDad]

It’s a travesty that Schools can only post tuition knowing that room and board alone can be nearly double.

Just curious -- what schools have you seen that only post tuition? In going through the journey of finding the right school for my daughter over the last couple of years, every school posted total costs which were broken down into tuition, room and board, book, fees, and some even added average personal and travel expenses. We didn't see any school that posted tuition only.

Kurt

 

[Ken555]

Just curious -- what schools have you seen that only post tuition? In going through the journey of finding the right school for my daughter over the last couple of years, every school posted total costs which were broken down into tuition, room and board, book, fees, and some even added average personal and travel expenses. We didn't see any school that posted tuition only.

Kurt

Yup. And when I went to school it was the same. I haven’t looked in awhile, but I can’t imagine schools that don’t post that info and those that don’t...well, that’s a red flag to me.


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[bogey21]

Back when I decided to quit work, return to school full time and complete the final year to get my degree I searched the entire US to find the cheapest decent school to attend. I didn't care where it was. Back then (it was 1967-1968) I settled on Southern Illinois' new Edwardsville campus. I rented a room from a couple in North St Louis, settled in and graduated. My major was Accounting; my minor Finance. When I went back into the job market no prospective employer (and I emphasize the word "no") gave a damn where my degree was from. My point is dig in, develop a plan then follow through. Where there is a will, there is a way...

George