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Have you paid off your student loans?

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Re: Have you paid off your student loans?

Postby Sandi » Sun Jun 30, 2013 7:28 am

It looks like tomorrow July 1st, the interest rate will go up by about $2,600 as interest rates double for the average student.
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Re: Have you paid off your student loans?

Postby Ninja » Tue Jul 02, 2013 11:07 pm

Undergrad tuition here was peanuts in the 90s so I was able to pay that off quick like a crappy used car, but I ended up $69k in debt after law school (which was also a public school, and quite a bargain in retrospect) and I'm still carrying a ton of that, ~$50k.

That's because my interest rate is .69%. I was extremely fortunate to graduate right as the derivative traders were perfecting their ridiculously stupid art of buying up mass debt to repackage as securities. I had three firms competing to consolidate my fed loans and ultimately nelnet won out with a 2.5% rate, Then it was 1 point off for direct withdrawal and 1 point off for three years of on-time payments. They fractionally jack it up occassionally for bullshit reasons so that added another .19% over the years but I'm willing to let that slide.

It's like free money. I pay the minimum and invest the rest. I could probably track down a money market account that still pays 1% and still make money off this gifted $50k based on the interest I pay. Too easy.

But I do pay, on time, every month, so I won't be contributing to the coming financial disaster when all defaulters reach critical. That should be an asbsolute fucking mess. Maybe the last mess.

ETA: The only downside to consolidation for me has been that I've spent my whole post-law school career in positions that would qualify me for the federal loan forgiveness program, but that's not available if you consolidate with a private firm. I do okay so I don't sweat it, but it's something to be aware of if you're thinking about consolidating.
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Re: Have you paid off your student loans?

Postby Ninja » Tue Jul 02, 2013 11:29 pm

Stebben84 wrote:Better yet, more people should go to trade schools.


We may not get along on other points, but I think you're right on with that. I moved to Madison right as the council (or maybe just Brenda Konkel) was pushing some mandatory college track H.S. curriculum nonsense and I was floored by the implicit hostility to learning a trade. Do a survey of recent law school grads and recent welding aprentices and see who's doing better.
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Re: Have you paid off your student loans?

Postby rabble » Wed Jul 03, 2013 8:19 am

Can either of you tell me what the current placement numbers are for trade school graduates these days?

Last I knew, it was dismal for just about every trade because there were so many experienced tradespeople out there willing to work for entry level wages.

I know college grads aren't that much better off but it was a little bit better last time I looked.
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Re: Have you paid off your student loans?

Postby Detritus » Wed Jul 03, 2013 9:24 am

rabble wrote:Can either of you tell me what the current placement numbers are for trade school graduates these days?

I guess it all depends on your definitions. MATC--er, Madison College--has comprehensive from data here (PDF format), but at the same time it's not very detailed. It looks like, by their reckoning, roughly 65% of their graduates are placed in their chosen occupations, 30% in "unrelated" occupations, and the remainder are "not in the labor market." I don't know where transfer students (i.e. transfer out of MATC to, say, the UW-Madison) fit into their data--in theory, a transfer student ultimately graduating from the UW and finding a job could be counted in the MATC numbers as well as the UW numbers. Also, the data says (or "say," depending on your preferences) nothing about underemployment. How many people getting welding credentials end up working as welders, and how many end up working as gofers in a company that does welding?

Getting info for the UW is much harder, since the whole notion of employment in one's chosen occupation is pretty fuzzy. How many history majors actually work as historians? There is information available on a national level, a lot of it countering the current emphasis on STEM education--e.g., as I remember, job prospects for undergrad biology majors are actually worse than for history majors. But as someone who occasionally has to cough up placement numbers, I can confidently say that most of the placement data you might see is basically made up. Once a student graduates, it is nearly impossible to find out what they're up to, especially once a couple of years have passed. Yet everyone wants to know, so we do a survey and then extrapolate from the tiny percentage of respondents in an entirely unscientific way.
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