25 years old and deep in debt

[Eddie Teach]

Maybe you can help her work it off.

[Jacob]

Young female college students should simply find an older, well-off male to help them pay for school expenses.

There are websites for that.

[Caliga]

But then she would've missed out on the full College Experience(tm) of disgusting roommate hygiene, bad food, binge drinking and the occasional date rape.

The food at my college was good.  Too good, in fact.

[Phillip V]

But then she would've missed out on the full College Experience(tm) of disgusting roommate hygiene, bad food, binge drinking and the occasional date rape.

The food at my college was good.  Too good, in fact.

Did you gain your Freshman 15 (pounds)?

[garbon]

But then she would've missed out on the full College Experience(tm) of disgusting roommate hygiene, bad food, binge drinking and the occasional date rape.

The food at my college was good.  Too good, in fact.

Did you gain your Freshman 15 (pounds)?

I lost 15 pounds freshman year. Oh those halcyon days.

[Caliga]

I actually lost weight at first, believe it or not... for some reason I stopped eating three meals a day and ate a late lunch/early dinner.  I can't remember if I ate breakfast or not...

My sophmore year I didn't do that and gained it all back and then some.

[MadImmortalMan]

I actually lost weight at first, believe it or not... for some reason I stopped eating three meals a day and ate a late lunch/early dinner.  I can't remember if I ate breakfast or not...

Caliga: Pioneer of Intermittent Fasting     

[Caliga]

I dimly recall that it had something to do with my class schedule.

[Phillip V]

College students defaulting at record rate

'Student loan defaults have risen for the fifth straight year, as students from traditional non-profit universities have an increasingly difficult time paying off their college debt.

Numbers released by the Department of Education Friday show that of the 4.1 million borrowers who began making payments in late 2009 and early 2010, 9.1% defaulted within two years, up from 8.8% the year before.
...
The Department of Education for the first time also released an official three-year default rate, which showed that given another year of payments, last year's 8.8% default rate ballooned to 13.4%. The department is in the process of changing its standard to look only at the three-year rate, which critics say gives a more accurate picture of the scope of loan defaults.'

http://usatoday30.usatoday.com/news/nation/story/2012/09/28/college-students-defaulting-at-record-rate/57851078/1

Defaults can ruin a borrowers' credit rating for years, lead to wage garnishment and tax return seizures, lawsuits and other problems in joining the military, getting a job or a security clearance.

According to the Project on Student Debt, two-thirds of college seniors graduating from non-profit four-year colleges in 2010 had student loan debt, and the average owed was $25,250 -- up 5% from a year earlier.

Student debt stretches to record 1 in 5 households

'With college enrollment growing, student debt has stretched to a record number of U.S. households — nearly 1 in 5 — with the biggest burdens falling on the young and poor.

The analysis by the Pew Research Center found that 22.4 million households, or 19 percent, had college debt in 2010. That is double the share in 1989, and up from 15 percent in 2007, just prior to the recession — representing the biggest three-year increase in student debt in more than two decades.'

http://www.newsday.com/news/nation/student-debt-stretches-to-record-1-in-5-households-1.4046505

The biggest jumps occurred in households at the two extremes of the income distribution. More well-off families are digging deeper into their pockets to pay for costly private colleges, while lower-income people in search of higher-wage jobs are enrolling in community colleges, public universities and other schools as a way to boost their resumes.
...
In all, 40 percent of U.S. households headed by someone younger than age 35 owed college debt, the highest share of any age group.

[Admiral Yi]

You have to be a bit of a retard to go into default.  The Department of Education offers unlimited forebearances.  Just call up and ask for one.

[DGuller]

Forbearance is not a solution for a fundamental insolvency.

[Admiral Yi]

I'm not sure if you're trying to rebut my statement or just offering up fun and useful information Guller.

[DGuller]

I'm not sure if you're trying to rebut my statement or just offering up fun and useful information Guller.

Rebutting it.  If a student lacks the means to ever repay the loan, what's the point of perpetually delaying the inevitable, and having that loan be a festering sore in the finances for life?  Perpetually pushing off the liquidation is not a good way to deal with insolvency, as Japanese example shows.

[Admiral Yi]

Rebutting it.  If a student lacks the means to ever repay the loan, what's the point of perpetually delaying the inevitable, and having that loan be a festering sore in the finances for life?  Perpetually pushing off the liquidation is not a good way to deal with insolvency, as Japanese example shows.

Student loans are nondischargeable in bankruptcy, so liquidation is not an option.

The advantage of forebearance over default is that it doesn't affect your credit rating, your wages aren't garnished, and liens aren't attached to your bank accounts.

[Camerus]

One of the very few advantages up growing up shit-poor was that I didn't have the option to do anything like that. No dorm life for me. 44 miles there and back every day instead.

  I had 2 options:  live at home or don't go to university.  Overall, I'm glad I could stay at home at thus avoid the massive debt that many others face after graduation, but it probably impeded my social development for a time in my twenties.  I guess that's why I'm on Languish today.