25 years old and deep in debt

[merithyn]

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.

Is this new? There used to be a limit of 18 months of forebearances over the life of the loan, with the loan not coming due until six months after graduation (or the date of the last term one attended).

[Admiral Yi]

Is this new? There used to be a limit of 18 months of forebearances over the life of the loan, with the loan not coming due until six months after graduation (or the date of the last term one attended).

I think you might be confusing forebearances and deferments.  Deferments are limited, forebrearances are not.

edit: They could concievably have changed the regs on forebearance since I was working at Student Loan Servicing, but I think it would have made the news.

[Brazen]

My pursuit in excellent education

She should get her money back.

Individuals and society in general would be better off with more apprenticeships and fewer non-vocational degrees. She could be a very rich plumber by now.

Of course this is very easy for me to say, having attended University while there was still such as thing as free education, plus I had a grant to live on together with an industrial bursary (see: vocational) and you could still obtain a Deed of Covenant - a tax-refundable cash donation from parents.

[merithyn]

Is this new? There used to be a limit of 18 months of forebearances over the life of the loan, with the loan not coming due until six months after graduation (or the date of the last term one attended).

I think you might be confusing forebearances and deferments.  Deferments are limited, forebrearances are not.

edit: They could concievably have changed the regs on forebearance since I was working at Student Loan Servicing, but I think it would have made the news.

Yes, I guess I am. I've never heard of forbearances. How do they work?

[Josquius]

My pursuit in excellent education

She should get her money back.

Individuals and society in general would be better off with more apprenticeships and fewer non-vocational degrees. She could be a very rich plumber by now.

Of course this is very easy for me to say, having attended University while there was still such as thing as free education, plus I had a grant to live on together with an industrial bursary (see: vocational) and you could still obtain a Deed of Covenant - a tax-refundable cash donation from parents.

I agree.
As you say though its easy enough to say society needs more plumbers and the like when you or your little Jimmy doesn't have to be one of them.
Despite everyone and their dog going to university these days it still has a crazy amount of prestige attached to it- by employers too.

[CountDeMoney]

As you say though its easy enough to say society needs more plumbers and the like when you or your little Jimmy doesn't have to be one of them.

I probably mentioned this before, but I worked undercover in a plumbing supply warehouse operation for a few months, and I had serious reconsiderations about my profession after meeting some master plumbers. 
Those master plumbers may get dirty during the week, but they're all driving a Cadillac and a big Lexus to their club-level season tickets to the Ravens games from their estates in the countryside.

Big money in industries that are needed, and shrinking.

[Ed Anger]

Hell, I saw coal miners in Harlan with corvettes. Too bad they will be dead by age 55.

[CountDeMoney]

Fuck that master electrician nonsense, though.  That shit hurts.

[sbr]

You're supposed to turn it off before you put your finger on it.

[Caliga]

My dad has a good friend who owns an electrical contracting company, and the constant exposure to EMR screwed him up somehow.  He has the shakes so bad he can't go fishing anymore, which is a shame since that was his main hobby.... they used to go on fishing trips up to Quebec, down to the Outer Banks, etc.  He still owns the company but he can no longer do any of the fieldwork himself.

[derspiess]

You're supposed to turn it off before you put your finger on it.

I'd like to choke the guy who wired our house for putting two outlets in the same room (same wall, even) on different circuits.  Shocked the shit out of myself a few weeks ago.

[DGuller]

You're supposed to turn it off before you put your finger on it.

I'd like to choke the guy who wired our house for putting two outlets in the same room (same wall, even) on different circuits.  Shocked the shit out of myself a few weeks ago.

Isn't that SOP nowadays?  In my apartment, ever single socket is on its own circuit.  That's definitely different from my family first apartment, where someone using a hair dryer while forgetting to turn off AC would blow the fuse.

[Admiral Yi]

Yes, I guess I am. I've never heard of forbearances. How do they work?

Just like deferments, except there's no paperwork required and interest accrues on your the subsidized portion of your loan.

[derspiess]

Isn't that SOP nowadays?  In my apartment, ever single socket is on its own circuit.  That's definitely different from my family first apartment, where someone using a hair dryer while forgetting to turn off AC would blow the fuse.

All outlets in that room are on the same circuit except for the one.

[Phillip V]

College debt is up 5 percent for Class of 2011

'The latest numbers on college debt are out this morning, and the picture -- already rattled from reports earlier in the year that Americans owed a cool trillion for their higher education -- got gloomier still: the average student who borrowed for college and graduated in 2011 owes $26,600, an increase of nearly 5 percent from those who tossed their mortarboards in 2010.'

http://www.pbs.org/newshour/rundown/2012/10/the-growing-student-loan-debt-load.html

'Two thirds of the seniors who graduated in 2011 took on some level of debt during their undergraduate years -- about a fifth of which came from private loans... This comes at a time when default rates are up and new grads face high levels of unemployment. The Department of Education reports for the class of 2009, 13.4 percent of borrowers defaulted within three years of paying back their student loans.'