

A Colossal Screw Up - rglover
http://www.followthegospel.com/post/41784841811/a-colossal-screw-up

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doctorwho
The stench of entitlement is so thick you can cut it. Be glad you graduated at
a time when interest rates are low. Some of us graduated when rates were over
15%. Do you know what we did? We got jobs and paid them off. Do you know what
we didn't do? Whine about the decisions we made after the fact. Don't expect
the people who made the loan to forgive it. Don't expect anyone else to throw
you a pity party. Man up and pay off your debt or defer payment and "follow
your dreams" but stop whining.

~~~
rglover
I don't feel entitled to anything and take full responsibility for my debt. I
also don't expect the loan to be forgiven (that would be ridiculous). This was
written less for me and much more for others. There are a lot of people who
signed up for these loans and have no idea what they're in for. Most were told
they could go to school and would have a way to pay their loans, when in
reality, they don't. Loans are handed out like free samples and people who
don't know any better take them without understanding.

~~~
matthuggins
This isn't a problem with loans so much as a problem with people understanding
finances. The problem is we don't tech our children the value of understanding
finances, credit, loans, and other important real-world matters when they're
still in elementary/high school.

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rglover
Exactly. There's zero reason this shouldn't be a part of the general
curriculum.

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sidewinder
Seems like you are hurting yourself by not getting a job. Yeah working for
"the man" isn't as fun as running your own business. However, there is a lot
to be said for getting experience in the real world and taking responsibility
for your loans. You should be able to find a job easily with web dev and
graphics.

~~~
rglover
I don't look at it as working for the man. Nor would I call running a business
fun, necessarily. I'm doing this now because I'm genuinely interested in
building up a business. The reality is that even if I went and got a job and
started making payments, I'd have to remain employed for decades to even make
a dent.

For me, I'd rather struggle a bit knowing that at the very least I'm doing
something worth doing and not just working to work. It seems like a huge waste
of life (especially when there's little value in what I'm paying off – if it
were the other way around, my attitude would be completely different).

~~~
doctorwho
"The reality is that even if I went and got a job and started making payments,
I'd have to remain employed for decades to even make a dent."

Uhhhh, yeah... that's how loans work. Borrow a lot, pay for a looong time.

Compound interest is usually covered in grade 10 (or earlier) and is about as
complicated as walking. Did you fail basic math or just fail to figure out how
to apply math to real life?

Of course you're interested in building up a business instead of working to
pay off the 4 year "vacation" you took after high school.

Your school isn't to blame. The government isn't to blame. Your parents might
be partially to blame, but mostly I'm guessing you just followed the herd
right into post-secondary financial hell without engaging your brain and
wouldn't have listened to anyone who tried to tell you any different.

