<p>While we often hear about young people getting in debt over uber expensive private schools, we don't hear much about state school (it is OOS state school, however) debt. This story talks about an Auburn grad who majored in criminology and borrowed so much money that her loan load makes her a risky employee for the types of jobs she would loke to get. I am guessing that no one told her debt would be looked at when she interviewed for jobs. And, of course, there is an NYU grad included in the story.</p>
<p>This story talks about an Auburn grad who majored in criminology and borrowed so much money that her loan load makes her a risky employee for the types of jobs she would loke to get.</p>
<p>this subject isn’t often mentioned, but there are jobs that require security clearances that do look at debt…because they fear that you’ll be vulnerable for bribes.</p>
<p>*Megan Connors of Harford County says she got a great education at Auburn University but a brutal lesson on private student loans.</p>
<p>Federal aid wasn’t enough to cover four years at the Alabama school, so Connors made up the difference with private loans. Now, four years after graduation and working at a job far afield from her major, the prekindergarten teacher struggles to repay about $101,000 in private loans. </p>
<p>“If I knew I would be in this much debt, I probably wouldn’t have pursued a four-year degree,” says the 30-year-old, whose retired parents help with the loan payments.</p>
<p>*</p>
<p>Does this girl realize how dumb she sounds. She didn’t realize how much debt she’d have??? Is it too hard to multiply annual loans by 4? Couldn’t she add? (I realize that she doesn’t have enough fingers and toes, but come on! And, what about her parents???)</p>
<p>she likely has full Stafford loans (around 27k) plus 101k in private loans. What the heck? What were they thinking? Auburn was an OOS public for her. She certainly could have gotten a comparable education in her home state for much less money. No school is worth $128k in loan…no school is worth HALF of that in loans.</p>
<p>The article also talks about how students whose parents are turned down for federal loans may be eligible to get more federal money.</p>
<p>As a Harford County resident, it doesn’t surprise me at all how uninformed this young woman is. When I listen to my students at the local CC talk, they talk about getting more money than they need for financial aid and what they spend it on–as if the money is theirs. They seem to have no idea at all that whatever they borrow they will be paying back.</p>
<p>When I listen to my students at the local CC talk, they talk about getting more money than they need for financial aid and what they spend it on–as if the money is theirs. They seem to have no idea at all that whatever they borrow they will be paying back.</p>
<p>I think they do understand that the money is a loan. I just think that they are only thinking “in the present” with the vague thought that 4 years later is a long, long time from now…and by then they’ll be making good money. they see that excess money as the means to buy cars, clothes, etc.</p>
<p>Personally, I think that sometimes schools are at fault when students do not fully take advantage of federal loans. Private lenders contact schools to find out if students have room in their budgets for the amount they want to borrow. If the schools does not proactively reach out to the student to say, “Hey, you really should take advantage of federal loans first,” the student may not realize the advantages to maximizing federal aid first.</p>
<p>I completely agree that the level of debt taken on by those in the article is ridiculous. But I’m really glad to hear that the Consumer Financial Protection Bureau is looking into these loans. The private student loan market is severely lacking in transparency in some ways.</p>
<p>I’ve had mortgage loans, home equity loans, and car loans, but I found applying (as a cosigner) for a private student loan to be confusing and frustrating, particularly with regard to how interest rates and approvals were determined. </p>
<p>On the other hand, once they accepted our application and quoted a rate, all the disclosure documentation was pretty clear about how much would need to be paid back (with examples at various interest rates), and included information on Federal loan alternatives, including current interest rates and information on how to apply. In fact, the first step on the offer form urges you to “Find out about other loan options”–i.e., Federal loans. Perhaps this information is new?</p>
<p>Alas, it is easy to get caught up in what peers are doing – only some peers are borrowing dollars to be doctors or dentists – which is a different ball game than “criminal justice beginner”.</p>
<p>mom2ck, I do sympathisize with families because, back when my oldest applied to college, I didn’t realize that some state schools don’t give financial aid to oos students and my kid ended up with acceptances only to oos schools-- which kiddo was only able to attend for 1 year. </p>
<p>The other part that I don’t get is why this student would even go to Auburn for criminal justice. I have always heard that UMd, which presumably would have been instate for her, has a top program in that field.</p>
<p>The other part that I don’t get is why this student would even go to Auburn for criminal justice. I have always heard that UMd, which presumably would have been instate for her, has a top program in that field.</p>
<p>I don’t understand that either! Maryland has many good schools…and certainly some with very good criminal justice (probably every state has at least one good CJ program!). Why go to Auburn or any other OOS public when you have cheaper instate options.</p>
<p>From the amount of debt, it looks like she didn’t have the stats for any of the decent merit scholarships that AU has offered in the past. And, it also looks like her family contributed little or nothing to her school expenses.</p>
<p>I realize that a person may not realize that OOS publics charge OOS rates for a reason, so not likely then going to cover those costs with need-based aid (except UVA and UNC). But, once the bad offer came in from AU, why didn’t this student either choose a gap year (and reapply elsewhere) or start at a CC??? Two years at a CC would have greatly reduced her loan needs.</p>
<p>US News used to rank UMd-College Park as the #1 grad program in cj in the country. I don’t know what it ranks now but the rankings don’t usually move a whole lot. </p>
<p>Even if she didn’t have high grades and wouldn’t have qualified for UMCP, if she had started out at a cc in Maryland and earned a certain gpa, she would have been guaranteed entry to the program. I can’t help but wonder if anyone told her any of this.</p>
<p>*She probably wanted to go to school in “any other state”. That place every student wants to go to after living in one area for a long time. *</p>
<p>True…but the ironic thing is now she’s probably having to live back at home - and will have to do so for a very long time. </p>
<p>But, more to the point, she wouldn’t have been able to borrow so much without her parents’ help (co-signing). If they had just said, “no,” she wouldn’t be in this situation. </p>
<p>I still can’t get over her comments: “If I knew I would be in this much debt, I probably wouldn’t have pursued a four-year degree,” </p>
<p>What??? the problem wasn’t pursuing a 4 year degree. That can be had at a much lower cost. That’s like saying, “If I knew that I’d be in this much debt after buying a Ferrari, I wouldn’t have ever bought a car.”</p>
<p>And, now she’s teaching…ugh…as if we need more dumb teachers…hope she stays with the Pre-K where she can do minimal damage.</p>
<p>That’s completely uncalled for, mom2collegekids. The fact that she got caught up (like thousands upon thousands of others) in more student loan debt than is prudent, says ABSOLUTELY NOTHING about her ability as a teacher.</p>
<p>It says something about her ability to be taken in (at the age of 17 or 18) by a college marketing machine that bombards students with the idea that they can afford anything just by borrowing more, and that enables such behavior by offering ludicrous loans to students and families that can’t possibly afford them.</p>
<p>Was a family that bought a $450,000 home six years ago and is now deep underwater on the mortgage not thinking critically? Or were they just doing what everyone told them to do at the time? Get home equity! You can’t lose! Home values never go down!</p>
<p>*That’s completely uncalled for, mom2collegekids. The fact that she got caught up (like thousands upon thousands of others) in more student loan debt than is prudent, says ABSOLUTELY NOTHING about her ability as a teacher. *</p>
<p>You’re missing the point. She’s now a 26+ year old adult and she’s saying ridiculous things like: </p>
<p>* “If I knew I would be in this much debt, I probably wouldn’t have pursued a four-year degree,”
*</p>
<p>the fact that now as a 26+ year old, she doesn’t have the smarts to realize that the problem wasn’t the decision to pursue a 4 year degree, it was choosing the wrong school. She doesn’t have the critical thinking skills needed to discern what went wrong. ( It’s bad enough that someone in college couldn’t mentally add up how much she’d need to borrow if she went to Auburn, but I’ll set that aside.) </p>
<p>Everyone makes mistakes…what separates the “men from the boys” is that critical thinking adults can recognize what they did wrong in the past so the error is not repeated. That’s the problem with this young woman…she doesn’t recognize what the error was. The error wasn’t “getting a 4 year degree,” the error was her decision to attend an unaffordable school. Hindsight is 20/20, yet this gal still needs glasses!</p>
<p>Could not agree more. It seems today that whenever someone makes a mistake it’s always someone else’s fault. Student loans, mortgage, etc. </p>
<p>What ever happened to taking responsibility for your own actions and being informed?</p>
<p>If someone can’t look at 100,000 in student loans and resulting monthly pmt, subtract that pmt from their projected take home pay and does not see a problem then I have no sympathy for them. If she can’t do that math problem she has no business teaching. </p>
<p>We need to hold ourselves to a higher standard.</p>