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How Can Young People Afford A House When Carrying So Much Student Debt

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Well spotted - but we've done this to death!

When calculating your next 20(30 :blink: )yr mortgage remember:

* 10's of thousands of FTB's will be holding back for probably a decade!

* Then MAJOR Energy and Oil shocks/shortages will be kicking in!

* Interest rates have been artificially kept down from the Norm - nearly doubling mortgage payments when back to normal levels!!

* Wages will be reduced in the West until reasonable parity with Asia.

* The BTL house selling stampede in the next year or so when they realise the above!

And many more . . . .

What's your house going to be worth in 20-25yrs - that's what you offer now!

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I had to laugh at this post in the link, from an American graduate. You lot thought it was bad here!

I knew these Fed fukers would end up doing that. I sent the assholes @ Dept of Education my worthless MBA saying they can take it back. It's utterly useless except for GOP fascist assholes like Bush with Nazi family connections who's down on his knees praying to his imaginary evil skygod. Since wasting my time getting this MBA in my early 30s loosing money working part time while incuring outlandish 1000 bucks a credit costs at an over priced private university, I still can't get a full time job paying over 10 bucks an hour. First they made it impossible to declare bankruptcy to dissolve this student loan debt. Then a few years back, they took me to court to try to 'seize' whatever assets I had. Since I didn't have any assets, not even a car worth over 1500 [they would of sieized if worth more than that] nor a job, they charged ME for the court costs and their attorney. This added another 30,000 bucks to a 12,000 loan with interest at 17,000 back then.

Now interest is charged on these 30,000 added court costs the Feds incurred to prove I was 'worthless' but charged to me on top of this original 12,000 student loan for an MBA 17 years ago that is now at 80,000 frickin dollars! 80,000 Dollars these Fed jokers want me to pay back for a 12,000 dollar student loan! Now they want to STEAL IT FROM MY PITHY SS RETIREMENT??? I've got no pension since companies don't have them any longer, unless of course you work for the government. Course I'd have to something more than a wage slave job @ 10 bucks an hour first to even start paying the load back. Now these Fed Fascists are going to deduct 15% [82.50] from $549 bucks a month if I start collectiing at 62, or 113 bucks from $754 if retiring @ 66? Looks like I'm going to have to try and rob a Fed Bank to even live - if caught, no biggy, then the fascist Feds will have to pay my living expenses... Only reason I got the stupid useless MBA degree was because I was 'duped' by society 20 years ago into believing back THEN I could make at least 50K a year with it. I was too naive to realize that 17 years ago when getting my useless post grad degree..

Shit, I've never been able to obtain one full time job since getting this uselss MBA that pays me more than 10 bucks an hour... Try living in Las Vegas working a full time job paying 10 bucks an hour or less... No matter how frugal you are, there's absolutely nothing left over - and I'm divorced, no car payments, living dirt cheap in a dump spending every dime on absolute necessities. In this town chock full of low skilled jobs with 90% of its labor force less educated than myself, you only need to be able to count up to 21... Degrees are worthless unless required for state certification... like a lawyer, pharmacist, teacher, etc.

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I had to laugh at this post in the link, from an American graduate. You lot thought it was bad here!

I didn't laugh at that. i thought it was horrifying. I had no idea that American graduates were struggling too. I guess it makes sense now that I think about it, but that's a lot of people struggling while everyone MEWs.

:unsure:

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I didn't laugh at that. i thought it was horrifying. I had no idea that American graduates were struggling too. I guess it makes sense now that I think about it, but that's a lot of people struggling while everyone MEWs.

:unsure:

Well there you are, the grass always looks greener on the other side. Until you look a bit more carefully and realise it's worse.

BTW, who do you expect should pay for a 30 year old's MBA, other taxpayers, or the recipient of the degree??

Edited by Casual Observer

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I didn't laugh at that. i thought it was horrifying. I had no idea that American graduates were struggling too. I guess it makes sense now that I think about it, but that's a lot of people struggling while everyone MEWs.

:unsure:

Also, consider how much more expensive education is over here. (My son's undergraduate degree cost in excess of $160,000.) Young people in the U.S. are graduating in terrible financial trouble these days. And if we have a recession (which I think we will soon), they're going to be in even more trouble, particularly since our right-wing Congress has made it almost impossible to declare bankruptcy without ruining your life forever.

That said, I think the MBA guy ranting in the post should have been able to land a job that pays more than $10 an hour after 20 years of trying. I think he has other "issues" that are keeping him from getting a good job.

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Hey Guys,

I think some people missed the point.

A student debt has grown to massive amount and the govenment are doing whatever they can to get it back.

As the title suggests, soon the government will need chase the next of kin for the parents debt when the parent can no longer pay (Coming Soon: PAY from the GRAVE!)

This is the horrifing part!

I don't think this topic has been done to death. Maybe it has been mentioned before in passing as it relates to house prices not going any higher because of lack of money.

I think this also means that banks will chase defaulters, and should they die, their children will inherit the debt like they inherit savings. Maybe the law will change in the next few years.

Like I've said before, the crash is here and there is no need to debate it. We should be discussing life after crash. New laws, unemployment, next boom, etc...

I don't think the situation is funny, but he has written it in a style that makes you laugh (and so you continue reading).

Regards,

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How can a person smart enough to get an MBA be dumb enough to only earn $10 an hour?

I think there is much more to his story than he's letting on.

John

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How can a person smart enough to get an MBA be dumb enough to only earn $10 an hour?

I think there is much more to his story than he's letting on.

John

I have to agree. McDonalds pays $10 (according to the sign in the window)

Edited by Karen

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I was reading about a senior executive in finance - in his 40s or 50s - at a large company other day and realised in his bio that he had a degree in politics from a very middle of the road Uni. Likewise other people I in their 40s also got very s*****y jobs in major companies with humanitites degrees, or scientific degrees with nothing to do with the basically management roles they took on.

Often people on here and elsewhere have the Daily Mail idea of lots of thicko graduates with degrees in nonsense. There may be some truth in this but there are tens of thousands of graduates every bit as intelligent as the generation before in very low paid jobs. When I did my masters, the postgrad courses were filled with mostly very intelligent grads from all disciplines trying to get an extra string to their bow after getting barely a sniff of an interview for anything 'graduate' . Many seemed to have been doing lots of 'free work experience', which really amounted to periods of free work!

My wife's company gets dozen of CVs from 'good uni, good degree' people whose CVs reveal three or more years of low paid McAdmin type jobs. My present company has probably a third of the management it had a decade ago at all levels. This means less well-paid roles for graduates and far fewer positions for lower-paid new entrants to work towards however much drive they show - essentially what would once have been a attainable goal has become a pipedream for many.

Deskilling, outsourcing,centralising, downsizing, offshoring, etc. have meant only one thing - a rapid decline in overall job quality. Ask any intelligent graduate in who's left education in the last few years.

One thread mentioned that private sector wage growth will be 5.5% this year. Seems unlikely, but does it mean anything if there are many people in 15k jobs of a calibre to do something much higher paid?

Edited by CrashedOutAndBurned

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How can a person smart enough to get an MBA be dumb enough to only earn $10 an hour?

I think there is much more to his story than he's letting on.

John

I am sorry rjw, but I do think that to appreciate this situation you have to come from somewhere other than Britain. The same sort of scenario exists in Australia. Over 50% of Australian are now graduates. You almost have to have a degree to earn starvation rations at a big greedy fast food store (wouldn't like to name!). I was in precisely the same sort of position, a bit luckier though. My opportunities if I had remained in Australia were 1. continue post 1st Class Honours doing the same thing I had done before which was an administrative assistance on $12 an hour (thats about $7US) or 2. change jobs and continue post 1st Class Honours doing the same thing I had done before which was an administrative assistance on $12 an hour (thats about $7US) or... Parts of Britain employment offer far more opportunities, are far more egalitarian in a bizarre fashion, and has far less discrimination against mature graduates than Australia, and I suspect the new world in general

I think this also means that banks will chase defaulters, and should they die, their children will inherit the debt like they inherit savings. Maybe the law will change in the next few years.

I don't think they could ever do that. I am sure that there is something in the american consitution that would stop them... but then... its not exactly an individual centred democracy - more a family focused theocracy... you may be right!

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I am sorry rjw, but I do think that to appreciate this situation you have to come from somewhere other than Britain. The same sort of scenario exists in Australia.

It exists in the UK too. The only good thing about the UK is that in the last few years there's been so many new sources of slave-wage employment to replace the job losses - retail parks, chain bars, leisure complexes, etc. - no one needs to be 'unemployed'.

Try and get a living wage and it's has hard as anywhere - the brutal living costs don't help either.

Edited by CrashedOutAndBurned

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Haahaahaaa

you couldn't make it up could you?

Excellent enlightenment there Jeff.

:lol:

Is this why MacDonalds looks in decline?

Today, more than 65,000 managers in McDonald's restaurants have graduated from Hamburger University, now located in a 130,000 square foot, state-of-the-art facility on the McDonald's Home Office Campus in Oak Brook, Illinois, with a faculty of 30 resident professors.

Too many graduates, not enough cooks!

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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