Student Loans are History...for USMC

[nugget81]

"It is important to remember that public service loan forgiveness is prospective, meaning that all 120 payments must be made on or after Oct. 1, 2007. Payments made before Oct. 1, 2007, do not count toward the 120 payments required to qualify for loan forgiveness. Borrowers with loans made before this provision are still eligible for loan forgiveness, but their past loan payments will not count toward the 120 payments required for forgiveness."

Umm, yeah.....that doesn't help much. I can pay the loans off quicker while still living comfortably....

 

[Slammer2]

Shit...and all this time I thought I was being smart by not running up 10s of thousands in student loans. I'm graduating with positive net worth, a good savings, and paid for vehicles. All without student loans...

I'm in the same boat. Although my savings isnt that great and I only own one vehicle. The secretary at the OSO told me that they were doing this with the loans about a week ago but it wasnt set in stone yet. Oh well, glad to know that some people will be helped out greatly by it.

 

[Cavt]

would be nice if they made it a little more retro-active...here's hoping.

 

[mayo]

tear.......:weeping_1

 

[phrogpilot73]

So, umm... Quick question. Are they still eligible for the GI Bill? I know that they are, but it seems to me that the whole reason why USNA/NROTC Scholarship guys aren't eligible for the GI Bill is because our college is paid for. I think that these guys shouldn't be eligible either.

 

[gaijin6423]

There are going to be some seriously disgruntled people in the DASC world...

 

[sundevil_av8r]

Shit...and all this time I thought I was being smart by not running up 10s of thousands in student loans. I'm graduating with positive net worth, a good savings, and paid for vehicles. All without student loans.

I should have been more irresponsible and lived like a rockstar while I could.

FUCK STUDENT LOANS AND THE DEBT HORSE THEY RODE IN ON. ALL THIS DOES IS REINFORCE BAD HABITS FOR OFFICERS LATER ON WHEN THEY'RE ABLE TO BORROW EVEN LARGER SUMS OF MONEY. IT TREATS THE SYMPTOMS, BUT NOT THE CAUSE.

This is ridiculous. Some people don't have a choice when it comes to paying for college.

 

[usmarinemike]

This is ridiculous. Some people don't have a choice when it comes to paying for college.

Everybody has a choice. Typical American mentality. Your reaction is quite normal so I doubt if anybody agrees with me when I say it's stupid. Thing is, I don't want to be normal when it comes to money and paying for college or paying for anything with borrowed money for that matter. I've been up and down that road, and I never want to go down it again. Guess I'm just weird like that.

 

[HercDriver]

Shit...and all this time I thought I was being smart by not running up 10s of thousands in student loans. I'm graduating with positive net worth, a good savings, and paid for vehicles. All without student loans.

I should have been more irresponsible and lived like a rockstar while I could.

FUCK STUDENT LOANS AND THE DEBT HORSE THEY RODE IN ON. ALL THIS DOES IS REINFORCE BAD HABITS FOR OFFICERS LATER ON WHEN THEY'RE ABLE TO BORROW EVEN LARGER SUMS OF MONEY. IT TREATS THE SYMPTOMS, BUT NOT THE CAUSE.

Dude, if it wasn't for student loans the vast majority of people who attend college would be unable to.
Quit drinking the kool aid. And make sure that if you have any opportunities for no/low interest loans while in the service that you refuse on principles.

 

[sundevil_av8r]

Everybody has a choice. Typical American mentality. Your reaction is quite normal so I doubt if anybody agrees with me when I say it's stupid. Thing is, I don't want to be normal when it comes to money and paying for college or paying for anything with borrowed money for that matter. I've been up and down that road, and I never want to go down it again. Guess I'm just weird like that.

you're right... choice 1 - borrow money and get a good education, or choice 2 - work full time and make enough money to live and pay for a few cc courses and take 10 years to graduate.

that's great you were able to pay for college. i don't know your situation but don't put down the system that allows people who aren't as lucky as you to get a college education.

 

[Flash]

Everybody has a choice. Typical American mentality. Your reaction is quite normal so I doubt if anybody agrees with me when I say it's stupid. Thing is, I don't want to be normal when it comes to money and paying for college or paying for anything with borrowed money for that matter. I've been up and down that road, and I never want to go down it again. Guess I'm just weird like that.

Well, good for you. I on the other hand, took out student loans.

 

[usmarinemike]

Dude, if it wasn't for student loans the vast majority of people who attend college would be unable to.

There is plenty of opportunity for scholarships and grants. People just have to find them and earn them. If their family doesn't have enough money then there are tons of need based scholarships. If they don't qualify for those because their family makes too much then their family didn't plan properly. There are also many other scholarships that are performance based.

Quit drinking the kool aid.

No Kool-aid here. Just very simple, and solid principles about money, and the discipline to enforce them upon myself [/quote]

And make sure that if you have any opportunities for no/low interest loans while in the service that you refuse on principles.

Very well. If it's something I can safely invest and make a higher rate of return, I'll do it though.

 

[usmarinemike]

Perhaps I'm taking too hard a line. Just be careful with that stuff, gents. It is playing with fire. If you get burned then you're assing up your children's ability to go to college without student loans.

 

[gaijin6423]

Whoa, so you're saying that because my parents made too much to qualify for enough loans to cover the school I wanted to go to, it's their fault? Are you criticizing my parents for working hard enough to scrape out enough money from lousy jobs to improve their childrens' lives, or criticizing them for not scraping out enough? Or is it my fault that I wanted to go to an expensive-ass school? Who decided that it's even parents' job to pay for college?

Or are you being critical of my parents for not making enough money to keep me from enlisting in the Marines right out of high school? Because if they had, then I wouldn't be here today. Instead, I'd probably be a hippie-looking chef with hair down to my ass, bitching about The Man keeping me down.

 

[mmx1]

Everybody has a choice. Typical American mentality. Your reaction is quite normal so I doubt if anybody agrees with me when I say it's stupid. Thing is, I don't want to be normal when it comes to money and paying for college or paying for anything with borrowed money for that matter. I've been up and down that road, and I never want to go down it again. Guess I'm just weird like that.

That's admirable, but not all debt is bad. That's the fundamental idea behind investing - someone else is taking on debt to be able to grow/produce/make more than they would without that borrowed money.

College loans are a classic example of a sound reason to incur debt, because you're improving your own net-worth. It's based on this principle that the federal government subsidizes college loans, not just because college education is a feel good thing worth spending money on.