Comments on: My War On Debt: Learning a New Way of Life http://www.minthegap.com/2007/04/23/my-war-on-debt-learning-a-new-way-of-life/ Standing in the Gap in a Society that's Warring with God. Wed, 25 Jan 2012 19:17:43 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: MInTheGap http://www.minthegap.com/2007/04/23/my-war-on-debt-learning-a-new-way-of-life/comment-page-1/#comment-71812 MInTheGap Thu, 10 May 2007 01:13:03 +0000 http://www.minthegap.com/2007/04/23/my-war-on-debt-learning-a-new-way-of-life/#comment-71812 And that's the sick part. It's also sick to think about people who just pay minimums and the pit that they are digging for themselves. And that’s the sick part. It’s also sick to think about people who just pay minimums and the pit that they are digging for themselves.

]]> By: DLOGAN http://www.minthegap.com/2007/04/23/my-war-on-debt-learning-a-new-way-of-life/comment-page-1/#comment-71805 DLOGAN Thu, 10 May 2007 00:20:55 +0000 http://www.minthegap.com/2007/04/23/my-war-on-debt-learning-a-new-way-of-life/#comment-71805 "Of course, US bankruptcy laws can help - but do we want thousands of young people declaring bankruptcy early in their lives?" If you have federal student loans bankruptcy might not even help. Many federal loans have provisions exempting them from bankruptcy proceedings. A friend of mine has less than good credit. At one point between his 70k in federal student loans, his credit card debt, and his "bad credit" auto loan deal, he was in really bad shape. At the time he looked into declaring bankruptcy. What he found out was that filing bankruptcy would not get rid of his student loans and he would likely loose his car. As a result he would be in much worse shape than he was now. He ended up getting his wages garnished for the federal loans. At the rate he's paying it off he will quite literally be paying off his loans for the rest of his life. “Of course, US bankruptcy laws can help – but do we want thousands of young people declaring bankruptcy early in their lives?”

If you have federal student loans bankruptcy might not even help. Many federal loans have provisions exempting them from bankruptcy proceedings.

A friend of mine has less than good credit. At one point between his 70k in federal student loans, his credit card debt, and his “bad credit” auto loan deal, he was in really bad shape. At the time he looked into declaring bankruptcy. What he found out was that filing bankruptcy would not get rid of his student loans and he would likely loose his car. As a result he would be in much worse shape than he was now.

He ended up getting his wages garnished for the federal loans. At the rate he’s paying it off he will quite literally be paying off his loans for the rest of his life.

]]> By: MInTheGap http://www.minthegap.com/2007/04/23/my-war-on-debt-learning-a-new-way-of-life/comment-page-1/#comment-71775 MInTheGap Wed, 09 May 2007 15:50:44 +0000 http://www.minthegap.com/2007/04/23/my-war-on-debt-learning-a-new-way-of-life/#comment-71775 I think you're dead on there, Doug. Some people even say that you don't need college at all. While I don't go that far, I believe that more people are impressed by experience than by which college you went to. I think you’re dead on there, Doug. Some people even say that you don’t need college at all. While I don’t go that far, I believe that more people are impressed by experience than by which college you went to.

]]> By: DLOGAN http://www.minthegap.com/2007/04/23/my-war-on-debt-learning-a-new-way-of-life/comment-page-1/#comment-71667 DLOGAN Tue, 08 May 2007 02:05:32 +0000 http://www.minthegap.com/2007/04/23/my-war-on-debt-learning-a-new-way-of-life/#comment-71667 While I was in HS it seemed like a big deal what college I went to. In reality, it was not. Unless you are going to one of the top 10 schools in the country what school you went to is only going to affect your first 1-2 jobs. With that said, my advice for school: 1) Assuming you are not able to get the scholarships you need from the college of your "dreams", apply to community college. Get a 2 year Associates taking all the general classes required for your typical 4 year degree. While in school, work part-time to pay for school. Try to get low-paying internships in what you want to do, this will be more important than your education. 2) Transfer to a 4 year degree program at a local state school, applying for as many scholarships as you can. (If you must go to a non-state school at a bare minimum you've just cut off 2 years of the higher costs). Continue working part-time during the school year,and full-time in the summers concentrating on jobs that will help you do what you want to do when you graduate (Do not work in jobs you don't want to do when you graduate if you can avoid it). If you use #1 and #2 you should be able to pay the majority of your school expenses while you are in school. If you have money set aside for college you should be able to get your entire education without any financing at all. While I was in HS it seemed like a big deal what college I went to. In reality, it was not. Unless you are going to one of the top 10 schools in the country what school you went to is only going to affect your first 1-2 jobs. With that said, my advice for school:

1) Assuming you are not able to get the scholarships you need from the college of your “dreams”, apply to community college. Get a 2 year Associates taking all the general classes required for your typical 4 year degree. While in school, work part-time to pay for school. Try to get low-paying internships in what you want to do, this will be more important than your education.

2) Transfer to a 4 year degree program at a local state school, applying for as many scholarships as you can. (If you must go to a non-state school at a bare minimum you’ve just cut off 2 years of the higher costs). Continue working part-time during the school year,and full-time in the summers concentrating on jobs that will help you do what you want to do when you graduate (Do not work in jobs you don’t want to do when you graduate if you can avoid it).

If you use #1 and #2 you should be able to pay the majority of your school expenses while you are in school. If you have money set aside for college you should be able to get your entire education without any financing at all.

]]> By: Stephen Kingston http://www.minthegap.com/2007/04/23/my-war-on-debt-learning-a-new-way-of-life/comment-page-1/#comment-70252 Stephen Kingston Wed, 25 Apr 2007 08:14:58 +0000 http://www.minthegap.com/2007/04/23/my-war-on-debt-learning-a-new-way-of-life/#comment-70252 I think you are right that you would have to be careful about Christian scholarships - but that is not necessarily a reason not to do them. It is indeed possible to save for college if you start early, but that usually requires the parents take the initiative. The merit of scholarships is in that they can meet the needs of people who (through no fault of their own) do not have the money saved for college. Regards, Stephen I think you are right that you would have to be careful about Christian scholarships – but that is not necessarily a reason not to do them.

It is indeed possible to save for college if you start early, but that usually requires the parents take the initiative. The merit of scholarships is in that they can meet the needs of people who (through no fault of their own) do not have the money saved for college.

Regards,
Stephen

]]> By: MInTheGap http://www.minthegap.com/2007/04/23/my-war-on-debt-learning-a-new-way-of-life/comment-page-1/#comment-70160 MInTheGap Tue, 24 Apr 2007 15:47:11 +0000 http://www.minthegap.com/2007/04/23/my-war-on-debt-learning-a-new-way-of-life/#comment-70160 I think that if a church started having a scholarship program for young people, you would have to be careful how you set it up-- otherwise you could have people potentially joining the church just to get some money. There's no reason, if you leverage time and do some good planning, that you cannot have a good deal of money available when the time for college comes around. I think that if a church started having a scholarship program for young people, you would have to be careful how you set it up– otherwise you could have people potentially joining the church just to get some money.

There’s no reason, if you leverage time and do some good planning, that you cannot have a good deal of money available when the time for college comes around.

]]> By: Stephen Kingston http://www.minthegap.com/2007/04/23/my-war-on-debt-learning-a-new-way-of-life/comment-page-1/#comment-70157 Stephen Kingston Tue, 24 Apr 2007 15:14:29 +0000 http://www.minthegap.com/2007/04/23/my-war-on-debt-learning-a-new-way-of-life/#comment-70157 On a serious note, the cost of higher education in the USA is a very serious issue. It discourages those from less well off homes from entering higher education, and saddles young people with debt that they may find difficult to pay off. Of course, US bankruptcy laws can help - but do we want thousands of young people declaring bankruptcy early in their lives? Yes, saving for an education is important. Parents need to take a lead on this. The sums are too high to leave to the young people themselves. Scholarships are also important. I don't know if churches there run scholarship schemes - but it seems to me that this would be a good act of Christian love towards our young people. Ultimately, it would be better if student debt was either paid off through a graduate tax, or that the tuition element of the fees was funded by government (as we have here - although Tony Blair has introduced small "top up" fees for the first time, so maybe we are beginning to see the dismantling of that system here). Maybe it is an issue you should take up with your congressman. :) On a serious note, the cost of higher education in the USA is a very serious issue. It discourages those from less well off homes from entering higher education, and saddles young people with debt that they may find difficult to pay off. Of course, US bankruptcy laws can help – but do we want thousands of young people declaring bankruptcy early in their lives?

Yes, saving for an education is important. Parents need to take a lead on this. The sums are too high to leave to the young people themselves. Scholarships are also important. I don’t know if churches there run scholarship schemes – but it seems to me that this would be a good act of Christian love towards our young people.

Ultimately, it would be better if student debt was either paid off through a graduate tax, or that the tuition element of the fees was funded by government (as we have here – although Tony Blair has introduced small “top up” fees for the first time, so maybe we are beginning to see the dismantling of that system here).

Maybe it is an issue you should take up with your congressman. :)

]]> By: Mary http://www.minthegap.com/2007/04/23/my-war-on-debt-learning-a-new-way-of-life/comment-page-1/#comment-70134 Mary Tue, 24 Apr 2007 13:28:02 +0000 http://www.minthegap.com/2007/04/23/my-war-on-debt-learning-a-new-way-of-life/#comment-70134 Haha, Stephen...very funny! Honestly, I can't get out of here without my laugh for the day! Thank you very much... And thanks, MIn, for answering. I'm hearing of the student loans my nephews are racking up and I wonder how anyone will make a marriage work with that kind of debt going into it. It is sad but I think it's probably one reason 47% of couples are living together instead of marrying. I hear that any medical profession at all will be a 6 figure debt automatically. It would behoove every parent to talk to their preteens even about the possibility of college and saving for it. Whether the parent's create jobs for their kids, or allow them to have a paper route, or in our case, our oldest raises border collies and sells their pups. (I hope she only attends college if God leads her that direction) At any rate, I'm a firm believer in picturing a bright future for our children, but realism demands that we also discuss how they'll achieve that bright future! Haha, Stephen…very funny! Honestly, I can’t get out of here without my laugh for the day! Thank you very much…

And thanks, MIn, for answering. I’m hearing of the student loans my nephews are racking up and I wonder how anyone will make a marriage work with that kind of debt going into it. It is sad but I think it’s probably one reason 47% of couples are living together instead of marrying. I hear that any medical profession at all will be a 6 figure debt automatically. It would behoove every parent to talk to their preteens even about the possibility of college and saving for it. Whether the parent’s create jobs for their kids, or allow them to have a paper route, or in our case, our oldest raises border collies and sells their pups. (I hope she only attends college if God leads her that direction)

At any rate, I’m a firm believer in picturing a bright future for our children, but realism demands that we also discuss how they’ll achieve that bright future!

]]> By: Stephen Kingston http://www.minthegap.com/2007/04/23/my-war-on-debt-learning-a-new-way-of-life/comment-page-1/#comment-70029 Stephen Kingston Mon, 23 Apr 2007 16:45:32 +0000 http://www.minthegap.com/2007/04/23/my-war-on-debt-learning-a-new-way-of-life/#comment-70029 <blockquote> What’s your advice to all our young people in college, racking up unbelievable student loan debt? </blockquote> Buy a cat? :)

What’s your advice to all our young people in college, racking up unbelievable student loan debt?

Buy a cat? :)

]]> By: MInTheGap http://www.minthegap.com/2007/04/23/my-war-on-debt-learning-a-new-way-of-life/comment-page-1/#comment-70017 MInTheGap Mon, 23 Apr 2007 14:19:30 +0000 http://www.minthegap.com/2007/04/23/my-war-on-debt-learning-a-new-way-of-life/#comment-70017 I've read that school loans are sometimes called the "Pet"-- because of how much money you pay into it over time. My advice to people in college? Participate in as many scholarship funds and get as much money as you can for entering essay contests and the like. Any money that you earn while working should go to your debt rather than spring break. And either stop going to get out of debt, or pay it off as soon as you get out and before you get married. The better option? Be saving for college before you get there. Start planning now for those children's college ed (but only after you're saving for retirement). I’ve read that school loans are sometimes called the “Pet”– because of how much money you pay into it over time.

My advice to people in college? Participate in as many scholarship funds and get as much money as you can for entering essay contests and the like. Any money that you earn while working should go to your debt rather than spring break. And either stop going to get out of debt, or pay it off as soon as you get out and before you get married.

The better option? Be saving for college before you get there. Start planning now for those children’s college ed (but only after you’re saving for retirement).

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