Sallie Mae Execs Wine and Dine in Hawaii as students drown in loans

From Bing
"What Is the Average Entomologist Salary? While the U.S. Bureau of Labor Statistics (BLS) doesn't report on entomologists specifically, it groups them in with zoologists and wildlife biologists. As of 2012, this group made an average annual salary of $57,710. However, earnings will vary depending on the type of job, experience level, and location."

I thought it might pay better than that as controlling crop pest is a big deal.

 

Also, sallie Mae in the end is a business. These are people like we all are, who wanted to go to dinner in Hawaii. This doesn’t bother me. If you can’t afford college or don’t want to pay then don’t go. And don’t major in something stupid that you won’t be able to get a job in after. It’s not that hard.


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I put the funny part in red. This ditz that can't be bothered to read and understand a loan contract has a masters in business administration. If I am getting this right she spent 6 years getting a 4 year degree and then decided to go further in debt. What part of your business would you want her to administer?

"Paige McDaniel, 39, took out a federal Sallie Mae student loan to pay for her undergraduate degree 20 years ago. Six years later, before the Sallie Mae split with Navient, she took out a private loan with the company to pay for her grad school.

“I thought they were the same kind of loans,” McDaniel, of the Denver suburb Elizabeth, said. A mother of two, she borrowed $120,000 for her tuition at Lakeland College for a master's in business administration, to help with the cost of living as she worked through school.

The agreement, which included a warning to read it before signing, said the interest rate was variable, but she says she doesn't remember being told the rate was much higher on the private loan.

After graduation, Sallie Mae expected McDaniel to pay “well over $1,500 a month,” she said.

“When I told them that, you know, I couldn't afford that, could we make some payment arrangements, they essentially said, 'So sorry, we'll put a lien on your house and garnish your wages if you don't make those payments,'” McDaniel said.

Now, McDaniel owes $304,000, even though she declared bankruptcy to protect her house after being unable to make her payments. She’s hired an attorney to sue Navient, arguing that bankruptcy should have cleared her debt because it was a private loan.

“There’s no way anybody can ever dig themselves out from underneath that,” McDaniel said. "They just don't see that there are families on the other side of this. It's not just my generation cause I have the loans, it affects my children. How am I going to send them to college?"

McDaniel's experience isn’t an outlier"...

 

I don't want to hurt your feelings but your not in the Fourth Infantry Division any more either. Quit smoking that s*** it's rotting your brain.

 

I think that gets down to the brass tacks. She probably thought when she got her degree, she would be hired into a top position at top salary. I suspect it was a rude awakening for her when it didn't go like that. I know people of that level degree who are "administrators in training" for several years, and one is even an assistant to the COO.

The cream of the crop will rise to the top, the dregs will settle toward the bottom.

 

....and a bunch of soldiers we don't need leaving the tax payers on the hook for massive debt.

 

You're not that old. You just might be here.

 

My son said his tuition was 100% paid for along with housing assistance.

"Another military option is the Post-9/11 GI Bill — an updated version of the World War II era legislation that may have helped your grandfather settle back into civilian life This benefit is offered to members of the military who have served at least 90 days on active duty since Sept. 11, 2001. Depending on length of service, the bill pays 40% to 100% of tuition and fees at a in-state public college or university, or up to $17,500 at a private or foreign school"

 

Pocohantis to the rescue.

 

Good. Finally Uncle Sam did right for GIs

 

I'm going to be 65k in debt by the time I finish my degree next year.

I plan on paying it back. Of course, I went for a degree that will ensure I make six figures and my car is currently paid for and I will continue to drive it until my student loan is paid off. We won't be buying a new house until my loan is paid off as well.

I've been living like I'm broke as a joke and will continue to do so until my loan is paid off.

 

yeah a longtime friends daughter was telling us that when the idiot students thought hitlary was gonna be pres they took out huge loans. said hitlary was gonna buy em a brand new car and they wouldn't have to pay back the loans

 

<----- Not one hour of college, Gulfstream 550 Captain. It can be done, you just have to be willing to work.

 

The loan crisis is out of control. It’s not always just as easy as getting a STEM degree.

Imagine that everyone who got a degree went into engineering, law, or physics. Then there wouldn’t be enough of those jobs for all the graduates and everyone would still be in the same spot. This has already started to happen with law grads. There’s a lot of cops with JD’s where I live because they make more money than working as an assistant at some fly by night firm.

That brings me to the second part. Parents and corporations push degrees like there’s no other alternative. When you spend your life growing up and being told as a child that you HAVE to get a degree or you’re going to be poor and struggle the rest of your life, you’re going to go get that loan. Because it’s the only thing you know and have been taught. Corporations are even worse. Requiring 4-year degrees just for entry level jobs that could be learned in one month of OTJ training.

The whole thing is a disaster and needs to be overhauled. For starters parents need to stop pushing it (mine always did) and the corporations need to figure out a better way of weeding out resumes than just saying “well they didn’t go to college.” It’s insanity at this point.

 

I am surprised by how many so-called conservatives call for government intervention in this market. It's guided purely by supply and demand—curb the pent-up demand for "gender studies" and "global change" and these degree paths will cease to exist.

The market really does work, if left unto itself. Too many majoring in accounting? Okay, wages will be deflated/hiring will be curtailed according to the size of the workforce (especially at the lower end of the spectrum) and the demand for skilled (or unskilled) employees will fall.

When this is the case, would-be majors should take pause and consider alternative paths of interests (like I did).

The problem is kids and parents are making bad career choices/education-related decisions—and there is a hefty price to pay for stupidity. It should not, however, be subsidized and risks should not be mitigated by the USG (or subsidiaries thereof).

Education is a means to an end, not an end in and of itself; it's an investment, investing in the prospect for future employment in your chosen field and paid at a rate commensurate with your education, experiencing, and abilities/skills.

Choose some asinine major with little demand and you pay the price...figuratively and literally.

You made your bed—now sleep in it...little political change agents with minors in contemporary art.

 

I paid mine off. When I hear someone exclaiming their loan being "forgiven," it makes me want tar-and-feather the turd. I paid mine, and NO, loans aren't forgiven, defaults are- thats the way a bank loan officer sees it!

So many _ _ _ _ bags play student for 2 to 4 years then welch out on payback. You could fill every prison with them. Somehow cheaper to just let them off scotfree. It's wrong!

 

She should get a job digging ditches, with a micro-manager supervisor so she does not screw that up.

 

I know a few entomologists... some make less than $57K some make a lot more.

Most folks I know with Biology/Agriculture/Entomology degrees work sales or tech support for companies serving the agricultural community. Everything from GPS controlled combines to pheromones. I can think of two Ag/Bio majors that are lawyers that specialize in serving the ag industry, though just as many people with Bio/Ag/Ento degrees probably end up selling insurance or running service centers at auto dealers.

 

Yup the next bubble to burst will be The College Girl Debt Bubble.

 

There is no reason to avoid doing the first two years at a community college where tuition is basically free. Not quite, but it is cheap!

The trick is to make certain each and every community college course transfers to the preferred college or university. All of the counselors know the list and all can provide guidance given a desired school and major.

The first two years are essentially General Education plus enough math so that when you start the upper division classes, you have the tools to work the problems.

Our community college charges $46 per unit and lower division (the first two years) is on the order of 60 units so $2760 for the program plus books. Books can be purchased used at a significant discount but figure another $2340 for books and fees making the entire program just $5000.

Cal State is about $4000 per semester not including housing and such. I don't see books and supplies on the list so probably another $500 per semester.

https://www.csus.edu/apply/enrollment-costs-fees/tuition-living-costs/current-tuition.html

If the student is out in 4 years, the cost will be 4 semesters at $4500/semester plus the community college of $5000 or about $23,000. I would bet on 5 years so maybe about $32000.

The median salary for a Computer Programmer is over $100k in the Silicon Valley. Sure, the starting salary will be less but still likely over $60k. Somehow that student loan looks easily affordable.

Scroll down:
https://www.bls.gov/oes/current/oes151131.htm#st

Check out Seattle...

In all of the above, I have assumed 'living at home'.