Jan B. from NJ asked: Seeing how all the big companies are getting bailed out and getting tax breaks, why can’t they give us students a break on repaying student loans? I’m having a hard time trying to buy a home or car because of my Student Loans. It doesn’t seem fair to me.
Student Loan Guru: Wait Jan, listen. Can you hear it? It’s a thousand little violins playing “Poor, Poor, Pitiful Me” for you. How about some Cheese with that Whine? Seriously Jan, cry me a river!
The truth is, you do get a break on repaying your student loans.
Normally, if you buy a car or home, you have anywhere from 30 to 45 days before your first payment is due.
With a student loan, you have 6 months after you get out of school to find a job and start repaying your student loan. So please, don’t talk about ‘getting a break repaying your student loan”! It’s built in.
I recently read a story about Warren Buffets Granddaughter being cut out of his fortune. He had paid for all his Grandchildren’s education. Her education bill run into 6 figures. What kind of education did she get for six figures? She went to school to be an artist!
Then she had the nerve to do an interview with some media outlet and dissed Warren. So he cut her out of the fortune. Good for him!
Now she’s whining about having to be a hair dresser and making only $40,000 per year and not having any health insurance. What about her art you ask? Oh, she sells a few pieces here and there, but not enough to live on. I’m betting that her education was the worse investment Warren ever made.
Jan, I would have liked to known how much your Student Loans total and what you went to college for. It sounds like you one of the people who spent 10 times more on College than what the actual job you want pays. Can you say … STUPID
For the life of me, I’ve never understood why someone will take out student loans totaling more than 100k for a job that only pays 25k per year. STUPID, STUPID, STUPID!
Listen, there’s no job out there that pays 25k or even 30k that should require 100k worth of college!
Sure, we all make stupid mistakes when we’re young. That’s why the call it youth. But you should have some common sense when planning your career. If you want to be a biologist making 30k a year studying the mating habits of Striped Meadow Frogs, that’s cool. Get the degree at a low cost state University or community college, not Harvard! DUH!
Here’s another news flash for you Jan. There have been many before you who have had Student Loans and paid them off, bought homes and cars and still had money to spend.
I’m betting that you financial skills are pretty sloppy. Take a second job or get a better paying job to pay off your Student Loans. Cut your lifestyle back until you have those loans paid off. If you have to move across the country for a better job, then do it! Otherwise, stop your whining and take responsibility for your actions.
A big part of this financial mess we’re in now is because of people like you who had no business of having credit running out and getting their hands on every credit card or loan they could get. They wouldn’t save up the 20% down payment for a home. Hell no. They wanted it yesterday and signed off on a 100% loan with an adjustable rate. Now they’re paying for their impatience! No, we Americans are paying for it!
So there you go Jan. It’s not you that needs a break, it’s the rest of us who have been carrying your sorry Butt and those like you who need a break, from people like you! Now get off your lazy butt, take responsibility for your actions and do what it takes to repay your student loans. Then save up 20% to put down on a new home. No, it won’t happen overnight. It will take a few years. But it was your actions that got you in the mess you’re in.
Filed Under Personal Finance, student loan advice | Leave a Comment
Tagged With bad economy, Bad Judgment, Banks, Break, economy, fatherly advice, money, poor economy, repaying student loans, student loan advice, student loan repayment advice, Student Loans, Tax Breaks
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