Desert Fox wrote:ThomasMN wrote:I think part of my problem with a lot of TLS is the fact that I come from a background where 40k a year is a big salary. Making 60K a year is a level of wealth I wouldn't even know what to do with. When I was in the military making around 3K a month I had no idea what to do with all my money. It is hard for me to feel sorry for someone because they didn't end up making a six-figure income, even if they have 100K+ of student debt.
On 150,000K of debt borrowed from the feds, you are talking about 12 grand a year just to pay off the interest. So just treading water (not reducing your loans at all) costs 12 grand. And you can't just say, oh take 60K to 48K that isn't too bad. That 12 grand comes out of after tax earnings. So it's probably more like 16-18 grand a year. JUST TO PAY THE INTEREST.
Debt is a killer.
Agreed, but the fact is that no one is making people take that debt. A lot of buyers remorse I hear sounds a lot like someone bemoaning the fact that they blew all their money at the casino. Maybe the house was a little crooked, but in the end you threw the dice.
That being said, you can make fun of me when I do OCI in a year or so.