Student Loan Scams 1 - Sallie Mae, Part 1

[secretident2]

May God curse their souls, is all I can say.

These people are no friend of us and don't wish us well.

[Dickie9028]

Aerospace engineer are needed in other countries.... just leave, I did and never looked back. my loanS are maybe 200k by now !!!!! Living upper-upper class in _______. ( can't say)

[cave13]

there is also an app on the android market which is free and it is called "record my call" if you use while you talk to them you can use the recorded call as quality assurance for your self and you can use this in court but you must let them know that you are recording them some wont mind but other will say its against our policy. it gets them a little scared when you start recording phone calls

[cave13]

i have a website/blog and while i was doing some research to find out was laws govern the student loan companies. But i have found instead of laws that govern them i came across a site that talks about loop holes and confirmed them with u.s. deportment of education. I have posted some of them that haven't been repealed yet at stopsalliemae.weebly.com i have a petition that will bring tougher regulations to the industry on the site to located on the info page.

[DontGoToCollege]

@cave13 I just checked out your website. Great job! You've got a lot of great information there.

[probrojeffro]

It encouraged private banks to make loans to students who were a credit risk. Technique sound familiar? Then it went independent to GREAT advantage.After a while the loans 'explode'! Sound familiar those who lost your homes?

[cave13]

hey whats up everyone i have fallen victim of sallie mae and now i have started a petition to make tougher regulations against the industry on how they collect their money, must show how they came up with a the fees and penalties, they cant hurt the bower finical expense which a lot of them do. The petition is located on my site and theres a survey please vote and fill out the survey i need 25,000 votes to bring it to the pres. attention. stopsalliemae.weebly.com

[philosophergenius]

Salle Mae wouldn't get a fair shake because they don't know how to answer questions without looking stupid.

[noraldas]

My son is in the Navy training camp right now, in IL. and Sallie Mae will not let me(his mother) put him in forbearance and pay this till he is able to pay his loan. All they said was fine we will put him in collections. I just sat and thought about how a person or company treat another person like this, when he is trying to do something good. Sallie Mae is not treating people fairly. They use the power over giving bad credit rating as a tool.

[uky1985]

STUDENT LOANS ARE A SCAM PERIOD. SALLIE MAE ISN'T NO BETTER.

[tuxu14]

Die Sallie! I will work side jobs the rest of my life, and keep changing my number! I am enjoying the simple things in life. The trees in fall, and good tea. F*** you! I stopped caring months ago. I just feel sorry for whoever has my old number.

[prodigal1978]

This should not be permitted...Gov is behind Sallie Mae...abusive jerks!!!

[dick117]

It's so annoying how this guy keeps popping in to make his inane comments. He's like one of those DJs at the club that cuts into the song so he can feel like he's the star.

[ReverendDoGood]

SALLIE MAY RUINED MY CREDIT LAST MONTH & I WAS SUPPOSED TO BE IN A FOREBEARANCE!!

[TheTonda06]

ST. LOANS SUCK...sALLIE MAE SUCKS i'VE BEEN PAYING ON A LOAN SENSE 1991.. AND I ONLY BORROWED 3500.00 THEY KEEP SELLING IT AND THEY KEEP TELLING ME I OWE OVER 11000.00. LOAN WAS FOR 3500.00 SCHOOL CLOSED AFTER I FINISHED AND MY HOUSE BURNED ALONG WITH PAPERWORK SO I HAVE NO PROOF OF LOAN THEY HAVE GOT THEIR MONEY OVER AND OVER.i SHOULD BE ABLE TO STOP PAYING THIS HAVE PAID ON IT SENSE 1999 AND ITS 2011 NOW AND SEEM AS IF IT WILL NEVER BE PAID OFF AT THIS RATE. I ADVISE NO ONE TO GET A ST. LOAN

[TheTonda06]

ST. LOANS SUCK...sALLIE MAE SUCKS i'VE BEEN PAYING ON A LOAN SENSE 1991.. AND I ONLY BORROWED 3500.00 THEY GET SELLING IT AND THEY KEEP TELLING ME I OWE OVER 11000.00. LOAN WAS FOR 3500.00 SCHOOL CLOSED AFTER I FINISHED AND MY HOUSE BURNED ALONG WITH PAPERWORK SO I HAVE NO PROOF OF LOAN THEY HAVE GOT THEIR MONEY OVER AND OVER.i SHOULD BE ABLE TO STOP PAYING THIS HAVE PAID ON IT SENSE 199 AND ITS 2011 NOW AND SEEM AS IF IT WILL NEVER BE PAID OFF AT THIS RATE. I ADVISE NO ONE TO GET A ST. LOAN

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[RuyLopezCUH]

I graduated from a community college, and I transferred to a state university. Use your head before you choose to go to a school that costs 80k a year

[stormshockin]

@RuyLopezCUH If only I had your advice 5 years ago. This is part of what I preach to people now.. while i'm in an endless debt hungry..

[dinamo4889]

Someone should start assassinating bank executives to fix this because our government does not care!!! After the fall of the Soviet Union various buisness men were murdered because they were parasites it is time to fallow in our comrades footsteps. lmao.... just kidding

[erikmanley79]

help make a difference signon.org/sign/want-a-real-ec­onomic.fb1

[moistfaucet]

The problem right now is many student go to college they are not really studying. they just find a way to pay the bill and living so call " American Dream." Education have nothing to do with your life. education is all about the numbers, but your life is rule by your heart and mind, not by the number. if you are Top A student and you don't know how to use it. what's different you from homeless people ?

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[lostprophet912]

Interesting... Pay a fortune and don't worry about the cost, it will pay huge dividends later. Where have I heard this before? That's right that little event know as "the subprime crisis"

[LotMstudios]

I'd love to watch this video without this jackass interrupting every few minutes. Any link out there?

[cultusdeus]

Don't ever think you're above any kind of work. 7-11, McDonand's, farm work or whatever. Live cheap and save, like I said and keep it away from banks. Hard work can be honest work. Which makes you better than The Federal Reserve. College can be good, but good ol' common sense can show you stuff no professor will. Don't be afraid to stretch college out as long as you need to. But definitely pay it as you go. Nothing beats good ol' money that has been saved and stored. Trust in God and do well.

[cultusdeus]

I went to college and graduated some years ago. I did get some loans from SM and others. I'm blessed to say I got it all paid off early on. With my kids college is on the horizon. We have home schooled our kids. All I can say is think hard about college. Never, ever borrow in this world. Period. Work as many jobs as you need to and live as cheaply as you need to. Move in with friends, family etc. Just stay debt free and save. Save cash as well as gold coins. And hide it well and away from banks.

[Je2Kami]

Why are they still here! they should be in prison! many go to prison for taking things people do not even care about. They are not compassionate to anybody and against American rights which is justice.

[specter290]

to the video creator: hey man i got to a community college, im currently a freshman going to a senior and i have to do an essay for my english compisiton class. im going to a transfer to a 4 year public school but 4 year public schools dont cost so much. thx for videos, im watching them so i can get more information and what to write about and so that i have an idea on what my thesis statement is. my thesis statement is going to like this: is college just another form of gambling?

[DontGoToCollege]

@specter290 that's an interesting thesis, college is a gamble especially if student loans are involved

[samantha34ize]

that is a very hard degrr to get aero space i walk by those classes and it was almost empty not alot of ppl take that classes b cuz it so hard

[IwillKillYourCereal]

@samantha34ize I agree, but Nasa's funding and other aerospace funding has been cut to the bone by the government in an effort to try to pay off some of the interest on the national debt. That's probably why it's difficult for that guy to get a good paying job in that field.

[Lipstick745]

I got a call from them this morning saying my payment was due :/ up until that point I had NEVER heard of the website, in fact I had thought it was a beauty supply thing I had forgotten to pay but since I am 17 and barely graduated from high school I am puzzled to find out I already have debt when I don't even have a bank account. And when I called for customer service it kept asking me or my SSN. Like what the heck?! I'm not giving you sh**. Now I have to wait untl Monday to tell them off -___-

[MoldytoasterMedia]

FML

[ArchitectKid1]

As as former student at AI, I agree with this... These crazed people keeps calling me from different states and I've been trying to find a good job and yet no seems to even care to hire me. On a program aired on NBC they'd showed the Sallie Mae king and his nice little golf course in Washington State. As sure as my major this architect student hopes he plays golf during a thunderstorm!!! And for everyone who been wronged, I hope there's a flood that wash mud up buildings with SALLIE MAE mark!

[MahoHaku]

Also the spokesperson is kinda annoying and with only one account of someone not getting a job it's a little biased. There isn't any real facts where the hell did you get 2000% from?

[MahoHaku]

There are other loan options other than Sallie Mae. I hate Sallie Mae, but I got another form of loan that works just fine. And getting an education is getting an education. It's called liberal arts. The idea that Knowledge helps keep you free and give you freedom in society. It's not a scam, to have education and sure you will have to pay back the loans but you have to pay for everything in life. And I would rather pay on tuition so I can learn things that I need for a job that I want.

[jessieks7]

i went to a private nursing school and got a loan of 20,000 from sallie mae. FORTUNATELY, i dropped out of the program after realizing sallie mae is more of a scam rather than financial aid. you have higher risk of having a low interest rate from a private bank than from sallie mae. i ended up returning 14,000 back to sallie mae. and my balance was 6000 ... 2 years ago. i am still making payments on that 6,000 .. glad to know i've only 3500 left to pay off.. they charge high interest on interest

[naas000media]

What many people do not realize is that SALLE MAE is the result of institutions that are members of NASFAA collaborating together to steal from students.

[Passionslvr]

Don't ever get a Sallie Mae loan, they screwed up my credit report and credit score(they had my SSN switched with my exhusband's SSN) and I had to call our local state attorney generals office and they had to get onto Sallie mae's back to get it fixed. Even after Sallie finally fixing my credit report, I still had their stupid bill collectors harassing me until I threatened to sue them.

[naas000media]

@Passionslvr What many people do not realize is that SALLE MAE is the result of institutions that are members of NASFAA collaborating together to steal from students.

[PUROBROWN818]

DAMN IT I GET PISSED OFF EVERYTIME I SEE THIS, IT MAKES ME WANA STRANGLE THE PPL AT SALLY MAE ALL OVER AGAIN!!!

[HARUHlIST]

Get scholarships noobs.

[scomith]

Great post, thank you!

[maggso0]

Can't wait to graduate college! What a bright future I have with my debt!

[NowLifeStarts]

Sallie Mae will give a loan to an unemployed retard with zero work history. Then they will add penalty fees when the retard can't pay. Then they will just ask the government for millions of dollars since the retard isn't paying. Then they will continue to call the poor retard for the rest of his life or until he dies from too much stress. Fuck Sallie Mae.

[naas000media]

@NowLifeStarts Great comment. What many people do not realize is that SALLE MAE is the result of institutions that are members of NASFAA collaborating together to steal from students.

[stormshockin]

@NowLifeStarts I am not proud to say that I am one of those Retards.

I'm now frantically looking for a job and a way out of the hole I dug myself while preaching to everyone else I come in touch with about SMARTER decisions on how to handle College.

Wish I was as I am now back when I was 17 with a shovel and no protective gear.

[avataz]

The problem is that you people get degrees in crap you people think is fun. I had a friend who got a degree in graphic designs and never got a job in that field. Another friend who got a degree is some other art degree and now works at Starbucks. Another guy I know has an English degree and works as a sales associate for a technology firm. I got a boring degree in Accounting, but you know what, I got a job in my field 3 months out of college and am making more than all those guys.

[Fruityboots]

@avataz cause it's all about the money ain't it, douchebag?

[skyjenn777]

Wow, this is good to know. I am going back to school after eight years and someone reccomended that I go through Sallie Mae and I almost applied. I'd like to see the 20/ 20 episode in full though. It looks like this guy has edited and added his own comments.... Not that he's taking what 20/20 is saying out of context, BUT I'd still like to see the full episode.

[lostprophet912]

I always thought it was funny how people always talked about "predatory home lenders". What about student lenders? They loan kids from 18-22 years old, with no job, over 100K unsecured that can not be discharged in bankruptcy!

[bradleyt1]

@lostprophet912 Turning this nations young out into the world with 60k in student loans is a crime against humanity..

[RSSFeedify]

I feel so sorry for that Collin kid. Ughh, god, not fair. The world is a fair place, but companies like Sallie Mae make it stressful.

[misdelivery]

I love this guy!

[misdelivery]

I love this guy!

[misdelivery]

I want this company to collapse!!!!

[liyhann]

I just got off the phone with Sallie Mae..once again. Despite my specifically requesting that my additional $200 payment be applied strictly to principal and principal alone, they continually apply it to interest despite my also sending a monthly automated payment to cover the regular payment. I am SO FED UP with their LEGAL SCAM. I can not WAIT until the banks get back on track and start offering personal loans at reasonable rates. I'll immediately take out a five year loan and pay off S&M.

[johnnyhala]

45k to 103k? It's not rocket science. It's called in-school deferment. And then you became so delinquent you allowed your loans to default? This is not Sallie Mae, this is the nature of any Stafford loan, federally guaranteed, no matter what lender you get it from. (I assume it's a federally guaranteed loan and not a private loan)

[hanzobarren]

Burn down Sallie Mae!

[Copper9]

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[IWantUrBallsSmashed]

Excellent Videos man, I really Appreciate it.

[yoops]

Are there any alternatives from Sallie Mae for a student to borrow without crazy interest rates and unexpected "surprises" once I have to start paying back?

[uncoverbrother]

i don't agree with not going to college. an educated society only adds to its progress. but, it is eye-opening to realize that sallie mae is no longer affiliated with the government. shocking!

[ferrari4sale]

My student loan lender is Wells Fargo, is that different from Sallie Mae or same the same crap.

[emkplayboy6]

This is absolutely true! Sallie Mae is complete & utter BS!

[visionimagify]

When all things fail, join the Military.

[AxiomaticObserver]

"A fair shake or a shake down?" LOL I was smart enough not to go to college but now I might go to just to take out a loan from them.

After I got the money I bet they would never see me again. Lol :)

[USStateSponTerrorism]

I have 3 college degrees, `10 years of college, and worked more than 10 years as a college instructor - teaching morons who couldn't read past the 5th grade level! DON'T WASTE YOUR MONEY OR YOUR TIME GETTING A UNIVERSITY DEGREE IN THE U.S.! Your government is encouraging companies to send jobs to other countries, regardless if they are our enemies or not.. Our government is steadily eliminating all of the achievements the unions made during the past century to improve the conditions of workers.

[RusselBode]

It f'n sucks the hardest working people, the nicest people, and some of the smartest people are absolutely crapped on. Isn't it funny how stupid the people that run our country are. Just look at Obama right now, he says lets try to get this country out of some of this debt we are in, meanwhile he is spending millions upon millions partying and making unnecessary trips. Here I am barely making over minimum wage and I got myself out of 50,000 dollars of debt. I'm not just bashing Obama either.

[daniebchuckles]

Hate sallie mae paid seven months just for interest thats at 6% (nothing right???) after the seven months I have been paying 3X the minimum and it has not gone down what so ever in the past two years and I am not working at this time I dont understand how I have a credit card at 27% interest I paid off but cant pay off my loan at 6% ????

[thebookwormh2o]

I normally have to pay $110 every month. Now I got a letter in the mail, Sallie Mae TELLING ME to pay $400 and something dollars, regarding my private loans. What the hell is that? Anyone know any companies that will help consolidate my private student loans?

[peart]

@thebookwormh2o Private loans can only be consolidated by other private loans. The rules for public loans don't apply to private loans.

[honeydc18]

I apparently have a loan thru sallie mae. I never approved or opened this loan! It was opened by someone who stole my ID and opened when I was still in highschool! I have been working with sallie mae for 5 YEARS! And NOTHING has been done! They keep me running in circles and refuse to believe police reports. I hope they go bankrupt! They are all a bunch of damn idiots!

[bbbkahinharmony]

Looks like President Obama has put the brakes on the Sallie Mae scam. They are going to lay-off 2,500 loan sharkes I truly hope the company goes bankrupt.

[5ballcharlie]

fuck sallie mae they will never get anything from me

[sdguy1234]

Maybe all of you complainers should take ownership of the money you borrow.

[ChuckyJJCthulhu]

@sdguy1234

Listen, idiot, unless you're born filthy rich, there is almost no way to avoid student loans in college to get teducated for a career. I'm one of the few who graduated loan-free, but I worked 20 hrs/week in a modest-difficulty major with scholarship. Very few students are so lucky, esp if they go into demanding majors w/o spare hours for jobs.

The rest of civilized world has enough common sense to ensure students finish debt-free, another reason why US is newest banana republic.

[ba305]

fuck you pussy there something called called interest

[eloseohmartinez]

REALLY, YOU`RE A FUCKEN IDIOT !!!!

[dfrutled]

I got 7 calls in one day and they all claimed I owed different amts. 257, 750, 389, 459, & another amt I forget. Plus the website said I owed another diff amt from those above! Also, if you are late they lock you out from talking to anyone except a creditor, and the creditor can't help u with anything except giving them money. Even when it's sallie mae's fault.

I got a call 3 days ago saying I owe 257, I got a call today saying I owe 650. They also changed fax #s for deferments every semester

[maneesha81289]

i want to bomb sallie mae..i borrowed 30000 now i have to pay 75000

[bobcatpaw]

Monday night I called sally to pay on the principle of my student loan (only way to shrink the amount owed from what I have seen) took almost 4 hours to get that accomplished. Sadly to pay on principle As far as I know I need to call them, At first the guy thought I was several months delinquent (BTW I am paid up for a few months in advance) And after 2 or 3 attempts to pay on principle I was finally Able to. Advice if you got suckered with sally, Dedicate one bank account just for there loan

[richdolanski]

I am several days delinquent on my loans although I paid electronically prior to my due dates. Bad credit here I come.

[JJGSeven13]

this makes me happy that my loans are paid off, despite working low-wage jobs over three years. College is over-rated but necessary, so either way it's a bitch.

[schlabresfan]

BTW don't ever go undecided. The colleges now try to stretch you out to 5 years. Me and dozens of others I knew got scammed. The colleges are in bed with these guys. We are all paying for decades. I really wasted a ton of $ that would have been useful now. I ended up starting my own business anyways. What a waste. I want to write a pamphlet or book warning high school kids.

[358Liberty]

Abolish the Fed and Sallie Mae, Freddie Mac, Fannie Mae and whole federal government please Ron Paul 2012

[thegreatestbak]

gr8 vid

[DontGoToCollege]

Thanks. I appreciate all of your comments.

[ahalstea84]

Dude didnt pay his bill, WTF you thinks guna happen the debt shrinks? That's not how the real world works.

[MrOldSlacker]

Sallie Mae, child molesters, child pornographers, 9/11 terrorist, the Ku Klux Klan, Nazis....

All are the same scum. College today has one goal: get innocent kids as far into debt as you legally can and keep them there for as long as possible.

I've been paying these bastards for 18 years now. I hope the people who run Sallie Mae all get cancer and die very slow, painful deaths.

As for those who support Sallie Mae and want to defend them, I say f*ck you!

[tallswede80]

@MrOldSlacker

The Nazis were honorable men who were preventing a Jewish Bolshevik communist takeover. I say, fuck you!

[TheChromelover]

@tallswede80

I agree with you on your views on the Nazis.

[tallswede80]

@TheChromelover

Well, if you're sane you would. And if you're insane you wouldn't.

[Chaosga]

I F***KING HATE THEM! THEY ARE A SCAM! THEY TOLD ME IT WAS A STUDENT LOAN, and THEN TURN AROUND AND TELL ME ITS PRIVATE LOAN at 17%!!!!! MY LOAN NOW IS GOING TO BE OVER 10GRAND for a 5GRAND LOAN!!!!

[schlabresfan]

ya,i hear ya. mine was for $12,000, and I have paid almost $26, 000 in 15 years with 2 to go. I was a young kid that had no idea what I was doing. I got scammed by the college and them.

[Chaosga]

I F*CKING HATE THEM, Just seeing their name on my id list sends me to a rage! I hate the way they are allowed to harrass and abuse people. If anyone that reads this works for them. YOU SUCK ASS PIG!

[profabzml]

all 19 nationwide offices should be burne d down to the fucking ground! i wish i was never born an american. i wish i was born in a country where the dishonesty was right in your face . freedom sure isnt free. lol it cost 30,ooo in debt to live in free ameriCON

[callouschristian]

STAND UP and tell Sallie Mae you REFUSE TO PAY. Don't answer the phone. Don't talk to them! They won't have a job to do and their losses will be huge. They can't go after everyone. This government made disaster is destroying this country and it is our duty to hold up the middle finger to this illegal company.

[ImNotYourFriend212]

My mom is paying off her SallieMae. I hate the look she gets on her face when she sees the notice telling her its time for her next payment. That kind of makes me scared to go to college. Im trying to become a Dental Hygienist, which requires me having an A.A.S. I'm eager but also reluctant at the same time.

[timetraveler3797]

Well no shit, as damand rises faster than production, of course inflation occurs.

There are people who are in college who shoulden't, which raises the cost to those who should and may keep them out or cripple them with debt.

[Jessecraft1954]

George Bush had no compassion for the citizens of the United States. His rich daddy probably paid for his education so what would he know about how it is for the rest of us who were not born rich. Amazing that the USA pays for criminals to have free college educations even if they are doing life sentences for murdering several people, but what does the USA do for the rest of us? France pays for her citizens to go to college. The USA is all about the love of Money

[DontGoToCollege]

It's just another scam to get us into debt...just like the "American Dream" of home ownership...rather the Banker's dream of mass debt.

[Jessecraft1954]

You`re right, it`s a big scam. SallieMae is a big time loan shark, Where are the jobs that pay enough to pay back the government? Then if you can`t pay them what they want every month, they garnish your gross pay 15 percent and after a few years will sell your loans to Progressive Finance for 24 percent interest. Did you see the video of SallieMae`s CEO buying himself his own private golf course? You`re right, it`s a big scam. Government loans, yeah, loan sharks. No thanks!

[lerxt42]

George Bush...Educated. What? where.how

[uncoverbrother]

@Jessecraft1954 not to mention that bush was a "legacy" student--meaning, his dad's attendance assured him admittance into yale.

[aaronjowns]

@Jessecraft1954 Hell you posted this a year ago, but Bush had nothing to do with this. The cause of these types of corporations are The Federal Reserve and The International Monetary Fund. This company was set up as a GSE. A government entity !!. And low and behold your scapegoat Bush was nowhere around. Like KRS-One said you need to talk to the franchise owner and that is big banks.

[Jessecraft1954]

I could not afford to be on a payment plan and my wages were garnished for seven years. George Bush increased my garnishment from ten to fifteen percent of my gross pay and withheld my income tax refunds. I called for held and received a letter stating they sold my loans after my call for help. They sold it to Progressive Finance. Borrowing money from the government is like borrowing money from a loan shark. The USA preaches go to college and make more money. That`s not always the case.

[lulubellstallings]

The point is that jobs are not paying enough or not there to cover student loans. Its an illusion that Americans are made to believe. We are supposed to assume that if you become an engineer, then you will make a lot of money, but in reality thats not the case.

[kmcl11]

well said...i think the govt should get out of the business and we will see tuition drop.

[LeftLiberalSoCal]

I'm stumped on this one. Aerospace Engineering is an extremely hard degree requiring advanced calculus and physics courses. This does not make any sense. He should not be struggling to get a job. Headhunters should be beating down his door.

[DontGoToCollege]

As a former engineering student, I agree. I dropped out a year before finishing.

The problem nowadays with engineering is that the work can be done over the Internet with engineers in China and India who will work twice as long and hard as an American for only $500 a month.

China graduates about 450,000 science and engineering students every year.

[sirlordwhitman]

@DontGoToCollege Thanks to NAFTA. Good one Clinton.

[jessieks7]

@LeftLiberalSoCal if he went to a private school for the engineering program, then his degree doesn't count for shit. private schools are useless. unlike state approved schools, private schools don't have financial aid, instead they put students on sallie mae by giving them fake hopes

[anthonypesce]

College is a scam. 8000 hours in classes that you can get for 1.50 in late charges at the library. We have the internet now. Information is free.

[DontGoToCollege]

You got that right.

[ComradePatriot]

Maybe Rich Dad Poor Dad was right about colleges being a waste of time to get rich. You would be better off going to Barnes and Noble and buying a book on personal finance for $19.95 rather than going to college for 4 years learning how to get rich.

[Ihatesalliemaedotcom]

I hate Sallie Mae!!! Post your horror stories on my website so we can inform people and not have them ruin their life by using Sallie Mae.

[waverly2468]

We are in the Depression of 2009. I work at a big box retail store. All of the store employees have lost a lot of hours because of slow sales. In the last 2 or 3 months sales have not improved at all. Sales haven't even budged. It's scary. I think that a generation of college grads are so in debt with student loans that they don't have any money to spend. And I thought that higher education was supposed to help the economy.

[DontGoToCollege]

Politicians always say that "higher education" is an "investment". It helps their personal economies, government workers' economies, and the economies of companies like Sallie Mae but it's a drain on taxpayers and society.

I agree the amount of student loan debt is really scary.

[Rockynurse]

Compound interest is basic math not rocket science!

[DontGoToCollege]

Compound interest is multi-variable calculus. It becomes basic math when the formula is derived using calculus.

[Rockynurse]

Really? I understand it very well and I have never taken calculus. Its really quite simple. Unpaid interest accumulates interest. Interest on top of interest. The balance due goes up more and more the longer you don't pay.

The home mortgage thing was a joke. Realtors say "houses always go up in value". Anyone who has taken economics knows this isn't true. Yes they are worth more but his is because of inflation. The loan industry really controls the prices of real estate.

[Rockynurse]

HAHAHA! I am so glad i got most of my degree done at a community college that cost me around 20$ a unit. I am also glad I am an accounting major who understands the time value of money!

When I graduate in a year I will step into a 55k job.(It's almost guaranteed because I intern with the firm). I may have to take out a $6000 stafford loan but the most debt I will graduate with is around $6000.

Wow an Aerospace major who doesn't understand interest? Is he mentally sound!

[DontGoToCollege]

Sounds like you're off to a great start. All the best to you.

Unfortunately, most of us are kept in the dark about compound interest by design to sucker us into loans - the housing mortgage crisis for example.

[Rockynurse]

In the long run real estate does appreciate though. At a rate of around .2% a year. Which is almost nothing. You would be better off putting your money in a savings account to gain net worth.

I know compound interest is really a scam. My buddy has a 20% interest rate compounded quarterly on his $8000 credit card balance. Even if he lands a 40k job he will be in poverty. (well in my opinion)