Added: 2 years ago
From: DontGoToCollege
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  • These folks don't realize is when they are in forebearance and don't have to repay the loan for several years, interest is being charged EVERY DAY. When they default huge fees and charges are added. In the case of private loans sometimes they double your interest rate because of late payments. Bottom line...if you can't pay for college, don't go.

  • So basically the banks are cooking their books. They know most of these students will never, ever pay all that money back but it makes their balance sheet look good.

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  • Run to the hills.... Run for your lives!

  • we should have let SallieMae die. Why did the govt bail them out. Is it to gain more power? I think so.

  • Thumbs up to 60 Minutes, thumbs down to the douche that keeps butting in and interrupting.

  • OCCUPY SALLIE MAE>>>> THE CROOKS!!

  • I'm curious as to what your thoughts are about someone who wishes to become a physician or another healthcare professional and must obtain a degree in order to do this. I wish on the job training was all you needed but unfortunately it's not enough.

  • @mainmedic In my first video, I say "except for a few career choices such as medicine, law, or science"... In earlier times, people who wanted to be doctors went straight to medical school. I think it's a waste of time for someone with a desire to be a doctor to get a bachelor's degree. I'd rather have them learning medicine while they are younger. I wonder if this was done to sell college to the masses..."Doctors go to college so you should to college too, it means you're smart".

  • @DontGoToCollege You're right. Universities should just train students for their careers, not load them up with extra classes in order to milk the financial aid system. Also, I think BA degrees could be made into two year degrees...as most of the General Education stuff they make you take in the first two years have already been given to you in high school. It should only take four years at the most to get a MA.

  • @DontGoToCollege One major problem with our educational system today is the focus on proving oneself "smart", rather than focusing on students learning useful skills that will enable them to do things. It is a system meant to exploit base youthful egotism (tapping into that primitive "I am better than you" mentality) in order to make money for the schools.

  • College - the institute that teaches would-be college administrators (social workers), teachers, and professors how to perfect the Bernie Madoff Ponzi scheme and overwhelm unsuspecting targets with perpetual academic and financial slavery.

  • Go to community college. Pay with cash or grants. 300-1000$ a semester is easy to pay. Get a 2 year degree and work your way up.

  • @DavieDave59 thats exactly what i was thinking lol.

  • @DavieDave59 it costs 5,000 per semester nowadays for many Universities in my area. Most high school graduates don't know about community college's incredibly affordable tuition costs and like me, are suckered into looking for more "prestigious" institutions.

  • I've gotten $11,000 in federal subsidized loans that I'll be paying back at 6.8% interest over the next 10 years, if I do the minimum payments of $125 a month. But I say fuck that, I'm getting it paid off in one year and not borrowing anymore for school. I don't care if it takes me 5 years longer to get a bachelor's degree, I'll pay every bit of it with my own, hard-earned cash and not a penny of it will come from this bloodthirsty government.

  • I wouldn't go to college these days. Maybe thats why there are less and less guys in college because they realize that its not worth it. I don't know about women though.

  • yeap.. i took a loan for 16 thousand... paid 20 thousand over the course of 8 years, and now i still owe 18 thousand dollars...

    compound interest is a motherF'er!!!! sallie mae is a real B*&@#

  • i learn compound int in math money class wen i was 18

  • I recently graduated with my AA in Music from community college...considering not heading to a four year college b/c of the loan situation I'm facing, I have no credit and I have 2 brothers under loans. Basically, it's impossible for me to even get a loan, the govt doesn't wanna help b/c my parents "make too much money".

    I just wanted to go to music school, that's all.

  • really, college loans should be tax deductable. College costs are a bussiness expense. People do not go to school for knoledge, they go to school to get that piece of paper so they can make more than minimum wage.

    It is outrageous that these loans cannot be contested or, in some way, limited. The lady who is having to pay 250K for a 60K loan should have some rights that limit such usury.

  • college is where you go to act upper middle class for four years while you are robbed blind

  • unless you want to be a doctor or nurse...stay away from college.

  • Seems like at this point I'm banking on the end of the world in 2012 to wipe out Sallie Mae... but I'm sure they'll still try to get back the $72,000 I owe for a bogus Marketing degree somehow. 

  • Sadly I wish I had known about Sallie Mae before I ever took out a loan with them. I went to school under the Voc Rehab program through the VA (was 20% disabled at the time), and had to take out additional student loans to cover things the VA wouldn't cover. Now I am sitting 2 1/2 years out of school, no job or income, no car, and I have developed a degenerative disc disease in my back that is keeping me from being able to find employment. My loans will be going into default as of January

  • I even went so far as to call them inquiring about a Disability Discharge, and was informed my private loan did not allow for that. How is someone who is clearly having a lot of medical issues supposed to pay their stupid loans and fees when they can't even cover the cost to barely survive?

  • a lady told me a couple weekends ago she is in debt to school for 30, 000 to be a Certified Nurses Asst. I was like you are lying right? she was like NO. she was serious.

  • yes and i went to some community colleges and I paid for it with my own money.. no bills there it was like 300 a semester. the most 500 back a while ago but I know those schools SUCK but at least i didnt have 300 grand.. i cant even PERCIEVE 300 thousand and when, where, who will hire her to make movies. Hell everyone is making movies now all you need is a decent camera, some lights, a decent story. that is the WAVE of our future. Look at YOUTUBE..

  • yeah thats true. yep YOU are fortunate to get an EDUCATION..hell i know people who NEVER went to college and EXACTLy.. what a dumb ass. I thought she was educated.

  • thank you for sharing this info

  • She should have just went to film school. I think we all know none of these people are gonna pay these damn $200,000+ loans. No fucking sense. Sorry for cursing, but it's angering.

  • Perhaps 30 years ago having a college degree was a plus, but nowadays it really doesn't matter. If I knew then what I know now, I would have skipped going to college and avoided the headaches and aggravation that I'm dealing with now thanks to SallieMae.

  • OK while I agree with the idea that Sallie Mae is legal loan shark I think the blatant attack on peoples need for an education is misplaced. I notice he uses the word "socialist" which is a coed word for the right to attack any program that might be useful. He makes all these critical points without offering up any solutions.

  • I told one person this and they said "oh they can't repo your mind" assuming a diploma mill is gona "increase your mental ability" with their every increasing JUNK MAJORS and more "requirments" to graduate. These criminals will turn you into a dept slave if given half a chance, a dept slave that has NOTHING to call their own because all they work for goes to these same criminals.

  • I really feel bad for the science graduates, you need to go to college for that.

  • i think the moral of the story is to consider PUBLIC COLLEGES AND UNIVERSITIES! why pay goo-gabs more money for the same degree you can get by simply going public?!

  • Everywhere we turn this System is designed to keep us in debt, and that's it!

    We are born, wer'e owned, we are mass producing robot slaves. We buy into the the "status" symbols of College, Marriage, Mortgages, Cars, etc...my advice?...Know that we are not alone (God) know who you are, do what makes you happy, don't hurt anyone...Love yourself and each other

  • I don't understand. If you took out all those Student Loans why should you be allowed to get away scott-free when you realize you can't pay them? Isn't that a con? "Oh I'll take out 50k in student debt then file for bankruptcy." Wtf? Do they not know the Law of Nature?

  • i keep telling people don't go to the universities start working and educate yourself. IF you can live with your family and friends to save money. Save save save all the money you can from 18-30 years of age and then become your own boss. after you learn a trade such as construction, cooking, baking, installing electronics for people such as security systems whatever is better than working for someone else.

  • man if i had known this i would have never gone to college and saved myself about 60K dollars in fees and lost wages for 5 years. Total opportunity cost of lost wages plus cost of fees is about 100K dollars. it was not worth it. I would have been about 100K dollars richer now. At least im out of debt, but i would be rich now if i had not gone to school.

  • @TheCashistrash I agree. If i started working straight out of HS i would be in much better shape. What a waste.

  • omg i wish i learn about this sooner, i once attended the art institute of portland in 2007 hoping to get an associate in media arts and animations and after the 1st semester i owed over $6,000 in loan that i had to pay back to sallie mae. after that i was thinking if i continue to go to this institute i will die sooner than i live so i instead drop-out, go back to my assembly job, live with my family, and is now able to get back my life, my friends, and my financials free from debt.

  • @blueswan1984

    That's great you got out before the debt got too bad.

    I wish I'd have done that.

  • @DontGoToCollege

    lol..how did education screwed you

  • @blueswan1984 That was a wise decision!!! Thank goodness you dropped out of that program/institute. The Media Arts and Animation degree from the Art Institute is NOTHING!! All it gets you is freelance jobs that don't pay enough to even make a "dent" to your student loan debt. It's not worth it. If I would've known more about the degree AND Sallie Mae, I would've dropped out too. Enjoy your debt free life buddy.

    P.S. Don't go to the Art Institute unless mommy and daddy are paying for it. lol

  • @dvdcervantes Thanks at first I thought it might be worth it but as time went on I just don't think it is. The classes went through very fast and I don't had time to study or get tutor cuz I also work too and the debt is already too much to bare so I figure it's best to pay it all and find another way and that's what I did.

  • man its time for a change

  • America is fucked up. We really need a change fuck the bullshit.

  • I got a 10,000 loan over less than two years.

  • shit i currently got a loan for 20,000 dollars

  • Over a quarter of one million dollars? Wtf...gosh.

  • I think its financially risky to take on a student loan beyond an associates degree at a community college. And if you do go to community college make sure you are majoring in a skill/trade that is in demand (ex. health science), get a job, and if you want to go back to further your education take your time paying out of pocket so that you don't become a slave your education.

  • Ron Paul 2012 no more government schools preschook k-12 two year four year and all the sham vocational schools and private schools that would otherwise be bankrupt or a lot smaller if it were not for taxpayer loans

  • all this college shit is such a fucking fraud

  • @swinggcat1 I went to state school, when i went it was 2k/ semester and rent was 200USD/month.

  • Australia is so awesome, we get interest free loans from the government and we don't have to pay a cent back until our income reaches a reasonable level. No strings attached and no bureaucratic mumble jumbos, we just tell the university we want to defer our fees, and that's done with a click, no forms no phone calls no nothing. Anyone who is a citizen can apply whatever their family income. Hail socialism!!

  • I'm not for socialism, but that system is infinitely better than this crap!

  • @sobserver DOGOOD HERE: Your Country Cares About It's People; That's Why!! :D

  • Sallie mae is horrible I agree.I dropped out after hurricane Katrina and I have 2 work 2 jobs now,so I STILL have to pay although I told them my situation,and the intrest if off the walls!

  • then again how to take advantage in a hyperinflation?

  • nooooooooo.......... i got scammed by compound interest......................­:) good thing there is going to be hyperinflation.

  • im soo glad i never went to college.

    woah i tried telling poeple about this when they ask me why i don't go back to school. they don't understand it is not about the paper, its about who you know

  • Who you know and who knows you is very important. You can't learn important people skills in the classroom.

    Thanks for your comment.

  • @DontGoToCollege Our country is sure Fuked up. A good education is not given much worth anymore. It is not about what you know. It is about who you know. Not much to do with people skills but I call it nepotism. Why you think we are in the financial mess we are now? we have complete morons running our country and not the best and brightest. This includes not only in politics but companies as well. People with PHD working in walmart when you have High school graduates managing them.

  • one of my friend tried to hook me up with a law job, but i rejected it because this means i have to go to law school .

  • true

    ben to school 3 times, I have an associates degree and 2 certifications and still cant get a fucking job. I give up

  • It really is about who you know.

  • @pdm29615 or for women, it's who you blow. yes, kissing ass does have it's benefits. just ask monica lewinsky.

  • legalized slavery that's all I see :@

  • It is slavery.

  • Don't blame Sallie Mae, blame yourself. No body told you to go to college.

  • @Quiksilver209 You're kidding, right?  "No body" told me to go college? EVERYONE told me to go to college!!!!!!!!!!!!!

  • ehhh... I guess you are right. Remember the golden rule; when you are doing the same thing everyone else is doing, than you are doing it wrong.

  • @Quiksilver209 Uhh.... Yeah they did. Remember high school when they tell you if you don't go to college, your life is over? Or parents that push their kids into going to college?

  • Do your videos take a long time to upload, maybe you could convert to flv. format before uploading maybe. What sort of video editing program do you use?

  • The videos don't take too long to upload. I upload them as .mp4 files. I use iMovie. The lighting I'm using on myself is too blurry. Maybe I need to work on my lighting techniques. It looks OK in iMovie. Maybe it's the conversion process. Any suggestions?

  • The program you are using is sufficient, it will do. I use programs like virtual dub for video editing (even though I haven't done that recently) and DVDVideoSoft for downloading videos and changing formats.

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