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Rental Applicants... everyone has a huge student loan.

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Rental Applicants... everyone has a huge student loan.

Old 08-26-2018, 06:44 PM
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Default Rental Applicants... everyone has a huge student loan.

Finished one of my houses. Put it on the market this past week. Seems like everyone applying has a student loan of $100k or more.
They make enough to service the debt but dang!! Is this normal?
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Old 08-26-2018, 06:48 PM
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Originally Posted by The Bermudian View Post
Finished one of my houses. Put it on the market this past week. Seems like everyone applying has a student loan of $100k or more.
They make enough to service the debt but dang!! Is this normal?
I don't know the average student loan amount; I'd say its high but it wouldn't bother me. You know what happens when you don't pay your student loan? You incur more interest, that's it. Know what happens when you don't pay rent? You get evicted.

I generally look at income being 3 x the rent and 720+ credit score. If you don't meet those two, you're not renting my house. Credit is their reputation, they didn't get an 800 by entering into agreements they couldn't live up to.
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Old 08-26-2018, 06:49 PM
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depressing ---- the academic types have really run up college costs- lottery did not help either.
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Old 08-26-2018, 06:58 PM
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Originally Posted by On the Half Shell View Post
I don't know the average student loan amount; I'd say its high but it wouldn't bother me. You know what happens when you don't pay your student loan? You incur more interest, that's it. Know what happens when you don't pay rent? You get evicted.

I generally look at income being 3 x the rent and 720+ credit score. If you don't meet those two, you're not renting my house. Credit is their reputation, they didn't get an 800 by entering into agreements they couldn't live up to.
I do the same. Most of them make good money. Just young and don't want to buy a house yet.
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Old 08-26-2018, 08:18 PM
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It is the parents responsibility to pay for their childrens education. In some cases the poarents dont have it but in some the parents are to freekin cheap and irresponsible to pay it.
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Old 08-26-2018, 08:22 PM
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If they're making enough to service the debt and qualify for the mortgage it was probably money well spent. Public colleges are harder to get into for grad programs, and kids are going the private route.
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Old 08-26-2018, 08:33 PM
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Yes, that's pretty typical nowadays especially once grad school gets involved. Lawyers and doctors will almost always have 100k in debt unless their families are already wealthy.
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Old 08-27-2018, 04:18 AM
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Borrow $100K, use it to go to college for four years while making no income, get out of college and get a $75K a year job if you were smart enough to obtain a degree in one of the more desirable majors.

Most go down this road because it seemed like a good idea at the time, or more likely it seemed like a good idea to the parents to tell their kids that this is what they should do.
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Old 08-27-2018, 04:27 AM
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Originally Posted by barrell View Post
It is the parents responsibility to pay for their childrens education. In some cases the poarents dont have it but in some the parents are to freekin cheap and irresponsible to pay it.
Sorry, but I disagree. I never expected my parents to pay my college tuition. They raised me, kept me safe and warm in a loving home, and lived with my occasional insolence and rare bad behavior during my teenage years. I'd say that was enough. If the parent desires and is able to contribute towards their children's higher education, then they most definitely can. If a child expects it, then their parent has done a dis-service to them in condoning that entitled behavior.
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Old 08-27-2018, 04:38 AM
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And remember its not really possible nowadays to make enough money without a degree to both pay for college and pay living expenses. So people have to take out loans. its not like the old days where you could work part time (or even full time) while going to college and pay for both.
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Old 08-27-2018, 06:40 AM
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Somewhere we decided everyone has to go to college even when you can't afford it. These people should have went to a community college for 2 years they could have cut that debt in half. These same people will find they are in huge amounts of credit card debt before long. I think they are thinking about it like a mortgage.
I've dated a few girls with crazy amount of debt and when I ask what they were thinking I get a blank stare. I dated a girl with 30k in student loan debt she was 32!
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Old 08-27-2018, 06:45 AM
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Yeah WHY GO TO COLLEGE?
Just read the FOLLOWING:

RULES FOR RADICALS
CLOWARD & PIVEN S THE STRATEGY
KARL MARX.
Here's your degree .Go in peace..
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Old 08-27-2018, 06:50 AM
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i am trying to talk my nephew into going to a local college. It is $12k a year for room and board. $48k for 4 years. That is crazy. I told him to stay at home and mooch off his parents.
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Old 08-27-2018, 06:50 AM
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Originally Posted by WPBTH View Post
Somewhere we decided everyone has to go to college even when you can't afford it. These people should have went to a community college for 2 years they could have cut that debt in half. These same people will find they are in huge amounts of credit card debt before long. I think they are thinking about it like a mortgage.
I've dated a few girls with crazy amount of debt and when I ask what they were thinking I get a blank stare. I dated a girl with 30k in student loan debt she was 32!
Out of curiosity, how old are you? Except for skilled trade jobs (like a machinist, plumber electrician) every job posting out there wants at least a 4 year degree. Even receptionist job postings often have 4 year degree requirements. College remains the single best way to pull oneself out of poverty so saying people shouldn't go to college if they can't afford it is bullshit.

30k in student loan debt at 32 is nothing. Especially if someone went to grad school, or struggled finding a full-time job after graduation. Student loan lenders generally allow one to defer payments until you get a full time job. With interest rates where they are, its not so bad. Somewhere between $150 and $300 a month probably. Lawyers and doctors routinely come out with 100k plus in debt.

Things are a lot different than they were even 15 years ago when I was in college. I came out with ~25k from undergrad and ~25k from grad school. And I had lots of scholarships and grants, and worked. Still had to borrow.
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Old 08-27-2018, 06:53 AM
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I have a friend that between him and his wife they have about $250K in student debt and it's not like they are doctors. One works in tech support and the other works in HR. The burden of the debt is on the wife for her failed PHD program where she kept on getting loans to retake classes and "living expenses" even though her husband was working with a $100K salary at the time.
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Old 08-27-2018, 06:56 AM
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Originally Posted by WPBTH View Post
Somewhere we decided everyone has to go to college even when you can't afford it. These people should have went to a community college for 2 years they could have cut that debt in half. These same people will find they are in huge amounts of credit card debt before long. I think they are thinking about it like a mortgage.
I've dated a few girls with crazy amount of debt and when I ask what they were thinking I get a blank stare. I dated a girl with 30k in student loan debt she was 32!
This ^^^ Our education system has evolved to value a college only path which leaves lots of kids behind who are not a good fit for college. Its sad really.
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Old 08-27-2018, 06:57 AM
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Not that long ago I saw where some dude hit the $1,000,000 mark in student loan debt. I cant understand how someone thinks that could possibly be worth while....

Ah, here it is - just a Google away...
Million Dollar Student Loans
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Old 08-27-2018, 06:59 AM
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Originally Posted by Lorne Greene View Post
This ^^^ Our education system has evolved to value a college only path which leaves lots of kids behind who are not a good fit for college. Its sad really.
Its the job market as much as or more than the education system.
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Old 08-27-2018, 07:10 AM
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I learned how to live pretty cheaply when in college. For some with these huge student loans they want to have nice cars, nice vacations, restaurant meals, and live high on the hog.
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Old 08-27-2018, 07:12 AM
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Originally Posted by Lobstercatcher229 View Post
I learned how to live pretty cheaply when in college. For some with these huge student loans they want to have nice cars, nice vacations, restaurant meals, and live high on the hog.
I assure you that is a minority
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