What is Digg?Sponsored by Dragon Age: Origins
Join the Dragon Age: Origins development team on Facebook view!
facebook.com/DragonAgeOrigins - EA presents BioWare's new dark fantasy epic Dragon Age: Origins. '9/10' from Game Informer.
502 Comments
- inactive, on 12/28/2008, -7/+267When I was in college, the 'fiancial aid dept.' pushed loans heavily and were not honest about interest rates. I consolidated my five student loans into one at a 10% interest rate. Citibank owns the loan and although it is a federally guaranteed student loan, Citibank refuses to allow me to re-negotiate a lower interest rate. I deferred the loan payments for the first seven years because my earning power did not afford me the ability to support myself and to service the loan. My 23k borrowed ballooned to 54k in that time frame. My payments are $575.00 a month. I was not savvy about these things as a student, and was desperate to earn my degree, thinking I would quickly pay off the debt when I entered the job market. The student loan has turned out to be a financial albatross around my neck. I still peel off that payment check every month, while Citibank enjoys a profitable interest rate at my expense. Congress recently passed new regulations to allow for the refinancing of student loans at lower interest rates. Unfortunately my kind of loan was not included, so I don't get any relief from the interest rate. It is my opinion that like the predatory home loan practices that contributed to killing this economy, colleges working in conjunction with student loan companies are also engaging in predatory lending. All this confirmed in the submitted article.
- IMJGaltstill, on 12/28/2008, -2/+233What would make this girl think that she would make enough as a photographer to pay back 140,000.00?
- inactive, on 12/29/2008, -5/+122Because kids are stupid, and we coddle them into thinking they are all unique little snowflakes that will be loved for who they are and find a magical well paying job if they just study.
We need to do a better job crushing their souls, so they will be dead inside before they have to start slaving away for a livable wage at a job they hate for the rest of their lives. Things will go a lot smoother for them that way. - stoanhart, on 12/29/2008, -10/+97Would it not be possible to find another bank that will lend you the full amount at a lower rate, then use that money to pay off the loan in full at Citibank?
On another note, every day I become happier to be living in Canada. I am currently two years into my computer science degree, and have about $17,000 in student loans. All of my loans come from the Government of Canada or the BC government. Once I graduate, they will be at approximately 7% interest (which I still think is high), and I have a six month grace period I have to start paying. If I can't make payments, they will happily negotiate with me to work out a payment plan I can manage. Additionally, I just got a letter in the mail informing me that $3175 of my BC student debt has been wiped out... just because. They said that my application for financial aid made me eligible for debt relief. I didn't apply for it, I didn't ask for it, but I got three grand in the mail.
I know you Americans love to rag on socialism (which you seem to confuse with communism), but it seems like everything works better here. All you anti-socialist, "free market" society has brought you is a slew of incredibly powerful corporations grasping for every opportunity to rape you up the ass, with you bought-and-paid-for politicians all to happy to help out. - mh262, on 12/29/2008, -19/+101Not everyone should go to college. People these days are so entitled. Entitled to a house, to a college education... why can't people admit that not everyone can have it all? Let's face it, some people just aren't smart or motivated enough to get anything meaningful out of a college education.
- inactive, on 12/28/2008, -3/+69It's a trap that many are lulled into, including myself as a young man when it comes to credit and loans. It's easy to say, "Ah, I'll not be on the hook for these loans four more years. I'll worry about it then". Many kids also believe that once they graduate, they'll step into a well paying career, not realizing that most will be forced into entry level positions making it necessary to put in a few years to gain the experience to THEN command a higher wage. When you look at the way a lot of credit is marketed, you can see the ploy that plays on the promise of buy or borrow now, get deferred payments and interest for x amount of months or years, and pay later. Man, alot of people pay alright. Nothing like being entry level and on the hook for the first decade or so of your career to pay off some loan.
It's time be moved from being a borrowing and credit addicted public to a public that delays instant gratification by saving and shunning credit except for where absolutely necessary. - SnyderMan32x33, on 12/28/2008, -3/+59As a recent college grad, I'm in a similar situation - I pay 1050 a month but only make $2000 a month after taxes. It's tough, but I'll get through it.
- inactive, on 12/28/2008, -20/+72I sent this to my boys. The banking industry has insulated it's semi criminal activity against even bankruptcy, thanks to this administration.
Thanks rj - inactive, on 12/28/2008, -4/+56"Citibank refuses to allow me to re-negotiate a lower interest rate. I deferred the loan payments for the first seven years because my earning power did not afford me the ability to support myself and to service the loan. My 23k borrowed ballooned to 54k in that time frame. My payments are $575.00 a month. I was not savvy about these things as a student, and was desperate to earn my degree, thinking I would quickly pay off the debt when I entered the job market. The student loan has turned out to be a financial albatross around my neck. I still peel off that payment check every month, while Citibank enjoys a profitable interest rate at my expense. Congress recently passed new regulations to allow for the refinancing of student loans at lower interest rates. Unfortunately my kind of loan was not included, so I don't get any relief from the interest rate."
Same thing happened to me, only a different lender. However what I learned was the only people allowed to "re-finance" and "consolidate" their loans had to meet a certain criteria (you do not meet this criteria and never will be able to because you were NOT born that way – if you know what I mean?), which FYI - is against the law via the 14th Amendment - individuals are to have equal access and equal laws apply {verbatim} and I pointed that OUT nicely in WRITING and therefore was able to "refinance" my loan. May I suggest you try it? And if they put you on ignore and they will the first time around, get your lawyer to contact them in writing and I’ll bet their ass will change their tune real fast. It’s worth it. - keltin, on 12/28/2008, -3/+51The lending institutions, even those who claim to be good citizens, are rapacious blaggards who knowingly prey upon the weak and highly vulnerable (students), while the higher education institutions increase the costs by 10-15% per year. This is a place where a well-directed reformation can create many positive strokes from those who've had to endure the ignominy of having to admit that they were unable to understand just how badly they've been taken by the lenders.
- jsdratm, on 12/29/2008, -1/+42I got out of school with about $75k in debt and my highest interest rate was 12.75%. When I got a software engineer job, I used all of my sign on bonus and extra money from my first paychecks to pay off the loan with the 12.75% interest rate and then steadily paid $1k - 1.5k a month on the other loans (well above the monthly payments). Now, after almost 2 years, I have shaved $35k off of my student loans and with the interest rates dropping my highest interest rate is now 7.1%, which is down from 9.75%. During college I worked full time so that paid for all of my living expenses. It is possible to pay down this debt, but not everyone is fortunate to get a good job, especially in this market.
My advice to college students is to:
1. Get a job on the side if you can, try to minimize your loan amounts or pay the interest while in college
2. Pay the loan with the highest interest rate off first
3. As tempting as it is to blow money after getting a job post-graduation, use it to start paying down your loans and then your monthly payments will have a much bigger impact.
4. Pick a degree that will pay off. Going to a private college for liberal arts is asking for big trouble. - inactive, on 12/29/2008, -4/+43"She borrowed heavily, presuming that all her debt was part of the federal student loan program."
Presumed? Surely she would have had to sign a credit agreement which would have had her APR detailed - and if the agreement's details were not clear, why sign on the dotted line and cross your fingers?
I agree that this country's college loan system is as ***** as everything else (housing and job markets for example), but any smart individual would not sign anything legally binding without first reading the small print.
She signed the agreement, and should have seen this coming. Spilt milk... - borez, on 12/29/2008, -2/+37$140,000 That's a lot of debt to be starting your working life with.
- majortom1981, on 12/29/2008, -7/+41Well if you want to be able to brag and go to an ivy league school and stay there then yes you will have tons of debt when you get out.
I went to a local state school and commuted. it was on;y like $6,000 a year . Times four and thats $24,000. I also have a good paying job .
Its your own fault for going to a private college and racking up high tuition. - AmericanAngle, on 12/29/2008, -24/+58And we give 17.4 billion to the big 3, while their union members spend millions in golf fees and resorts. We tell the 17 & 18-year old kids too bad you should have been smarter than the bankers & loan officers. Folks, we are losing our priorities....the results of the presidential election only mirror that.
- partrow, on 12/29/2008, -1/+32So Natalie is a poor victim, right? No responsibility for herself, apparently. She takes on debt beyond what she can pay. Does this sound familiar? Maybe she bought a house too. She undoubtedly needs a bailout to make up for her dumb actions. The government should make her whole.
/s - 3tcp, on 12/29/2008, -1/+30Allright, you've gotta be stupid as hell to go over $20k into debt to get a PHOTOGRAPHY degree. To go $140k in debt is just retarded. Even if the interest rate was zero it would take half your life to pay that off.
Don't go into more debt than you can expect to earn in your first year of work after graduating with the degree. For a philophy/english degree that's $25k, for a business degree it's $35k, for an engineering degree it's $45k. For a photography degree it's like $20k. - yoda17, on 12/29/2008, -1/+26As opposed to the olden days when college was getting less expensive.
- korvan504521, on 12/29/2008, -0/+24some people just want the world to be responsible for their mistakes.
- Bartboy919, on 12/29/2008, -0/+24HAHA, Dugg for the submitters Avatar.
- DarkStar3333, on 12/29/2008, -1/+24Photography is an applied art career where your experiences speaks much louder then a piece of paper. I don't see how a $140,000 piece of paper changes that, the people who make big money are typically more skilled then educated.
There are suckers born every minute and she was a huge one. Anyone who burns through $35,000/year without actually reading the loan agreement is just asking for it.
Had she went to community college and got a part time photography job on top she would have been much better off.
I love students who do nothing but school and cry about how difficult it is. Focusing on school is good but what many do not realize is that once you reach real life you don't have the luxury to focus on just one thing. Life is a ***** of responsibility you need to learn to manage.
I suppose its easier to just claim ignorance and cry about how life is so unfair. - korvan504521, on 12/29/2008, -6/+29Yes, but when you're in college you should be making a plan for success. You shouldn't spend 140k "finding yourself." My sister is doing the same crap, but she's lucky that my parents are better off now than when I was in college. I had to pay almost everything myself, but I worked hard and planned correctly, and I only owed 29k when I got out of school, and had a great job in less than 3 months of graduation.
Life isn't always about "expanding yourself" and "being happy", sometimes its about working hard and doing the responsible thing. I did that, and now I can afford to be happy, and find myself. The first job is the toughest one to get. - insanebrain, on 12/29/2008, -1/+23It's called 'thinking ahead'
- dremspider, on 12/29/2008, -1/+22I think that high schools really need to have classes on money in general. Kids don't understand money at all coming out of high school period (some out of college as well). They teach a lot of other items like drivers ed as well as sex ed (not saying these arent important). The really need financial classes that teach things like what is a 401k, what is the difference between a stock and a cd and why you should choose one of the other. Understand risk with investments, etc. I know my school didn't give me any of this.
- Battlecry, on 12/29/2008, -4/+24You had me until "the results of the presidential election only mirror that."
- KOSmurfy, on 12/29/2008, -1/+20We need to start teaching kids to look at college as an investment, rather than a "magic ticket." The problem isn't that students don't know anything about loans; it's that students are being misled to think a college degree is more valuable than it is. No, a degree does not in any way guarantee a good, well-paying job, even if it's a "good" major. No, psychology and English degrees at a private university are not worth $160k. No, the "college experience"is not worth a lifetime of debt, and no, college is not necessary to do well in life.
- NJank, on 12/29/2008, -1/+20i don't understand. How can you manage to buy a new Lexus and 72inch plasma once you get out if you follow your 'plan'? you obviously hate America and our economy.
- elfuego, on 12/29/2008, -0/+19rjwusa -- if you've got other institutions who are willing to give you a lower interest rate, and that's all other things being equal (ie: they're not going to ratchet up your rates after 6 months), and you DON'T refinance, you're just cutting off your nose to spite your face, and bitching about your situation when there's something you can do to ease the strain is foolish.
I admittedly don't know all the differences between the Canadian and American lending systems, but I daresay we've got it better... I'm 25k in the hole to private lenders having graduated this past summer, and I'm locked in at Prime +1.5 (which, in the time I've been attending school, has never been higher than 7.75% and is currently sitting at 5%) - inactive, on 12/29/2008, -0/+19You call them the banking industry. The FBI used to put guys that did this stuff in jail for loan sharking.
- WriterSD, on 12/29/2008, -0/+18Never take "great alternative loans" at face value.
- Spudster, on 12/29/2008, -10/+28You need post secondary education to get any meaningful employment anymore. That doesn't mean you have to get a traditional undergrad, but it does mean that you must pay for some post secondary schooling (technical school, for example).
If you want to be successful, you must go to school and for that, you will need money. Going to school without being the victim of predatory loans is not an entitlement, it's a necessity for many. - Spudster, on 12/29/2008, -2/+19America needs a nationalized student loan program with low interest rates so badly. Banks should not be making money off the education of students. For those who will attack me: I don't see how government action on this issue is a violation of the free market and/or the imposition of "socialism."
- Spudster, on 12/29/2008, -2/+19For crying out loud Denmark PAYS for university and even provides monthly checques to students for living expenses. Free education is also provided to foreigners. The contrast between the United States and Europe on this is stark.
America needs to create a federal student loans program that provides relief to low income students or high achievers. Canada does it and the program isn't too bad overall. While they aren't paying for your education, you can at least be certain that you're receiving a very favourable interest rate.
The free market sure doesn't sound as great when reality hits and you find yourself paying off a 100k student loan with predatory interest rates, eh? - BillyB, on 12/29/2008, -1/+18Interesting to hear more and more about this. I'm starting to wonder if we're the last generation that will see such high percentages of college students.
- Riggo, on 12/29/2008, -0/+17Exactly.
Forgive me for not openly weeping over Ms. Hickey's situation, but common sense was nowhere to be found in this story. What in the world let her to believe that $140k was a good investment in her future if her aspirations were to be a Photographer? She would have been better off taking some classes at the local community college and becoming an apprentice with a photographer who works in her intended field. Pure ignorance.
Nobody makes you take out the loans. Nobody makes you attend a $140k school. There are other avenues to choose. - lilamae, on 12/29/2008, -5/+22More people will have to rethink taking out student loans. One answer may be to take longer to get your degree. Working/going to school with coop program. Applying for grants and scholarships, etc. I agree that banks shouldn't be allowed to overcharge on interest rates for student loans and that the repayment periods should be much longer if that will help the student. Refinancing of student debt should also be permitted.
Another way students can get help is to join the military for a period of time following graduation. - lohphat, on 12/29/2008, -2/+18Any society which "invests in its future" by requiring students to go into crushing debt is a form of cannibalism.
This country seriously needs to rethink its priorities instead of coming up with schemes to form supply monopolies -- e.g. student loans, textbooks which don't change content but must be purchased new to feed to monopoly.
How may other western countries bilk their young this way? - Nintendesert, on 12/29/2008, -6/+22I don't see why you'd want to take a stab at the US, I took many student loans, have rates lower than yours and every dollar I borrowed I knew the ramifications.
People need to take responsibility and read up on what kinds of loans they're taking. The information is out there for anyone that wants it. - INTERNETMASTER, on 12/29/2008, -0/+16boohoo. what the hell did she expect, she could just borrow 140 grand and the debt fairy would pay it off? it's called a loan for a reason: you have to pay it back. even a child should know this.
- WriterSD, on 12/29/2008, -2/+17Sadly, college is getting more and more expensive, especially for anyone who goes to a private school.
- cawpin, on 12/29/2008, -10/+25"I deferred the loan payments for the first seven years because my earning power did not afford me the ability to support myself and to service the loan."
so you didn't make a payment for 7 years and now you're complaining about the amount owed? Hello? Bueller?
Wake up and take responsibility for your own actions. Read the fine print when you get a loan and you won't get screwed. This is nobody's fault but your own. - vizeroth, on 12/29/2008, -0/+14Frankly, the idea that the government will pay for your schooling in the US is a joke. I spent a large amount of time researching scholarships and grants before I went to school, and ended up simply going to the school that offered me roughly 1/3 of my costs in scholarships due to my GPA and test scores, the only way I could really get anything (short of winning a well-contested scholarship, which didn't happen despite many applications). The rest was in student loans, some of which my parents had to take out on my behalf.
The system is screwed up from the start, they expect your parents to pay for at least a large part of your school, when the reality for most students is that their parents are paying little to none of it (at best they're paying some of your living expenses). Your parents' income figures into every application you send out for student aid until you get married, at which point your spouse's income is used instead. Those are part of the calculations the states use when determining whether or not to pay for your college as well.
I was lucky to end up with a fairly small amount of debt, but then I only went to college for 2 years (and half of that at community college after figuring out that I couldn't afford to continue in a 4-year public school). I was also lucky to get a decent paycheck without completing college and be able to pay off those loans in about 5 years, but then I was still living with my parents for most of that time.
A friend of mine managed to get through college without significant debt. He would work full time for 6 months or so, quit, and go to college on the money he saved for a semester or two, and repeat. After he got his Associates (roughly 5 or 6 years later), he got a job with one of the local Universities, which paid for his tuition to complete his Bachelor's while he was working full time (which meant that no one saw him outside of school for 2 and a half years, but he got it done). Of course, his father didn't bitch about him living at home rent-free for 6 years while going to school, unlike most people I know. - icabodane, on 12/29/2008, -4/+17If socialism is such a horrible thing, then why do we have public buildings, public education, public utilities, public roads, etc.
Even if student lending were nationalized or heavily regulated by the government, America is so far from real socialism that it isn't even in our scope. The political right wing here will use the word socialism to scare their base, but that's about the only way socialism is involved in American politics. Hell the candidate for the American Socialist Party (yes, there is one) was offended by the fact that Obama was called Socialist.
That being said, we sure do seem to have a lot more problems than "real" socialist countries. I mean, when a system in America is broken, it is a complete miscarriage of justice and we're all left wondering how it happened. I wonder why that is. *cough free market doesn't work without heavy regulation* - Ferretman, on 12/29/2008, -9/+22It has *nothing* to do with this administration....sheesh.
This has been increasingly common practice for a couple of decades. I was fortunate in that I had a relatively small loan and paid it off relatively quickly.
While I'm sure the paperwork discloses all this stuff it's not remotely obvious, and if there have been bribes and kickbacks clearly folks need to go to jail. - redrabbit, on 12/29/2008, -1/+14They aren't working together to screw you. They're working together to make the most money possible. It just so happens that that involves screwing you.
- algaeturd, on 12/29/2008, -1/+14You people are full of *****. Someone buys a home, defaults on a loan and they 'borrowed more than they could ever afford out of greed and stupidity.'
Borrow way too much money than you can possibly afford for a student loan and you're a poor college student who was ***** by the system and the big, bad bankers.
You guys have some serious issues with reality.
However you want to see the world, that's how it is to you. Black and white.
So sad. So, so sad.
Clearly, you didn't get your money worth on that giant student loan you took out.
Clearly. - ModernTenshi, on 12/29/2008, -0/+13Thing is half of what I had to go through in college is absolutely menial to begin with. 80% of the classes I took my senior year were things I didn't need/weren't directly related to my major. They were all just filler courses to get the required number of credits I needed to graduate.
To think I could have been done .5 to 1 years sooner had I not been required to take fluff classes or other trivial ***** that I could pass with my eyes closed.
Then you have completely pointless requirements in classes. Take a film and lit course I took that had 8 to 10 required books for the class. I only ever bought one of them, and only ever read two of them (libraries and Barnes & Nobel are great). I passed the class with a low B. All I had to do was pay a small amount of attention in the class and peruse notes she would give us, and I'd know everything necessary to take tests and pass the class. Why waste hours each night reading books I could care less about, when I could devote a couple hours two days a week to actively listening in class to glean all the answers I need? It's utter *****, and I can't believe I paid ~$450/credit hour for it.
Then you have the retarded cost of books. New editions my ass, it's just a slight reprint with marginal changes so you can continue to sell me a book that teaches C++ programming for $110. I could have used on-line resources and my instructor to achieve the same results for far less. Greatest achievement in book buying for me in college: netting my $120 math book for $6 NEW ON AMAZON. Yes, it came wrapped and unused for SIX ***** DOLLARS.
The cost and requirements of most college educations, in my opinion, is ludicrous. I'm saddled with about 50k in student loans to pay back. Thankfully I have a good paying job and parents who are willing to let me stay with them for another couple of years to really put a dent in the overall amount, but still, I really feel like I was robbed sometimes.
And now my sister is having trouble obtaining a meager $1000 student loan, from the same lender who lent me around 20k over a two year period.
Bunch of bull ***** man. - nukeleearr, on 12/29/2008, -1/+14another reason I'm glad I'm Canadian and sad about the greedy ***** US banks/lenders. All loans under osap (Ontario student loans) are
- through the government
- tuition is pretty standardized across most Universities
- $7,000 is the maximum amount you will have to pay back per year, if expenses total more then $7,000 the excess counts as a grant
- Government sponsored scholarship programs and many grants/bursaries available
Really though, she should have taken SOME responsibility for herself. She borrowed $140,000 to get a photography degree - Devilboy666, on 12/29/2008, -0/+13"She borrowed heavily ..."
I stopped reading there too -
Show 51 - 100 of 510 discussions
The Digg Toolbar for Firefox lets you Digg, submit content, and keep track of Digg even when you're not on the Digg site. Download the official 
© Digg Inc. 2009
— Content created and posted by Digg users is