How do you know what loan you can afford before you have any income? How do you expect a 17 year old who’s never lived on their own and only financial experience is maybe a part time job to be able to comprehend money on the scale of 10s of thousands of dollars?
Sure you can try to be smart and look at the BLS data to get an estimate of your income after college, but a ton of minutae gets lost when doing so, such as what you’ll make early on in that position vs after 20 years in that position, regional pay differences, etc. that also assumes you’ll graduate and get a job like you researched in your field but maybe you picked a field that’s about to collapse for reasons outside of your control, maybe the field you picked is already saturated with talent, or is experiencing some other significant shift.
I worked with one person who had gone to university to be a biologist just to graduate right after a significant number of university research positions were closed and laid off, leaving him fighting with folks who have 20+ years of experience for a handful of job openings
Student loans are the one type of loan you can’t simply perform a debt to income calculation to determine if you can afford the loan. There’s a million and one things that can happen between when you accept the loan and when you start paying on it that can greatly impact the affordability. The risk of course grows with the cost of education, but so does the potential reward.
I was saving for college and aware of the costs from the age of 14. That’s why I got a job at 15.
It was pretty easy to understand. They showed me a piece of paper with all the numbers. Basic mathematics.
The issue is that people ‘follow their passions’ and then later find out there are no liveage wage jobs in those areas, and act outraged and like life is unfair. But… if you need a job after school that pays a certain amount… well you need to plan for that too.
Your friend went into a field were jobs are scare and difficult to get even good times and you often need a masters or better in any science field to get an entry level position. His lack of research is his own fault. Not anyone else’s. Nobody is owed a job inbiology just because they studied it, and most people who get those jobs go to top programs and are top performers.
Your friend needs to get a job in an office, pushing papers, like vast majority of us. Those are the jobs that are available. Take their bio dataset skills, and join a marketing firm, like the rest of us.
Sorry, I just have no empathy for the tons of people who get an edcuation, then throw it all away because they didn’t get the dream job they think they are owed who actively refuse to apply to jobs that are ‘below’ them. FWIW I have a brother who is in this rut right now. He refuses to get jobs that are ‘below’ him so he has been unemployed for 3 years now. He’s a prideful idiot.
I went to an ivy league school and my first job was pushing papers because it was the first job I could get. And I built up my job skills and my career. I didn’t sit around living at home for months/years whining about how there are ‘no good jobs’. I got to work and started paying off my loans. I have zero empathy for the people who sit around and refuse to work because they feel it is ‘below’ them to work outside of a certain field/industry or income level.
How do you know what loan you can afford before you have any income? How do you expect a 17 year old who’s never lived on their own and only financial experience is maybe a part time job to be able to comprehend money on the scale of 10s of thousands of dollars?
Sure you can try to be smart and look at the BLS data to get an estimate of your income after college, but a ton of minutae gets lost when doing so, such as what you’ll make early on in that position vs after 20 years in that position, regional pay differences, etc. that also assumes you’ll graduate and get a job like you researched in your field but maybe you picked a field that’s about to collapse for reasons outside of your control, maybe the field you picked is already saturated with talent, or is experiencing some other significant shift.
I worked with one person who had gone to university to be a biologist just to graduate right after a significant number of university research positions were closed and laid off, leaving him fighting with folks who have 20+ years of experience for a handful of job openings
Student loans are the one type of loan you can’t simply perform a debt to income calculation to determine if you can afford the loan. There’s a million and one things that can happen between when you accept the loan and when you start paying on it that can greatly impact the affordability. The risk of course grows with the cost of education, but so does the potential reward.
I was saving for college and aware of the costs from the age of 14. That’s why I got a job at 15.
It was pretty easy to understand. They showed me a piece of paper with all the numbers. Basic mathematics.
The issue is that people ‘follow their passions’ and then later find out there are no liveage wage jobs in those areas, and act outraged and like life is unfair. But… if you need a job after school that pays a certain amount… well you need to plan for that too.
Your friend went into a field were jobs are scare and difficult to get even good times and you often need a masters or better in any science field to get an entry level position. His lack of research is his own fault. Not anyone else’s. Nobody is owed a job inbiology just because they studied it, and most people who get those jobs go to top programs and are top performers.
Your friend needs to get a job in an office, pushing papers, like vast majority of us. Those are the jobs that are available. Take their bio dataset skills, and join a marketing firm, like the rest of us.
Sorry, I just have no empathy for the tons of people who get an edcuation, then throw it all away because they didn’t get the dream job they think they are owed who actively refuse to apply to jobs that are ‘below’ them. FWIW I have a brother who is in this rut right now. He refuses to get jobs that are ‘below’ him so he has been unemployed for 3 years now. He’s a prideful idiot.
I went to an ivy league school and my first job was pushing papers because it was the first job I could get. And I built up my job skills and my career. I didn’t sit around living at home for months/years whining about how there are ‘no good jobs’. I got to work and started paying off my loans. I have zero empathy for the people who sit around and refuse to work because they feel it is ‘below’ them to work outside of a certain field/industry or income level.