Tuesday, April 22, 2014

Trained economist whines about loan payments that "weren't explained to him"

DJ Cook, a college graduate holding a bachelor's degree in economics, is whining about his grad student loans.  He says that he "didn't realize what I was agreeing to when I was signing my student loan documents for graduate school because it had never been explained to me." 

Here we have a guy who earns a degree in Economics. He pays off his undergrad loans in 6 years while working various jobs, but then "discovers his passion is teaching," and goes back to school for a "teaching credential and a Master's degree in Education."  He's already college educated.  He's paid off his undergraduate student loans, so by any reasonable estimation should understand how the student loan process works.  So why is it that he's now claiming that he's been taken advantage of?

What happened to personal responsibility?  Why does anyone pay attention to these lying sacks of shit when they start whining and moaning about their student loans?  Borrowing means you have to return what you borrowed.  It's something you learn at the early age of, say, two.  Yet here he is, at the ripe old age of 36, still complaining that he, a trained economist didn't understand the difference between subsidized and unsubsidized loans.
I had no clue about the difference of borrowing from Sallie Mae or the federal government. I had no clue what the difference between subsidized and unsubsidized meant. I thought my loan repayments would be similar to my undergrad experience. One payment per month that could easily be paid off if I had a decent job. I knew a $36,000 education would take more time to pay off than my undergrad degree, but I didn't realize I was really signing up for four separate payments. This added up to about $400 in payments that I was not ready for.
And when things don't go his way in the employment market, he blames it on - I kid you not - "anti-teacher bigotry."
The erosion of respect for the teaching position in general allows potential employers (whether intentionally or not) to discriminate against former teachers using the logic that teachers in the U.S. are bad at their jobs and held up by their union, therefore former teachers are bad employees.
Then he claims that in six and a half years he's only paid down $2,000.  I think he still doesn't understand those loans, myself.  I just checked and if he's really signed up for $36k in loans at 6.8% interest, he would have paid off $20k by now. (FYI, with a $36,000 loan, 6.8% interest gives you a 'roughly $400 per month' payment ($414.xx) on a 10 year loan.  My guess is that he's missed a lot of payments, deferred the loans excessively, and is racking up late fees.  Honesty would clear it up, but this guy is chronically incapable of honesty.

He finishes off his editorial by expressing his jealousy over the wealth of others.  Spewing tired rhetoric of the communist class, he complains that capitalists are extracting wealth from the economy at the expense of everyone else; the 1% is hiding a depression by reporting record earnings!  Those evil capitalist dogs!

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