Student Debt and the Housing Market

Yea, not everyone needs to see a brain surgeon; but everyone needs to take a dump.

But because this is a military academy/ROTC forum in general, I would like to emphasize something. I've ALWAYS said, that except for God and Family; "KNOWLEDGE" is the most important thing in the world. With it, comes power, money, and independence. But that knowledge doesn't have to come from a Brick/Mortar/other school or place of learning. Last weekend alone, I probably saved $200 in an hour and a half, because my dad taught me how to work on cars when I was a kid. So, when the alternator went out on my car, i KNEW what the problem was; went to Autozone and bought a replacement; and installed it in my car. Recently; my wife and I have remodeled 2 bathrooms to include stone floor tiles, rebuilding the sub-floor, and re-tiling the walls.

But like I said, this is a forum about Formal "Higher Education". And i have nothing against that. I've been helping kids get into universities, military academies, and other post high school ventures for the last 13 years. I've helped kids get into some of the biggest named schools in the country. I am all for going to college. I wouldn't have 3 degrees if I didn't believe it. But the question has to be: "In order to achieve my goals, is a college degree required"? If the answer is yes, then by all means. But if you're going to college because someone convinced you that you CAN'T SUCCEED if you don't go to college; or you are EXPECTED to go to college; or it's because you don't know what else you can do;....... then you are really making a BAD MISTAKE!!! And it will probably cost you a LOT of money.

Obviously, there are a lot of different levels of the word "NEED". Do you NEED a college degree to become a commissioned officer???? YES!!! Do you NEED a college degree to "be" a "Good" commissioned officer???? No, not in the least. It was no uncommon in WWI and WWII to field promote an individual to be an officer who didn't have a college degree. The military realized so much, that you didn't need a degree, that Warrant Officers originally were more technical in nature. There is absolutely NOTHING about the college degree itself that makes you a better officer. But that is irrelevant. The truth is: You MUST have a degree if you want to be a commissioned officer. So, if that's one of your goals, then you need to get that degree. There's a lot of occupations that require a degree. Doesn't make the individual better at doing the job, BUT, it is a requirement. So, you need to get it.

So, I don't want people to think I'm against college degrees. I'm an ALO. Basically, I'm a "College Recruiter". I have 3 degrees myself. I am all for college educations. But that doesn't mean it should be for everyone; or that everyone NEEDS ONE. That has been the biggest crock of bull promoted over the last 20 years. "You can succeed without a college degree". B.S.
 
tpg. I know sometimes we all get passionate about certain things. But if you read the complete post I put in, you'd see where I mentioned field promotions. As far back as WWI. I also mentioned that Warrant officers ORIGINALLY were more technical in nature. Not that that is ALL they are. Just that the military realized a long time ago, that a "College Educated" individual isn't the only type of military member that could be an officer.

Now; if the different branches of the military STILL promote enlisted; non degree individuals, to "Commissioned Officer" ranks; then simply say that. I didn't think they STILL did that. Maybe they do. Correct me if they STILL do it. I already said they did it in the past.
 
Warrant officers (W-1) aren't commissioned (at least not the kind I'm thinking of)... but Chief Warrant Officers are...

but then, I could be wrong! It's been awhile since the Coast Guard had straight W-1s.
 
LITS-
Upon review, you are correct. W=1 receive an actual "Warrant" from their services Secretary. The Ranks CWO-2 through CWO-5 all "are commissioned by the President of the United States and take the same oath as regular commissioned officers (O-1 to O-10)."

Honestly I never gave it much thought because I never held the rank W-1. I was promoted to CWO-2 from the enlisted ranks.

I feel like I learned that as a Swab, but I really can't remember where I first heard it. The Coast Guard, has had CWO-2 through CWO-4 since I was in. I know in the more distant past the Coast Guard also had W-1.

Maybe I learned it at a joint school? Maybe from an Army friend... I just don't know anymore.
 
Thanks tpg for verifying that the navy/MC still promote enlisted to Commissioned officer without a college degree. That's good to know. I thought it was only to W-1 and that the college degree was required to be commissioned. (I'm talking NOW, not necessarily 10, 20, 30+ years ago. But the fact that they still promote straight to commissioned officer is good to know. It is another option available. Thanks for the info.
 
To get back on to the original topic.

If you TRULY want/need to go to college, there is nothing wrong with having a little debt when you graduate. The problem I have is that the government and the media are distorting the TRUTH. (Sorry, but this is a semi-political discussion). How are they distorting the truth?

More than 70% of college graduates who graduate with student loan debt, only have debt around $25,000. This is totally acceptable. And any individual with a $30,000 - $40,000 job can EASILY handle this loan. Most are spread out over a 20 year period. The loan payment is only about $150 a month. You could easily pay it off in about 4-5 years if you wanted to. Hell, it's a bloody "CAR LOAN". Those graduating with about $50,000 in debt make up about $16% of those graduating with debt. Even this is pretty manageable. Because anything over $31,000 requires private funding, the cost is a little higher. The monthly payback is going to be around $400-$450. This is still manageable.

That comes out to around 88% of the student loans. The other 12% are the ones who have the $75,000 - $150,000+ loans. Lets say right off the bat, I have NO SYMPATHY for this 12% of the student population. They obviously didn't learn a damn thing in college, or they NEVER would have borrowed that much money. You'll be paying back up around the $1,700 PER MONTH for the next 20 years.

But unfortunately, we are being fed a crock. They're making it sound like the overwhelming majority of students wanting to go to college......... CAN'T AFFORD IT!!!! The truth:

1. Of the 20 million+/- new college students each year, approximately 60% will graduate with "Student Loans" (That means, 40% DON'T HAVE ANY DEBT!!!

2. Of those that DO have student loans/debt, 72% are at around $25,000. That is VERY MANAGEABLE. That's less than MANY New Car Loans, and those are paid back in 4-5 years; NOT 20 YEARS!!!

3. Another 16% have loans UP TO $50,000. Again; pretty manageable over a 20 year period. Because this is UP TO, not all of them are at $50,000. Some are at $28K, $30K, $35K, etc...

4. So that means only about 12% of all students, graduating with debt, are the ones who were not smart, and wound up paying way too much for a college degree that they didn't need. I have seen employers who said a college degree was required, but I have NEVER seen an employer who said WHERE that degree HAD TO COME FROM.

So, the truth is, MOST kids who go to college, either have NO DEBT when they graduate, or their debt is quite small and easily managed. Unfortunately, we are being told that it's the majority of students with the problem. Stop this entitlement attitude and stop the class warfare. Just like there are only about 16-18% Americans without health insurance;.... YET, they have to push ObamaCare down the 82-84% of Americans throat; INSTEAD of concentrating on those who don't have insurance. Well, the same is happening with student loans. The government and politicians are spending a fortune and wanting more taxes, to help 12-13% of students.

If you are accumulating this kind of debt on an "Undergraduate" degree; then you didn't learn a damn thing in college. If you accumulated that debt throughout getting your PhD/MD or law degree, then that is understandable. You shouldn't have any problem paying the loan back with your expected income. But the problem is simple.

1. Too many kids going to college that have no business going to college.
2. Too many kids/parents think they have to go to the biggest name college that accepts them.
3. Too many kids think they are automatically going to get that high paying job after graduating.
4. Too many kids/parents don't search alternatives that are less expensive.
5. Most of these high debtors are probably those that think you'll ALWAYS have a car loan and mortgage, so it's OK to "Lease" your car instead of buying it, and refinancing your mortgage over and over again.
 
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