I've used student loans as a free ride for most of a decade and plan on continuing 05-24-2023, 07:41 AM
#1
So yeah. I said it. I got into a few arguments on various education boards over it. People are all for taking the cheap and easy way out of their degrees, doing ACE credits, going to non-accredited colleges, but actually taking student loans out is a big no to them! They hate people having debt for some reason. A moderator even described my response as unethical and deleted my comment!
So here's the thing:
There are over 39 countries with free college for their citizens. There are several that make college extremely affordable to where it's maybe a thousand or two a year. The USA is NOT any of these countries. Education is on exploitative levels here like many other things.
How can countries like Mexico, Iran, India, the Philippines, etc., afford completely free education for all citizens when the US can't? The US and many other western countries don't even use teachers. They prerecord lectures and use software to grade the exams! It's even less of an overhead, yet it's 10-20-30-40k to get a degree out of these scammers.
I will be honest and say that I did go to community college and took out the maximum amount of loans I could. I lived on financial aid for several years. I lived in a small town and it was almost all I had to do to make money for a while. I am finishing my computer science degree this year. My final few semesters are paid for by my job as I've already capped out all financial aid besides scholarships.
I plan on going to grad school, hopefully this year. I will be taking grad loans and will be maxing them out as well. People hate this, but are ok with the government giving handouts to anyone else. Just not the future generation of workers unless they're not from this country. They gave trillions to small businesses and wrote it all off, though. Most people seem to want us to be homeless and die in the streets.
The reality is that the system is designed to be based on your taxable income and your payment will be pretty low. That's unless you take home a ton of money, which the majority simply won't do. They'll have to be in late career jobs or very high paying fields to meet the thresholds they want. The majority of people simply won't ever make that much and their payments will be minimal until the 20 years or so wipes all of the debt away.
So these people hate this idea when I explained to them that's literally how it works. They hated that I said I'm also filing a personal bankruptcy and have separate credit through an LLC. I was "a grifter" in their opinion for literally following the law. I even told them, save your money in a retirement account and lower your taxable earnings, and they didn't care. It was "unethical" to use the system the way it was designed!
They want people in debt. They want people poor. America was founded on debt bondage. The original settlers used indentured servants who had to work off their passage, putting in decades of labor on tobacco fields to buy their freedom. They still saddle us with debt to this day. That was before slavery. They still used it afterwards and use it today in the prison system.
Why the focus on debt? They said, "but you'll never get a car loan or a mortgage. You'll never be able to rent an apartment." That's why I'm doing the personal bankruptcy! My credit will be completely clean. I can qualify for a federally-backed mortgage in 2 years, according to their site. I can get a car loan really whenever. I will have no debt besides my secured card to rebuild.
Why would I want to rent an apartment that has such strict requirements versus buying a place or doing something smarter, like living in an RV or even a hotel? Why waste the time and resources when it's cheaper, fully furnished, and with maid service for me to rack up rewards points at an extended stay or buy my own vehicle/property? I could just as easily do both and rent the property out, which is my future plan once I get a home. I'm just going to rent it out and let it pay for itself.
People don't know how to save. They simply depend on the credit system for everything they can. People don't realize that retirement accounts let you save most of your income and that it lowers all of your tax obligations, including student debt. Why would I pay 20+% to some shady bankster when I could just save it and invest it? Even in a savings account I can earn a few percentage a year for holding onto it.
I mean for every $100 on a credit card at 25% APR, I'm paying $128 (compounded monthly). That's me throwing 22% of my money away.
Now let's say I can get 5% APY on every $100. Compounded monthly, that's $105.12 at the end of the year.
So saving doesn't save me $5 a year versus a credit card. It saves me $33 in comparison.
Why would I ever use a credit card? Rewards points, airline miles, etc., are all gimmicks to suck you in. Easy money and a carrot-on-a-stick approach to keep you spending.
I mean rewards programs are fine if you're going to do it anyway. I especially use them with hotel stays. I do have probably $300 worth of airline miles from 5 years ago that I'm saving back for a vacation as well. If you're spending it at a store, you might as well use their rewards programs. But it's not at a high APR. It's just shaving off some savings because you were going to buy it anyway.
So why would I do that? Student loans are so expensive and compound at a decently high rate as well. Paying those off would take most of your life to do so! I can't believe people would ever recommend doing it. I mean imagine graduating with a doctorate but not being smart enough to handle the tax code and actually paying off 250k of debt over your life when everyone else is just letting it disappear after 20 years because they save more.
So am I unethical? What do you all think?
I plan on moving to another country in a few years, anyway. The FEIE is 100k so I won't have any taxable income anyway. My student loan payment will always be $0. I can always just go back to self-employment and save half of my salary tax-free if I do stay.
So at the end of this year, or possibly the start of 2024, I will be a master's degree student. I am looking at going into a program dealing with artificial intelligence and possibly cyber security. I'm considering supply chain because of my job but my passion is in tech, and the future is in tech.
Why would I not do this?
So here's the thing:
There are over 39 countries with free college for their citizens. There are several that make college extremely affordable to where it's maybe a thousand or two a year. The USA is NOT any of these countries. Education is on exploitative levels here like many other things.
How can countries like Mexico, Iran, India, the Philippines, etc., afford completely free education for all citizens when the US can't? The US and many other western countries don't even use teachers. They prerecord lectures and use software to grade the exams! It's even less of an overhead, yet it's 10-20-30-40k to get a degree out of these scammers.
I will be honest and say that I did go to community college and took out the maximum amount of loans I could. I lived on financial aid for several years. I lived in a small town and it was almost all I had to do to make money for a while. I am finishing my computer science degree this year. My final few semesters are paid for by my job as I've already capped out all financial aid besides scholarships.
I plan on going to grad school, hopefully this year. I will be taking grad loans and will be maxing them out as well. People hate this, but are ok with the government giving handouts to anyone else. Just not the future generation of workers unless they're not from this country. They gave trillions to small businesses and wrote it all off, though. Most people seem to want us to be homeless and die in the streets.
The reality is that the system is designed to be based on your taxable income and your payment will be pretty low. That's unless you take home a ton of money, which the majority simply won't do. They'll have to be in late career jobs or very high paying fields to meet the thresholds they want. The majority of people simply won't ever make that much and their payments will be minimal until the 20 years or so wipes all of the debt away.
So these people hate this idea when I explained to them that's literally how it works. They hated that I said I'm also filing a personal bankruptcy and have separate credit through an LLC. I was "a grifter" in their opinion for literally following the law. I even told them, save your money in a retirement account and lower your taxable earnings, and they didn't care. It was "unethical" to use the system the way it was designed!
They want people in debt. They want people poor. America was founded on debt bondage. The original settlers used indentured servants who had to work off their passage, putting in decades of labor on tobacco fields to buy their freedom. They still saddle us with debt to this day. That was before slavery. They still used it afterwards and use it today in the prison system.
Why the focus on debt? They said, "but you'll never get a car loan or a mortgage. You'll never be able to rent an apartment." That's why I'm doing the personal bankruptcy! My credit will be completely clean. I can qualify for a federally-backed mortgage in 2 years, according to their site. I can get a car loan really whenever. I will have no debt besides my secured card to rebuild.
Why would I want to rent an apartment that has such strict requirements versus buying a place or doing something smarter, like living in an RV or even a hotel? Why waste the time and resources when it's cheaper, fully furnished, and with maid service for me to rack up rewards points at an extended stay or buy my own vehicle/property? I could just as easily do both and rent the property out, which is my future plan once I get a home. I'm just going to rent it out and let it pay for itself.
People don't know how to save. They simply depend on the credit system for everything they can. People don't realize that retirement accounts let you save most of your income and that it lowers all of your tax obligations, including student debt. Why would I pay 20+% to some shady bankster when I could just save it and invest it? Even in a savings account I can earn a few percentage a year for holding onto it.
I mean for every $100 on a credit card at 25% APR, I'm paying $128 (compounded monthly). That's me throwing 22% of my money away.
Now let's say I can get 5% APY on every $100. Compounded monthly, that's $105.12 at the end of the year.
So saving doesn't save me $5 a year versus a credit card. It saves me $33 in comparison.
Why would I ever use a credit card? Rewards points, airline miles, etc., are all gimmicks to suck you in. Easy money and a carrot-on-a-stick approach to keep you spending.
I mean rewards programs are fine if you're going to do it anyway. I especially use them with hotel stays. I do have probably $300 worth of airline miles from 5 years ago that I'm saving back for a vacation as well. If you're spending it at a store, you might as well use their rewards programs. But it's not at a high APR. It's just shaving off some savings because you were going to buy it anyway.
So why would I do that? Student loans are so expensive and compound at a decently high rate as well. Paying those off would take most of your life to do so! I can't believe people would ever recommend doing it. I mean imagine graduating with a doctorate but not being smart enough to handle the tax code and actually paying off 250k of debt over your life when everyone else is just letting it disappear after 20 years because they save more.
So am I unethical? What do you all think?
I plan on moving to another country in a few years, anyway. The FEIE is 100k so I won't have any taxable income anyway. My student loan payment will always be $0. I can always just go back to self-employment and save half of my salary tax-free if I do stay.
So at the end of this year, or possibly the start of 2024, I will be a master's degree student. I am looking at going into a program dealing with artificial intelligence and possibly cyber security. I'm considering supply chain because of my job but my passion is in tech, and the future is in tech.
Why would I not do this?
(This post was last modified: 05-24-2023, 07:46 AM by greyok.)
![[+]](https://sinister.ly/images/modern/collapse_collapsed.png)