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Thread: Student loan mayhem!

  1. #21
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    Seem like if you cast your net further within the MLIS world, you could find a higher salary than what you mentioned in another post to help buffet the monthly loan expenses. We have a neighbor who is a law librarian and makes a tidy salary; perhaps that's a very specialized field though.

  2. #22
    Senior Member iris lilies's Avatar
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    Quote Originally Posted by pinkytoe View Post
    Seem like if you cast your net further within the MLIS world, you could find a higher salary than what you mentioned in another post to help buffet the monthly loan expenses. We have a neighbor who is a law librarian and makes a tidy salary; perhaps that's a very specialized field though.
    Law librarian, a good gig if you can get it.

    My friend just retired from a law practice where she was in charge of Information Services at a law firm that went national, so she was in charge of multiple library offices. Good salary ensued.

    Across the street from us is a young lady who interviewed with above friend, didnt get the job, went on to a job in a law school library. Director of library retired, young lady in right place at right time, appointed Director. Good salary ensued.

    This reminds me of one time I was an effective mentor. I was in my first job in a public library and we had a very smart high school kid who was a shelver. I mean he could do reference work, he was so good. He wanted to go to law school and I told him " hey, there are a lot of attorneys out there, why don't you consider going to Library school. " He went to law school, found that there were a lot of attorneys out there, he picked up a library degree and had a great career path as Director of law school libraries. Good salary ensued.


    Edited to add: pinkytoe, I just looked up my mentoree and found that he was in Austin for most of his career at the State Law library. I havent thought about him for years.
    Last edited by iris lilies; 2-10-16 at 12:35pm.

  3. #23
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    Quote Originally Posted by bae View Post
    Yes, though extremely unlikely to ever throw off enough income to pay for the necessary education :-(

    My suggestion that she minor in petroleum engineering didn't go over well :-)
    I know several excellent archivists with degrees in history. They have an appreciation for historical artifacts and data that gives them an edge in the preservation field, IMO. Might be a career option.

  4. #24
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    I worked as a Graduate Teaching Fellow (GTF) during my graduate studies. Payment was small monthly stipend, full health benefits, and free tuition. I didn't have to pay a dime (which was good since I was committed to not paying for the degree).

  5. #25
    Senior Member Williamsmith's Avatar
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    What I have understood is that UA has adopted a lifestyle that does not eschew higher salary or ambition. Even if he did it would cause him to report it to the fed loan program and he would have to pay back more of the principle on all those loans. This way he maximizes his forgiveness.

    A good example of how social programs trap people. Now if you figure in the over one hundred thousand dollars he will,be forgiven after ten years and figure that he didn't have to work an hour for that compensation........why would he look for a better salary in a field he's been highly educated in? Perhaps there is an explanation for all these highly educated people flipping hamburgers at Mickey Ds.

    I tip my hat.......

  6. #26
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    The guy in this article also found himself a couple of hundred $K in debt for college and grad school. Unlike the OP, he seems to blame his parents, his schools, the government and society in general for his problems. Everyone except himself. Can you make a guess as to the career such an ethically blind person would choose?

    http://www.slate.com/articles/busine...e_200_000.html

  7. #27
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    Quote Originally Posted by UltraliteAngler View Post
    My income-based repayment per month: $346.

    Without income-based repayment I'd have to shell out $1,596 per month!


    WHOA!!! I only make $2,500 a month!
    If it's any consolation, a financial analyst might say you really make $3,750 per month (your monthly payment being reduced by $1,250), plus some discounted net present value of the debt that will be eliminated from your balance sheet at the end of the forgiveness period.

    Without considering taxes, and depending on the discount rate that was appropriate, a rational actor would probably need to earn something in excess of double your current salary to leave your present job for one that doesn't offer loan forgiveness. In the corporate world, they might refer to that as "golden handcuffs".

  8. #28
    Senior Member Ultralight's Avatar
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    Quote Originally Posted by LDAHL View Post
    If it's any consolation, a financial analyst might say you really make $3,750 per month (your monthly payment being reduced by $1,250), plus some discounted net present value of the debt that will be eliminated from your balance sheet at the end of the forgiveness period.

    Without considering taxes, and depending on the discount rate that was appropriate, a rational actor would probably need to earn something in excess of double your current salary to leave your present job for one that doesn't offer loan forgiveness. In the corporate world, they might refer to that as "golden handcuffs".
    I appreciate this info! Interesting angle to think from.
    I came from a real tough neighborhood. I put my hand in some cement and felt another hand." -- Rodney Dangerfield

  9. #29
    Senior Member catherine's Avatar
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    Yup.. if you finance your whole ride you can definitely spend $170,000 for room and board, and not on the Cadillac plan either. My DD went to a private liberal arts university. I cash flowed two years because our FAFSA was favorable with two other kids in a State university, but once they graduated, my daughter's contribution skyrocketed, and I wound up taking loans out for about one year's worth of room and board (~$45k), which we are still paying off. Student loans are bad enough but I hate hate hate the idea of deferred principal/interest only for the first few years. Talk about feeling like you're running a treadmill! With better judgement, I would have restructured that loan.
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
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  10. #30
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    Quote Originally Posted by UltraliteAngler View Post
    I appreciate this info! Interesting angle to think from.
    Hope it helps. Net-net, you don't have a loan drone problem. You have a CEOish constraint on positional mobility.

    I myself am in a way locked into about two more years in my current position unless I want to leave a good amount of pension money on the table. I'll grant you it's more a carrot than a stick scenario, and there may be more to life than value maximization, but I can't help but feel a little trapped sometimes.

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