USAA is one strange duck

[CreditMagic7]

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@AverageJoesCredit wrote:
Quack Quack

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Was thinking the exact same thing as in another Oregon CU Duck Story

[Anonymous]

I agree that a human should have looked at your whole profile and then made a judgement but they're going to do what's best for them just like you're doing what's best for you. No need to take things too seriously.

[Anonymous]

ah20003 you bring up something I do not understand ... in my many years with USAA they have never let me speak with a credit analyst. They do not allow me to p/c products, Soft Inquires, or credit limit re-allocations. Since I know "if you don't like it don't let the door hit you on the way out". Otherwise, they have been good to me and I knew all this going in but, it would be nice to see a little flexibility

[Anonymous]

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@Anonymous wrote:

Hahaha. Well, again if that is USAA's idea of debt problems I'm glad I walked away from them. Complete idiots. Graduate/Professional school is crazy expensive. It will take 10-20 years for any recent law or med student to pay back their loans, unless they have family money or huge schloarships. These are the people who will likely bring in the big bucks later on in life. Assuming no DTI problems (and I have no issue there what so ever) who cares about some student loan debt? Would USAA had of denied me if I had a second mortgage for a vacation home assuming no DTI problems? Probably not. Education is an investment in your future - so is a mortgage.

I'm speculating at the reason for the denial, it's the only possibility. If they had a pair of human eyes look at the app, I'm certain it would have been approved. But any way, they are a weird bank and one that isn't for me. Yet, they continually pepper me with offers even after the denial - weird.

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If it is going to take you 20 years to pay back a student loan I would say your overpaying for your education. If you have a law degree and it's not from a top 14 school or the top law school in your state odds are you will never make the money you spent past a 4 year degree.  If you majored in Enginering or Computer Science even a degree from a school out of the top 200 you can make 100k in five years after graduation.  

A mortgage for 200k is totally different as you could potentially sell your second home or rent it out.  But I am sure if you had two mortgages on 100k salary and you had as much credit card limits as you do they would deny you as well.  

I would say 200k in credit card debt would be better than  200k in student loans as you can always declare bankruptcy and credit card debt is gone.  I fell that student loan system is really unfair as an 18 year old doesn't have enough sense to figure out if such a loan is reasonable decision.

i have a friend who joined the Air Force and they payed 100 percent of her medical degree.   She just has to serve in military for six years.  

[Anonymous]

@atomicfront. You have many valid points. I disagree that student loans are a bad thing. And yes you are right about making more with a technical degree (which I have) and yea I made more money before I went to law school than I do now.

But, I went to a T14 and decided on a great government lawyer job after law school. Anyway, it doesn't pay as much as a Big Law, but a fellas gotta have a life. Plus, it's great trial experience that new associates don't get at firms. Meaning, I transition to Big/Medium Law later on in life. Way into the weeds here, but w/ law school I generally agree that the debt isn't worth it unless you go to a good school (around T14) with good grades. Without good grades you're screwed no matter what (unless Harvard/Yale/Stanford).

Yea you cannot have student loans discharged in BK. But they may be cancelled if I die or am totally disabled (a big benefit for my estate). IBR payments reduce my monthly payment to less than most people's new car payment (a nice car nonetheless). Plus, if my goal is to declare BK and have them discharged which it never will be, I can always refinance them into private student loans (assuming those can be discharged haven't read a contract on them) or BT on credit cards. I'd never do that. I pay my bills.

Also, I have assets that are equal to if not exceed my student loan debt. Between car, retirement accounts, liquid cash, etc. I have these because of student loans. Student loans help people move up the economic latter. They aren't for everyone, but work the the majority. Schools like Strayer, Charlottle School of Law, and University of Phoenix are the problem not T14-50 law schools.

Back to the point. I have no idea why USAA denied me. They won't tell me. "Excessive Debt". That's it. They won't review my file or give me any further reason. So, I'm guessing and that is the problem w/ USAA.

Also, JAG is an amazing choice I'd recommend for any law student. Public Loan foregiveness, plus most T14s will help you with your student loan payments b/c of public interest law, and the particular JAG program may help offset too. Amazing experience. I'm a little jaded on the military b/c of previous AD.

[Anonymous]

ah20003 a little off subject but in reference to your technical degree ... mining companies want at least a two year technical degree and pay any where from $70,000 to $120,000 a year (includes overtime). Mining is now a modern state of the art business using technology and computer driven programs to do the thinking with robots. One mine went from 3,000 to 300 and produces the same amount of iron ore. The days of the uneducated laborer with no high school diploma are over. This is such a manual business it is hard to grasp the level of education and money that exists in the business.