S/O Student Loan Poll - Was It Worth It?

mae0111

So a few of the comments (as well as my own opinion) got me thinking - for those who took loans, was it worth it?  Would you do it again?

For me, I came out of undergrad owing about what I made in a year ($20K loans, $23K salary) in subsidized loans, which I felt was reasonable.  My parents also took on loans, but I knew I would be able to pay most, if not all, off with a settlement from a terrible car accident.  If I'd had to pay my own loans ($20K) plus theirs ($35K), I may have made a different choice.  Today, tuition + fees at my alma mater is over $62K per year - more than double what I paid 20 years ago.  Starting salaries in my industry/area have not kept up, and are right around $38K.  There is absolutely no way I would attend my alma mater today.

For DH, he graduated owing $40K, and got a job making $40K plus a housing subsidy.  So his payments were manageable.  His alma mater is consistently ranked highly for "best value" when comparing tuition to mid-career salary.  It is an engineering-focused university, and though still expensive ($50K for tuition and fees) it would be worth it to attend that school today.

So worth it at the time for both of us, and not worth it today for me/my school.

Tink112011

We donn't have loans, but we would have taken a reasonable amount willingly. We both went to the largest state school, which is very well respected. We both got business degrees and MBA and are making solid salaries.  Loans up to a certain level would have been "worth it".  A lot of our friedns came out with about $20-30K in loans.  Most got great jobs and have them paid off within 7 years of graduation.

dashofreality

PrivacyWanted said:

Undergrad for me yes. Law school/.. I have mixed feelings. If not for law school, I would not have met DH and have my current life. But my loans have limited my career options, not just in that I can't get out of law, but it's not worth it for me to work at a nonprofit, though I think I would love the work. We graduated in 2007. It was pretty much the last "good" year for new lawyers. Many of my friends were laid off from big firms within a year. Classmates below us did, and continue, to struggle to find work at all. I would never recommend it today

This without the DH part. Law school grad 2008... I *think* in the long run my degree will have paid off, but I am not practicing. When I think about what I paid, and what I could have been making those 3 years, that is a tough nut. I am going to have my loans paid off in about 1.5 years though, and I cannot wait! I am very fortunate though, I would bet I will be one of the first in my class to pay off my loans. I honestly am not sure I regret it or not, but I definitely do not recommend.

Iblamethebeer

Another law grad here (2006).  Like I said in the original post, I don't regret mine at all. 

But I do think it was a huge gamble that I happened to win -- I graduated when there were still jobs, I found a firm that likes my work, and my peers decided to leave so the competition dwindled.  Taking out a whole bunch of loans to go to the best school possible is not something I would recommend to anyone considering law school now unless they had really carefully considered the risks.

minirella

No. My master's degree is not widely used in this area and I ended up marrying a local. I commuted for awhile but it wasn't worth it monetarily. Ended up going back to school years later for nursing but no loans were taken out for that.

Mustardseed2007

It's hard to differentiate between the loan part and my choice of career part. I mean, financially I'm fine even having taken out the student loans b/c I'm employed in my profession, I made enough to pay it off quickly, and I'm making good money right now. Then again I agree with @privacywanted regarding 2007 (it's when I graduated also) being the last good year for lawyers, though I'll optimistically add "for a while a least". In any event, I am on a good ride right now. What worries me sometimes is if it goes away what exactly I would do as a replacement job. I don't know if I would actually still be in the legal profession or if I'd end up HAVING to do something else with another ancillary skill I have b/c of the job market for lawyers.

ETA clarity.

mlee116

I didn't take out loans for undergrad (got a state scholarship and then paid the rest myself), but I would have and they definitely would've been worth it.  

I don't about my master's degree though but part of it is because of my own decisions.  I needed the education hours to sit for the CPA exam, but I never sat.  And I'm not sure if I will or not at this point.  Some of my friends who passed the exam make great money but they also work long hours and had move to large cities.  I preferred to live in a smaller town where my H is from and public firms here don't pay much more than I make now. Like PP's said, its hard to say for sure because I really do think my masters gave me an edge when searching for a job even if it doesn't mean that I get paid more.

 

MickeyM04

I think @PrivacyWanted and I have the same life.  I didn't need to take out loans for undergrad, but I did for law school.  They are very manageable ($40Kish, down to about $20K now).  However, DH took out well over six figures in student loans.  We will literally be paying them off for the next 15 years (over and above the 6 years we've been paying them already).  There is no way his salary justifies the $120K in loans he graduated with.  My salary I think justifies my loans, but if I could do it all again I would not be a lawyer.  That being said, if I hadn't gone to law school, I wouldn't have met DH, would not have DD and DS, so basically if I could have my exact husband and children but be doing something else, I would in a heartbeat.

We graduated in 2008, which meant that while I was lucky enough to have a job (I got hired late 2007), DH was unemployed for a year.  Then when he got a job, it paid shit and certainly wasn't helping with our student loan bills.  If I were him I would answer this question (was it worth it), no.  For me, I'm a bit more torn because my loans will be paid off in a few years and then I'll just have a decent salary leftover.  However, we will be paying DH's student loans until we are about 45 years old (20 years after law school graduation).

emberlee3

Yes, it was worth it.  My loan payment is manageable on my current salary, and there is a good chance that my remaining balance will be forgiven if I continue working for a nonprofit for a few more years.  Plus, there are 1 million+ non-monetary reasons why I have benefited from the experience of going to medical school.

Samiantha101

No. It was a huge huge mistake. I think about it almost daily. I know there is nothing I can do about it at this point, but it's still a point of contention for me. I find myself often times getting mad at my mom for her for her encouragment of the private uni, lack of encouragement of sticking to it, etc. I know it was my decision, and I keep these thoughts to myself and strangers on forums, but those feelings are still there. I also get upset with myself. I'll reiterate, it was not worth it for myself.

rmbrjry

For me it was totally worth it because in order to work at my level in my field you have to have at least a master's degree (many want a doctorate). However, the pay for this field is comparatively very low so my student loan debt to income ratio is terrible. If I wasn't 1000% committed to this being exactly what I want to do, it wouldn't be even remotely worth it. As for DH, his loans were a complete waste of money, but mostly because he didn't finish his degree. 

SunAndRain

Yep- 100%. DH and I both have a masters, without which we would not have our current jobs. DH actually had no undergrad debt and his masters was paid for by his employer. My loans were $10K from undergrad and $20K for my masters.  My monthly payment on my loan is easily manageable and my interest rate is so low (~3.5%) that I won't bother to pay it off early because I prefer to invest elsewhere. 

emberlee3

acmedairyprincess said:

Yes, it was worth it. I ended up with $10,000 in loans. My parents thought helping me through college was giving me $100 for books one Christmas. I went to a community college for my first 2 years, and then got my BS at a 4 year state college, working the whole time. Although my job doesn't require a degree, I would do it all over again. 

Yeah, my parents made me pay the income tax on my scholarship, so I had to get a job even though I had a full ride

sandrabrooke

Yes and my hubby and I are debt free.  I'm a CPA, he's a software developer, so we got high paying jobs without a ton of extra schooling.  I feel grateful everyday

Puppies+Rainbows+Unicorns

Yes. I went to a community college and then a state school and worked the entire time. Graduated with $5k in debt. Started as an assistant to a high level manager and educated myself about the industry. After a couple years applied for a formal intern training program with the firm and I am now considered a professional in the field. I got really lucky and took advantage of opportunities. My brother took the same path I did and works retail and says college was a waste of time for him.

jess9802

I'm not sure. I like my career and find it very satisfying, but the loans suck. I'm a lawyer - had $25k graduating from college in 2002 and then $95k graduating from law school in 2005. The regional economy has not been very strong for the last 10 years. When I was hired as an associate my salary was probably average for the area. I was fortunate to keep my job but my salary was essentially flat until I made partner this year. I expect to make $20-30k more this year than last year, and I'm taking over a lucrative and specialized practice area that may result in even more money down the road. But it's been a long road to get to this point, with a lot of sacrifices.

As I progress in my career I think the loans that enabled me to become a lawyer, and the school choices that ultimately led to meeting my husband, will be worth it because I am happy with my life. However, I am pretty happy to hear my stepson (10th grade) talk about living with us while going to college (we have a comm. college and the flagship state university in town) to minimize his student loan burden.

KonaCoffeeBean

I'm on team law school was a regrettable choice.

Mrs_Lady

Yep my education justifies my salary and is a require ment where i work

operaghost

@Iblamethebeer‌ - totally agree with this. I basically went to law school on a whim in 2004 and was lucky enough to get a job in 2007 before the market tanked. I have about $45K in combined law school/undergrad debt, but I have no regrets about law school. I enjoy my job, earn a good salary and met DH in law school too. That said, I thank my lucky stars every day for my job. The law job market in MI is atrocious.

Jenn06L80

For me it was worth it. I only had 5K in loans for all my degrees - Bachelors in biology and nursing and a masters in nursing. I am certified as a nurse practitioner in family and acute care.

The reason I had so few in loans was because I commuted to school, and had tons of scholarship, and my parents helped.

My husband is another story. He had 35K for an education degree. He couldn't pass the praxis and works as a teachers assistant. He makes around 20K a year and doesn't use his degree at all.