September 2012 Moms
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s/o Student Loans

I'm watching the Today Show and they are doing a story about student loans. They said you shouldn't take out more in loans than you can expect to make in your first year out of college. Not sure that is always reasonable (some schools are worth the money) but it is a good lesson. The girl on the show was attending NYU at $43k a year, she transferred to a smaller college in NY for $13k a year.

This made me think of our conversation yesterday.


James Sawyer 12.3.10
Leo Richard 9.20.12 
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Re: s/o Student Loans

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    I saw that segment as well and was wondering if this girl really did the best thing...if she wants to get into opera wouldn't she be better off having a big name school like NYU that has connections, etc in the business?  I feel like she would have been better off going to the small school for 2 years and then transferring to NYU.  I think for certain jobs/majors you need to just accept that the cost may be worth it.
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    hmp1hmp1 member

    imageSteph+J:
    That's a good idea, I suppose.  I thought I'd be making about $40k my first year, but I actually made about $28k.  Oh well. I still afforded the payments by making sure I wasn't wasting money elsewhere (except on rent. oy. I just HAD to live by all the bars the first year.)

    I think half my salary my first year out of college went to pay my bar tabs. Embarrassed


    James Sawyer 12.3.10
    Leo Richard 9.20.12 
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    I don't think that's very realistic anymore.  I work at a University that is upwards of $50k/year and our enrollment just keeps going up. We're looking at 1500 new freshmen this fall in the major I work in alone.

    Not many students will graduate with a 50k salary straight out of college, especially in this job market.  (My SIL graduated last June and is working as a substitute teacher with a $55k/year college education.  It sucks.)

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    I think it's sort of legitimate advice.  I married a pilot and my sister had the same education as him -- $58K loan for the majority of their training, variable rate, ~$600 payment per month.  First year working for a regional, they are lucky to make $15-$18K.  That loan payment is brutal for them to make on such low wages.....but nobody ever talks you through that when you are going to school! 
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    imagemrs.jenni:

    I don't think that's very realistic anymore.  I work at a University that is upwards of $50k/year and our enrollment just keeps going up. We're looking at 1500 new freshmen this fall in the major I work in alone.

    Not many students will graduate with a 50k salary straight out of college, especially in this job market.  (My SIL graduated last June and is working as a substitute teacher with a $55k/year college education.  It sucks.)

    Agreed.  It does not help that college tuition is on the rise, and the economy is in bad shape.  As I said in a previous post, I am in my first year of teaching.  I consider my salary to be a good one (considering the horror stories I've heard) but it still is not enough to cover my loans.

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    hmp1hmp1 member
    imagemrs.jenni:

    I don't think that's very realistic anymore.  I work at a University that is upwards of $50k/year and our enrollment just keeps going up. We're looking at 1500 new freshmen this fall in the major I work in alone.

    Not many students will graduate with a 50k salary straight out of college, especially in this job market.  (My SIL graduated last June and is working as a substitute teacher with a $55k/year college education.  It sucks.)

    I believe the story was the total loan amount shouldn't exceed your expected first year salary (so your school would be $200k). Like I said, some schools are worth it. While my parents paid for all our undergrad degrees, my brother went to Yale for grad school and has crazy student loans (but totally worth it).

    If you have to pay for your entire education with a loan, don't go to a $200k school for an education degree. Every knows what teachers make, sad but true.

    Also a lesson to start a 529 plan now for your LOs.


    James Sawyer 12.3.10
    Leo Richard 9.20.12 
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    I'm forever grateful that my parents strong armed me into a state school when I was dead set on going to an expensive private school for an education degree.  My 18 year old self was so worried about what my friends were doing and didn't understand the concept of how much money it really was.  My 32 year old self is ecstatic not have had student loans.
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    Sometimes this just isn't realistic.  I am currently a part-time student and I work full time.  I needed a collge that was close to home and work which left me with one option and it's an expensive option.  I'll have about 80k in loans when I graduate and nope, I won't be making that. 

     

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    imagemrsh0606:

    Sometimes this just isn't realistic.  I am currently a part-time student and I work full time.  I needed a collge that was close to home and work which left me with one option and it's an expensive option.  I'll have about 80k in loans when I graduate and nope, I won't be making that. 

    I had to go to a school close to home (because it's where the H had a job) and my only option wasn't too bad, but it was still expensive. I could have telecommuted to a CC for some credits, but seeing my H do that now, I'm glad I stuck with going on campus for twice the money instead. (I procrastinate like he does lol.)

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    This is a little off the exact topic, but one of the reasons our country is in a financial crisis with respect to student loans (student loan debt now exceeds credit card debt) is because government funding for higher education is at the lowest it has been since the 1940's, but tuition rates are at an all-time high.  Plus, many people who went to college in our parent's generation had it at least partially paid for by their parents (i.e. the Greatest generation paid for the baby boomers) but parents today don't seem to be doing the same thing for their college-aged kids.

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    imagehmp&mrj:

    I'm watching the Today Show and they are doing a story about student loans. They said you shouldn't take out more in loans than you can expect to make in your first year out of college. Not sure that is always reasonable (some schools are worth the money) but it is a good lesson. The girl on the show was attending NYU at $43k a year, she transferred to a smaller college in NY for $13k a year.

    This made me think of our conversation yesterday.

    I just went back and read this post and have a big question: How in the heck is an UNDERgrad program $43k a year?  The tuition at my undergrad is still under $3k a semester. That $43k is more equivalent of a number for a professional school.  Even the tuition at my law school is still only $15k a semester. And if that number includes living expenses, then it seems like to me that a person just needs to go to school in a place where it isn't so expensive to live. I would guess that New York would not be one of those places.

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    hmp1hmp1 member
    imageIBackBevo:
    imagehmp&mrj:

    I'm watching the Today Show and they are doing a story about student loans. They said you shouldn't take out more in loans than you can expect to make in your first year out of college. Not sure that is always reasonable (some schools are worth the money) but it is a good lesson. The girl on the show was attending NYU at $43k a year, she transferred to a smaller college in NY for $13k a year.

    This made me think of our conversation yesterday.

    I just went back and read this post and have a big question: How in the heck is an UNDERgrad program $43k a year?  The tuition at my undergrad is still under $3k a semester. That $43k is more equivalent of a number for a professional school.  Even the tuition at my law school is still only $15k a semester. And if that number includes living expenses, then it seems like to me that a person just needs to go to school in a place where it isn't so expensive to live. I would guess that New York would not be one of those places.

    I went to a private school. I just looked up their 2011/12 costs. Total cost for a year (tuition, room/board, books, taxes) is over $46k. That is for low cost of living in Fort Worth, TX.  So NYU, it sounds right to me.

    I guess if you didn't see the piece, I should say she is an opera singer (music major). I don't blame her one bit for wanting to be in NY with that major.  

     

    Edited to change: NYU is private too.

    Here is the NYU 2011-12 breakdown

    TUITION AND EXPENSES

    Cost of Attendance$58,857
    Tuition and Fees
    $41,606
    Room and Board
    $15,181
    Books and Supplies
    $1,070
    Other Expenses
    $1,000

     


    James Sawyer 12.3.10
    Leo Richard 9.20.12 
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