s/o student loans

Wally3 · August 2013

This is an interesting topic to me. I work in a seasonal industry and see many young men and women - most with college degrees struggling to find jobs. Both my husband and I are lucky enough not to have student loans due to scholarships, going to community college, and generous parents. However many of my friends have student loans some over $100,000 - it makes life for them a great struggle.I have another friend dropped out of college got an entry level job, and supplemented wotking fast food industry as well. Worked her butt off to impressed boss they paid for most of her degree. She moved up in company. Is this reasonable or commom? I'm interested in others opinions.

How much studet debit is reasonable - you need a degree vs avoid debit? Does this depend on what your degrees is lawyer vs teacher?

Would you advise your children to go to community college, trade school, in-state schools to avoid debt?

Is it better to get a job and then worry about a degree or the other way?

morrkim · August 2013

I was looking at going to two different schools. One was a state university and the other was a private college. The private was able to give me more financial aid so it helped me choose it. I ended up getting several scholarships and about $6-10,000 in student loans each year. I was not extremely worried about student loans because I knew there were several loan forgiveness programs for teachers in high needs fields. Now that I'm in my 6th year teaching I have one set of loans that is completely paid off because of loan forgiveness and I'm in the process of getting my other one taken care of. H on the other hand got some student loans, but not enough to afford to stay in school, so we are still paying on his and probably will for a while. Right now I am working on my master's in functional special education and my school district will reimburse me if I teach the following semester. They only do this for the first masters program. I am getting a grant that I will not have to payback as long as I continue teaching for the time required. Before I was able to get my loans paid off I was paying about $300 a month. As a teacher with no kids at the time, it wasn't too bad. I would tell my kids to apply for as many scholarships as they can and get involved in activities so they can get scholarships that way. I had a newspaper and soccer scholarship in college that helped some. I would also say college first. H was not able to finish college because he couldn't afford it and has struggled to find jobs, until the casino.

lady dixneuf · August 2013

I'm very very lucky. I went to a prestigious, private school and my parents foot the bills 100%. I don't think I ever realized how lucky I was until I got older. Cost wasn't an issue for me. I hope to provide the same situation for my son. There is no one in my family who did not go to college and both of E's parents (and all 4 grandparents now that I think about it) have graduate degrees.

I encourage him to go to the best school he can't get into. I have a lot of debt from Grad school, my parents didn't give me a dime for that and I wouldn't do that for him either. I don't even know how much I have but it's in the $50,000 ballpark. I would encourage my son to consider what he wants to do seriously before doing this.

My H went to an excellent school that is free. I would love for my son to go there but it looks like after like 150 years they're going to start charging which is sad. They only offer art, architecture, or engineering. He's not allowed to be an artist

Dana327 · August 2013

No one in my family went to college. When I started I didn't want to go but was being forced by my parents who "came here for the children to have better lives". Like a dumb a$$ I went to a private school and racked up as much in student loans as someone with a masters did with a puny associates degree. I wish I can go back in time and change it all. Funny part is I plan to go back to school. Hopefully when Vasilije starts college I will be able to guide him and support him in what ever he chooses to do.

lady dixneuf · August 2013

This is going to reach a boiling point soon. College debt is changing our economy.

jwildin · August 2013

DH and I both went to a private undergrad school. For me it made sense because I knew what I wanted to do. DH basically followed me there but it def. wasn't the best school for his field. We both got scholarships but most of it was funded with loans. When we both went to grad school mine was paid for by the school since I was student teaching but DH had to fund his first year.

Between the two of us (both having master's degrees) we have well over 100,000 in debt. However we both have jobs that we can make the payments, plus pay our mortgage and still manage to have some spending money. We will be paying them off for a while but that is just how it is. Right now DH's job only requires a bachelors so he is drastically underpaid, but he works at a children's hospital so Sawyer's health insurance is free which is awesome and we get discounted daycare through his work. Now DH is looking for a new job that pays more but we will see what happens.

I don't think I will be funding Sawyer's education. I will help where I can but when he is in college I will probably still be paying my student loans. I funded my college education, and I worked harder for my grades because of it. It really showed me what my education was worth and I would like him to learn that as well.

Britt1406 · August 2013

I went to a private college for my BBA and Masters- so yes, I have lots of student loans. I make good money, but I have others bills to pay, so it will take forever to pay these. Looking back, I often wish I would have went to a public college (where I could have went free!) but I don't know if I'd have the job I have today if I did. So, I figure- it is what it is.

I will hope my son is good in sports and smart so he can go to whatever college (public or private) he wants to on a good scholarship. I was a little bitter because at my college roommate failed classes but played sports, so she had a full scholarship and even got money back sometimes. I made the dean's list every semester, yet they had a policy where they could not increase scholarships, so I had loans.

navyandviolet · August 2013

Dh's college was paid fro by his parents. I had about 50 grand when I graduated with my masters in 2003. It felt like a lot of money but I worked throughout undergrad to supplement paying for college and stopped during grad school and took out around 10 grand a year. Grad school was really difficult to balance a job and school. I have around 15 grand let on the bill now.

For our kids we are saving enough to be able to pay for a 4 year degree in state. The kids can decide to stretch that out by spending a couple years at a community college and getting scholarships. Or they can blow it all in a semester at a prestigious school far far away. Once they go through that $$$, the burden of paying for more school will be on their shoulders. Any grad school will be on there own dime unless we win the lottery. Ha Ha Ha.

legalbeagle1 · August 2013

I think I "win" for largest amount. Almost $200K of student loans down to approx $75K. DH is smarter than I am and got a full-tuition scholarship to law school. I am definitely the drain on our finances -- especially since I like expensive things like dogs and babies!

L will have college paid for if he wants to go. But I think that means no brothers or sisters!

wesleycrusher · August 2013

@piffle42 that happened to my parents. They had to pay a a certain amount for college for my stepsister and also still pay the exwife support for the 4 years my sister was living on campus to "maintain the home".

I went to a private school for a major that was in huge demand (nursing) and got a sign on bonus when I started to work. I graduated with very little debt because I applied for a ton of scholarships.

Dh works at a university. Hopefully he will still be there when dd goes to school because tuition would be free.

Wally3 · August 2013

The university I work at allows employee spouse and children to attend for free. Also they belong to a tution exchange program where your kids can go to other universities that are apart of the program for free as well. It is a great deal. Hopefully I will still work there wen ds is older.

tamararachel2 · August 2013

Ugh. Student loans. For me, it's my own damn fault. I was on an athletic scholarship...full ride...covered everything including books. I had it pretty easy. Right before summer break my sophomore year, the entire team got called into the athletic department and we knew something was up because we could hear yelling. When we went into coach's office, the athletic director was in there and basically they told us that with the new gym they went WAY over budget. Our head coach was leaving to another position at another university so they had been looking for a coach for a few months, but nothing had happened. So they decided to drop the entire volleyball program. I didn't want to stay at that school and I had a lot of offers from other schools...my head coach offered me a full ride to her new school and several schools in our conference offered to me as well. Long story short, I chose to follow a boy and NOT play volleyball and I ended up having to take out loans. I have about $30,000 and I'm paying on some, deferred on others. DH has some that was his own fault as well and we are consolidating so we can pay one payment on all our loans together and we total just over $40,000.

My advice to my kids is .... I don't even know. DH and I are both athletic so we're hoping that at least one of our boys can get a scholarship. I don't want them to have to take out loans and my mom has a college fund for both our boys. I'd like to do the same and have a fund for each of them and when our boys are old enough to have a part time job, I'd like them to work and put some money of their own to college. IF they have to take out loans, I'd like it to be the least amount possible.

Rachelilly23 · August 2013

We have college funds started for the boys, and we put in $100 a month right now, but once we are done with some other payments we'll be sinking a lot more. DH and I both went to a prestigious private school (he went ROTC and only had to take out a little bit in loans since his mother didn't give him a dime, but my parents paid for 3 out of 4 years for me.) I graduated with $40k in debt, but I paid off $12k my first year out of school.

Right now, we have about $25k combined, which isn't terrible. As an 18 year old, I was convinced I had to go to the best school and have a fancy diploma yada yada yada, and I'll tell you my fancy diploma is collecting dust now. I haven't worked for 18 months, and my degree isn't helping me get anything in the slightest. I know plenty of people who went to state schools with little to no debt who are making a lot more than I am.

I won't ever push the boys toward the expensive big name "top" schools because I think if they apply themselves they'll be successful anywhere. I 100% would take back going to school where I went and instead get a full ride on my parents' dollar to Penn State with a brand new car upon graduation (that was what my dad offered up.) I think I made the wrong choice...

However, even though I will share my experience with my kids, if they want to make the same kind of choice I made, I will still support them. DH's and my alma mater was $40,000 a year in tuition, and we agreed that we would pay for the equivalent of half of the tuition of whatever its future cost is for each child. The other half is on them. But they would obviously get a free ride to a state school, like I was offered. I would be encouraging them to take it and run!

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