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Where I work, it's over $50,000 a year for students. No guarantee of a job either and most of the majors they offer are liberal arts. Film, Dance, Painting, Language degrees, writing degrees, etc. Not exactly high paying entry level jobs! My college was $13,500 per year for everything, plus I received a half tuition scholarship and took student loans. My loans were around $105 a month, which isn't bad at all paid over 10 years and I am only a few months away from finishing them off!!
Imagine taking $200,000 in loans and having to repay that in 10 years with interest??? That's like buying a house and paying it off in 10 years, but at a much higher interest rate!
I feel for the people out there like this, but it's the loan industry that is even more messed up!
The only good thing about being older is that a college degree cost the same as four good knives. The bad thing is watching my daughter rack up 50K/year. At least she will be a doctor when she is done. I already get valuable advice from her: she looked at an MRI and said "Dad, you are f%cked" I love my daughter!
Everywhere you go, there you are.
There's just something wrong with all this. I just checked out tuition at my alma mater (Georgia Tech)--a not half-bad engineering school. it's pretty consistently ranked in the top 5 engineering schools in the US. In state tuition this fall will run about $10K/year. Out of state--about $28K/yr. Yeah, you'd still have to cover room and board, not exactly cheap in Atlanta, but still...make it through and you will be employable, and while you might never be rich, you can be comfortable. (Assuming you can afford health care.) And there are scholarships and loans available. Why are some of these colleges so freaking expensive?!?! $10-30,000 a year is an awful lot of money, but $50K? For a degree that might make you feel warm and fuzzy, but will land you a job delivering pizza?
The loan companies are to blame in part, but some of the fault belongs to the students. Having a job you love is great; heck, having a job you can TOLERATE is great. If underwater basket weaving is your calling, fine. But you've got to be realistic about the lifestyle you can afford and be prepared to pay the bills.
I'll stop ranting now.
Now is not the time to bother me. And it's always now. Wiley Miller
That's insane. I graduated from an AAU University, which I attended for 5 1/2 years, with only 25k in debt. Granted that was 12 years ago, but I pretty much took out the max every semmester. But a 17.9% variable interest rate? My student loans have been locked in at 4.62% for ten years. Yikes.
The student loan crisis has had some very sad cases, but as a whole the issue is very overplayed. Only 3% of students have loans over 100k, the plurality of students have under $10k in loans.
The NYT article that came out recently was disappointing. Of course if you go to a private college without a scholarship you are going to come out with excessive debt. There are plenty of opportunities, you don't have to box yourself into a corner by going to a school that will make you take on loans. It's also important that students are smart with their money and budgeting. I read an article recently that talked about students that get credit card debt before maxing out their student loans!
That's not to say that is isn't hard for many people, but the community suffers as a whole when it is referred to as a "crisis." Hopefully it doesn't scare off people from going to an affordable college.
You know, you can't tell kids sh!t. They think they know what they're doing and as a parent you want to give them the freedom to make their own choices when they're at that age. It's too bad these kids get sucked into the hype some colleges spew out. I'm glad that when my wife decided to go back to school to get her MBA we were able to pay cash.
But, I crunched the numbers and realized that I couldn't live unless I made at least $50,000 a year, so I couldn't even apply for public interest jobs - it was the private sector or starve. I chose not to starve.
But, almost 15 years in, I have less than $30,000 in loans left, and I'll be done in 5 years. If I had made a few better choices as far as jobs go, I could be done by now. But at least I'm not like many others who are struggling to make ends meet.
"Don't you know who he is?"