Average student loan debt?

[severine]

I'm curious.... how much student loan debt did you have when you graduated college? (If you're willing to divulge, of course...)

It really does become a game of numbers... get into debt so you can get a career so you can make more money... it's worth it, right?

http://www.finaid.org/loans/

 

[nelsapbm]

Zero. My parents were super diligent about putting aside money for college. Thank you mom & dad!!

 

[Warp Daddy]

Zero Zip Nada for all 3 degrees. MY Parents, scrimped , saved and together with my summer jobs paid for BA

I paid for masters and doctoral study . I also had some scholarship assistance and employer support .

 

[deadheadskier]

Zero. My parents were super diligent about putting aside money for college. Thank you mom & dad!!

ditto....best gift I ever got. I certainly didn't take it for granted either. I started out at Skidmore which was/is VERY expensive. About half through my freshman year I felt uncomfortable getting support from them at such a cost when a state school would be a 1/3 the cost and I'd get most likely an equally strong education. I ended up transferring to UVM after a couple of years off establishing residency in Vermont.

I hope to provide the same for my kids that I hope to have someday. I'm even looking into a 529 Savings account right now, which you can start contributing to prior to having kids.

 

[Johnskiismore]

None, I worked all through college, and picked up more work during the summer My parents helped out when I really needed it, and I did get some scholarship money. Not an easy way to do it, but I appreciated all of the time in when I received my BA!!

 

[riverc0il]

it's worth it, right?

Depends what you want to do for a work. Most good jobs require some form of college education. Though unless you are going into a specialized field, for many foot in the door positions, they are only looking for a degree not necessarily a specific program of study (though program of study including line of work applied for is a bonus). I work at a University and as a manager myself, I see a sharp disconnect between book smarts and actual work done. Getting a degree proves you can do hard work, meet deadlines, write a paper, do a presentation, and use a computer. All stuff that getting a High School diploma used to mean but no longer does. And just as high school education got watered down, so has Higher Education (IMNSHO).

As a manager that handles hiring, I look more at what people have done rather than their education. Experience and a strong desire to learn and develop are more proven than education alone. And when someone comes in with only an education and no experience, what they did outside the classroom is more interesting to me than their GPA or program of study (leadership positions, student government, residence director, president of a group or organization, etc.).

But that is just me and I have a far different view on employment and hiring than do our corporate idiots... oops, I mean recruiters. Having a degree is essential in many ways to get good work. Though for myself, I could have skipped college and gotten four years experience working up the ladder and saved myself the debt. I learned more outside the classroom than inside, so I have no regrets on my college experience. If it was just what I learned inside the classroom.... well, I really don't know. I don't know if I would have learned a method to things, a logic, the research aspect, and the general know how if I had been struggling to pay bills and spending 40 hours a week working.

As far as debt, I had right around $20,000 of debt when I graduated which on a 10 year loan meant I was paying $180 a month (adjustable rate) for 10 years. I have one more year to go and I am done. My significant other is paying twice that much for the next 9 years due to out of state tuition. I also had scholarships and parental help, but I had four years of room and board as well.

What I would recommend is obtain employment with a company that is willing to pay for your education in a field you want. Most companies require you to work for the company X amount of years after you graduate or else you pay back the bill. That way you work the entire time and don't pay a dime. Might take a lot longer only doing two night courses a semester but less debt in the end PLUS experience.

For a high school senior, absolutely I would say go for it unless you want to learn a trade or want employment in a business that values experience over education. But for someone looking at becoming an adult learner as a non-trad, there are a lot of other issues to consider.

 

[Moe Ghoul]

1. Be sure you understand the loan before you sign off on it, some of them are as bad as credit cards.
2. Get some idea what amount you'll need to borrow in TOTAL, and get a good idea what you'll be saddled with for a monthly payment. Then determine what you can realistically expect as take home pay when you start working. Then calculate in daycare or babysitters if the both of you work. Will a second car, insurance, gas and maintenance be needed? After you subtract all of that out of the take home pay, what's left? Is it worth it still?
3. See how much loan you can qualify on your own without husband or co-signer. Find out what the collection laws say about joint v. individual debt. If you can take the money in your own name, in PA, they can't touch assets in a marriage. I bring this up, because if you hit hard times, and can't pay, they can't come after marital property since hubby didn't sign on the dotted line. It also prevents his credit from getting trashed and at least one of you will have good credit.
4. Find out about their deferment option, if available, and what forebearance option they might have, like the inability to work due to disability.

These are the worst case scenarios to think about, if you make a zillion dollars coming outta school, then none of the above really matters.

 

[Hawkshot99]

My parents told me college or a wedding. I have no college debt.

 

[deadheadskier]

My parents told me college or a wedding. I have no college debt.

you chose wedding over college?

 

[deadheadskier]

My parents told me college or a wedding. I have no college debt.

edited, oops never mind....read it wrong

good choice

 

[ERJ-145CA]

No debt for college, my parents paid for it. I owed $28,000 for flight training. That money got me all the licenses I needed to teach people to fly, which allowed me to get enough flight hours to get hired by an airline.

 

[playoutside]

When I graduated 20+ yrs ago I had $8K debt, all of it government loans paid back over 10 yrs. Low debt among my friends and siblings. BU was expensive then and about 4X that now; it would be really easy today to talk myself out of school if I only considered the price -- but it would be a decision I would regret. I had scholarships, financial aid, worked during the year and worked 3 jobs during the summer. No question I've earned a better living because of my degree, but it's tough to point to anything specific I learned in college as being terribly career relevant. A degree can open doors and provide you with connections you wouldn't otherwise have.

Obviously, you can't ignore the potential debt, but don't let it create the wall that keeps you from pursueing a degree. Don't forget there are scholarships and various programs to help make it possible. You may have to look hard, but think about every thing that makes you who you are...there is probably a scholarship available. For example, you are a mom, check women's organizations and you may find scholarships. Check local business groups, they may offer funds for career changes. Check state govt, they may offer job training (aka college) funding for career advancement.

Good luck!

 

[Warp Daddy]

it's worth it, right?

http://www.finaid.org/loans/[/QUOTE]


Short answers

1 --YEP--it is worth it.

2. IQ or intelligence and drive get you IN THE DOOR after that it is all about YOUR achievement in advancing organizational goals and YOUR ability to work effectively with others

3. EQ or emotional intelligence not strictly IQ AND DRIVE gets you promoted .

 

[mondeo]

None for me. Got through in 7 semesters, my employer paid for the last one. I figure I put in about 25K, my grandparents combined for ~15K, and my parents covered the remaining ~30K.

In addition to my mom having a Great Depression saving mentality instilled in her by my grandmother, there were a few other things that helped me out. For one, my parents always had a rule that half of any money I earned went into a savings account for college. Second was the fact that they always told us that they weren't paying for our college. I think they were serious about it, but caved for paying for room and board for my brother, and then finally caved completely after my savings from working in high school were depleted. Third was that, once we were 15 and could get a job, my parents basically stopped paying for anything but food, and supplying hand-me-down cars. Clothes we were on our own for, gas, car repairs, etc. Combined it helped teach how to deal with money and the values of hard work and saving, which greatly reduced the potential financial burden of college. It was even to the point where I felt a little guilty spending $350 on a couple of luxuries the summer after my freshman year, when I averaged 60-65 hours/week at a couple jobs.

So not really pertinent to someone looking to start college now, but for someone with kids or looking to have kids. Save, and teach them to save and start working early.

 

[hammer]

ROTC scholarship for undergrad tuition, Air Force program paid for graduate tuition, other scholarships paid for most of room and board for undergrad, split 1/2 of remainder with parents.

No debt thanks to the American taxpayer.

My kids will be another story...I would prefer that they not take the military route, and with the price of college, it will take a miracle for either of them to get through without any debt. :-o

 

[GrilledSteezeSandwich]

I'm curious.... how much student loan debt did you have when you graduated college? (If you're willing to divulge, of course...)

It really does become a game of numbers... get into debt so you can get a career so you can make more money... it's worth it, right?

http://www.finaid.org/loans/

zero...because my grandparents gave me money for college..but if I would have had to pay for college myself I would have gone to a much less expensive school than UVM..probably somewhere in-state.. My old roommate graduated $70K in debt and he received a partial scholarship which is crazy..considering that most new college grads still make under 45k a year..

 

[GrilledSteezeSandwich]

My parents told me college or a wedding. I have no college debt.

If I marry a rich girl whose parents pay for the wedding..my parents are giving me exactly what they spent on my sisters wedding.. If I marry a poor girl and my parents have to pay the bill..the wedding is going to be at Applebees and I still make out with enough for a month of heli-skiing..win win situation..

 

[hardline]

i went to CCV and became a resident. made it much more affordable for my parents. it took longer but what did i care i just rode more.

 

[deadheadskier]

zero...because my grandparents gave me money for college..but if I would have had to pay for college myself I would have gone to a much less expensive school than UVM..probably somewhere in-state.. My old roommate graduated $70K in debt and he received a partial scholarship which is crazy..considering that most new college grads still make under 45k a year..

that's part of the reason I took two years off and ski/beach bummed and got Vermont residency. UVM is very expensive for out of staters. In staters it was much more reasonable. Tuition was right around 9K a year when I went. I lived off campus the whole time and worked nearly full time managing a bar in Stowe to pay the rent and other living expenses with partial assistance from the rents towards those costs. When I went to Skidmore in 1994; tuition, fees, room and board was 30K. Recognizing that there were better alternatives for me at a lesser cost, it was a no brainer for me to move along. Plus, it was another win for me. The skiing sucked near Skidmore where as at UVM I could be on the hill at Stowe in under an hour . I actually spent over half my time at UVM living in Stowe and commuting to Burlington for classes. Then again, gas was a buck a gallon those days

 

[severine]

Wow, there is a lucky bunch in here with parents who could afford it!

My parents = blue collar, never went to college (dad didn't even graduate high school because he had to leave to support his mom and sisters). 4 kids. No money for school at all.

I paid my way through my Associate's degree, with a small amount taken out in student loans (hence why it took me 4 years instead of 2 to complete). My former employer (a municipality) did not give tuition reimbursement. I was told that it was nice I got a degree, but that it didn't matter as far as my job was concerned.

I left that job 20 months ago to stay home with my kids. I've spent the last 3.5 months trying to re-enter the work force. But with having to pay for 2 kids to be put into daycare (which, at the daycare center where my daughter used to attend, that would equal $416/week!), there's a certain $ level I need to be hired at to make it worthwhile. And so far, I've had no luck obtaining any of those jobs, in spite of over 40 resumes I've put out.

So right now I'm planning on waitressing a couple nights a week (which I would likely take home more than I would working full time during the day, due to daycare costs) and going back to school full time during the day (and trading off with other moms for childcare while I'm attending classes, or taking online classes). I have 16 courses to go. And this will be at a state school that I was already attending, I just took a break to have my family. No money to pay, and I'm 30 years old so I'm not sure what types of scholarships there are out there for someone like me.

Working part-time isn't for luxuries - it's necessary. I already have a 2nd car. I'll be spending less on gas waitressing and going to school (since the branch is in my town) than I would commuting for the jobs I've been applying for, anyway.

There are a lot of pros and cons that must be tallied. And a degree is required for the field I'd like to enter (teaching). There is no schmoozing my way into that. But if I do this right, I'll be entering the workforce right around when my eldest is entering kindergarten or 1st grade; so there will only be 1 child for which we'll have to pay full-time daycare, and it won't be year-round with the field I'd like to enter. As much as I hate the idea of starting student loans up again (I had them before for my A.S. and paid them off), it's the only way right now to achieve that end.

I realize that I'm also asking a question about something that most of you took a traditional route to (i.e. went to college right after high school, or close to that)... But I appreciate your input!