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Thread: The Importance of College

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    #21
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    Quote Originally Posted by Heisenberg View Post
    I don't think that's terribly unrealistic, there have been a few posts just in the past couple of days on /r/personalfinance where people have discovered after several years of making payments that they now owe more than their original student loan amount.
    that's me...I'm 60K in debt from my BS at Texas A&M...



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    #22
    Quote Originally Posted by Heisenberg View Post
    I don't think that's terribly unrealistic, there have been a few posts just in the past couple of days on /r/personalfinance where people have discovered after several years of making payments that they now owe more than their original student loan amount.
    Wow really? I guess I don't know anyone who resorted to private loans from skeevy companies, which I think is the only situation where that occurs?? Or people who don't pay right away and rack up lots of late charges... (will go read).

    I think it's reasonable for professional degrees like MD or vets to take a while to pay off, I mean, it's a proportionally huge amount of education.

    Not trying to say that it's cool that college is so expensive and necessary, just pessimistic that it could realistically change in the US.
    College [military too!] opens a LOT of doors for people who otherwise would be stuck in such a bleak outlook of life that I think fundamentally it's useful and important for the vast majority of people. Unfortunately community colleges and trade schools don't tend to offer the same amount of access to networking, professional organizations, etc. I think the days of joining a company as a tradesman and staying for life are long over with how often layoffs happen or businesses fail. With a degree, at least you have that foot in the door if you need to move jobs, since the reality is that so many companies require it. Without it, your job search will likely be much tougher even with good experience.
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    #23
    Quote Originally Posted by April Lynne View Post
    that's me...I'm 60K in debt from my BS at Texas A&M...
    Is that a private university?

    My BS/BS was 10K in loan debt and my MPH was 40K. 50K is certainly not bad for the amount of experience and training I got! (in my case anyways, academia is a whole different galaxy from other employment)
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    Quote Originally Posted by rocket_lizz View Post
    Is that a private university?

    My BS/BS was 10K in loan debt and my MPH was 40K. 50K is certainly not bad for the amount of experience and training I got! (in my case anyways, academia is a whole different galaxy from other employment)
    Nope A&M is public, I didn't resort to private loans, it's just expensive and I had NO parental help. When I graduated I had a couple years where I wasn't making enough to make any sort of payment so I deferred them until I could...it all adds up.



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    #25
    Quote Originally Posted by rocket_lizz View Post
    Is that a private university?

    My BS/BS was 10K in loan debt and my MPH was 40K. 50K is certainly not bad for the amount of experience and training I got! (in my case anyways, academia is a whole different galaxy from other employment)
    I think a lot of it has to do with using loans to pay just tuition vs fully living off them.

    I Eelizah
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    #26
    Quote Originally Posted by April Lynne View Post
    Nope A&M is public, I didn't resort to private loans, it's just expensive and I had NO parental help. When I graduated I had a couple years where I wasn't making enough to make any sort of payment so I deferred them until I could...it all adds up.
    Does interest continue to accrue during the deferral?
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    #27
    Quote Originally Posted by AshleyO View Post
    I think a lot of it has to do with using loans to pay just tuition vs fully living off them.
    I agree. A friend of mine can't understand why she has so much more debt to pay of compared to the rest of us in our group. While the rest of us worked and paid what we could as we went though college she lived completely on her loans. Instead of getting a small reasonable apartment or having a roommate she had a large place to herself and was partying Friday nights while the rest of us were picking up overtime shifts. Her student loans were even making her $450 car payment. She made fun of me for using a Dakine back pack because she insisted on having Coach bags. I never said anything because it wasn't my money or my business, though a few others tried to explain to her that she was accruing interest on those loans even while she was in school. She unfortunately is paying dearly for the frivolous spending as she has racked up $9000 in interest before we even got to graduation.
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    #28
    Quote Originally Posted by AshleyO View Post
    I think a lot of it has to do with using loans to pay just tuition vs fully living off them.
    that's some of mine, I did have a job and worked as much as I could while in school but took fall, spring and both summer sessions every year in order to graduate in 4 years and so I used my student loans to pay my apartment (I didn't have any thing big and had at least one but most of the time two roomates in every apartment) and to buy my books etc.

    Quote Originally Posted by rocket_lizz View Post
    Does interest continue to accrue during the deferral?
    it does.



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    #29
    Quote Originally Posted by April Lynne View Post
    that's some of mine, I did have a job and worked as much as I could while in school but took fall, spring and both summer sessions every year in order to graduate in 4 years and so I used my student loans to pay my apartment (I didn't have any thing big and had at least one but most of the time two roomates in every apartment) and to buy my books etc.


    it does.
    ohhhhhh that sucks. I thought if you deferred for income-reasons that interest would NOT continue to accrue.
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    #30
    Quote Originally Posted by TheBitterSpouse View Post
    I agree. A friend of mine can't understand why she has so much more debt to pay of compared to the rest of us in our group. While the rest of us worked and paid what we could as we went though college she lived completely on her loans. Instead of getting a small reasonable apartment or having a roommate she had a large place to herself and was partying Friday nights while the rest of us were picking up overtime shifts. Her student loans were even making her $450 car payment. She made fun of me for using a Dakine back pack because she insisted on having Coach bags. I never said anything because it wasn't my money or my business, though a few others tried to explain to her that she was accruing interest on those loans even while she was in school. She unfortunately is paying dearly for the frivolous spending as she has racked up $9000 in interest before we even got to graduation.
    This stressed me out so bad to read omfg
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