Some scholarships and parents paid the rest. Even though I transferred schools and took 5 years because I lost some credits in there, I think they were still happy since two years tuition at the second school was cheaper than one years tuition at the first!
College Debt
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C-Dog
Well-known member
I was somewhat lucky. Parents paid the first 3 years in comination with a scholarship in my 3rd year that basically bought my books, then when my father passed away, my 4th and 5th years were a combination of loans, mama C-Dog, small scholarship, and financial aid. At the end I had somewhere around $12k in loans.
wilheldp_PE
PE, LEED AP, SPAM KING
The deal with my parents was that we (my sister and I) got a college education and our first car, then we were on our own. It has worked out well for them (they made an engineer and a lawyer), so now they don't have to support us for the rest of our lives, and we can afford to put them in a good home with lots of good drugs (per dad's request).
RIP - VTEnviro
His Memory Eternal
^ That's an interesting way to look at it too. I'm kind of experiencing that now to an extent as far as 'giving back' to my folks.
My parents were making good money while I was in college and helped me as much as they felt they could/should. They wanted me to pay for some of it (about 1 year's worth) in part to teach me some responsibility financially and to have a more vested interest in doing well, since it was in part my money.
I'm lucky with the timing of the way things worked. A year after I graduated my Dad lost his good paying job. He was very specialized and never found anything that came remotely close to what he was making at his old job.
Then a couple months back he got real sick and found out he's got late stage cancer. His prognosis is neither dire nor rosy, but odds are he will be on disability from here on in. My wife and I are in a position where we can help a little bit and it's in no small part because of what they invested in my education.
My parents were making good money while I was in college and helped me as much as they felt they could/should. They wanted me to pay for some of it (about 1 year's worth) in part to teach me some responsibility financially and to have a more vested interest in doing well, since it was in part my money.
I'm lucky with the timing of the way things worked. A year after I graduated my Dad lost his good paying job. He was very specialized and never found anything that came remotely close to what he was making at his old job.
Then a couple months back he got real sick and found out he's got late stage cancer. His prognosis is neither dire nor rosy, but odds are he will be on disability from here on in. My wife and I are in a position where we can help a little bit and it's in no small part because of what they invested in my education.
ktulu
Well-known member
I think I started with close to 13K. I ahve it down to just over 4K. I was doubling up payments while single, so it was dropping fast.
But with Mackenzie, I have been diverting some money towards taking care of her, but I will soon be paying off other things to be able to start paying the loans again.
I also went through the Co-Op program, so that put some extra money in my pocket.
But with Mackenzie, I have been diverting some money towards taking care of her, but I will soon be paying off other things to be able to start paying the loans again.
I also went through the Co-Op program, so that put some extra money in my pocket.
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benbo
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THe first two years I went to UCSD (in 1974) my parents paid for most of it, and I got a $2K loan. At the third year I decided I didn't want to show my parents my grades anymore, and as a result they decided they wouldn't pay anymore. I was already working as an Engineering student at Hughes Aircraft, so they paid for part of it and I took another $4K loan. Well, as you might have guessed by my reluctance to show my parents my grades, I dropped out after the third year (with actually less than a year to go) :smileyballs:
When I finally went back I changed my major from Physics to EE so basically had to do a full two years more, which I paid myself. All my schools were pretty cheap luckily.
It actually took me about 10 years to pay back that minimal loan. I was not very responsible in my reckless youth.
When I finally went back I changed my major from Physics to EE so basically had to do a full two years more, which I paid myself. All my schools were pretty cheap luckily.
It actually took me about 10 years to pay back that minimal loan. I was not very responsible in my reckless youth.
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snickerd3
Taking suggestions
I tended to follow the same train of thought as Roadwreck. Although now I have to find a different answer for the When are you having kids question.
My husbands parents paid for everything for him. For me, it was either I borrow $ or my parents borrow $ and I wasn't going to let them take on debt so I could go to school. I had a couple scholarships (one time deals) the first year and used up my life savings. From then on out it was loans and I got a job to pay for the little things like eating out and entertainment.
My husbands parents paid for everything for him. For me, it was either I borrow $ or my parents borrow $ and I wasn't going to let them take on debt so I could go to school. I had a couple scholarships (one time deals) the first year and used up my life savings. From then on out it was loans and I got a job to pay for the little things like eating out and entertainment.
TouchDown
Is it Friday yet?
I ended up having about $25k in loans, I owned $17k and my parents owned another $8k. When my Dad passed away, the wiped away their debt (not sure if it always happens that way?).
I paid back the $17k in the first year out of college. I lived in a one bedroom apt (crackerbox), and was pretty good with my money. Also saved up for a $5k engagement ring that I paid for in cash.
** edit - forgot, my grandma passed away that year also, and I got $5k from her, that I put on the school loan, so I only really saved/repaid $12k that year.
I waited to buy a new car until all that was taken care of.
I paid back the $17k in the first year out of college. I lived in a one bedroom apt (crackerbox), and was pretty good with my money. Also saved up for a $5k engagement ring that I paid for in cash.
** edit - forgot, my grandma passed away that year also, and I got $5k from her, that I put on the school loan, so I only really saved/repaid $12k that year.
I waited to buy a new car until all that was taken care of.
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TXengrChickPE
Here we go Steelers, here we go!
I got screwed over pretty bad by my folks... but my in-laws were awesome!
My parents make pretty good money, and always have... but they always complained about money... and I honestly thought we were poor. They always said stuff like "We're not going to be reduced to eating dog food just to put you kids through school!" and I believed it.
So, my parents forged my signature on loan applications during my first 2 years of college... meanwhile, I was working 40hrs/week to pay for everything. Halfway through my sophomore year, I decided that I would take out some loans for the following year. I was struggling with trying to work full-time and go to school full-time... and Junior year was known for being tough. That's when I found out that "I" had already borrowed over 10 grand! At that point, I thought that there was nothing I could do about it... as it turned out, I could have had them arrested and pressed charges... but I didn't know that at the time. Also, I was still trying to maintain a relationship with them, so I probably wouldn't have pressed charges anyway.
I took out more loans, but kept working in an effort to keep my total debt to a minimum. At the same time, they were claiming me as a dependent on their taxes... and I was filing my own tax returns... We all eventually got audited, and they had to pay a bunch of back-taxes. Luckily, I had all of my pay-stubs from my college jobs... and the university had records of all the payments I had made to them... so it very quickly became obvious to the auditor that I was NOT being supported by them.
By my 4th year of school, I was not doing well financially at all. I was still working full-time but I kept having classes that required a LOT of expensive materials and supplies... Then I got really sick (Salmonella poisoning from the pet store I was working at) and couldn't work for almost 2 weeks. My final tuition payment was due, and I was nowhere near able to pay it. My hubby (then boyfriend) talked to his mom and she lent me $1500, interest free, no payments for 5 years.
My 5th (and final!) year was when I got pregnant and had my daughter. By then, hubby (then fiance) was a grad student AND working full-time. We still had to take loans out for my tuition...
By the time we both finished, we had a combined debt of almost $60,000, about half of which was mine (and 10 grand of that was what my parents stole from me). We consolidated as soon as we got married and are a couple of years away from paying them off. We proudly drink the Dave Ramsey kool-aid... we WILL be debt free as soon as humanly possible.
My goal is to be able to pay for my kids tuition and room and board... but they will be expected to have part-time jobs (or their own savings) to pay for "extras". I never want my kids to have to wonder if they'll be able to work enough over-time to be able to make their tuition payment.
My parents make pretty good money, and always have... but they always complained about money... and I honestly thought we were poor. They always said stuff like "We're not going to be reduced to eating dog food just to put you kids through school!" and I believed it.
So, my parents forged my signature on loan applications during my first 2 years of college... meanwhile, I was working 40hrs/week to pay for everything. Halfway through my sophomore year, I decided that I would take out some loans for the following year. I was struggling with trying to work full-time and go to school full-time... and Junior year was known for being tough. That's when I found out that "I" had already borrowed over 10 grand! At that point, I thought that there was nothing I could do about it... as it turned out, I could have had them arrested and pressed charges... but I didn't know that at the time. Also, I was still trying to maintain a relationship with them, so I probably wouldn't have pressed charges anyway.
I took out more loans, but kept working in an effort to keep my total debt to a minimum. At the same time, they were claiming me as a dependent on their taxes... and I was filing my own tax returns... We all eventually got audited, and they had to pay a bunch of back-taxes. Luckily, I had all of my pay-stubs from my college jobs... and the university had records of all the payments I had made to them... so it very quickly became obvious to the auditor that I was NOT being supported by them.
By my 4th year of school, I was not doing well financially at all. I was still working full-time but I kept having classes that required a LOT of expensive materials and supplies... Then I got really sick (Salmonella poisoning from the pet store I was working at) and couldn't work for almost 2 weeks. My final tuition payment was due, and I was nowhere near able to pay it. My hubby (then boyfriend) talked to his mom and she lent me $1500, interest free, no payments for 5 years.
My 5th (and final!) year was when I got pregnant and had my daughter. By then, hubby (then fiance) was a grad student AND working full-time. We still had to take loans out for my tuition...
By the time we both finished, we had a combined debt of almost $60,000, about half of which was mine (and 10 grand of that was what my parents stole from me). We consolidated as soon as we got married and are a couple of years away from paying them off. We proudly drink the Dave Ramsey kool-aid... we WILL be debt free as soon as humanly possible.
My goal is to be able to pay for my kids tuition and room and board... but they will be expected to have part-time jobs (or their own savings) to pay for "extras". I never want my kids to have to wonder if they'll be able to work enough over-time to be able to make their tuition payment.
Slugger926
Well-known member
As long as we (siblings) were in school, my parents wouldn't let us work except for varsity sports. During the summers, they had 2 or 3 jobs lined out for us for spending money for the year. The only debt I had to pick up was for my final (7th) year thanks to baseball delaying graduation. I was only out $10K.
My wife went to ORU, and was out more than $80K.
We hope our kids won't have to pay for school if our college savings plan works.
Capt Worley PE
Run silent, run deep
TX, that was quite a tale there.
Jeez, summer jobs. I used to work as a lifeguard and bush-hogged fields during summer breaks. I thought I was in high cotton.
Jeez, summer jobs. I used to work as a lifeguard and bush-hogged fields during summer breaks. I thought I was in high cotton.
chaosiscash
Subcontractor
Tx, that story sounds pretty similar to my wife's. Except her parents chose to run up credit cards in her name. When she graduated she had about 60k in debt. Thats now down to under 10k, and thats all student loans at a low, locked rate. And her credit rating, while not outstanding, is much higher than it was 5 years ago. I'm not sure how people can do something like that to their kids and then look themselves in the mirror.
I'm glad that things are working out for you now. Sounds like you've got some cool in-laws.
I'm glad that things are working out for you now. Sounds like you've got some cool in-laws.
wow. I can't beieve that parents would actually screw over thier kids like that.
We're hoping to cover my kids education. My father died young but my mother (with social security from my dad) covered my and my brother's tuition. I'd hope to do at least the same, but given today's economy and my wife's historical casual attittude with money, I don't think the kids will get through undergrad without some loans. It is what it is.
I keep pressing them to make wise fiscal decisions about schools and careers and potential payback. I find it troubling that someone will spend $40k a year ($160k for the BA) at a good school with the aspirations of being a social worker.
We're hoping to cover my kids education. My father died young but my mother (with social security from my dad) covered my and my brother's tuition. I'd hope to do at least the same, but given today's economy and my wife's historical casual attittude with money, I don't think the kids will get through undergrad without some loans. It is what it is.
I keep pressing them to make wise fiscal decisions about schools and careers and potential payback. I find it troubling that someone will spend $40k a year ($160k for the BA) at a good school with the aspirations of being a social worker.
RIP - VTEnviro
His Memory Eternal
^ Ding, ding, ding! We have a winner.
I've got a friend who got her undergrad at Dartmouth then a masters at some school in Boston and is now a social worker at a not for profit complaining how she makes $30k a year.
I've got a friend who got her undergrad at Dartmouth then a masters at some school in Boston and is now a social worker at a not for profit complaining how she makes $30k a year.
Some of these parents are definitely crooked.
My girlfriend's mother worked in daycare at the college, so her daughters went for free. She was then filing the FAFSA for the both of them, and getting paid for them to go to school. She also has a younger brother, so the mother lives with the boyfriend but refuses to marry him because of the alimony payments, so she sits there buying jewelry off the TV all day why the father busts his ass to take care of a wife and four kids.
My girlfriend's mother worked in daycare at the college, so her daughters went for free. She was then filing the FAFSA for the both of them, and getting paid for them to go to school. She also has a younger brother, so the mother lives with the boyfriend but refuses to marry him because of the alimony payments, so she sits there buying jewelry off the TV all day why the father busts his ass to take care of a wife and four kids.
FusionWhite
Epee ~)----- Fencer
I was at 25k when school was all said and done. Ive paid it down under 20k so far. I worked about 30 hours a week while in school and the Stafford Loan money paid for books and tuition and if I was strapped for cash I took out a little extra to pay off some bills.
G
Guest
Wow tx ... that is absolutely horrible!
I have a lot of money wrapped up in student loans but at a fixed interest rate of 2.25%, I am not sweating it.
JR
I have a lot of money wrapped up in student loans but at a fixed interest rate of 2.25%, I am not sweating it.
JR
Katiebug
Well-known member
A fellow Dave Ramsey follower.
I know I should want to get rid of the student loans, but they don't hurt in the wallet like a credit card would. Mr. Bug and I paid off around $12K in credit card debt, two car loans, and cashflowed tuition (for him) and it took us a year - a year that wasn't a lot of fun. We decided to take a break from debt elimination now that we're down to the mortgage and my student loan.
I'm sure I'll get back at it eventually, but it's super-hard to justify in my own head why I should put us into another few years of deprivation (no vacations, no fun weekend trips, no eating out) just to get rid of it.
because once your done you never have to worry about that debt hanging over you and you can take vacations and eat out all you want
maryannette
Wise One
TX, congratulations on doing whatever it took to stay and get your degree. My situation (a long time ago) was not nearly as bad, but I used it as an excuse to quit. My parents (with 8 children) did everything they could to add to the grants and financial aid I got. Financial situation was very difficult. I bailed out after 3 years, with the plan to work for a year, then finish. Never happened. I know how easy it is to give up. You are tough for sticking it out. And you have a great family-in-law!
My older daughter is finishing one (1) class that she needs for her degree. She was supposed to graduate in May, but had a schedule problem for the class because she changed majors. We've always told her that we would do everything possible to give her 4 years of college. (Okay, 4 1/2 if that's what it takes.) The younger one will start college next fall. Same deal for her.
My older daughter is finishing one (1) class that she needs for her degree. She was supposed to graduate in May, but had a schedule problem for the class because she changed majors. We've always told her that we would do everything possible to give her 4 years of college. (Okay, 4 1/2 if that's what it takes.) The younger one will start college next fall. Same deal for her.
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