College Debt

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How much $ did you borrow

  • Zero, full scholarship

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  • Zero, Parents paid for it

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  • Zero, worked way through

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  • <10K

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  • 10K to 20K

    Votes: 0 0.0%
  • 20K to 30K

    Votes: 0 0.0%
  • 30K to 40K

    Votes: 0 0.0%
  • 40K +

    Votes: 0 0.0%

  • Total voters
    0
Well, by this time next year I'll be on my way to approximately another $40k in the hole. If I meet the requirements, it looks like I'll be going for my masters in Welding Engineering via Ohio State's online curriculum (assuming I get in, just have to take the GRE's first). Being that it's the only masters available anywhere in Welding Engineering as well as the only ABET accredited program, I figure it will give me a leg up in the near future as far as promotions and client interaction goes. When most of our management retires at the same time, a fair amount of our credibility will go down with it, so may as well do what I can to stay afloat while that ship sinks!

 
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I'm looking at 10K total. However my income should double in two years so perhaps I can cash flow the expenses of college and pay it off in a couple years.

 
I had a partial scholarship the first year, which I lost. Then I had a full scholarship the second year which I lost. My parents paid for the rest. My whole life they bought me savings bonds every month and used those for college.

The first scholarship was a deans one through the college. The second was through a state program that originally I was not eligible for because I graduated a year before it started. But then they decided to grandfather in people who graduated my year and that's how I got one for the second year after blowing the one for the first year.

 
After my undergrad in Civil Eng I was a little shy of 20k in the hole from student loans. My M. Eng was paid 100% by my employer. Which is awesome! and the only way I would have completed it. Tuition costs for graduate students are insane! I went to University of Md, College Park twice. I thought it was a good deal since its less costly due to being a state university and it ranks pretty high as a public school in engineering. I think it consistently ranks in the Top 25 public schools and top 100 in all schools.

I think you have to take tuition/debts into account when applying for a school. I think a lot of students don't care about tuition. If you come out with 100k+ debt and you salary is 30-40k a year then I believe you had made a poor decision. A friend of mine, who is not an engineer, went to Brown for her undergrad. She majored in international studies. When she graduated she had a rediculous amount of debt and was not even able to find a job. Why go to Brown for that? Anyways, she wound up marrying a lawyer so I guess it worked out.

 
She majored in international studies. When she graduated she had a rediculous amount of debt and was not even able to find a job. Why go to Brown for that? Anyways, she wound up marrying a lawyer so I guess it worked out.
Looks like you answered your own question, there.

 
One of my HS buddies failed out of Georgetown College (in KY, not Georgetown University) twice. The funny thing is that his sister and half brother both graduated from there with useless degrees, and do similar jobs to him. He's a waiter at a local restaurant, his sister is a hostess, and his half brother is a bank teller.

 
I think you have to take tuition/debts into account when applying for a school. I think a lot of students don't care about tuition. If you come out with 100k+ debt and you salary is 30-40k a year then I believe you had made a poor decision. A friend of mine, who is not an engineer, went to Brown for her undergrad. She majored in international studies. When she graduated she had a rediculous amount of debt and was not even able to find a job. Why go to Brown for that? Anyways, she wound up marrying a lawyer so I guess it worked out.
My SIL is like that. She went to a local expensive private college, wanted to be a music teacher (she doesn't even know how to play the piano, but that's another story all together). racked up lots of debt, ended up being promoted to photo counter at Osco, before getting a job at the local kindercare. She never even looked for teaching jobs. about 2yrs out of school she quit working at the daycare facility to stay and home with the baby and my BIL is stuck paying her college loans.

 
I had a friend who started college the year after me. He was a slacker but had some potential if he got it together. He did well his first term. Made it through the second semester but had to drop a class.

Then it went downhill from there. Begining of his second year, he somehow hit something with his car that caused the oil pan to leak. He drove it until everything siezed up. So he had no ride. Then he got invovled with a girl who was a complete drug addict and they would have all weekend coke binges. So he dropped out of school and lost a year.

Then he enrolled in the local community college, took a few classes but never finished. He always claimed he was one class shy of graduating and would enroll in 4 year college as soon as he finished.

Last I heard he was sorting boxes at Fed Ex.

 
I had a friend who started college the year after me. He was a slacker but had some potential if he got it together. He did well his first term. Made it through the second semester but had to drop a class.
Then it went downhill from there. Begining of his second year, he somehow hit something with his car that caused the oil pan to leak. He drove it until everything siezed up. So he had no ride. Then he got invovled with a girl who was a complete drug addict and they would have all weekend coke binges. So he dropped out of school and lost a year.

Then he enrolled in the local community college, took a few classes but never finished. He always claimed he was one class shy of graduating and would enroll in 4 year college as soon as he finished.

Last I heard he was sorting boxes at Fed Ex.
I think your avatar sums up his career path rather nicely.

 
I've got about 37k in loans, but for the last year i've been saving for a home, and not trying to pay them off (and honestly right now the extra 25k in my pocket is more important than an extra 300$/mo). Anyways after these loans i'd figure i'd help my parents out with some things.

With regards to saving for retirement I just automate it, sit back, and let the money grow... After 2 yrs of contributing to my 401k i'm at about 14k (which is fine since the market decided to tank). I hope to have 75k or so in the 401 before i hit 30. We'll see if that's realistic or if i'm living in a fantasy world.

 
I finished school with about $25k in loans. This includes 3 years of undergrad and 1 year of grad school. I started college on a football scholarship and went 2 years for free, but then decided I wanted to major in engineering. The problem was the school I was going to didn't have an engineering program, so bye-bye free ride. Transferred after 3 years and finished my undergrad in 2 more years and my MSCE 1 year later. I'm not in a hurry to pay them back right now because they are consolidated with a 2.5% interest rate.

 
I'll add to the which college debate - I have a unique perspective

I won't name colleges here, but you can message me if you'd like to know more specifics

I didn't get my act together for too long and did the bulk of my growing up in places where I paid dearly for the privilege. I do what I can to let others learn from experience and avoid a similar path:

directly from high school to:

top five engineering school - by far the most stimulating and challenging environment I've ever been in. It changes you in such a way that you can often identify others who have had the experience in mere minutes of conversation. The academics were exceedingly challenging and although I probably could have cut it with adequate grades re: pure academic potential I didn't then have the other required skills to give me the success package. I hadn't yet learned to learn on my own, appropriately prioritize a volume/difficulty of work that was impossible to complete, how to ask for and get help (was familiar with giving it) and how to balance work and fun. The other students, administration and faculty created a truly unique atmosphere that brought out and developed certain aptitudes and points of view... intense curiosity for who else has something interesting going on (within and outside those walls), and willingness to share, respect for the individual, entrepreneurial bent, a crush you until you rebel and excel mode....Grading was on a curve and I've never seen curves so high. Anything that had ever been taught was assumed to be fully grasped and available to you without review. There was never ever review of any concept. My very first class there started with a review of homework - the prof was truly astonished we hadn't ALL picked up the syllabus and completed the pre-course assignment in our eagerness to learn (some students had). (My not in Kansas moment....) In direct contrast to reputation, students had broad broad interests...there was never a glazed look with mention of ANY major. Constant surprises at discovering pockets of expertise in strange places can be expected (ie. detailed discussion of who and what's on Broadway with a newly arrived Detroit native etc.) A sense of fun and cleverness were celebrated. Professors saw students as collaborators from day 1 and they deserved to be. You were taught the skills required to switch careers successfully without re-education. Graduates from that school seek out other grads because a particular valued mindset is a given - that begins with careful selection of those offered entrance. Instead of limping through, I moved on (after becoming of that place in most ways).....

next was a visiting semester a former women's college (one of seven sisters) - I was stunned at the difference in atmosphere. The curiosity was turned inward in direct contrast to my previous college. There was little culture of reaching out and noticing what was special elsewhere. No doubt it was a good education, but money and status mattered more here - you didn't stand only on your work. There seemed to more little cliques and hidden (to me) rules and expectations. At the same time, there was a homey contrast - profs were always addressed as "Mr. Ms. Mrs..." and usually taught small classes and were very approachable and available to students (not just during office hours).

next was community college - high school deluxe (while working full-time). Very very clear expectations and requirements. "The test will cover page 37, but not the example problem on page 38" Many students were not especially interested in learning. Still--this is where I got a handle on study habits and learning on my own...and rising to the near top helped my battered self-esteem. As far as the critical problem-solving skills and basic concepts, I probably didn't learn less than other places, but the creative thinking and peer challenge was harder to find -- you had to seek it out, instead of getting slapped with it at every turn. I got a two-year degree, cleaning up my past into a known quantity so I could transfer.

next was transfer to a top ten engineering school - much bigger than all the others, authentic school spirit which threw me at first (They're singing the REAL words to the school song....holy carp!) I didn't find the same broad interests combined in one person very often (like I routinely did at the first college) but I could explore those interests to the same depth by interacting with several people. The academics were still quite challenging, but a test result that would have been a mid-C at school #1 would be a high B here. Profs did quick review now and then -especially when bringing up not-seen-for-a-while concepts. (you didn't need to be perfect)... It turned out to be the right fit and I graduated from this one.

I gotta say - the best choice depends on the kid, the major, the career goals and the finances available. I wouldn't give back any of the education I got. My time at #1 hasn't (yet?) translated into big bucks or high visibility in my field, but I'm a different engineer, wife, mother, friend than I'd be without it. (I love that my husband is a grad so a little bit of that place is always with me.) I just reconnected with a friends from that time via LinkedIn and they're same as ever, but better....that's a tremendous professional and emotional resource to have access to....not to mention, it's way fun! That spark of intellect never dims....And some of the friends from there that I've kept in touch with all along have significant roles in shaping life in our country - by knowing them and being part of their "pit crew" I've had an indirect part in that.

Right now, I don't want to start or run a company, but I have plenty of working years left and a growing interest...

I do believe in the concept from Outliers (Malcolm Gladwell) that you don't need the best education to excel - just a good enough one....if you have the rest of the package. Still putting yourself into an environment where certain things are repeatedly thrown at you leaves you no escape -- they shape and form you. A self-driven person with the right skills can create a similar outcome, but it needs to be self-directed and sustained....which can be tough for some people.

How will I advise my two kids (now 13 & 9)? Honestly no idea yet -- so far they're following in parents' footsteps with very broad interests and talents, including some we didn't give them. I have no idea if I'll get actors, engineers, lawyers or social workers.....and if it's the right fit, any of those is fine with me. My goal is to try to assist them in focusing their interests on a job that they can love enough that it won't feel like a job. And if I can help them get to that place more quickly, cost-effectively and efficiently than I did, better yet!

 
Separate post on debt

My parents had four kids and the deal for all was you pay half, we pay half.

I worked a lot and didn't get financial aid - not so much because my parents had a huge income, but because they had lots of assets and lived fairly modestly compared to how they could have. My mother used to rant, "If we'd bought the boats, furs, and jewels, you'd have financial aid, but I just can't live my life like that." (Friends assumed I had more aid than typical because of my lifestyle and jobs....no stream of cash from parents.....but I didn't qualify for a penny.)

My education extended over 18 years start to finish and ultimately I had debt in official gov't loans equal to about 3 semesters tuition when I started, and loans from Mom/Dad of about a half semester tuition when I ended. My MIL gifted each my husband and me (separately) with part of an inheritance she got. I used the $ for my last semester tuition. About 10 classes were paid for by work because I took them one at a time while working full-time.

I owed about $11K when I finished in '98 - after my long long history in school (read previous post for that)

 
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