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How much college debt do you or your kids have?

How much college debt do you or your kids have?


  • Total voters
    44
  • Poll closed .

Rocketman

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After reading the balance of college debt nationally I just wonder how many here have it and why you have it? Did you not save for college? plan for college? Go to an expensive school just for the experience? why? why? why?
 
I went to an expensive school because all of my youth group friends went there and I wanted to too. I couldn't pay a dime and neither could my parents. I was there from 1998 to 2003. I racked up $63,000 in debt. I got them all consolidated with a very low monthly payment (like $120, I think). The plan was to pay that amount until 2034. Except I didn't want to have that debt hanging over my head until I was 54. I will have every penny paid off by the end of this year.

If I had to do it all again, I'd pick a less expensive school.
 
I have 48k in debt. It took longer to complete the program for multiple reasons (including bureaucratic nightmares and screw ups), but while I was waiting to get through the hurdles, I accumulated more coursework to diversify my knowledge base. As a graduate student the only accumulation has been due to interest rates. In between this and the PhD program I will be doing, I will try to get a substantial portion of that paid off within the year that I re-enroll.

Edit: I seemed to have selected the <100,000 option. Woops.
 
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After reading the balance of college debt nationally I just wonder how many here have it and why you have it? Did you not save for college? plan for college? Go to an expensive school just for the experience? why? why? why?

This sounds a tad judgmental…. I went to an inexpensive (relative) state school, and even lived at home for the first two years. My parents paid for it, but the bill was well over 30,000 total. How on earth is a teenager supposed to save for that so they don't have any debt when they graduate?
 
After reading the balance of college debt nationally I just wonder how many here have it and why you have it? Did you not save for college? plan for college? Go to an expensive school just for the experience? why? why? why?

I have none. When I was an undergrad my parents and I split my tuition, so I just got factory jobs over summer to pay my half and had jobs during the semester for housing/beer/food/blah. When I went to grad school, I got paid because I majored in Physics and you don't pay for graduate school in science.
 
I went to an expensive school because all of my youth group friends went there and I wanted to too. I couldn't pay a dime and neither could my parents. I was there from 1998 to 2003. I racked up $63,000 in debt. I got them all consolidated with a very low monthly payment (like $120, I think). The plan was to pay that amount until 2034. Except I didn't want to have that debt hanging over my head until I was 54. I will have every penny paid off by the end of this year.

If I had to do it all again, I'd pick a less expensive school.

Our kids went to UK, MSU, and UT. All three made great grades and scored well on SATs so there was some various scholarships and grants they received along the way. They all worked part time jobs while in school and paid for their books, we paid all or remainder of the tuition, room & board. All came out debt free.
 
I got thru 3 schools, Two state and one an expensive private school with almost no debt the old fashioned way. The federal government paid for it.
 
I have about $20,000. It's a bit lower than what several other posters on here can claim, but I only did my bachelor's, and the Army covered a significant portion of the overall total. It'd be a lot higher if I had never enlisted.

Thankfully, the Army Reserve pays off a couple thousand of the total amount each year as per my contract, which keeps me from having to pay anything. However, it's honestly barely enough to cover the annual interest accrued when you add everything up.
 
no debt when I finished in the mid 70's. that was a time when 6K could get you through a year.
 
Mine was paid off in 1981, 5 years after I started teaching..
Now retired, I'm more than pleased to see my money work before I die
to make sure my niece and nephew are not strangled with this debt..
And yes, they got and are getting their A.A. at community college which transfers completely..
I see the top 5% across our state going to juco or CC, knowing their parents
can't afford big money for general ed. classes at 4-year schools .
After reading the balance of college debt nationally I just wonder how many here have it and why you have it? Did you not save for college? plan for college? Go to an expensive school just for the experience? why? why? why?
 
This sounds a tad judgmental…. I went to an inexpensive (relative) state school, and even lived at home for the first two years. My parents paid for it, but the bill was well over 30,000 total. How on earth is a teenager supposed to save for that so they don't have any debt when they graduate?

My cheap-o undergrad came out to a bit over 30K in total as well. If you have to pay the full sum, it's really hard to not come out in debt, but it's not like you can't make any money. I paid for half my tuition, my housing, fraternity fees, fun expenses, etc.
 
This sounds a tad judgmental…. I went to an inexpensive (relative) state school, and even lived at home for the first two years. My parents paid for it, but the bill was well over 30,000 total. How on earth is a teenager supposed to save for that so they don't have any debt when they graduate?

Community colleges, mostly. At a university, which was fairly cheap, I received tuition waivers due to my disability, but had some pretty crappy living situations happen which required substantial fiscal adjustments. I applied to a couple of scholarships, but most were pretty weak or I did not qualify for one reason or another.

Undergraduate is where they milk you for what you're worth. In graduate school, your goal is to get out with tuition waivers and a part-time job, which would leave you within means to cook up the money for student fees or books. If not, much smaller loans as desired.
 
I got thru 3 schools, Two state and one an expensive private school with almost no debt the old fashioned way. The federal government paid for it.

For your service in the Marines. I'm guessing?
 
This sounds a tad judgmental…. I went to an inexpensive (relative) state school, and even lived at home for the first two years. My parents paid for it, but the bill was well over 30,000 total. How on earth is a teenager supposed to save for that so they don't have any debt when they graduate?

Well, let's think about it a moment. First of all, there are scholarships. Secondly, there are grants. Third, there are birthdays, Christmases, graduation presents, presents of all kinds rained down on kids as they're growing up. Fourth, I know it's shocking and painful, but there's part-time jobs from babysitting on through high school. Fifth, there's the newest cell phone release every year. Stop it. Sixth, another shock??!! There's community college. OMG!! Noooooo!!!

Spend half, save half. A great philosophy. I just bought Tom's nephew a piggy bank. He's 4+ years old. Can't start too young:

1438626_f260.jpg


Four spigots at the bottom to take out money in each of the four compartments.

I know taking responsibility for one's self is a shock to many young people's systems, but that's the way it used to be. It oughta' be that way again.
 
Yes, and continued service to this day. Still with the government but not the Marine Corps.
For your service in the Marines. I'm guessing?
 
This sounds a tad judgmental…. I went to an inexpensive (relative) state school, and even lived at home for the first two years. My parents paid for it, but the bill was well over 30,000 total. How on earth is a teenager supposed to save for that so they don't have any debt when they graduate?

Did you work while in high school? summers in between? college? I made around 18k/year my jr and senior years in high school working in tobacco and other farm work.
 
i'm blessed enough to be able to afford paying for my children's college education without borrowing.
 
Would you have considered a Com. Col./ most stay at home/ most have decent jobs,
some with their major--like pharmacy/
It takes a Ph.D. in Chemistry to teach Chemistry for a Major at a CC and then transfer..
Most of us high school teachers must teach Chemistry at a lower level at CC or Chemistry for the uninitiated .
I went to an expensive school because all of my youth group friends went there and I wanted to too. I couldn't pay a dime and neither could my parents. I was there from 1998 to 2003. I racked up $63,000 in debt. I got them all consolidated with a very low monthly payment (like $120, I think). The plan was to pay that amount until 2034. Except I didn't want to have that debt hanging over my head until I was 54. I will have every penny paid off by the end of this year.

If I had to do it all again, I'd pick a less expensive school.
 
Well I did not intend to bring this up I kinda typed before I thought. But I am forever grateful for the opportunities the USMC and the federal government have provided, it has been a great life so far. Thank all you tax payers.
Thank you!
 
Well, let's think about it a moment. First of all, there are scholarships. Secondly, there are grants. Third, there are birthdays, Christmases, graduation presents, presents of all kinds rained down on kids as they're growing up. Fourth, I know it's shocking and painful, but there's part-time jobs from babysitting on through high school. Fifth, there's the newest cell phone release every year. Stop it. Sixth, another shock??!! There's community college. OMG!! Noooooo!!!

Spend half, save half. A great philosophy. I just bought Tom's nephew a piggy bank. He's 4+ years old. Can't start too young:

1438626_f260.jpg


Four spigots at the bottom to take out money in each of the four compartments.

I know taking responsibility for one's self is a shock to many young people's systems, but that's the way it used to be. It oughta' be that way again.

Yeah, but that can only get you so far. Anecdotal story: my family was never with means, school demanded most of my attention in high school (I was the student that spent many hours a night frantically trying to grasp mathematics-and failing-instead of being with friends), and frankly, community college was more of a death sentence.

Rather than be able to save for paying for living expenses, I was saving to buy a used car, my first car. Thereafter, I was saving for travel expenses, research expenses, membership expenses, and anything else for the program to cost dough. In graduate school, professors were saying how little they paid us for doing work, but I was content with it as it paid most of the living expenses. However, I was blocked from those cheaper living arrangements for years by the university (living off campus is far more expensive as well), and they just kill. Then at the university level, well, let's just say there wasn't that much time for work that paid beyond minimum wage and work requiring less than 20 hours a week.

There was no way I was coming out debt free. The thing was I didn't mind that. I knew I needed to borrow a lot of money to even get a shot at what most folks took for granted. That being said, I think the debt-free idea is ludicrous.
 
I will heading off next year here the tuition is around 7000$/year since almost every university is public (including the top schools in the country) tuition rates are regulated and the same for each province. Though if I claim Quebec residency (where the university I want to go to is located) after living there for a year I can get my tuition subsidized and it goes down to 3000$/year. Residence is going to be the killer at much more than my tuition or I could rent for less. My parents will pay for part of it and I plan to pay for the rest with paid co-op and since afterwards I want to get certified to be an accountant, I'm almost assured a high starting salary job right off the bat. OSAP loans before I declare or if I choose not to are great, they a combination of grant money and very low rate loans that you don't start paying till you are done. I don't plan to have much when I get out and what I do have, I hope will be gone within five years.

I have no idea how Americans pay back student debt. If I wanted to rack up the same amount of debt some people on this thread I would have to take multiple doctorates.
 
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Right now I have 96k. I'll have around 200-220k when I'm done.
 
Well, let's think about it a moment. First of all, there are scholarships. Secondly, there are grants. Third, there are birthdays, Christmases, graduation presents, presents of all kinds rained down on kids as they're growing up. Fourth, I know it's shocking and painful, but there's part-time jobs from babysitting on through high school. Fifth, there's the newest cell phone release every year. Stop it. Sixth, another shock??!! There's community college. OMG!! Noooooo!!!

Spend half, save half. A great philosophy. I just bought Tom's nephew a piggy bank. He's 4+ years old. Can't start too young:

1438626_f260.jpg


Four spigots at the bottom to take out money in each of the four compartments.

I know taking responsibility for one's self is a shock to many young people's systems, but that's the way it used to be. It oughta' be that way again.

I'm sorry, but this is simply unrealistic. There is no way in Hell that the average undergrad is going to be able to get their tuition fully covered by scholarships or grant money when almost literally every Middle Class youth in the 17-27 age bracket is applying for them. For that matter, unless a person happens to come from an obscenely wealthy family, there is no way that graduation gifts are going to be anything more than a drop in the bucket where overall tuition is concerned.

Part time jobs are hardly a viable option for circumventing loans either. The kind of pay they provide is wildly inadequate for covering even basic living expenses, let alone covering thousands of dollars in additional expenses.

Someone might be able to get through college debt free using the methods you have described if they are extraordinarily lucky and simply happen to be an absolute machine of individual who is unopposed to working like a slave for four years. However, that is not an option for most people, nor will it ever be.

The more likely reality of what you've described would be someone working their way through college for half a decade or more one class at a time while probably working full time on the side. Frankly, the odds are that a person with those kinds of priorities would only make mediocre grades at best, which hampers their future opportunities for advancement in any professional field requiring a degree anyway.
 
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This sounds a tad judgmental…. I went to an inexpensive (relative) state school, and even lived at home for the first two years. My parents paid for it, but the bill was well over 30,000 total. How on earth is a teenager supposed to save for that so they don't have any debt when they graduate?

Teenagers shouldn't. Ensuring your children get an education, and have a future, is the responsibility of the parents, IMHO.

If a loan is required, which in many cases it is, the debt should be a burden borne by the parents. When we decide to have children, we also decide to assume the responsibility that goes along with that choice, including ensuring their education.
 
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