School Loan Debt

“Curious what your school loan debts are like, i.e, how big are they? Thinking of taking more out on my loan but my insides are curling up at the prospect of owing so much money.”

“lets put it this way.
get a school loan and it is yours for life mmoowwaahhh”

“I was lucky and never had to take out a loan. But I worked my way through college and never took a full-time quarter, either. Took me 12 years.”

“why even have student loans..work your way thru college”

“Birch and I cashed in an annuity and saved for me to go. Mine's paid for but other stuff is adding up quick while I'm in school, not working.
His school is paid for by work. It's awesome.
Abby's preschool was paid for by Gramma. It was surprisingly very expensive. The state of MI doesn't do preschool.”

“Because the cost of living is so high here...”

“I'm asking because I either need to get more loans or not go to school next semester and work full-time. Unfortunately, if I take that route, many of the courses I need to finish up will not be offered again for another year...or two! Aargh.”

“I'd take the loans and get it done.”

“$100k after 6 years. I lost a year (architecture is a 5 year program) by going to community college, but ended up saving myself about $10k. I couldn’t work while attending classes because course work (design studio) ate up all my time (12 – 14 hours per day, 7 days a week on average). I did work during breaks.”

“Ewker, I worked my way through college, AND owed about $15K in loans. Seems like they will never go away!”

“get the loans and get it done.”

“Same here embear.
I was happy to pay them back.
I needed those loans in school.

What pisses me off is all the 'students' around here that run up big loans with no intention of paying them back. They are doing a great job of running from their loans.”

“Kamper has about 75k in debt from Vanderbilt University. She will get hers paid for by the Govt over the next 3 years by working in an underserved community here in Nashville (thank God)
Mine has been paid for by the GI Bill & Army College Fund.”

“What pisses me off is all the 'students' around here that run up big loans with no intention of paying them back. They are doing a great job of running from their loans.”
StoveStomper
1:50:12 PM
11/18/05
ignore this user

That pisses me off too, because it made it hard for me to get the better federal loans with lower interest rates when I was in school. BTW I send my payments in on time each month.”

“I really think it is ridiculous how expensive it is here to go to college.”

“Oh, I saw this and thought it had to do with school referendums. lol -- too much work writing on referendums (and tax impact on homes and families) !!!”

“Hey lumber, I feel your pain. ;-)

I had a couple of Frat brothers in Architecture. We never saw them. They kept folding cots at the Architecture building.
Crazy school hours!”

“Woo Hoo for countries with no tuition fees!!!!! :oD”

“8p”

“Get the loans and finish school. For my undergraduate degree, I worked and got student loans to pay for school. It took me 10 years to pay them off, but I was glad to finish school. My employer paid for graduate school. You are working on your graduate degree, right? Don't stop now. Get it done. You won't regret it.”

““Hey lumber, I feel your pain. ;-)

I had a couple of Frat brothers in Architecture. We never saw them. They kept folding cots at the Architecture building.
Crazy school hours!”
StoveStomper
1:56:52 PM
11/18/05
ignore this user

I think the professors gave us those long and impossible projects to weed out the week. It worked. The class behind me started off with 50 students, the year I graduated they were down to about 20. The class I transferred into wasn't quite as bad, but we probable lost about 40%. I have no idea how many dropped out after the first year.”

“Undergrad: scholarships
Grad: assistantships
Loans: $0”

“I took out the max I could in student loans, which was $9,000 at the time (first year the max was 1,500, then it increased to 2,500 the next 3 years). I paid them off, as scheduled, over 10 years. I can still remember my payment: $104.50.”

“my neigbor in TN is a doctor. She said it cost her $100,000 and she's still paying for it.

Not sure if that's the norm.

y kid wants to become a doctor...I haven't told him yet how much $$ it would cost him.”

“...and never for even one second ever think about not paying them...those guys can find you anywhere at any time...they're worse than the CIA”

““...and never for even one second ever think about not paying them...those guys can find you anywhere at any time...they're worse than the CIA”
thriftyhiker
2:32:34 PM
11/18/05
ignore this user

Maybe someone should make out some false student loans for Osama. They'd have him located within a week.”

“Mine were paid off a long time ago. What a great feeling.”

““...and never for even one second ever think about not paying them...those guys can find you anywhere at any time...they're worse than the CIA”


Hopefully we repay the loans because it's the right thing to do, not because of fear of someone "finding" us....”

“Hopefully we repay the loans because it's the right thing to do, not because of fear of someone "finding" us....”

good god there's a lot of preachers on this board ;) it was just for grins”

“I went to school on the GI Bill and worked part time. I'm saving like crazy for my kids so they don't have to use that option.

I think when I retire, I'm going back to school. I'll have plenty of time and money for education then. It seems like the whole dang system is messed up. The hardest dollars to make and keep are the early ones. The more you make the easier it is to make and keep more. It is a shame some of our brightest people have to shoulder such an economic burden so early in life.
last edited: 11/18/05 2:09:19 PM”

“Here in Wyoming, because of the budget surplus, the legislature is trying to pass a bill (the Hathaway Bill) to pay for residents secondary education. I don;t think they have it all worked out yet, but as soon as the end of this school year, high school gradutes may be getting a free ride to any of the colleges in Wyoming.”

“my wife's currenly going to school on a free ride cause her dad is a disabled vietnam vet...everytime she even hints at not going he says "Now I went over to Vietnam and got shot up and killed people all so you could go to school so you better not drop out." LOL”

“7,000 left out of 20,000 to start getting closer.”

“I had about 18K in loans.. but I just wanted to get done!”

“My school loans were around $15,000. I worked while in college, but still needed the money to survive and pay tuition, books, etc..

A few years ago I refinanced my house and paid off the school loans. The house has been sold now, so I don't have any loans :-)”

“Anyone want to buy a fixer upper? ;-)”

“Did anyone hear about the city in Michigan (can't remember which one)? They recently announced a program where if your child attends their local public school from kindergarten on, the town has etablished a fund to pay 100% of their college tuition and fees as long as your child attends a Michigan state university. If your child starts school there in a later year, their tuition is paid at incrementally lesser levels. i.e. if they start in high school, they pay something like 65%.


Which town was it? Grand Rapids? Kellogg? Can't remember.”

“Ruby, there's a town in Oregon that does the same thing. A logging guy set up a trust fund in Philomath that pays for college for any student who graduates from Philomath High School as long as they go to an Oregon college.”

“4.5 years at Auburn Co-oping 3 quarters I had 20k in loans and about 10k in credit cards. No mom and dad money... paid for it all myself.”

“Ruby, heard that story on NPR. Can't remember the name of the town.

I have student loan debt that, equals my life insurance. Hmm....honey, what are you doing with that butcher knife?

Did it so we could eat while I went to grad. school until I could land the fellowships.”

“Found a link. It's Kalamazoo.

http://www.bloggingbaby.com/entry/1234000277067551/”

“from the loan amounts listed here, tuition is not any cheaper in Canada! now why did i think it was?”

“I had about 10 or 11K after undergrad from Michigan. I deferred for a bit. Then I paid cash for my Master's.

I'm at about 7K right now. I consolidated at about 3.5%, fixed. I get the quarter point reduction for direct payment from my bank account. I write the interest off - above the line - on my taxes. That cuts off another 1%. So, the effective cost is probably 1 or 2 percent. When you figure that inflation is 3 percent or so, there is NO REASON to pay more than the minimum.

There was an interesting article in the NY Times yesterday about Harvard extension courses. Apparently, Harvard runs the equivalent of a community college. Many of the classes are taught by the same professors as the regular campus, but classes cost $500 each rather than $4000.

The degree says "Harvard University" instead of "Harvard College."

There are so many ways to get a degree for cheap these days. In Michigan, HS students can dual enroll, take AP, go to community colleges in the summer. That would be my strategy if I did it again. Take all those reduced rate classes and transfer them to a place like UM Dearborn or UM Flint. You'd get a Michigan degree at a fraction of the cost. Shoot. Some of these places have online courses now that count the same as on campus classes.”

“For me to afford court reporting school I had to work full-time (while a mother) and take out about $25,000 in loans. I, too, had no financial help from anyone else.

But it was definitely worth it. Better to have a good education and a good career that you love with debt rather than no debt and an hourly job that you hate. Generally student loan rates are pretty low. Last year I think I was paying just a little over 3% interest although that has now gone up to 5%.

When I think of the career/job I would have without my training, it turns my stomach.

I know lots of attorneys who by the time they pass the bar have borrowed over $100K. Same with doctors. That is why I never ever begrudge those professions the high fees they charge patients/clients. They are so smart and have worked their tails off to get where they are so they are worth it.

In the end you have to measure your end result in education.”

“Similar to bitpusher, I was on the 9-year plan. Dad paid for the first 2 years full-time, then I took a year off and a few more years part-time (on my dime, no loans). The final 2 1/2 years I went to college full-time while also working full-time. My goal was to graduate w/o any loans and I did it.”

“I borrowed $2.5K to pay for college and worked to cover the rest. I was scared of the debt. Then I got married and had to pay off my wifes loans as well. What a crummy deal that was. She paid for most of her education with loans so I basically bought two college educations. I still have three to pay for (my kids).

Fact is, however, that it just ain't the same as it used to be. People have figured out that a college education is something parents will pay a premium for and it's a real screw job like most everything else these days.”

“Mom and Dad saved and sent my brother and I to school. Neither of us went to big name schools either. I worked through school but it wasn't necessary for me to do so.

Our daughter and any other kids we may have will get the same support from us.

There is absolutely no value in starting your post-college adult life and professional career in the red but if that's what you have to do to get it done then do it.”

“i'm still amazed at the number of people who choose private schools over state schools.

here in new york anyway.
i know that MI and cali have great state schools too.”

“Md, too”

“right marko

i should've added that there are lots of states with quality state schools.

i also understand that w/ a few proffesions private schools are pretty much req'd.”