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My uncle had 200k+ in student loan debt. Granted, he went to an out of state Ivy League for his undergrad, then went to the #2 medical school in the country. I'm pretty sure there are few who had more debt than he did. But also that was in the early 90s and late 80s, before the extreme increase in tuition.
My grandfather told me he got a full ride to the U of AZ but my uncle declined it because he said "I did not work this hard in high school to go to a state school."
Yes, some people think that way. But my uncle always talks about how great his experiences were at Penn. Even if he didn't get into medical school, a Biology degree from Penn would've gone really far anyway. For my uncle, the premium was worth it.
My uncle had 200k+ in student loan debt. Granted, he went to an out of state Ivy League for his undergrad,
I thought Ivy League schools were all private-which means the tuition would be the same no matter where the school was in relation to the student's residence?
My uncle had 200k+ in student loan debt. Granted, he went to an out of state Ivy League for his undergrad, then went to the #2 medical school in the country. I'm pretty sure there are few who had more debt than he did. But also that was in the early 90s and late 80s, before the extreme increase in tuition.
My grandfather told me he got a full ride to the U of AZ but my uncle declined it because he said "I did not work this hard in high school to go to a state school."
Yes, some people think that way. But my uncle always talks about how great his experiences were at Penn. Even if he didn't get into medical school, a Biology degree from Penn would've gone really far anyway. For my uncle, the premium was worth it.
It can be worth it for the right combination of elite degrees. Of course, I doubt this thread was created wth medical graduates in mind, where six figure debt is de rigueur and justified.
Exactly. Agree 100%. Different people. Different experiences. While some people do make stupid decisions with college loans, some people may just not know better.
It is possible for a reasonably intelligent, first generation college student to grow up in a poor area where nobody else is around to give advice. They go to a big school where they are just a number, and all they want to do is graduate. As said in the previous post - you aren't born with finance knowledge.
Disclaimer - I have been college-debt free for a long time, but I am old enough to know the world does not operate in a black/white yes/no 1/0 fashion. Lots of grey areas, and even smart people can get caught in a grey area under the right, or wrong, circumstances.
Yeah I can agree with this. The biggest argument I always hear is "be responsible, pay your debts. I paid mine off so should you". It's honestly a horrible mentality. If you want them to be in your shoes then you should be in theirs too, right? Why not graduate, have trouble finding a job, let your loan go past due, take some $11/hour job just to manage, let your loan go into default, and see where you're at.
People may not realize, or maybe they do, that one debt affects the next. With so many younger people graduating and having trouble finding a job, at some point it will affect their credit. How does that come into play later when they want a new car, a house, or even starting a family?
It cost me $30k over 4 years for my accounting degree and I was able to graduate with no debt by working my way through school. Got a nice job to boot. I'm sorry, but I don't get people who come out of college with crushing debt. When I think of someone graduating with $100k in debt, the person I have in mind is the art or theater type living in lala land who goes to the expensive, private "art school" for an ego trip. Then after graduating and reality hits that you are only qualified to work at McDonald's while trying to service a mountain of debt, the tears start running. I have no sympathy.
I have no sympathy, either. I worked my way through college. ZERO debt. I don't think student loans even existed back then .
I have no sympathy, either. I worked my way through college. ZERO debt. I don't think student loans even existed back then .
This is like saying I have no sympathy for someone who lost their job in the crash and lost their house because they couldn't find work elsewhere. Your situation is YOUR situation, doesn't mean everyone else will follow the same as you. When you say back then, you mean....? How much was tuition back then? What was the unemployment rate?
It cost me $30k over 4 years for my accounting degree and I was able to graduate with no debt by working my way through school. Got a nice job to boot. I'm sorry, but I don't get people who come out of college with crushing debt. When I think of someone graduating with $100k in debt, the person I have in mind is the art or theater type living in lala land who goes to the expensive, private "art school" for an ego trip. Then after graduating and reality hits that you are only qualified to work at McDonald's while trying to service a mountain of debt, the tears start running. I have no sympathy.
My brother has about 120k from a masters degree in computer science @ a top 5 CS school.
Sister has about the same from a top 20 law school.
I am the one that got a graduate degree in a social science and I am the one with no debt at all.
It cost me $30k over 4 years for my accounting degree and I was able to graduate with no debt by working my way through school. Got a nice job to boot. I'm sorry, but I don't get people who come out of college with crushing debt. When I think of someone graduating with $100k in debt, the person I have in mind is the art or theater type living in lala land who goes to the expensive, private "art school" for an ego trip. Then after graduating and reality hits that you are only qualified to work at McDonald's while trying to service a mountain of debt, the tears start running. I have no sympathy.
Here is my story:
I chose to go to school out-of-state.
I chose to attend full-time.
College was a dirty-word around my house, and my parents contributed zero towards my education and zero towards my living expenses.
I did get scholarships and merit aid, but not enough to cover full tuition nor living expenses. Out of my near $30K/year tuition, I still had to come up with roughly $5K out of pocket yearly just to cover tuition.
I worked full time, but still needed some extra help financially. So...
I chose to take out student loans. I got just over $30K.
If you check my history with this particular forum, or any other forum on City-Data, I have never once blamed others or the system for my debt nor have I cried over what I owe. It was all my choice.
Ironically, if you want to look at that way, I have a credit card with a $23K line of credit. I could get more if I want to. Federal Loans, it turns out, had/have a lower APR even though my credit card is from a credit union.
Here is how I look at it: I own and drive a seven year old vehicle that I keep in top shape as best I can. I paid for it up front, so no monthly car payments. Outside of my credit card, my student loans are my only other debt-related responsibility at the moment. Realistically, my debt-load is below the national average.
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