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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.
Average student loan debt nationally is $27,000...the $100,000+ claims are few and far between for a 4 year degree and more commonly seen from med/law school grads...who will have better jobs than you have when they are done...
But, I could say the same to you, why did you spend so much for your education? Couldn't you find a cheaper school? That's more than our 2 in college will spend over the next 4 years, combined....
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.
To experience the joy of life?
When I got my Masters (in a social science) there were lots of students from out of state paying full freight and living costs. They wanted to attend a school studying something they were highly interested in, in a fostering, collaborative environment. They also wanted to go to school in the NYC area.
I was part time/commuter for a lot of it, but it was a lot of fun for them. A bunch of them lived in Brooklyn.
Ironically, later on when I did my Engineering Masters, almost nobody was attending full time and from out of state. That degree held more promise of employment, at least on paper.
To answer your question, it's about life experience.
Some people also think it's worth it to bartend and do odd jobs in their 20s while they have fun. Some people are forever calculating the dollar values saved and gained by every academic move they make. Just a different way to live life.
I've personally never taken out a loan that large for anything (I've never purchased a home), I certainly didn't take out anywhere remotely near that much to finance my degree (though it would have cost that much had I been paying the full sticker amount), and that level of debt is not my preference. Different people have different priorities, though.
Although that level out debt may not be "common" it does exist. There are people who have no other choice than to take out loans especially for graduate schools charging 40-50k/year(which is ridiculous). $100k in student debt may not be that hard to come by. There are plenty of schools who charge 20k year plus you figure in interest, deferment, not finding a job, and defaulting it could reach 100k.
There is a bigger problem at hand and that is that tuition continues to skyrocket year after year so you almost have to take out a loan and after you take it out you can't refinance it(although that may be changing...for federal loans), consolidation isn't likely(depends on circumstances), can't discharge it, no statue of limitations, lack of fair debt collection practices and so on. If you have a private loan....well best wishes to ya.
Luckily the Consumer Financial Protection Bureau has been stepping in and making things fairer for student loans. Especially private loans were companies have basically had free reign to due what they please and rake it massive profits(federal is getting huge profits too).
Should people be responsible for their debts...absolutely but you have to keep in mind they might not have the means to do so. Just because you or someone you know may have had a student loan and had no issues with paying it off doesn't mean everyone else will follow suit.
Although that level out debt may not be "common" it does exist. There are people who have no other choice than to take out loans especially for graduate schools charging 40-50k/year(which is ridiculous). $100k in student debt may not be that hard to come by. There are plenty of schools who charge 20k year plus you figure in interest, deferment, not finding a job, and defaulting it could reach 100k.
I find it hard to believe that someone would have to take out $100K of loans to get an undergraduate degree. Nearly every state has affordable state universities. People can go to school part time. There are many options besides going into debt.
NOBODY has to go to graduate school so if someone takes out that much in loans for grad school they need to have some plan regarding how to pay it back.
People have plenty of choices. Just because one choice is more desirable to a person that does not mean the other choices do not exist. I stand by the statement that nobody has to take on $100K of debt to get an education.
I find it hard to believe that someone would have to take out $100K of loans to get an undergraduate degree. Nearly every state has affordable state universities. People can go to school part time. There are many options besides going into debt.
NOBODY has to go to graduate school so if someone takes out that much in loans for grad school they need to have some plan regarding how to pay it back.
People have plenty of choices. Just because one choice is more desirable to a person that does not mean the other choices do not exist. I stand by the statement that nobody has to take on $100K of debt to get an education.
State schools in our state run 20K+ but there are so many other options for getting those costs down and in fact it's cheaper to go to some out of state schools that have various reciprocity agreements, etc. It' just takes a little time and research to find more affordable options.
A degree in women's studies from an out of state, private college, $80K in debt, working as a receptionist at a day care center and complaining how she has no extra spending money.
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.
While $100k is pretty unusual for those not in the medical or legal fields, I do agree that I have no sympathy for people who take out massive amounts of loans for a Bachelor's degree and even less for those who do that to get a worthless degree and live in Lala Land.
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