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I don't think its exaggerated to say that college costs have been rising faster than inflation for decades.
Plus no jobs being created (50,000 or 100,000 a month in a country of 300 million people??). The whole thing is hideous.
Even if its only $25 or $30 k, thats still a lot of money for people who have little financial experience. Something is wrong when people have barely gotten checking accounts....then they're asked to sign up for $30 or $50 k or more in loans.
I dont think books and other fees are calculated in these "official statistics".
You're pocketing all those expenses? What about scholarships, sponsorships, merit grants, and financial aid?
Finacial aid is student loans... ^_^ I didn't qualify for a lot of things because of my situation and after awhile, I just gave up trying. The school didn't have enough teaching assistantships to go around, so I'm paying for grad school too.
I'm a rare one. I graduated in 2005 with $5k in loans. I paid it off in about 2 years for a undergrad business degree. I was a commuter student and did some coursework at a local community college. Now I'm back again in school as an undergrad for an accounting certificate and chose a school out of state online because locally, I would pay double the amount I pay in tuition at the moment and I just need the accounting credits from anywhere. It's manageable to pay my classes in installments so I won't worry about student loans. I take one class at a time but my total classes are about $7,000 for ten classes.
I don't think its exaggerated to say that college costs have been rising faster than inflation for decades.
Plus no jobs being created (50,000 or 100,000 a month in a country of 300 million people??). The whole thing is hideous.
Even if its only $25 or $30 k, thats still a lot of money for people who have little financial experience. Something is wrong when people have barely gotten checking accounts....then they're asked to sign up for $30 or $50 k or more in loans.
I dont think books and other fees are calculated in these "official statistics".
Nothing is wrong with 25k in loans if you are a motivated student that went to a top school.
Taking on student loan debt was one of the stupidist things I have ever done in my life. I have in excess of $150k in debt . . . not smart. I do not know what I was thinking, but I wish I had had some counseling.
My former employer (A Fortune 500 company) paid my tuition all 4 years. I got the job right out of high school and started college within a couple months of starting work. I was a full-time empoyee and used their Tuition Assistance benefit, which paid all tuition and fees if grade was C or higher. Went to school part-time until degree was completed.
When I finished college, I had no student loan debt, and had career experience on my resume, plus was several years into my career so already was moving up the corporate ladder.
I had about 20K in loans when I got my B.S. I paid off about 5K while working for a year (I should have paid a lot more) then deferred the balance while I went to graduate school. I paid off the balance about 9 months into my postdoc.
When I met my wife she had about 15K in student loan debt and a lot of credit card debt. She was not making any progress paying it of, because she was just making payments according to the schedule. It took her about three years to pay off the high interest accounts once she got serious. She still does not have it all paid off, but now it is more of a strategic thing than an issue of finances, as we are paying 2% more for our mortgage than the loans.
My best friend racked up 150K in debts for law school. Even with a nice job, he was looking at 10+ years before he could pay it off. His family paid the balance of it as a wedding gift. I guess it pays to have a wealthy family sometimes.
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