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Many kids that graduate from college have loans that they cannot pay
"Can not" or "will not"?
iPhone? Check.
5 gig data plan? Check.
Fancy rims on the car? Check.
300 cable channels? Check.
$45 weekly Starbucks bill? Check.
More than five pairs of shoes? Check.
Ski Vacation? Check.
College loans paid off? Maybe.Maxing out 401(k)? Probably not.
Fully funding Roth IRA? Are you kidding?
Six month emergency expenses? What?
What is the point of living. Work work work, no fun. Kids are not like your grandparents.
No one needs to be 200k in debt over a school loan. I went to my best state school worked a job, rode a bike, and graduated with no debt. It can be done. Kids need to think a whole lot smarter than they are doing nowadays. Dont they teach economics anymore in high school?
A couple of things - the average student loan debt is $27,000. Average student loan debt nears $27,000 - Oct. 18, 2012 and all one has to do is read the explicit financial aid papers to know what the debt is going to be. If there's a surprise, it's due to not reading.
Exactly! The above dollar amount is the rough equivalent of a new car loan, something people willingly take out with no concerns.
I don't think a smart kid should live like a pauper, work like a dog, and not have the modern conveniences to be able to go to college and then pay the loans. Some people think that is noble, but we are not in the 19th century anymore.
I believe college should be free. How come education is free from grades 1-12? Why not add an extra 4 years? I am not saying get rid of private schools, but state schools should be free to those that are smart enough to be accepted. At least it should be like Europe where most colleges have very affordable tuition.
Colleges are a business and loans are easy to obtain because the colleges benefit from this. My daughter goes to school in Boston the biggest college town in the world. The average tuition is 50k a year. When will this end?
My first son went to a State School for less than 10k a year. My last daughter wanted a private school in the North East and the tuition is 50K a year. Most people cannot afford 50K a year. I need my head examined.
I think college is great to obtain a profession-------lawyer, dentist, physician, engineering, accountant, teacher, etc. Many other obscure degrees are meaningless and can be replaced with OJT.
Perhaps college selects better people, but who knows.
In Europe college is often free or much less expensive and entrance is truly based on academic achievement.
A friend of mine send his kid to college in England and as a foreigner paid 10k Euros which is much less than in the US. If the kid had been an English citizen the tuition would have been 3k Euros.
Good for you that you can apparently afford 50K a year. We told our kids how much we could afford (less then that ) and it was up to them to decide to take out loans over that amount OR to find colleges that offered substantial merit aid. My older two chose the latter route and had very small student loans after graduation. My youngest will have more, but because of his major should have no trouble finding a well paying job.
I put most of the blame on the parents that either haven't saved the money for their kids education or just couldn't and then don't tell the kids how much they can afford.
There are plenty of reasonably priced universities out there.
You go 200K in debt because you want to go 200K in debt.
I don't understand why people have such a hard time grasping that.
I am paying 70% of the cost and she is borrowing the rest, but I think this is unfair to my daughter.
You may say choose a cheap college elsewhere, but part of the college experience has to do with meeting the right people and networking. That is hard to do at your local very cheap junior college.
My point is that college should not be this expensive. And kids should not jump through hoops to pay for the tuition. That is my point. I would copy the European model.
Many kids that graduate from college have loans that they cannot pay
"Can not" or "will not"?
iPhone? Check.
5 gig data plan? Check.
Fancy rims on the car? Check.
300 cable channels? Check.
$45 weekly Starbucks bill? Check.
More than five pairs of shoes? Check.
Ski Vacation? Check.
College loans paid off? Maybe.Maxing out 401(k)? Probably not.
Fully funding Roth IRA? Are you kidding?
Six month emergency expenses? What?
Is this representative of the average college graduate today?
There are plenty of reasonably priced universities out there.
You go 200K in debt because you want to go 200K in debt.
I don't understand why people have such a hard time grasping that.
This is exactly the point. There are plenty of reasonably priced good universities out there. This does not mean go to a degree mill or some unaccredited university. I would think most states would have at least one accredited state university that, while expensive (cheap college is a fallacy), are still more reasonably priced than Ivy League schools. I agree with the statement about the $200k debt. You do that because you wanted to and you chose to. Unless you're doing something like medical school or law school there is no reason anyone with a four year bachelor's degree should ever have that kind of debt. This really isn't that complicated.
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) and it was up to them to decide to take out loans over that amount OR to find colleges that offered substantial merit aid. My older two chose the latter route and had very small student loans after graduation. My youngest will have more, but because of his major should have no trouble finding a well paying job.
