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The average college graduate today starts their foray into adulthood with $29,400 worth of student debt. More than one-quarter of today’s 38 million student debtors is strapped with $50,000 or more.
“We’re not talking about a little bit of a inconvenience,” says Dan Hurley, a policy expert with the American Association of State Colleges and Universities. “We’re talking about [debt] that can absolutely, fundamentally alter a life’s trajectory.”
Those with 50k a more, if that's just for an undergrad, played the wrong hand. Those who rack up that much do at least one of the following:
A) Ivy League/top-ranked with little-to-none financial aid or scholarships
B) Private university without aid
C) Out of state University
D) Do University for all 4 years
All four are pretty stupid to do. Except maybe A, I think Ivies or top-ranked (like MIT) are worth it if the job connections are there.
My Uni charges ~40k a year for out of state students, including dorming and tuition, and I am at a not too highly ranked public one. 30k for tuition alone. As much as I love my University, I could not imagine paying that much for it... I would have called it quits before I accepted and picked something cheaper. I am lucky enough to be an in-state student and pay roughly a fourth of what out of state kids pay.
There is the stereotypical college dream everyone thinks about: goes far far away for school, lives in a dorm, has an amazing time partying or whatever, makes friends that last forever, graduates and gets a white collar job in their chosen field soon after or before graduation.
The truth is that this dream is pretty intangible for a lot students now. But parents and high schoolers still think this is what it's like. Unless this "dream" goes away and they see reality again, college will continue to rise in prices and the rising debt will help ruin this nation.
Those with 50k a more, if that's just for an undergrad, played the wrong hand. Those who rack up that much do at least one of the following:
A) Ivy League/top-ranked with little-to-none financial aid or scholarships
B) Private university without aid
C) Out of state University
D) Do University for all 4 years
All four are pretty stupid to do. Except maybe A, I think Ivies or top-ranked (like MIT) are worth it if the job connections are there.
My Uni charges ~40k a year for out of state students, including dorming and tuition, and I am at a not too highly ranked public one. 30k for tuition alone. As much as I love my University, I could not imagine paying that much for it... I would have called it quits before I accepted and picked something cheaper. I am lucky enough to be an in-state student and pay roughly a fourth of what out of state kids pay.
There is the stereotypical college dream everyone thinks about: goes far far away for school, lives in a dorm, has an amazing time partying or whatever, makes friends that last forever, graduates and gets a white collar job in their chosen field soon after or before graduation.
The truth is that this dream is pretty intangible for a lot students now. But parents and high schoolers still think this is what it's like. Unless this "dream" goes away and they see reality again, college will continue to rise in prices and the rising debt will help ruin this nation.
You have to pretty much try to rack up that much debt with A and B. The Ivy League schools and the good Private schools have substantial financial aid grants. To rack out $50k debt at Princeton, for example, your parents have to make $180,000 and choose not to contribute at all.
Not everyone can be above average and not everyone can qualify for scholarships. Student loan debt is a reality for most people. That being said, I will agree with those that have mentioned going to outrageously priced universities they can't remotely afford.
My first degree came from a community college and was earned while rasing a family and working full time. My last two degrees were also obtained while working full time and raising a family. I have no debt and didn't live on an expensive dorm or experience the so called college lifestyle. I don't feel a bit sorry for anyone who has racked up tens of thousands in student loans, that was their decision.
You have to pretty much try to rack up that much debt with A and B. The Ivy League schools and the good Private schools have substantial financial aid grants. To rack out $50k debt at Princeton, for example, your parents have to make $180,000 and choose not to contribute at all.
Only a small percentage of private colleges can be at the top. Most are average or below average and have little funding to offer decent financial aid packages.
Only a small percentage of private colleges can be at the top. Most are average or below average and have little funding to offer decent financial aid packages.
Very true. In our area the private colleges, with a few exceptions, are markedly below the quality of the public universities in almost everything. Yet, they cost twice as much.
If I were a school principal, I wouldn't hire a teacher from some of these private colleges just because I'd want to employ someone smart enough to figure out that paying $ 35,000 & up/yr. just to get a job who's starting pay is maybe $ 28,000 a year is crazy.
Very true. In our area the private colleges, with a few exceptions, are markedly below the quality of the public universities in almost everything. Yet, they cost twice as much.
If I were a school principal, I wouldn't hire a teacher from some of these private colleges just because I'd want to employ someone smart enough to figure out that paying $ 35,000 & up/yr. just to get a job who's starting pay is maybe $ 28,000 a year is crazy.
I'm seeing the same thing in my home area, a rural area that has maybe 600-700k spread out over 75 miles or so between TN/VA. This is an area that doesn't have many jobs where a degree is required or even useful. In this area, you have:
1) East TN State University (roughly $8k-$9k/year, 15k students)
2) UVA-Wise (roughly $8.5k/year) for VA residents.
Numerous CCs in northeast TN and southwest VA.
All the following schools are private and charge at least $30k+.
1) Milligan College 2) King College 3) Tusculum 4) Lincoln Memorial 5) Emory and Henry 6) Carson Newman 7) Virginia Intermont (recently out of business) 8) Emmanuel School of Religion (a graduate seminary)
I don't know how these small, often religious, liberal arts colleges are going to survive in this tight economy. Costs there are at least three if not four times as high as the nearby public colleges. The quality of education is likely equal to worse than the regional public schools, much less state flagships.
You have very good private colleges like Vanderbilt, but most are average at best, and have no positive ROI, are inefficient, and are clogging up in the college system. Many of these should fold.
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