Have I ruined my life? (med school, scholarship, pay, master)

[Ceece]

Believe it or not most of the successful professionals I know didn't use their college degree for much more than getting their foot in the door...all things being equal the college grad gets the job. You actually become successful by learning things on the job, about the company or industry you work in, and specializing or becoming an expert in something in that field. You will find many people doing jobs that have NOTHING to do with whatever they majored in at college. My husband majored in Environmental Studies but made a name for himself in the Insurance industry...where he was working part time while putting himself through college no less.

The student loans are a whole different thing and not everyone should go the traditional college route if the debt is going to be a burden. There are other ways to get an education that save money.

[golfgal]

I haven't read all of the replies but here are my thoughts. Too many people expect to come out of college making a huge salary. They forget that those that are making a huge salary started out just like you did, entry level position making peanuts. I am sure for whatever your job is the national average could be 40K but you really need to look at the local averages.

Work your job, do well, go above and beyond and look for promotion opportunities. It generally takes 2-5 years for those opportunities to happen so be patient. Once you start up the ladder your student loans won't seem so large. Almost everyone I know has paid off student loans within 5 years of graduating, starting by making minimal payments to start and then paying them off in lump sums as salaries increase.

When we graduated from college starting pay for a GOOD job was about $16,000/year. We survived on that-which is now poverty level . Now that money is about what we spend on fun things throughout the year-vacations, etc.

[mcb1025]

Originally Posted by golfgal

I haven't read all of the replies but here are my thoughts. Too many people expect to come out of college making a huge salary. They forget that those that are making a huge salary started out just like you did, entry level position making peanuts. I am sure for whatever your job is the national average could be 40K but you really need to look at the local averages.

Work your job, do well, go above and beyond and look for promotion opportunities. It generally takes 2-5 years for those opportunities to happen so be patient. Once you start up the ladder your student loans won't seem so large. Almost everyone I know has paid off student loans within 5 years of graduating, starting by making minimal payments to start and then paying them off in lump sums as salaries increase.

When we graduated from college starting pay for a GOOD job was about $16,000/year. We survived on that-which is now poverty level . Now that money is about what we spend on fun things throughout the year-vacations, etc.

I did a salary report on Salary.com and Payscale.com. The analysis required all of my information such as years of experience, the ranking of my university (a Top 20 school), and the area I live in (Denver). The median salaries for my job description were between $43k-$52k. As far as expecting a huge salary, I'm not expecting $60k-$70k out of college. I'd be absolutely content making in the low to mid $40k range. You aren't suggesting that that is a huge salary requirement, are you?

I wasn't your run of the mill college grad with only a couple years of retail/fast food experience under my belt. I went to vocational school as part of my high school education and since then, I've been working full-time office jobs. So, upon entering the post college job market, I already had a solid 5 years of experience under my belt in an office environment. Nonetheless, it seems like employers will ignore that FACT so that they can pay you peanuts. Needless to say, I'm actively looking for outside opportunities.

[wheelsup]

Originally Posted by mcb1025

In 6 years you had 6 figures saved? Did you live with your parents, not pay rent or bills, buy anything, or even eat for that matter? For that to even be possible, you'd pretty much have to save every dime you made.

That's not really possible for me since A)I had to move across country since Michigan didn't have any jobs for me, B) I had to buy a new car (car payments :-( ) and C) I have to pay certain bills like cell phone, electricity, gas, etc. But trust me, I'm living very frugally. Pasta has become a staple to my diet.

I never once lived with my parents or received money from them. Here's the kicker - in those 6 years I moved from FL to NJ to FL to NM to VA to NC and in NC chasing jobs and transfers and last year I bought a house. I had a cell phone, and had bills. I ate cheap food.

When I moved from NJ to FL the moving vans were $2800. FL to NJ was $250. I bought a one way ticket to FL and got an unlimited mile rental from FL to NJ. Drove it FL->NJ loaded up NJ->FL unloaded and then FL->NJ to drop it off in 6 days. Saved me over $2k.

I learned to replace my brakes and work on my car myself in the back of a run down mall parking lot.

All the places I lived were safe, as I did have a "roommate" in order to split bills, my girlfriend at the time. So the places we lived had to be safe. If I weren't with her I would've rented out rooms in the places I lived, that's what everyone else I worked with did.

It's possible, I am living proof.

Get rid of your new car and car payments. Buy a used clunker for $3000 or so. With no car payments you can drop to liability only insurance. Between the car payments and insurance and taxes on the car's value I reckon I saved around $400/month.

[mcb1025]

Originally Posted by Ceece

Believe it or not most of the successful professionals I know didn't use their college degree for much more than getting their foot in the door...all things being equal the college grad gets the job. You actually become successful by learning things on the job, about the company or industry you work in, and specializing or becoming an expert in something in that field. You will find many people doing jobs that have NOTHING to do with whatever they majored in at college. My husband majored in Environmental Studies but made a name for himself in the Insurance industry...where he was working part time while putting himself through college no less.

The student loans are a whole different thing and not everyone should go the traditional college route if the debt is going to be a burden. There are other ways to get an education that save money.

Granted, it's a little bit late for me to contemplate that. By the time I realized that my education was becoming extremely costly, I was a year and a half away from graduation. As a matter of fact, I forewent the opportunity to double major in Economics because it would have cost me approximately $10k for the three additional classes I needed.

[Chango]

Originally Posted by mcb1025

I'm only 24, and I feel that I ruined my life. But not because I killed anybody, took too many drugs, or performed any other criminal act. No, I feel I've ruined my life because I tried to better myself by going to college.

In college, I went from computer science major (dropped that because of what I heard about these jobs being offshored), to economics major (dropped that because it would have taken an extra semester at a cost of about $10,000), and finally, to political science major. Because of working a full time job, transferring schools, not having money to attend summer semesters, it took me 5 years to complete my bachelor's degree. While doing so, I amassed a debt in the $40k range.

While I was in school, I did some research as to how I could work my degree. Many legitimate job/salary websites (Payscale.com, Salary.com, CNN, MSNBC, etc.) showed the types of jobs and salaries one could expect to see after graduation with my degree and work experience. The salaries ranged from $38k/yr to $43k/yr; not bad to start out on. Well, I can say that those certainly weren't the job offers I received. The job I have now initially offered me $29k per year. I took it, because I had bills to pay.

The sentiments on Internet forums such as this one have led me to my greatest fear. I fear that I will be stuck with low paying jobs that offer no career growth or advancement opportunities for the rest of my life. In addition, I fear that I will never be able to start a family, purchase a house, or simply live a financially stable life. There seems to be a widespread belief that white collar jobs are diminishing and that my degree is nothing more than the "new high school diploma". Well, I don't recall a high school diploma ever costing an individual $60k, but I digress.

Trust me, I don't have an issue with confidence. I do a very good job at what I do. I have a lot of essential skills that I see lacking in even some of the upper level management people. Having taken business and advanced math classes in college and working with computers since I was 10, I have a strong background in all of these areas. I've been working office jobs since I was 17 years old. Yet, it seems that a lot of people now days frown upon college graduates. The mentoring I received in the past seems worthless. I used to hear that many people worked in fields other than what they studied in college and were successful. Are these happy days over? Have I dug myself into a hole that I'll never get out of? Is it worth going on?

Bottom line...I don't want to spend the rest of my life working only to pay off my student loans. That's not a life worth living.

You've got post-graduation depression, like me.

Life goes on...hope for the best but plan for the worst.

[mcb1025]

Originally Posted by wheelsup

I never once lived with my parents or received money from them. Here's the kicker - in those 6 years I moved from FL to NJ to FL to NM to VA to NC and in NC chasing jobs and transfers and last year I bought a house. I had a cell phone, and had bills. I ate cheap food.

When I moved from NJ to FL the moving vans were $2800. FL to NJ was $250. I bought a one way ticket to FL and got an unlimited mile rental from FL to NJ. Drove it FL->NJ loaded up NJ->FL unloaded and then FL->NJ to drop it off in 6 days. Saved me over $2k.

I learned to replace my brakes and work on my car myself in the back of a run down mall parking lot.

All the places I lived were safe, as I did have a "roommate" in order to split bills, my girlfriend at the time. So the places we lived had to be safe. If I weren't with her I would've rented out rooms in the places I lived, that's what everyone else I worked with did.

It's possible, I am living proof.

Get rid of your new car and car payments. Buy a used clunker for $3000 or so. With no car payments you can drop to liability only insurance. Between the car payments and insurance and taxes on the car's value I reckon I saved around $400/month.

Well, if you saved 6 figures in 6 years given all the factors you mentioned, I truly commend you.

[wheelsup]

Don't commend me, follow me. It's doable. You could be completely debt free in 3 years I bet.

[elamigo]

Originally Posted by mcb1025

Thanks for your inspiring words. I think at one time I believed that if you work hard and do your work well, success will naturally follow. I believed at one time that companies would work with you on setting up a career path that works for both them and you.

Maybe it's my fault, but I've listened to many cynical people out there who have the mindset that companies will exploit you and use you up; and that they don't care about your career goals, only about their bottom line.

Perhaps I'm way off base. But given the recent events that took place in this country, with all this greed and deception exposed, it's going to be hard for employers to earn my trust.

The recent events, the economy, exploitation, etc. do exist not only today, since the dawn of time.

You simply need to set some goals and work hard on them. Sure, it may be more difficult in today's economic problems but that does not mean you cannot work on your goals and dreams. It will pick up. Actually, the depression and WWII shaped a whole generation that it is now know as The Greatest Generation because they survived those two catastrophic events in history. They are the generation that made this country what it is. Read the book "The Greatest Generation" and you will see what I mean. There is also a video based on the book. It is inspiring.

This is the time for you to look for ways to survive. It takes ingenuity and determination, whinning does not help at all.

No one else cares about you in the general sense. The bottom line is that you have to take care of yourself by not expecting and depeninging on what companies, businesses do or what the economy is. You simply need to tighten your belt and do whatever you need to do to make yourself a success, legally.

My parents immigrated from Mexico and all they gave us was a foundation to make it in this country, determination and setting goals, nothing else because they were not able to provide us money for a college education. You have one and you are way ahead.

Did you ever see the story of the Mexican immigrant that was so determined to follow his dreams of education starting from picking tomatoes in the fields and achieved his goal by becoming a brain surgeon now working at John Hopkins?

You are way ahead of him with education and you mean to tell your life is ruined?

I realized I am not giving you any slack here but I am sencere in giving you a few hard "slaps" to wake you up and shove you the right way.

As far as the way it used to be in the golden years many people talk about. Well, read the book entitled "The way we never were". We tend to romanticize the "good old days". In some ways that was not the case. Life was tougher even then when there was not Social Security, no medical insurance availability like today, no food stamps, etc. People were resilient and tough. We now have many things they did not have and here we are crumbling under such "pressure".

Also read a recent book entitled "Narcissism" I believe the rest of the title says about how today people have this attitude of entitlement like the government is suppose to take care of you in all aspects of your life.

So forget what others tell you this whinny stuff about companies and corporations. That does not help you at all. You have to do things for yourself to succeed. I am not saying to trust with no questions, simply check around on others to see what they are doing and take the precautions you have to take, not just sit and whine.

I forgot the name of the author and the exact title but if you are interested it will give them to you. It is a book about leadership. I remembered about this book when you wrote "I believed that if you work hard and do your work well, success will naturally follow." Well, often it will not follow. However, you need to keep trying until it happens. Babe Ruth set a home run record of 713 if I recall correctly BUT he struck three times as much.
Have you read the words written by,...gosh! I can't remember the writer, having a brain cramp. He talks about the man in the arena sweating it out and falling and getting up who gets the credit, not the one that does not risk anything. Look it up but if you can't find it, I will find it for you. I am changing offices so I took it off my office wall but I can find it for you if necessary.

You have a great day.
El Amigo

[sike0000]

I haven't read all the posts but here are my thoughts. I agree with Chango, as I felt the same way when I graduated.

I made good money (I thought) until my loans kicked in. And going to a private school I have quite the payment. But living frugally is important your first few years (I don't and still don't. Although a spend free spouse doesn't help!). You don't need to buy a house, ever, you don't need a new car, ever. (to be honest, cars are my weakness, so I always have a new one). I hear too many stories about recent grads that come out of college and do make lots of money, only to immediately go into massive debt with homes and cars.

Use your employer to your advantage. You are getting xp, making contacts, and learning the rules. Take advantage of tuition reimbursement if they have it.

If you just can't live on the money you make then start looking for a new job. You have an advantage in that you already have a job. Don't forget to look elsewhere in the country. I hear alot of grads that don't want to move away after graduation. You need to go where the jobs are, get a few more years under your belt then you can move back home.

Definitely look into graduate school. Also, I hate to say this, but think outside the box as well. You did a search and got opinions on what you could do with your degree. Keep doing this. Personally I would rather have a 4 year degree, that I didn't know what was good for, than not have one at all. I have worked with computer engineers that had degress in all sorts of stuff. Anthropology, business, etc.