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Old 02-17-2011, 02:11 PM
 
Location: West Orange, NJ
12,542 posts, read 17,751,269 times
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Quote:
Originally Posted by TurtleCreek80 View Post
Agree. But the "exceptions" are out there crying to the media about college being "useles" and being "exploited" because they just didn't understand.....whah, whah, wha. And us "rules" who are well-employed and making much more money than we would have without a degree just don't make a very good article subject for the NYT or any other media outlet.

Blaming the college or the lenders is just a way to skirt around any sort of "personal responsibility." If you're old enough (parent OR student) to sign on the dotted line to take out NON-DISCHARGABLE student loans, you should be old enough to understand repayment terms and job prospects.
it's confusing no doubt, and people make mistakes. my younger sister wants to be a spanish teacher, and she made the mistake of starting out with a year at a private school in pennsylvania that was very overpriced, and really not that well known anyways. In PA, with multiple good state-school options for elementary ed/spanish ed/seconday ed, she was foolish and so were my parents who let her go there. But she transferred out to a state school and she'll manage. i'll never understand students that went to my college for a major in History. i'm sure our History department was great, but you're obviously going to go to grad school, so why spend all that money in undergrad? people need to make wise choices.

i've been torn between "name recognition" and cost for a while. but in the end, I think my college choice was a good decision. The less expensive choices I had were good choices also, but they weren't much less expensive, and I'm happy where I ended up.

but i'm just tired of reading these stories about people who thought it was a good idea to pay $40,000/yr to go to school for a low-paying job (not a bad job, just low paying)....then complain that the schools should have told them. i dunno about others, but when i looked at professions based on my major, i looked at avg starting salaries. so did every one of my friends from college.
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Old 02-17-2011, 02:33 PM
 
2,677 posts, read 3,732,698 times
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I see that a common thread in all of the responses to the NYT article basically say that the girl should have picked a more useful major for the $100K price tag.

My parents were making $200K+ so my brother paid almost all of the tuition...they waived like $5K a year or something.

I just keep hearing parents aticipating putting their kids through college and what financial hardship that will be for them. I am taking the stance that if I can afford it, I will, if not, you're on your own. I'm not saying it in a mean way or anything, but I will educate them on the financials and let them make their own decisions. My parents said they wouldn't give me a dime...so a $30K school was not even an option.

The other side to the question, I guess at 18, and I remember, you have no clue what you want to do. I"m 29 and am just starting to get a clue. I think for people like this, community college or cheaper school is best. Save your money and go to grad school!
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Old 02-17-2011, 02:33 PM
 
Location: In a house
13,258 posts, read 34,677,768 times
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My parents gave me some choices when I was in High School and thinking about "life after HS Graduation."

1. Get a full time job, stay home, and pay rent for your room, and still abide by our rules because this is our house.
2. Leave home, rent an apartment somewhere, and pay for it yourself.
3. Go to college, and we will assist with the funding, and co-sign the student loan - which you will be expected to repay, according to the loan's repayment schedule.

Being a moderately intelligent daughter, I opted for choice #3. My parents and I worked together to pick out schools that would accommodate what I -believed- was my interest at the time, which would also give me a good solid first 2 years of higher education, should my interest shift to something else along the way. It was in reasonable "weekend driving" distance to home, but too far to commute. And this was perfect. I could come home for a weekend every couple of months, but lived in the dorms and was able to enjoy the life of a college student living in a college environment.

The experience of living that way was worth the cost of tuition. The education itself was almost a bonus. If I had children of my own, I would absolutely positively do everything I could, including sacrifice some of my own personal luxuries, to ensure that my children had the same opportunities I had. Short of not attending college in favor of travelling the world, I can't think of a better segue from high school to full independent adulthood.
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Old 02-17-2011, 02:39 PM
 
15,871 posts, read 13,458,639 times
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Quote:
Originally Posted by bradykp View Post
but i'm just tired of reading these stories about people who thought it was a good idea to pay $40,000/yr to go to school for a low-paying job (not a bad job, just low paying)....then complain that the schools should have told them. i dunno about others, but when i looked at professions based on my major, i looked at avg starting salaries. so did every one of my friends from college.
I think we need some clarification here. Do you mean a low-paying career or a low-paying entry level position? Because entry level positions do tend to turn into high paying careers for those who are well educated and have been taught how to play to their strengths.

What is so magical about a starting salary? It is a START. I think there is an epidemic of short-sightedness these days.
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Old 02-17-2011, 02:48 PM
 
11,681 posts, read 21,268,360 times
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Quote:
Originally Posted by bradykp View Post
i've been torn between "name recognition" and cost for a while. but in the end, I think my college choice was a good decision. The less expensive choices I had were good choices also, but they weren't much less expensive, and I'm happy where I ended up.
Name recognition is far more important for grad school than undergrad.

However, it is important in some industries. It's always a good idea to check the career services/ career fairs website at prospective colleges to see who recruits from there. If your dream is to work on Wall Street and no Wall Street banks recruit at school A, you should move on. If your dream is to work in fashion and graduates regularly get hired by Macy's, Neiman Marcus, The Gap, Target, etc for their buyer training programs, you have a "match." Or look on the company websites to see where they recruit.

I just picked a couple of random colleges and companies to show what info to look for-->
Kohl's Careers - Campus Recruiting - Campus Events
http://www.vanderbilt.edu/career/media/pdf/VCC_Recruiter_Guide.pdf (broken link)
The Terry J. Lundgren Center for Retailing (Arizona State)
Deloitte Mobile
Events / MIT TechFair 2011
https://career.berkeley.edu/CareerAp...asp?emp_id=382

UC Berkeley even has a GREAT resource called "what can I do with a major in.....". It is shows where the previous graduating class in that major is now (grad school, working, looking for work, etc), starting salaries, employment sectors (non-profit, governemt, for profit, etc), and a list of the actual employers & job titles of graduates as well as a list of grad school enrollment.
https://career.berkeley.edu/Major/AsianStud.stm
https://career.berkeley.edu/Major/AppMath.stm
https://career.berkeley.edu/Major/BusAd.stm
https://career.berkeley.edu/Major/EnvEcon.stm
https://career.berkeley.edu/Major/PolSci.stm
https://career.berkeley.edu/Major/MechEngr.stm
https://career.berkeley.edu/Major/English.stm
https://career.berkeley.edu/Major/Statistics.stm
https://career.berkeley.edu/Major/CompSci.stm
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Old 02-17-2011, 03:05 PM
 
11,681 posts, read 21,268,360 times
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Quote:
Originally Posted by zentropa View Post
What is so magical about a starting salary? It is a START. I think there is an epidemic of short-sightedness these days.
Of course starting salary is just that- a start. I am 10 years out from school and make 3x my starting salary now. However, student loans come due 6 months after graduation, so starting salary does need to be taken into account.

For example, let's look at a debt load of $50k @ 3% interest over 10 years. That yields a $482 monthly payment.

Now let's see what that does to some at several salary levels in Texas (no state income tax, relatively low COL) and in NYC(income tax + relatively high COL)-->

$25k Salary
Monthly Net Pay in TX: $1,807. Loan is 27% of Net Pay and leaves only $1,325 to live on (rent, bills, food, car expenses, etc). VERY TIGHT, but possible with roomates and very low/no car payment.

Monthly Net Pay in NYC: $1,687. Loan is 29% of Net Pay and leaves only $1,205 to live on.....let me tell you, you can barely find a tiny room in Queens or Brooklyn to rent for $800/mo and a monthly subway card is $105. Can you eat, pay bills, go home for Christmas, etc on $300 a month when starting out? Does it even matter that by age 28 this person will be making $75k if they can't make ends meet at age 22? This is just a recipe for credit card debt and an impending financial implosion.

$50kSalary
Monthly Net Pay in TX: $3,410.Loan is now 14% of Net Pay and leaves nearly $3,000 to live on. This person could look at buying a starter home now once his/her savings are built up.

Monthly Net Pay in NYC: $3,069. Loan is now 16% of Net Pay and leaves $2,587 to live on.....enough money to live in a safer neighborhood and even save a little!

$75k Salary
Monthly Net Pay in TX: $4,855. Loan is now just 10% of Net Pay and leaves $4,500 to live on.This person is financially in great shape and can probably knock out the balance of the student loan over the next 1-2 years, paying it off significantly ahead of schedule.

Monthly Net Pay in NYC: $4,290. Loan is now just 11% of Net Pay and leaves $3,800 to live on. This person can finally afford to ditch the roomate and live alone.....and build up savings, too!
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Old 02-17-2011, 03:14 PM
 
Location: In a house
13,258 posts, read 34,677,768 times
Reputation: 20198
That 25k salary would go a lot further if they'd do what most recent graduates do and live with roommates. Since when is it imperative that new grads with their first "real" job have their own apartment? Again - this is all part of the rites of passage for young adults. Or it used to be, once upon a time not all THAT long ago in the last half of the previous century. I don't know why this has changed, but apparently it has. And maybe people need to steer their kids back to reality: you can't expect to be financially stable your first couple of years out of college, OR your first decade after high school. It is an unrealistic expectation, with or without a recession.
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Old 02-17-2011, 03:36 PM
 
12,932 posts, read 19,824,518 times
Reputation: 33989
Quote:
Originally Posted by hml1976 View Post
I started out life as an adult debt-free. At the time it didn't seem like such a big deal but really it was the greatest gift my parents could have given me. I hope we can do the same for our kids, at least combined with them working.
That is how my husband and I view paying the college tuition for our three. It's the last gift we can offer them, and it makes a lot more sense to me than paying for an extravagant wedding. Fortunately, with three sons we don't have to make that choice.

Our eldest went to an expensive private college, and we paid almost sticker price. There were extenuating circumstances at the time, he had a full ride to another private school, but they had no dorms. Since we were moving out of state for the job, he needed to transfer or live on his own. It wasn't beyond our means for him to switch school.

Now we have two in college at the same time. One has a tuition scholarship, but we pay for room, board and books. The other has no scholarship dollars. They are both in state universities, but the expenses for the 2 are similar to what we paid for the first.

All we ask is a return on our investment. We are getting it with the youngest, not so sure the middle is going to make it.
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Old 02-17-2011, 03:55 PM
 
2,677 posts, read 3,732,698 times
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I guess what irritates me the most is that in other countries tution is free or very low cost...in America we have to shell out $40K a year and start our lives off with a boat load of debt.

Where our family is from you test into University. If your grades are good enough you get in on the government dollar. If not, find a job or join the military. I'm from a communist country, so there was no studying religion or women't studies...whatever you were good at is where they placed you...math, science etc.

I just can't see paying so much money and at the same time, I don't want to put my kids to be worse off than their peers.
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Old 02-17-2011, 04:13 PM
 
897 posts, read 2,097,284 times
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My daughter will be attending a private LAC school next year with a sticker price of $38,000-she received an academic scholarship and our Prepaid college fund will pay $7,000 of it-I will pay the rest. As a parent I feel it is my job to pay for her college just as my parents did for me and my siblings. If she chooses not to make good grades -she knows that there are consequences. All kids don't want to go to a BIG state school. I realize not everyone can do this and I am very thankful that I am able to help.
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