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I worked 80 hours per week in the summer and 30 hours per week during the school year to avoid having any student loan debt. So I didn't have much of a life but I graduated college with a Bachelor and no debts. So if you don't want a huge student loan debt, don't go to a private college and work instead of going partying every night.
I did borrow when I went for an advanced degree but that was worth it.
Get tough and good luck.
When did you go to school? In the late 1980's, tuition at a good private college cost about $18-20K per annum. Now, it's more like $50K+ per year. Back then, it was doable. Now, much less so.
When did you go to school? In the late 1980's, tuition at a good private college cost about $18-20K per annum. Now, it's more like $50K+ per year. Back then, it was doable. Now, much less so.
Mick
Stahp. If you are paying sticker price at a private you're either super wealthy and can afford it or a moron who made a bad school choice.
The main problem with deeply indebted graduates is they cannot afford to be part of the consumer economy. If they are already paying the equivalent of a mortgage they are unlikely to be able to pay another one.
The main problem with deeply indebted graduates is they cannot afford to be part of the consumer economy. If they are already paying the equivalent of a mortgage they are unlikely to be able to pay another one.
No worries, those kids are gladly spending Baby Boomers' money . . . and living in their basement. Remember, disposable income is a net number.
Only $29K? I am surprised because isn't the average annual tuition like $20-30K for public schools and $50K for private schools nowadays? I know you get tons of need-based grants, but still $29K sounds really low for 4 years. Not to mention, living expenses, textbooks, etc. What am I missing?
Mick
Not all students graduate. The loan is often taken out for a failed or aborted attempt at college.
Only $29K? I am surprised because isn't the average annual tuition like $20-30K for public schools and $50K for private schools nowadays? I know you get tons of need-based grants, but still $29K sounds really low for 4 years. Not to mention, living expenses, textbooks, etc. What am I missing?
Mick
IDK but I'm wondering too. I know my student loan payments are more like a mortgage than a car payment. I'd love to only have 29k in student loan debt!
College education is the next Bubble akin to the housing bubble circa 2008.... at some point it will pop
Terrible example seeing as how they aren't holding a tangible asset that can rapidly lose or gain value and legally abandon just because it doesn't have the value that they paid for it.
That last part is especially important because a lot of people bought the propaganda that the housing crisis was just the banks fault by giving bad loans and then people couldn't pay. Sure there was some of that but the majority were people that walked away because they were really upside down.
You can't just walk away from your student loans.
Now sure there are some that due to the massive size of the debt and employment issues will never repay but that's already baked into the numbers and frankly the interest rates I'm seeing on peoples student loans indicate a HEFTY default % is already baked into the numbers since it's 3-4 basis points or more above comparable treasury notes.
I have a kid at one of those fancy privates and I will tell you I pay no where near the $60k cost.
For example, at Harvard the out of pocket average is about $12K per year.
I see. $48K would be a very reasonable figure for any decent college.
Mick
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