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Old 07-01-2013, 11:39 PM
 
24,488 posts, read 41,122,289 times
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Quote:
Originally Posted by texdav View Post
No one is going to make student loans without government guarantees even at higher new rates. Just looking at the default rates now show why congress is not moving on it now. Easy loans had I agree made a market for college cost increases.
But it's still relatively cheap compared to 100 years ago. College tuition got real cheap in the mid to late 1900's. It's inching back up to normal rates now.
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Old 07-02-2013, 12:54 AM
 
Location: augusta, ks
49 posts, read 80,217 times
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Quote:
Originally Posted by NJBest View Post
I don't have a concrete solution. But if at some point an individual with learning disabilities is able to show they have learned what a typical well performing student has, they should be able to get the same rates.

I don't see it being a big problem. People with learning disabilities can learn just as much information as someone without. It just takes longer or requires more effort. With daily afterschool private tutoring, an individual with learning disabilities can perform just as well as other students. But, often, parents never want to invest in their children's education like that (they'd rather pay enormous tuition rates later on).

It might be that folks with learning disabilities will go to college at 22 rather than 18. It's better than sending them to college unprepared.

It is a tough issue, NJBest and you are correct, there is no solution. I have a learning disability/dyslexia, but still got my B.S in wildlife Biology/ Range Ecology. However, end up with a 2.8 GPA. I study my butt off, never party and play. Having to say that, I do far better in the field then my colleges with M.S. Personally, I feel GPA is subjective.
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Old 07-02-2013, 02:47 AM
 
Location: Buckeye, AZ
38,936 posts, read 23,877,781 times
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Quote:
Originally Posted by NJBest View Post
But it's still relatively cheap compared to 100 years ago. College tuition got real cheap in the mid to late 1900's. It's inching back up to normal rates now.
That could be true, the issue is with the increase in tuition as well as the interest rate, is college worth it? Things are getting even worse now with the increase with rates. Even if they were like this pre recession. This is mainly due to the fact that job prospects after college are not really much better than they were just 4 years ago.

Quote:
Originally Posted by Oak1776 View Post
It is a tough issue, NJBest and you are correct, there is no solution. I have a learning disability/dyslexia, but still got my B.S in wildlife Biology/ Range Ecology. However, end up with a 2.8 GPA. I study my butt off, never party and play. Having to say that, I do far better in the field then my colleges with M.S. Personally, I feel GPA is subjective.
In some cases true. I mean look at the students who get a 4.0 but are a part of student government and a few other clubs but yet don't have a job vs. the 3.5 student who isn't active in clubs but worked. Now way to prove either candidate is better than the other.
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Old 07-02-2013, 04:32 AM
 
5,500 posts, read 10,517,156 times
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Quote:
Originally Posted by jmgg View Post
Debt piles up quickly if you're needing to go to graduate school. I paid 1/2 of everything for my 3 kids to go to college. The reality is I paid 1/2 of tuition, housing in the dorms, fees, and books. I ended up paying much more than that when you add in health insurance, auto insurance and auto maintenance. All my kids finished undergrad with less than $ 20,000 in dept. By today's standards, chicken feed.

What I did NOT do is pay for any graduate school tuition/books. My oldest daughter had to borrow ALL of the tuition for grad school to get her doctorate. I bought a trailer house and paid the utilities and lot rent. In the 3 full years she went to school for this (year around school w/no summer break and no possibility of a part time job) she accumulated an additional $ 75,000 in debt. Because this was the days prior to the big interest rate discount, she's been paying this off at over 6% interest, which is the rate that it's going back to. Since she took the loans out prior to the big discounted rates, she's been stuck all these years having to pay at the higher rate with no possibility of refinancing at the lower rate. Now, how was THIS fair.

She's knocked her total debt (undergrad & grad school) down to $ 67,000 by living frugally. Even though she makes $ 70,000+, it will take her at least 8+ years to finally get rid of this albatross while also paying mortgage on a small house.

I cannot imagine the struggle graduates have when they've got this kind of debt and can't get a job.
If you make 70k and have 95k in loans you 'could' pay this off quickly. It depends what you are willing to sacrifice lifestyle wise.
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Old 07-02-2013, 05:27 AM
 
9,741 posts, read 11,150,328 times
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Quote:
Originally Posted by jmgg View Post
Debt piles up quickly if you're needing to go to graduate school. In the 3 full years she went to school for this (year around school w/no summer break and no possibility of a part time job) she accumulated an additional $ 75,000 in debt.
Only $75K in debt for graduate school? That is chicken feed.

My DD is going into her final 4 years to be a dentist. If I didn't help her, she would be well over $200K in debt for tuition, fees and books. Then add in room & board, insurance, and other living expenses. It's very common for students to walk out with $250K in debt just for their final 4 years. The interest rate is 6.8%. They have been warned that there is no possibility to work while they are going to school. They more-or-less attend school year-round and the workload is intense.

A dentist makes $120K fresh out of college Dentist Salary | Salary.com and peak out at around $200K. But it's going to take a long time to work off that kind of debt especiially at 7% interest and paying it off with after tax dollars. That kind of debt for school is mind boggling...
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Old 07-02-2013, 05:30 AM
 
5,500 posts, read 10,517,156 times
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Quote:
Originally Posted by MN-Born-n-Raised View Post
Only $75K in debt for graduate school? That is chicken feed.

My DD is going into her final 4 years to be a dentist. If I didn't help her, she would be well over $200K in debt for tuition, fees and books. Then add in room & board, insurance, and other living expenses. It's very common for students to walk out with $250K in debt just for their final 4 years. The interest rate is 6.8%. They have been warned that there is no possibility to work while they are going to school. They more-or-less attend school year-round.

A dentist makes $120K fresh out of college Dentist Salary | Salary.com and peak out at around $200K. But it's going to take a long time to work off that kind of debt especiially at 7% interest and paying it off with after tax dollars. That kind of debt for school is mind boggling...
That kind of debt is more related to professional degrees. Most graduate and PHD programs are at standard graduate tuition rates.
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Old 07-02-2013, 06:57 AM
 
Location: Sioux Falls, SD area
4,859 posts, read 6,917,054 times
Reputation: 10170
Quote:
Originally Posted by MN-Born-n-Raised View Post
Only $75K in debt for graduate school? That is chicken feed.

My DD is going into her final 4 years to be a dentist. If I didn't help her, she would be well over $200K in debt for tuition, fees and books. Then add in room & board, insurance, and other living expenses. It's very common for students to walk out with $250K in debt just for their final 4 years. The interest rate is 6.8%. They have been warned that there is no possibility to work while they are going to school. They more-or-less attend school year-round and the workload is intense.

A dentist makes $120K fresh out of college Dentist Salary | Salary.com and peak out at around $200K. But it's going to take a long time to work off that kind of debt especiially at 7% interest and paying it off with after tax dollars. That kind of debt for school is mind boggling...
My daughter also had just shy of $ 20,000 debt from undergrad studies too adding up to approx. $ 95,000 total. Since she graduated 6 years ago, whacking down a student load debt of $ 95,000 to $ 67,000 I think is pretty impressive. There isn't a lot to spare after paying for another car (not new, but 3 years old) and a mortgage for her small home. She's getting married later this year so future hubby's income will help.

Yea, it's bad enough paying undergraduate tuition rates. Grad school tuition alone for my daughter was $ 25,000/yr. and this was at a public college in SD where it's much lower than most other states. In my daughter's case also, you were TOLD that there wouldn't be time for any part time job and essentially dictated to you not to even try.

While in grad school I pretty much paid everything as to her living expenses or her debt would have been much higher.

Your daughter will be better off than mine in the near future. As a physical therapist, $ 70,000 in the Midwest is actually pretty good money. Future income will never hit $ 100,000 unless she starts her own rehabilitation center.

Last edited by jmgg; 07-02-2013 at 07:08 AM..
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Old 07-02-2013, 10:11 AM
 
9,741 posts, read 11,150,328 times
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Quote:
Originally Posted by jmgg View Post
My daughter also had just shy of $ 20,000 debt from undergrad studies too adding up to approx. $ 95,000 total. Since she graduated 6 years ago, whacking down a student load debt of $ 95,000 to $ 67,000 I think is pretty impressive. There isn't a lot to spare after paying for another car (not new, but 3 years old) and a mortgage for her small home. She's getting married later this year so future hubby's income will help.

Yea, it's bad enough paying undergraduate tuition rates. Grad school tuition alone for my daughter was $ 25,000/yr. and this was at a public college in SD where it's much lower than most other states. In my daughter's case also, you were TOLD that there wouldn't be time for any part time job and essentially dictated to you not to even try.

While in grad school I pretty much paid everything as to her living expenses or her debt would have been much higher.

Your daughter will be better off than mine in the near future. As a physical therapist, $ 70,000 in the Midwest is actually pretty good money. Future income will never hit $ 100,000 unless she starts her own rehabilitation center.
Congrats to your daughter. The PT programs are also brutally competitive.

We are covering all of her living expenses while she is in dentist school and paid all but $3K for her undergrad to a state school. I didn't want to pay for a Europe trip even to study abroad. My vote was for her to work and bank those $$'s. But she took out a loan and didn't work over the summer. I don't think students really grasp the evils of debt but that's another topic. Our other child is at one of the Academies so his tuition is "free". Therefore, we are going to funnel another $15K per year in tuition for her during dental school. Add in living expenses and our total help is north of $30K per year. We are missing some vacations with friends and pushing out some remodeling to help her from swimming in deep debt. So I figure we have another $120K out of pocket and she STILL will graduate with over $200K in loans at 6.8%. That's a mind numbing number.... I have read dental forums where students hit $400K in total debt. OHG is that $$ massive. I'm longing for both kids to be out of the nest. Next up weddings. Will it ever end?

Last edited by MN-Born-n-Raised; 07-02-2013 at 10:21 AM..
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Old 07-02-2013, 10:43 AM
 
Location: Sioux Falls, SD area
4,859 posts, read 6,917,054 times
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Quote:
Originally Posted by MN-Born-n-Raised View Post
Congrats to your daughter. The PT programs are also brutally competitive.

We are covering all of her living expenses while she is in dentist school and paid all but $3K for her undergrad to a state school. I didn't want to pay for a Europe trip even to study abroad. My vote was for her to work and bank those $$'s. But she took out a loan and didn't work over the summer. I don't think students really grasp the evils of debt but that's another topic. Our other child is at one of the Academies so his tuition is "free". Therefore, we are going to funnel another $15K per year in tuition for her during dental school. Add in living expenses and our total help is north of $30K per year. We are missing some vacations with friends and pushing out some remodeling to help her from swimming in deep debt. So I figure we have another $120K out of pocket and she STILL will graduate with over $200K in loans at 6.8%. That's a mind numbing number.... I have read dental forums where students hit $400K in total debt. OHG is that $$ massive. I'm longing for both kids to be out of the nest. Next up weddings. Will it ever end?
Love your post. We have some parallel lives going on here. I'm currently paying for tuition and books for my younger daughter as she's transitioning in an LPN to RN program. This will take about 1 1/2 more years and then I'M DONE with college. I also have a son who's a teacher, but I've been done paying out of pocket for him for quite a few years now.

Now to weddings. Both daughters are getting married within the next 11 months. I hide in the corner with my checkbook and try to stay out of the way. As I write them, sometimes the tears smudge the ink. That gives me maybe 6 years to save for ME and retirement.

There are lots of kids that don't have the kind of help we're fortunate to be able to give ours. The congress along with the president better get something figured out soon on this college debt problem. I know several friends of my kids who I'm sure will never pay off there loans in their lifetimes, especially with the 6.8% interest rates and the tight job market. If they manage to keep it at 3.4%, all those kids who graduated when it was double that rate, should be allowed to refinance at 3.4%. Why should they be second class citizens only because they graduated a few years ago.
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Old 07-02-2013, 11:22 AM
 
12,101 posts, read 17,082,144 times
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Quote:
Originally Posted by MN-Born-n-Raised View Post
Only $75K in debt for graduate school? That is chicken feed.

My DD is going into her final 4 years to be a dentist. If I didn't help her, she would be well over $200K in debt for tuition, fees and books. Then add in room & board, insurance, and other living expenses. It's very common for students to walk out with $250K in debt just for their final 4 years. The interest rate is 6.8%. They have been warned that there is no possibility to work while they are going to school. They more-or-less attend school year-round and the workload is intense.

A dentist makes $120K fresh out of college Dentist Salary | Salary.com and peak out at around $200K. But it's going to take a long time to work off that kind of debt especiially at 7% interest and paying it off with after tax dollars. That kind of debt for school is mind boggling...
It's not as bad as it sounds.

Let's say worse case scenario she makes 100K out of school. Living on a 'typical' professional's budget of 50K, she should be able to pay off 50K a year. With 7% interest, she's looking at paying it off in about 7 years, with total interest being around 65K.

Let's say at that time, she'll be 32. She has 20 years to live HIGH off the hog.

None of the doctors and dentists I know struggled with loans. And I know a lot of them.

More than I care to know considering how much I make myself.
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