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View Poll Results: How did you pay for college?
Student Loans 5 9.43%
Financial Aid 2 3.77%
Parents/Someone else paid for College 21 39.62%
Scholarships 6 11.32%
Other 16 30.19%
Part time/full time job 3 5.66%
Voters: 53. You may not vote on this poll

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Old 08-07-2015, 07:46 AM
 
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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I worked full time, and often overtime, evenings and weekends and paid for everything myself, including my apartment and car payments. No student loans.
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Old 08-07-2015, 07:59 AM
 
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Worked, had a good amount of family help, took out a small loan. Graduated in 2011 from a state school. Debt is paid off.
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Old 08-08-2015, 05:33 AM
 
531 posts, read 502,004 times
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Originally Posted by sonderella View Post
I went to a large public university from 1987-1993. I came from a lower middle income family, and received need-based grants, scholarships, and subsidized loans. My parents also gave me $500 per semester as long as I maintained a 3.0 GPA. I worked about 30 hours a week during the school year, and full time during the summers. The 30-hour work week mostly covered my room & board during the school year (I lived in some dives with multiple roommates, had no cell phone, no computer, no car, and ate a lot of ramen) and the parental $, loans, grants, and full time summer work paid for tuition, with a little bit going toward living expenses during the school year.

When I graduated I had about $12,000 in low-interest loans.
This is very similar to my situation, although I worked a bit less and had no parental help. I attended a large public in 1989-1993 and used grants, scholarships and college work study the first two years. Had to take out $7,500 in loans for the last two years, as costs rose slightly and I added a summer semester.

My son is currently a college sophomore at a private school and his aid is a mix of: merit scholarship, alumni scholarship, school grant, state grant, federal direct loan (a very reasonable amount), and college work study. Combined, that covers about 82-85% of the bill. The remaining costs are covered with family college savings and his own summer earnings.
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Old 08-08-2015, 05:55 AM
 
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Attended a top private school, paid for by me through scholarships and loans. Graduated with $16,000 in student loans, matching my starting salary out of college, which was the average salary back then. Had those loans paid off in under 4 years. My parents didn't give me a dime for college. I did have an on-campus job that was technically not a "work-study" job but I got paid via work study. I worked between 30-50 hours/week, but much of that time was down time so I could study. Our kids are in college, getting school paid for via merit scholarships and will graduate with no debt. Their spending money is from summer jobs, we send the some fun money every once in a while and pay for their cars. They are all at private schools as well. College I attended was about $18,000/year for everything, it is now just shy of $60K. Our kids applied there and would have gotten most of their costs covered by scholarships but would have had to take out student loans to cover the rest so the opted for other schools that didn't cost them anything.
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Old 08-08-2015, 06:40 AM
 
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I won a competitive scholarship and the university gave me a merit scholarship for the room and board, all of which paid for almost all the costs for the first two years. The second two years the cost of room and board went up and that was paid by personal funds.
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Old 08-08-2015, 04:59 PM
 
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Honestly, a general rule of thumb is to NOT pay or take in more debt than how much salary you will be paid your first year

Student loan debt is horrible, and i've seen so many people just DROWN in it

I would say there should be a "limit" or a "max" that one should just be aware of to justify it.. . I would think maybe ~60k TOPs and only if you go to a selective private school with excellent job placement

I went to a top private and a target school and EVEN WITH THAT I would never ever have taken out more than 60k... but I saw some of my classmates take out well over 100k. Keep in mind that the majority of us had a good portion of it paid for FREE with scholarships/grant/aid and we were still paying this price

However, coming out, I was able to land a solid job making around ~70k so the investment was well worth it

But for people I see with 100k+ it's just ridiculous.. I mean they ruin their lives
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Old 08-08-2015, 05:27 PM
 
3,613 posts, read 4,121,677 times
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Originally Posted by The_Man74 View Post
Honestly, a general rule of thumb is to NOT pay or take in more debt than how much salary you will be paid your first year

Student loan debt is horrible, and i've seen so many people just DROWN in it

I would say there should be a "limit" or a "max" that one should just be aware of to justify it.. . I would think maybe ~60k TOPs and only if you go to a selective private school with excellent job placement

I went to a top private and a target school and EVEN WITH THAT I would never ever have taken out more than 60k... but I saw some of my classmates take out well over 100k. Keep in mind that the majority of us had a good portion of it paid for FREE with scholarships/grant/aid and we were still paying this price

However, coming out, I was able to land a solid job making around ~70k so the investment was well worth it

But for people I see with 100k+ it's just ridiculous.. I mean they ruin their lives
Average student loan debt is under $30,000 nationally. You seem to have a lot of friends that are way outside of that. Average starting salary for a college grad is just shy of $50K...where are all these people that are DROWNING in debt???
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Old 08-08-2015, 05:29 PM
 
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My parents paid for undergrad and I received financial aid also. I did take out a loan for grad school but I didn't finish, so it wasn't that big of a loan and I've paid it off.
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Old 08-08-2015, 05:38 PM
 
394 posts, read 435,634 times
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Originally Posted by Qwerty View Post
Average student loan debt is under $30,000 nationally. You seem to have a lot of friends that are way outside of that. Average starting salary for a college grad is just shy of $50K...where are all these people that are DROWNING in debt???
It was at a private that cost like 50k/year lol
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Old 08-08-2015, 06:14 PM
 
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I would advise that top privates are DEFINATELY worth it if you can manage your finances and know the "worth" of what you're doing.

I personally had no trouble placing with Big 4 firms and even had Goldman Sachs recruit on campus...

BUT...
I also wasn't STUPID and kept the loans/debt AS LOW AS POSSIBLE (so just tuition expenses) and MAXED out every semester on scholarships/grants

And then i worked part time to pay for housing and living expenses and enjoyed the nightlife/environment/partying in "quality" not quantity
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