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Old 03-21-2010, 03:31 PM
 
Location: Middle America
37,409 posts, read 53,237,678 times
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Quote:
Originally Posted by dspguy View Post
I feel like telling my kid to go to a state school so at least they will not be hamstringed by huge college loans.
If that works out that way, that's great. But I know for myself, I got the best financial aid package from an out-of-state private school. My local state schools at the time all offered me significantly less in grants and scholarships, and would have cost me more, when all was said and done. Sometimes the better deals come from the higher price tag schools, oddly enough.
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Old 03-23-2010, 10:49 AM
 
Location: San Antonio, TX, USA
5,142 posts, read 13,059,414 times
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I had $5k in student loans for a state school that I graduated from in 2005. I paid it off last year. It's a good feeling.
Hubby has $9,100 in student loans but no degree.
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Old 04-22-2010, 08:51 AM
 
687 posts, read 1,110,655 times
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Instead of racking up a huge amount of debt in student loans, why wouldn't you go to a state college or university instead of a private school??
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Old 04-22-2010, 09:05 AM
 
Location: New York, NY
917 posts, read 2,936,815 times
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Quote:
Originally Posted by osuzana View Post
Instead of racking up a huge amount of debt in student loans, why wouldn't you go to a state college or university instead of a private school??
Because some private schools offer better financial aid. For example, a family of 4 making $60,000 a year with a student at Harvard will pay nothing. At all. No loans, maybe some work-study for books, but the parents will pay nothing. You'll find a similar policy at many great private schools. That same kid going in-state to UC Berkeley might receive a few small grants, but the bulk of their education will be financed by loans and whatever their parents have in savings.

Now if you're a mediocre student who can't get into top private schools or get scholarships, you should definitely go to a state school and save your money, but if you're a smart, hard working student, private school can be a much better option than a state school.
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Old 04-22-2010, 12:39 PM
 
Location: Northern Virginia
4,489 posts, read 10,896,687 times
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Quote:
Originally Posted by osuzana View Post
Instead of racking up a huge amount of debt in student loans, why wouldn't you go to a state college or university instead of a private school??
State schools aren't always cheap. I think tuition and dorm fees at a UC school average out to well over $20k/year. For a 4 year degree, you're looking at quite a bit of debt if you don't have any help from scholarships or parents.
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Old 04-25-2010, 08:05 PM
 
Location: Middle America
37,409 posts, read 53,237,678 times
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I'm pretty sure that I've posted this before, possibly on this thread, but I concur with the above two posters...I got a much better deal financially at an out-of-state private liberal arts college with a decent endowment and generous scholarship policy for academically qualifying students than I did at any of my in-state public universities. I'd have had to take out more in loans to go to large public universities I didn't prefer to begin with, but applied to simply to see if they were, in fact, the better financial deal. The choice was pretty clear.

Of course, a mediocre student wouldn't have gotten the scholarship package I got...so it's really only a better deal if you're the type of student the school's really trying to attract...not every prospective student will qualify for that kind of aid.
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Old 04-27-2010, 06:13 AM
 
5,938 posts, read 4,666,521 times
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My wife and I have a combined 110K in student loans. Its a small mortgage payment. Our mindset for the first few years out of college was "we should have gone to state schools instead, would have saved a bunch."

Then a few years later, we got over that "fresh-out hump" and made it into the next tier of pay. Now, we can afford to pay off all of student loans in under 2 years if we chose to.

In regards to recent posts about receiving better aid from out-of-state private vs in-state schools, I had a similar situation. State schools in my area were charging 14K/year for tuition and dorming. The private school (which was also in-state) offered me a 10K/year scholarship which brought the cost down to 17k/year for tuition and dorming. Looking back, I feel the private school was the better option for me.
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Old 04-27-2010, 08:16 AM
 
687 posts, read 1,110,655 times
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In most cases Private probably is better depending on your major, but if you are not scholarship material then in state schools are less expensive. I looked at a state school this week and the tuition was $7500. Then you have the inability of the parent's to pay for out of state or private tuition because your kids grades didn't make the grade and the tuition is more than you make a year I hate having to put the burden of debt onto my kid and I know he will resent me for it especially when you live in an affluent area with most kids going to the school of their choice and the parent's fitting the bill.
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Old 04-29-2010, 01:28 AM
 
Location: Los Angeles, Ca
2,883 posts, read 5,865,625 times
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I'm proud to say, zero student loan debt when I graduated in 2004.

Went to a community college first (very little $$$)
Then a pretty solid state school that wasnt that expensive (I dont remember now, maybe a few thousand a year).

I remember thinking back in the 90's when I graduated highschool, it seemed like a HUGE gamble to go $25-50 k in debt or more after graduating from college. Of course, the teachers and everyone said, oh don't worry. There will be jobs. You'll easily be able to pay it back. You'll be successful. Anyone ever hear that before? (wink, wink, sarcasm )

-But looking at the numbers, it seemed awfully tenuous. My highschool had 2,000-2,200 students. 200-300 in the graduating class. Multiply that times all these highschools. All these seniors. Then all this debt. Are there going to be enough jobs to support all of this? (The costs, and rising). It didnt add up. Especially for a medium degree (not law or engineering, but not basket weaving or abstract philosophy).

Sometimes, I wish I had gone to a "name" school. But having $30-50 k over your head. In this economy? No thanks. Very murky. High debt limits your mobility.
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Old 04-29-2010, 10:32 AM
 
144 posts, read 594,898 times
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Quote:
Originally Posted by Woof Woof Woof! View Post
My guess is that those with huge student loan debts aren't even going to post the numbers here!
BS + MS + 2yrs of med school = $191,000 (as of last semester)
expecting ~ $300,000 when all said and done
But I expect to be able to pay it off if I live frugally, in 10-15 years.

Quote:
Originally Posted by billiken View Post
Drives me crazy too. It starts getting phased out at $60k, and is eliminated at $75k for singles. Just seems really low, plenty of people hit that just a few years out of school, especially in high COL areas. Not to mention, those with the highest levels of debt tend to be people with MD/JD/MBA degrees that make more than $75k. Not very helpful.
I did not know that, so I'm going to have to make as many big payments as possible while Im in residency.
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