U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 06-04-2013, 11:45 PM
 
4,571 posts, read 3,225,480 times
Reputation: 2902

Advertisements

Dependent students maximum annual and total loan limits for subsidized and unsubsidized loans as of July 1, 2012.

First-Year Undergraduate
$5,500—No more than $3,500 of this amount may be in subsidized loans.

Second-Year Undergraduate
$6,500—No more than $4,500 of this amount may be in subsidized loans.

Third-Year and Beyond Undergraduate
$7,500 per year—No more than $5,500 of this amount may be in subsidized loans.

Not allowing these federally backed student loans to be discharged through bankruptcy puts the onus of responsibility onto the loan recipients and their cosigners. Each person should carefully consider what they are buying with these loans and their commitment to complete the process.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 06-05-2013, 06:10 AM
 
5,507 posts, read 9,690,598 times
Reputation: 2294
Quote:
Originally Posted by shaker281 View Post
I am not sure what you are trying to convey here. Have you earned a degree recently or have kids in college?

The maximum a student can borrow for an undergrad education via federal loans is around $27K,
the parents must borrow the rest.

But, nothing stops them from getting a cosigner and seeking private funding. Which results in debt with no taxpayer exposure.
Discover Financial Services aggressively offers student loans and their underwriting process is substantial.

A typical public university costs about $25-30K a year. Here is an average school in the heartland:

2013-2014 New Undergraduate Estimated Expenses

Tuition and fees $13,009
Room and meal plan (multiple occupancy, 7-day unlimited meal plan) $9,624
Total institutional expenses
$22,633
Estimated additional personal expenses: Books and supplies $996
Miscellaneous
$3,641
Estimated cost of attendance (in-state)
$27,270
A good student never pays sticker price. It is pretty useless to use. I graduated from a top 20 public with 10 k in loans. I also have worked at various universities. My point was the loan amounts should be very high. If you need north of 50k in loans for undergrad you most likely are not a good student or you are getting ripped off.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-05-2013, 06:19 AM
 
5,507 posts, read 9,690,598 times
Reputation: 2294
Quote:
Originally Posted by shaker281 View Post
Dependent students maximum annual and total loan limits for subsidized and unsubsidized loans as of July 1, 2012.

First-Year Undergraduate
$5,500—No more than $3,500 of this amount may be in subsidized loans.

Second-Year Undergraduate
$6,500—No more than $4,500 of this amount may be in subsidized loans.

Third-Year and Beyond Undergraduate
$7,500 per year—No more than $5,500 of this amount may be in subsidized loans.

Not allowing these federally backed student loans to be discharged through bankruptcy puts the onus of responsibility onto the loan recipients and their cosigners. Each person should carefully consider what they are buying with these loans and their commitment to complete the process.
That is only dependent limits. I was talking about a school only accepting up to 30k overall in student loans.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-05-2013, 08:33 AM
 
Location: West Orange, NJ
12,545 posts, read 19,508,284 times
Reputation: 3712
Quote:
Originally Posted by Gatornation View Post
Average debt at a top 100 school is around 15k. 30l in loans plus a part time job would get it done. 50k would be fine though as a limit. Very few schools would be worth 50k for undergrad.
I'm not sure where this statistic comes from. I find it difficult to believe that the average student graduates with $26,000 in student loans, and somehow the top 100 schools' avg is at $15,000. Having graduated from a top 100 school, I'm fairly certain that their average debt is higher than that.

Though if true, I could see how many of the top 100 schools with their gigantic endowments help keep borrowing down. I do know that a lot of those schools students pay far less than "advertised" prices. I worked part time plus work study and I definitely had more than $30K in loans. And it was definitely worth it. My interest rates are also incredibly low. Which I think should be the case for all student loans.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-05-2013, 08:35 AM
 
Location: West Orange, NJ
12,545 posts, read 19,508,284 times
Reputation: 3712
Quote:
Originally Posted by Gatornation View Post
A good student never pays sticker price. It is pretty useless to use. I graduated from a top 20 public with 10 k in loans. I also have worked at various universities. My point was the loan amounts should be very high. If you need north of 50k in loans for undergrad you most likely are not a good student or you are getting ripped off.
did you graduate in the last decade, or prior to that?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-05-2013, 05:43 PM
 
5,507 posts, read 9,690,598 times
Reputation: 2294
Quote:
Originally Posted by bradykp View Post
I'm not sure where this statistic comes from. I find it difficult to believe that the average student graduates with $26,000 in student loans, and somehow the top 100 schools' avg is at $15,000. Having graduated from a top 100 school, I'm fairly certain that their average debt is higher than that.

Though if true, I could see how many of the top 100 schools with their gigantic endowments help keep borrowing down. I do know that a lot of those schools students pay far less than "advertised" prices. I worked part time plus work study and I definitely had more than $30K in loans. And it was definitely worth it. My interest rates are also incredibly low. Which I think should be the case for all student loans.
Looking at the new data it is more like 18k on average. I just look at the best value lists that various places do. It shows debt at graduation. With the average student having $26k those at better school are going to have less.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-05-2013, 05:47 PM
 
5,507 posts, read 9,690,598 times
Reputation: 2294
Quote:
Originally Posted by bradykp View Post
did you graduate in the last decade, or prior to that?
2004. That was with me not working as many hours as I could have. I realize tuition is higher now but as I have worked in universities over the years since and I've had students who worked for me do 15 hours a week of work on campus plus still do very well in school. Most students do not want to work like that though.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-06-2013, 01:41 AM
 
4,571 posts, read 3,225,480 times
Reputation: 2902
Quote:
Originally Posted by Gatornation View Post
2004. That was with me not working as many hours as I could have. I realize tuition is higher now but as I have worked in universities over the years since and I've had students who worked for me do 15 hours a week of work on campus plus still do very well in school. Most students do not want to work like that though.
You do realize that working and turning the money over to the school is called...wait for it...paying!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-06-2013, 01:44 AM
 
4,571 posts, read 3,225,480 times
Reputation: 2902
Quote:
Originally Posted by Gatornation View Post
Looking at the new data it is more like 18k on average. I just look at the best value lists that various places do. It shows debt at graduation. With the average student having $26k those at better school are going to have less.
Post up your link. Here is mine ($26,600) for those graduates who needed to borrow:

Project on Student Debt: State by State Data
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-06-2013, 01:45 AM
 
4,571 posts, read 3,225,480 times
Reputation: 2902
Quote:
Originally Posted by Gatornation View Post
That is only dependent limits. I was talking about a school only accepting up to 30k overall in student loans.

What? As I posted, an undergraduate student is not even federally eligible for more than $27K for 4 years. Period.

An independent undergraduate is not federally eligible for more than $45000 for 4 years, no more than $19K (4 years) subsidized. The rules to be considered independent are extremely tight.

Are you suggesting people should be prevented from taking private loans for education then?
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top