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summertime
LIF Adolescent
Member since 9/10 852 total posts
Name:
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Student loan debt
Would you get into significant studentloan debt ($100k+) for a degree unless you knew your earning potential was high??
When I hear about people who have insane student loans for a degree in a profession that doesnt have big earning potential I am so confused?
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Posted 9/13/12 2:09 PM  |
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AScottWolf
I <3 our squish!
Member since 11/10 2237 total posts
Name:
Adriana
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Re: Student loan debt
For me this is such a hard question to answer.
First, at this point in the economy, there's really no guarantee with any degree that your going to get a job out of college never mind having a high salary once you complete.
There are also too many factors to take into account: what was the job market like in that field when they started school, did they have tuition assistance or financial aid, did they change majors or even schools at some point ..etc.
I guess it also depends on what's important to the individual too. For example, in the social work field No one is going to become rich... it's just not going to happen regardless of how hard they work. Does that mean they shouldn't have gone to school for it? No. But perhaps their school of choice was the best for that major but was also $$.
If I didn't have tuition assistance in undergrad and had to take loans out for grad school I'd be about 100k in debt in a field where starting is about $30k. Fortunately I'm not but it could have very easily happened.
Message edited 9/13/2012 2:25:25 PM.
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| Posted 9/13/12 2:22 PM |
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marianne13
LIF Adolescent
Member since 6/10 887 total posts
Name:
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Student loan debt
Absolutely not. I didn't have any student loans from college and I had $12k in loans from grad school which is not much. I would not encourage anyone who is looking at colleges to go somewhere where they will end up with a lot of student loans. It will STINK when you earn your bachelors and while your friends are buying new cars and moving into new apartments, you are paying off loans for 10+ years.
I would encourage anyone who doesn't receive a scholarship or financial aid to look into CUNY or SUNY schools. It's what you make of your education!
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| Posted 9/13/12 2:24 PM |
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stinger
LIF Adult
Member since 11/11 4971 total posts
Name:
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Re: Student loan debt
Posted by marianne13
Absolutely not. I didn't have any student loans from college and I had $12k in loans from grad school which is not much. I would not encourage anyone who is looking at colleges to go somewhere where they will end up with a lot of student loans. It will STINK when you earn your bachelors and while your friends are buying new cars and moving into new apartments, you are paying off loans for 10+ years.
I would encourage anyone who doesn't receive a scholarship or financial aid to look into CUNY or SUNY schools. It's what you make of your education!
This is why CUNY and SUNY have become more competative! It's not always easy to get it I hear.
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| Posted 9/13/12 2:39 PM |
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Onemoretime
LIF Adult
Member since 9/12 1077 total posts
Name:
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Re: Student loan debt
No. I would love to get my MBA, but I understand the earning potential may not be there. I can't risk having so much loan debt and not have a guaranteed significant salary increase.
I know a lot of people that have 100k in student loan debt, I cant even imagine it.
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| Posted 9/13/12 2:49 PM |
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JenniferEver
The Disney Lady
Member since 5/05 18163 total posts
Name:
Jennifer
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Re: Student loan debt
SUNY is definitely getting harder to get into. DEFINITELY.
I think it's hard to say. There's the career potential but also the self-improvement/passion factor.
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| Posted 9/13/12 2:50 PM |
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summertime
LIF Adolescent
Member since 9/10 852 total posts
Name:
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Re: Student loan debt
Posted by marianne13
Absolutely not. I didn't have any student loans from college and I had $12k in loans from grad school which is not much. I would not encourage anyone who is looking at colleges to go somewhere where they will end up with a lot of student loans. It will STINK when you earn your bachelors and while your friends are buying new cars and moving into new apartments, you are paying off loans for 10+ years.
I would encourage anyone who doesn't receive a scholarship or financial aid to look into CUNY or SUNY schools. It's what you make of your education!
YES this is why I went to a SUNY school. It just surprises me how many people are drowning in student loan debt for professions that dont substaniate that type of investment. I guess to each is own. I will not let my kids go down that route!
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| Posted 9/13/12 3:04 PM |
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summertime
LIF Adolescent
Member since 9/10 852 total posts
Name:
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Re: Student loan debt
Posted by Onemoretime
I know a lot of people that have 100k in student loan debt, I cant even imagine it.
Me either.
Message edited 9/13/2012 3:05:50 PM.
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| Posted 9/13/12 3:05 PM |
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summertime
LIF Adolescent
Member since 9/10 852 total posts
Name:
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Re: Student loan debt
Posted by AScottWolf
For me this is such a hard question to answer.
First, at this point in the economy, there's really no guarantee with any degree that your going to get a job out of college never mind having a high salary once you complete.
There are also too many factors to take into account: what was the job market like in that field when they started school, did they have tuition assistance or financial aid, did they change majors or even schools at some point ..etc.
I guess it also depends on what's important to the individual too. For example, in the social work field No one is going to become rich... it's just not going to happen regardless of how hard they work. Does that mean they shouldn't have gone to school for it? No. But perhaps their school of choice was the best for that major but was also $$.
If I didn't have tuition assistance in undergrad and had to take loans out for grad school I'd be about 100k in debt in a field where starting is about $30k. Fortunately I'm not but it could have very easily happened.
No it doesnt mean they shouldnt have gone to school for a low paying profession, it just means they should have found a school that they can afford. Kind of like how in life you shouldnt live above your means, you know?
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| Posted 9/13/12 3:07 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: Student loan debt
I went to law school. I have 160K in debt (a bit less now).
Now everyone thinks...so what attys make a ton of money. Well many do not. Unless you are comign out of a top school working at a top firm in NYC you are not making 100+.
On LI starting out most are making 40+.
I would have gone to law school no matter what. It was what I wanted to do. Funny thing is now I do not practice per se. I use my degree but do not need my law license at my job and I make more than if I practiced on LI.
I think people should go to school for wahtever they have a passion for and if they are willign to go into debt for it then why not.
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| Posted 9/13/12 3:38 PM |
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nrthshgrl
It goes fast. Pay attention.
Member since 7/05 57538 total posts
Name:
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Re: Student loan debt
If I was absolutely sure it was a field I loved felt strongly about, & had a financial plan to get me out of that debt, yes.
When I went to college, most of my friends didn't know what we wanted to do when we "grew up". If I had to venture a guess my college tuition totaled around $120-140K. No small potatoes back then either.
The big thing is the plan to get me out of debt. But no one can tell where your degree is going to take you. A degree in social work can be spun into administration which may earn more if you have it in you.
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| Posted 9/13/12 3:50 PM |
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summertime
LIF Adolescent
Member since 9/10 852 total posts
Name:
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Re: Student loan debt
Posted by alli3131
I went to law school. I have 160K in debt (a bit less now).
Now everyone thinks...so what attys make a ton of money. Well many do not. Unless you are comign out of a top school working at a top firm in NYC you are not making 100+.
On LI starting out most are making 40+.
I would have gone to law school no matter what. It was what I wanted to do. Funny thing is now I do not practice per se. I use my degree but do not need my law license at my job and I make more than if I practiced on LI.
I think people should go to school for wahtever they have a passion for and if they are willign to go into debt for it then why not.
I agree that people should go to school for whatever they have a passion and in most cases people will have debt along the way, I guess how much your willing to take on is where I differ in opinion.
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| Posted 9/13/12 3:51 PM |
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sfp0701
Liam's Mommy!
Member since 1/07 9764 total posts
Name:
Tricia
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Re: Student loan debt
,Well, I have 50,000 and I am an a SLP but, i my district we are paid as a teacher. At one point I was going back for a second masters but, i stoppped about 2/3 of the way through for many reasons.
At the time that I was doing that masters I refused to take out more loans. There was no really increase in earnings that would be big enought to justify loans. So I paid out of pocket.
When people hear my loans they are usually in shock. I took out the max in federal and private loans every year and my mom paid the balance. (I was the oldest of 6 kids). Then I had to take out the full loans for my (60 credit degree) grad school because I went full time. I paid for it all myself with the help of an assistantship.
In my case, I didn't have a choice. Any careers I was looking at needed a master's degree and I was doing it no matter what.
100,00 was a different story. But, in the years since I went to school tuition has jumped. So feasibly... going to grad school and undergrad could hit that mark easily. That is required to be a teacher (slp in my case). If you dont go to state schools it could add up very very quickly. I would imagine that it would even be more. If your dream involves an advanced degree, I don't think you have a choice (if your parents can't pay it all).
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| Posted 9/13/12 4:13 PM |
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sfp0701
Liam's Mommy!
Member since 1/07 9764 total posts
Name:
Tricia
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Re: Student loan debt
Posted by stinger
Posted by marianne13
Absolutely not. I didn't have any student loans from college and I had $12k in loans from grad school which is not much. I would not encourage anyone who is looking at colleges to go somewhere where they will end up with a lot of student loans. It will STINK when you earn your bachelors and while your friends are buying new cars and moving into new apartments, you are paying off loans for 10+ years.
I would encourage anyone who doesn't receive a scholarship or financial aid to look into CUNY or SUNY schools. It's what you make of your education!
This is why CUNY and SUNY have become more competative! It's not always easy to get it I hear.
Not for nothing.. Suny is close to 20K a year. If you don't have the money to pay for your child to go to school and they have to pay loans.. then it could be close to 80K just for undergrad. Add a masters degree to that and you are up there quickly.
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| Posted 9/13/12 4:14 PM |
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Adelya21
LIF Infant
Member since 6/12 107 total posts
Name:
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Re: Student loan debt
earning potential for most jobs hasgone to hell! take it from me! I have a JD and cnt find a legal job! and many times when us new lawyers find work the salary is 40-50 k!!! people dont believe me when I tell them. It's so sad.
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| Posted 9/13/12 4:38 PM |
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peanutbutter2
Carpe diem!
Member since 11/10 5287 total posts
Name:
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Re: Student loan debt
I don't think my field is considered terribly lucrative (M.A. in Lit...no teaching certification).
I went to an expensive school for undergrad & grad, and while I don't have nearly 100k in loans, I do have a lot.
However, I have my job because of the school that I went to. I'm not going to be a millionaire, but I'm just fine with how it is. It worked out. End of story for me.
My situation allows me to see that side of it.
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| Posted 9/13/12 4:40 PM |
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jennielee15
Let's try this again....
Member since 7/11 2269 total posts
Name:
Jennie
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Re: Student loan debt
I have substantial student loan debt and I am in a field where I may never see the amount of money needed to pay it off. I do have some potential though, if I play my cards right.
Anyhow, I was 17 when I went to school and I had no concept of loans or even what I wanted to be when I grew up. I went to school to play hockey. And then transferred from a state school to a private school without really know what I was getting myself into. It's in the past, I need to move on. My parents did not help me with any tuition at all!
ETA: To be honest the worst decision I ever made was not the loans or school, I have a masters degree and it will help me in the future. The worst decision was moving to NY. If I had gone home after school I would be MUCH better off!!! My loans would be much less and I would be able to afford the cost of living. But I don't think I would be happy.....
Message edited 9/13/2012 4:59:50 PM.
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| Posted 9/13/12 4:54 PM |
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2boys4me
He's coming soon!
Member since 4/10 4260 total posts
Name:
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Re: Student loan debt
Posted by summertime
Posted by AScottWolf
For me this is such a hard question to answer.
First, at this point in the economy, there's really no guarantee with any degree that your going to get a job out of college never mind having a high salary once you complete.
There are also too many factors to take into account: what was the job market like in that field when they started school, did they have tuition assistance or financial aid, did they change majors or even schools at some point ..etc.
I guess it also depends on what's important to the individual too. For example, in the social work field No one is going to become rich... it's just not going to happen regardless of how hard they work. Does that mean they shouldn't have gone to school for it? No. But perhaps their school of choice was the best for that major but was also $$.
If I didn't have tuition assistance in undergrad and had to take loans out for grad school I'd be about 100k in debt in a field where starting is about $30k. Fortunately I'm not but it could have very easily happened.
No it doesnt mean they shouldnt have gone to school for a low paying profession, it just means they should have found a school that they can afford. Kind of like how in life you shouldnt live above your means, you know?
It's not always that easy. I went to a suny, my parents didn't pay one cent and I couldn't claim independent because you had to be 23 or married or have a baby in order to do so. Not only did I have no choice but to take out loans for school but I had to take more in order to survive...ie food, shampoo, gas, etc. I did work 3 jobs and become an ra to defer costs but it wasn't enough and my grades suffered. I couldn't stay home, my parents were abusive and my dad was an alcoholic at the time, I needed to escape. They told me just to stay home and be a secretary and marry. They had no issues taking the tax break though. I wanted to be a teacher and I got three classes shy of finishing my masters and the debt was mounting and there are no prospects in finding a teaching job. I did everything I was "suppose to" I tried so hard and now I'm just a stay at home mom/ part time tutor with a mountain of debt and a pile of broken dreams. The guilt eats away at me everyday.
Moral...don't be so quick to judge those with a mountain of debt in student loans. Do I know my fair share of people who took out thousands extra each year in order to spring break in Cancun...you betcha, but that's not my situation.
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| Posted 9/13/12 5:05 PM |
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jennielee15
Let's try this again....
Member since 7/11 2269 total posts
Name:
Jennie
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Re: Student loan debt
Posted by 2boys4me
It's not always that easy. I went to a suny, my parents didn't pay one cent and I couldn't claim independent because you had to be 23 or married or have a baby in order to do so. Not only did I have no choice but to take out loans for school but I had to take more in order to survive...ie food, shampoo, gas, etc. I did work 3 jobs and become an ra to defer costs but it wasn't enough and my grades suffered. I couldn't stay home, my parents were abusive and my dad was an alcoholic at the time, I needed to escape. They told me just to stay home and be a secretary and marry. They had no issues taking the tax break though. I wanted to be a teacher and I got three classes shy of finishing my masters and the debt was mounting and there are no prospects in finding a teaching job. I did everything I was "suppose to" I tried so hard and now I'm just a stay at home mom/ part time tutor with a mountain of debt and a pile of broken dreams. The guilt eats away at me everyday.
Moral...don't be so quick to judge those with a mountain of debt in student loans. Do I know my fair share of people who took out thousands extra each year in order to spring break in Cancun...you betcha, but that's not my situation.
Thank you for sharing! There are definitely different situations. I never took loans out for anything other than tuition. I worked throughout my education and payed for my room and board with that....not loans.
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| Posted 9/13/12 5:07 PM |
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Re: Student loan debt
I went to a private school for my Master's in a field that is lower paying.
I am hoping too if I play my cards right, it will pay off down the road.
I am fortunate because right now the monthly payments are pretty affordable, and outside of our mortgage, is our only debt.
My regret though is that if I sucked it up and stayed at a low-paying job, I could've gotten my Master's completely paid though.
However I was "eager" to just get it done with and I did not see the bigger picture as a young 20-something.
I don't regret getting my Master's though. I am confident that I would not be where I am today without out it.
I have a ton of job flexibility and was basically able to create my current position into something that fits what I am best at.
ETA: When people specifically going into my profession these days ask me for advice about which school to go to, I remind them that they are still competing for the same jobs whether your degree is from Columbia or Stony Brook ;). I personally do not think it makes a lot of difference in my field where you got your Master's from like it does in certain other fields (i.e. law or business).
Message edited 9/13/2012 6:34:07 PM.
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| Posted 9/13/12 6:30 PM |
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Re: Student loan debt
Posted by sfp0701
Posted by stinger
Posted by marianne13
Absolutely not. I didn't have any student loans from college and I had $12k in loans from grad school which is not much. I would not encourage anyone who is looking at colleges to go somewhere where they will end up with a lot of student loans. It will STINK when you earn your bachelors and while your friends are buying new cars and moving into new apartments, you are paying off loans for 10+ years.
I would encourage anyone who doesn't receive a scholarship or financial aid to look into CUNY or SUNY schools. It's what you make of your education!
This is why CUNY and SUNY have become more competative! It's not always easy to get it I hear.
Not for nothing.. Suny is close to 20K a year. If you don't have the money to pay for your child to go to school and they have to pay loans.. then it could be close to 80K just for undergrad. Add a masters degree to that and you are up there quickly.
At 3-years-old, I am fortunate that my husband is already teaching my son all about construction and DS is EXCITED to do what daddy does. At least he will have something to fall back on.
Goodness knows, I fear I may still be paying towards my loans by the time he is ready to start college. I hope not, but you never know.
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| Posted 9/13/12 6:37 PM |
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Re: Student loan debt
Posted by 2boys4me
Posted by summertime
Posted by AScottWolf
For me this is such a hard question to answer.
First, at this point in the economy, there's really no guarantee with any degree that your going to get a job out of college never mind having a high salary once you complete.
There are also too many factors to take into account: what was the job market like in that field when they started school, did they have tuition assistance or financial aid, did they change majors or even schools at some point ..etc.
I guess it also depends on what's important to the individual too. For example, in the social work field No one is going to become rich... it's just not going to happen regardless of how hard they work. Does that mean they shouldn't have gone to school for it? No. But perhaps their school of choice was the best for that major but was also $$.
If I didn't have tuition assistance in undergrad and had to take loans out for grad school I'd be about 100k in debt in a field where starting is about $30k. Fortunately I'm not but it could have very easily happened.
No it doesnt mean they shouldnt have gone to school for a low paying profession, it just means they should have found a school that they can afford. Kind of like how in life you shouldnt live above your means, you know?
It's not always that easy. I went to a suny, my parents didn't pay one cent and I couldn't claim independent because you had to be 23 or married or have a baby in order to do so. Not only did I have no choice but to take out loans for school but I had to take more in order to survive...ie food, shampoo, gas, etc. I did work 3 jobs and become an ra to defer costs but it wasn't enough and my grades suffered. I couldn't stay home, my parents were abusive and my dad was an alcoholic at the time, I needed to escape. They told me just to stay home and be a secretary and marry. They had no issues taking the tax break though. I wanted to be a teacher and I got three classes shy of finishing my masters and the debt was mounting and there are no prospects in finding a teaching job. I did everything I was "suppose to" I tried so hard and now I'm just a stay at home mom/ part time tutor with a mountain of debt and a pile of broken dreams. The guilt eats away at me everyday.
Moral...don't be so quick to judge those with a mountain of debt in student loans. Do I know my fair share of people who took out thousands extra each year in order to spring break in Cancun...you betcha, but that's not my situation.
Sadly, I know other people who were/are in a similar situation.
Don't give up hope though.
Maybe down the road you can finish that degree and by that time, the teaching profession will have opened up again.
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| Posted 9/13/12 6:39 PM |
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Re: Student loan debt
I just paid off all my student loans..I went to SUNY because my parents refused to co sign any loans for college, even though I was accepted to top universities like Cornell, Brandeis and Univ of Rochester. None of them offered me full or half tuition scholarships, and none of them were Harvard or Yale type schools so the loans would have crippled me...i came out with $11K in loans from undergrad and then took on about 55K in loans for a private law school here in NYC (thanks to partial scholarships/grants and being able to live with my parents for my entire law school career). As a result, I was able to survive on my crappy attorney salary 10 years ago which was less than $55K....
I can't fathom people having 100K in loans...especially if they graduate from no-name schools or with degrees that are borderline marginally useful for securing a high paying post college job (liberal arts as opposed to Science/Math/Engineering/Medicine which yield high paying jobs).
This woman in Ohio has $188K in debt and is only 25 years old. The comments following the article are pretty accurate..she has no one to blame buy herself for making such poor financial decisions...IMHO, education does not pay unless the student can tailor it to a job that will generate enough revenue to pay back the debt...my parents rule of thumb was to borrow only what I expected my first salary out would be (ie if my loans were 100K after college, then my salary at that first job should be at least 100K).
http://news.cincinnati.com/article/20120910/EDIT02/309070142?fb_comment_id=fbc_178343128967820_488013_178471702288296
Message edited 9/13/2012 9:21:43 PM.
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| Posted 9/13/12 7:54 PM |
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peanutbutter2
Carpe diem!
Member since 11/10 5287 total posts
Name:
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Re: Student loan debt
Posted by EclecticEsq10810
I can't fathom people having 100K in loans...especially if they graduate from no-name schools or with degrees that are borderline useless (liberal arts as opposed to Science/Math/Engineering/Medicine which yield high paying jobs).
Rethinking it: My original comments were probably not worth the drama.
Anyway, a degree can be useful without raking in tons and tons of money..."Usefulness" isn't determined only by financial factors.
Message edited 9/13/2012 8:53:46 PM.
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| Posted 9/13/12 8:09 PM |
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lilqtny
-Crossfit & pitbull addict
Member since 7/06 2830 total posts
Name:
Tracy
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Re: Student loan debt
Posted by summertime
Would you get into significant studentloan debt ($100k+) for a degree unless you knew your earning potential was high??
When I hear about people who have insane student loans for a degree in a profession that doesnt have big earning potential I am so confused?
WOuld I????I did! LOL
and although I typed LOL I am really crying.
It wasn't my intention really. I started my education at Hofstra as a Bio Chemistry major with dreams of Medical School. I couldn't keep my GPA up as high as I wanted to because I had to work full time and be a full time student. I decided to change my major and after a few more changes ended up a teacher. I never realized at the time how high my loans would get.
It sucks!
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| Posted 9/13/12 8:42 PM |
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