Pea-n-Me
DIS Veteran
- Joined
- Jul 18, 2004
True. However these are becoming increasingly difficult to get. Several years ago many of my coworkers got theirs forgiven. The younger set coming up has not been so lucky in loan forgiveness.I thought there were loan forgiveness programs for people who teach in certain locations?
Yep, this.But so much in that article is suspect. Saying that tuition at a "halfway decent" university costs upwards of $50,000 per year? Add room, board and fees to that, and you have a total college bill of $60,000-$80,000 per year. I know costs vary by state, but that's what the very best private universities here charge. All in, our state universities run $24.000-$27,000 per year. Neighboring states will give us their in state tuition rate with a respectable ACT or SAT score and those run $25,000-$30,000 all in. And that is going to a 4 year university. There is always the cheaper option of a 2 year community college, followed by a university.
Right now, DD's classmates are getting their acceptance letters and scholarship offers. I'm astounded by the number considering private universities which cost $60,000-65,000 total per year, all because they are dazzled by a $60,000 scholarship offer. So what? You'll still owe close to $200,000 for the remainder. Go to a state university which costs $100,000 for all four years and if you get just a $15,000 scholarship, you will only owe $85,000. The math is pretty simple. Unless the more expensive university is going to net you an ENORMOUSLY larger paycheck, it makes more sense to go to the more affordable university.
Something else I've seen is students taking out loans for living expenses....and I'm not talking room and board. Going out to eat with friends gets financed, entertainment, etc. IMHO, loans should be for the bare basics, because who wants to pay off a Saturday night outing five years from now?
The bottom line is, do the math. What will your payments be? Can you afford to pay them off in a timely fashion with the salary you will get? Do you have the discipline to go without luxuries to pay off your loan sooner? Would a community college be a better option for someone with your finances? Is that pricey school really worth it?
Yep, this.
When my DD was looking at schools the one she had her heart set on came out to something like $58,000 a year not counting the mandatory room and board. She managed to come up with $27,000 in grants and scholarships but even with our help it just wasn’t near enough. She was going to go to this school come hell or high water. It was THE BEST. She wouldn’t get that kind of education anywhere else! She would take out loans! She HAD to go! At the time my DH’s boss had just finished paying off his student loans at the age of 54 and he makes excellent money. I pointed this out to DD. With her chosen field she’d never make that kind of money. Then I sat her down, did the math and showed her that she’d be graduating with the equivalent of a mortgage in loans and there would really be no way I could help her. I wasn’t going into debt when I could easily pay for the schools right here that have an arguably better education in her field. I left it up to her and in the end she chose to stay here and she is debt free. She has friends drowning in debt already, two of which went to that fancy school and are doing absolutely zero with their degree.
Community colleges people. They are a great place to start to get the basics out of the way for cheap.
The one in my county is partnered with many of our public and private state universities. It’s just an awesome place to get a degree for far cheaper than going on campus. Can’t beat it.Our local CC has an exceptional relationship with the best engineering school in the state. The program is a tremendous bargain!
This is so sad! I'm a teacher too, so I totally understand what you are saying.The summer job I had at a local waterpark helped me pay off my loans in about 2 years. I actually kept that job, as I went into management upon graduation. I would teach during the day and starting in February I would work weekends and a few hours a night hiring and training guards. When I quit that job I was actually making more money at the waterpark than I made teaching. I was just so tired of the sun I couldn't do it anymore!
When I began teaching so many years ago, my school was not eligible for the loan forgiveness program. Now, however, we are (29 years later I'm still at the same school). There are so many great teachers out there and it's so sad that many leave the profession not because of the what education has become, but because they can't afford to teach.
But so much in that article is suspect.
Where are the parents in all this? Kids can only get so much loan money on their own. To get any more than the limits below, parents have to sign the loans too.
DH and I had the serious money/debt, private vs public, money making major choices conversations with both our kids during their high school years. They knew exactly what we could afford to put toward their college educations, and they looked for schools and programs that fit those parameters. When they were little, DH and I decided to set up our state's 529 pre paid college tuition plan for each child. We skrimped and saved to fund those accounts over the last 15 years (made bigger payments with our tax refund money, as well as monthly payments). Some of our friends thought we were limiting our kids to our state schools by doing this. We didn't agree - our state schools are very good, and they are way more affordable than private or out of state universities. There were some obvious financial trade offs to accomplish this - I still drive a 2002 car. DH's is slightly newer (2010). But it was worth it to us to keep our kids out of crippling student loan debt. In anticipation of college room & board costs, I trained for and got a much better paying job a few years ago. We use that extra money to pay the college costs the 529 does not cover.
- $5,500 for freshmen
- $6,500 for sophomores
- $7,500 per year for juniors, seniors, and any additional undergraduate years of study
I thought there were loan forgiveness programs for people who teach in certain locations?
True. However these are becoming increasingly difficult to get. Several years ago many of my coworkers got theirs forgiven. The younger set coming up has not been so lucky in loan forgiveness.