US student loans

Post in 'The Inglenook' started by Swedishchef, Apr 14, 2013.

  1. Swedishchef

    Swedishchef
    Expand Collapse
    Minister of Fire

    Joined:
    Jan 17, 2010
    Messages:
    3,209
    Likes Received:
    678
    Loc:
    Quebec, Canada
    Collapse Signature Expand Signature

    Helpful Sponsor Ads!





  2. Jack Straw

    Jack Straw
    Expand Collapse
    Minister of Fire

    Joined:
    Dec 22, 2008
    Messages:
    2,161
    Likes Received:
    1,327
    Loc:
    Schoharie County, N Y
    We are so excited, our daughter is graduating from a very good university with no debt, not too shabby!(free tuition)
     
    Collapse Signature Expand Signature
  3. Swedishchef

    Swedishchef
    Expand Collapse
    Minister of Fire

    Joined:
    Jan 17, 2010
    Messages:
    3,209
    Likes Received:
    678
    Loc:
    Quebec, Canada
    She must have had s.ome nice scholarships! That is also something that is different between Canada and the US. You guys have quite a few more scholarships..Canada doesn't even have real sports scholarships!
     
    Collapse Signature Expand Signature
  4. lukem

    lukem
    Expand Collapse
    Minister of Fire

    Joined:
    Jan 12, 2010
    Messages:
    3,687
    Likes Received:
    1,518
    Loc:
    Indiana
    I got accepted to the top engineering school in the country. I would have graduated with over $100K in debt. Ended up going to a state school...got 150% of my tuition covered with academic scholarships and graduated with money in the bank. Probably made close to the same money a couple years after graduating.

    I graduated 9 years ago and a lot of my friends are still paying on loans.
     
    Collapse Signature Expand Signature
    Swedishchef likes this.
  5. BrotherBart

    BrotherBart
    Expand Collapse
    Hearth.com LLC Mid-Atlantic Division
    Staff Member

    Joined:
    Nov 18, 2005
    Messages:
    32,385
    Likes Received:
    9,610
    Loc:
    Northern Virginia
    Yeah high priced big name schools aren't necessarily required. Tell your kid to do like me and do two years at a community college and finish off at a state four year school. They could end up working as an unpaid moderator on a wood burner's forum.
     
    Collapse Signature Expand Signature
    Stax, Beer Belly, blacktail and 4 others like this.
  6. Gary_602z

    Gary_602z
    Expand Collapse
    Minister of Fire

    Joined:
    Oct 30, 2009
    Messages:
    930
    Likes Received:
    288
    Loc:
    Lake Odessa,MI
    Poor Union? Or the Boss Man doesn't want to pay a living wage?;)

    Gary
     
  7. jharkin

    jharkin
    Expand Collapse
    Minister of Fire

    Joined:
    Oct 21, 2009
    Messages:
    3,687
    Likes Received:
    1,200
    Loc:
    Holliston, MA USA
    Unlike lukem, MIT rejected me ;)

    Ended up at RPI instead, tuition was about 12k, add books and board it was pushing 18, this was the mid 90s Its probably well over 20k now and the ivy league might be 50 :(

    Still have a couple years left on the loan, I paid it off on the long plan to use cash for other things like the house.
     
    Collapse Signature Expand Signature
  8. Jack Straw

    Jack Straw
    Expand Collapse
    Minister of Fire

    Joined:
    Dec 22, 2008
    Messages:
    2,161
    Likes Received:
    1,327
    Loc:
    Schoharie County, N Y
    My daughter's tuition, books, and board was 54k last year, again we are very grateful for the free tuition!
     
    Collapse Signature Expand Signature
  9. Swedishchef

    Swedishchef
    Expand Collapse
    Minister of Fire

    Joined:
    Jan 17, 2010
    Messages:
    3,209
    Likes Received:
    678
    Loc:
    Quebec, Canada
    I went to a decent University back in 1998. I only applied to one: the one in my hometown. I had good grades (all 90s) but wanted to save money. Tuition was $3750. Today it is $7000. In Canada, an average year of University will run you around $15000.

    I have friends who thought their student loans were like bursaries: the day the deposits were made, the bars were FULL and people were buying laptops, clothing, etc. Then 6 months later, poof, it is gone. One person I know in particular changed programs after 3 years (so did 7 years total) and is now paying $800 a month for a total of 10 years to pay back his degree that landed him a job in translation at $18/hr. You can spend $5000 easily in seconds but it takes months if not years to pay back....

    Andrew
     
    Collapse Signature Expand Signature
  10. Swedishchef

    Swedishchef
    Expand Collapse
    Minister of Fire

    Joined:
    Jan 17, 2010
    Messages:
    3,209
    Likes Received:
    678
    Loc:
    Quebec, Canada
    WOA! What school? $54K for ONE year? O m g.....scary. That is the price of some people's first houses!
     
    Collapse Signature Expand Signature
  11. Jack Straw

    Jack Straw
    Expand Collapse
    Minister of Fire

    Joined:
    Dec 22, 2008
    Messages:
    2,161
    Likes Received:
    1,327
    Loc:
    Schoharie County, N Y
    Colgate.
     
    Collapse Signature Expand Signature
  12. ChipTam

    ChipTam
    Expand Collapse
    Burning Hunk

    Joined:
    Dec 16, 2005
    Messages:
    223
    Likes Received:
    47
    Loc:
    SE Michigan and Trinity, Newfoundland
    My youngest niece graduated from Colgate about 10 years ago. The costs for the other two nieces (Dartmouth and Haverford) were about the same (over the top high). I tried to talk them into coming out to my stomping grounds ( University of Michigan) which is a great bargain for in-state students but, to be fair to them, is not a great bargain if you're out-of-state. In my day, students in the Detroit area could work the summer in one of the car factories or suppliers and make enough to pay tuition and keep body and soul together for the rest of the year. I know that says a lot about the fortunes of the domestic car companies as well as the steep increases in tuition at state universities. But, my point is that it used to be possible to leave school without a mountain of debt.

    Now, here's a great bargain, still. My good buddy's daughter is finishing up at Memorial University of Newfoundland. She's living at home but I think she's only paying $2,000 per semester in tuition most of which she's able to make in the summer waiting tables. When she gets her first full-time job she won't have to think about how she's going to have to pay back those gigantic college loans.
     
    Collapse Signature Expand Signature
    Swedishchef likes this.
  13. jharkin

    jharkin
    Expand Collapse
    Minister of Fire

    Joined:
    Oct 21, 2009
    Messages:
    3,687
    Likes Received:
    1,200
    Loc:
    Holliston, MA USA
    That's odd. My loans where disbursed directly to the bursars office, in ever personally held a dollar of it.
     
    Collapse Signature Expand Signature
  14. firefighterjake

    firefighterjake
    Expand Collapse
    Minister of Fire

    Joined:
    Jul 22, 2008
    Messages:
    17,097
    Likes Received:
    3,556
    Loc:
    Unity/Bangor, Maine
    Small private liberal arts college in New Hampshire . . . loans, many grants and maxxed out the work study hours. It helped that while I thought my family was middle class -- it turns out we were lower, middle class so I qualified for many grants and student loans. As I said though . . . I also worked the maximum number of work study hours that I could get . . . which meant coming back early on some vacations, working weekends and evenings.

    I am happy to say though I paid off the loans years and years ago . . . and never had to take or borrow a dollar from my parents for my education.
     
    Collapse Signature Expand Signature
  15. velvetfoot

    velvetfoot
    Expand Collapse
    Minister of Fire

    Joined:
    Dec 5, 2005
    Messages:
    8,851
    Likes Received:
    628
    Loc:
    Sand Lake, NY
    I think if you graduate from an Ivy League school, you're pretty much set for life. Just my opinion.
     
    Collapse Signature Expand Signature
  16. Swedishchef

    Swedishchef
    Expand Collapse
    Minister of Fire

    Joined:
    Jan 17, 2010
    Messages:
    3,209
    Likes Received:
    678
    Loc:
    Quebec, Canada
    Loans here are deposited into your bank account in 2-3 instalments during the year.....
     
    Collapse Signature Expand Signature
  17. Swedishchef

    Swedishchef
    Expand Collapse
    Minister of Fire

    Joined:
    Jan 17, 2010
    Messages:
    3,209
    Likes Received:
    678
    Loc:
    Quebec, Canada
    Personally I find they are overrated.....but it is just my opinion......especially those who get in because of their family being alumni and not because do academics.
     
    Collapse Signature Expand Signature
  18. Hearth Mistress

    Hearth Mistress
    Expand Collapse
    Minister of Fire

    Joined:
    Jan 24, 2012
    Messages:
    852
    Likes Received:
    616
    Loc:
    Pt Pleasant, PA (SE PA)
    A wise CEO once told me college was over-rated when we were discussing regrets (i never finished, my mom was hit by a drunk driver and I quit college my sophmore year to take care of her)

    He believed that in corporate america and other technical fields as well, "real world" experience is worth way more than a college degree. A college degree only proves you can sit in a lecture and pass a test.

    I had to stop and think about it as many of my peers have degrees in everything BUT what they do for a living, truth to it I guess.

    He then told me he was the CEO of a fortune 500 company and dropped out of college, he never finished either.

    Just food for thought.....
     
    Collapse Signature Expand Signature
    Stax and will711 like this.
  19. arngnick

    arngnick
    Expand Collapse
    Member

    Joined:
    Feb 15, 2013
    Messages:
    245
    Likes Received:
    28
    Loc:
    Mansfield, PA
    You are right it is possible to do well without it but...It is hard to do. Even in today’s military even enlisted are expected to have a college degree to attain the higher ranks. I have never regretted finishing my degree and even said I would never attempt a masters but here I am about to finish that to. I will say that the financial help from the military helped tremendously through my journey. I could not imagine graduating with such high debt.
     
    Collapse Signature Expand Signature
  20. Swedishchef

    Swedishchef
    Expand Collapse
    Minister of Fire

    Joined:
    Jan 17, 2010
    Messages:
    3,209
    Likes Received:
    678
    Loc:
    Quebec, Canada
    I can totally appreciate and agree with your perspective. However as Arngnick stated, it isn't easy these days. It is not necessarily the content of the degree that is important as much as it is the "what you had to do in order to get the degree". Time management, team work, prioritizing, etc (depending on your field of work).

    I paid my own way eventhough my father could have paid for me. His decision. My mother had passed away when I was 9 and I didn't see any insurance money, not even for post-secondary education. EIther way, big loans early in life stink!

    Andrew
     
    Collapse Signature Expand Signature
  21. firefighterjake

    firefighterjake
    Expand Collapse
    Minister of Fire

    Joined:
    Jul 22, 2008
    Messages:
    17,097
    Likes Received:
    3,556
    Loc:
    Unity/Bangor, Maine
    My own personal experience . . . at least around here and with family and friends . . . a college degree is often what gets your foot in the door or gets you noticed . . . which is why it seems as though I know many folks who are not working the field of study . . . after all . . . I should be a journalist and not a firefighter -- but what landed me this job in no small part was when the folks who hired me realized that a guy with a degree in journalism might be an asset when it comes to the whole public relations deal.

    That said . . . a college degree is by no means the only way to be well off financially. A drive to succeed, a risk-taking attitude, etc. have helped many a person succeed financially in life . . . and the flip side of the coin is that there are many folks who are unemployed with college degrees. In the end . . . a large part of one's financial success comes down to the individual and not the paper.

    As for Brand X or what have you . . . except in some certain cases and jobs . . . I suspect it is the degree that matters more than where it came from . . . unless it is from some unaccredited school in East Timbuktu that no one has heard of and the person is hoping to build jet engines, do surgery, etc.
     
    Collapse Signature Expand Signature
  22. Adios Pantalones

    Adios Pantalones
    Expand Collapse
    Minister of Fire

    Joined:
    May 20, 2008
    Messages:
    6,585
    Likes Received:
    1,421
    Loc:
    S.NH- Mass's smoking section
    Heard an interview with this guy that wrote a book about graduating debt free that made a lot of sense: http://www.amazon.com/The-Debt-Free-Graduate-Survive-College/dp/1564144720

    The availability of loans drives UP the demand for college, so what do ya think that does to tuition? It's somewhat ironic that access to loans is what will bury a lot of new grads that choose expensive schools.
     
    Collapse Signature Expand Signature
  23. BrotherBart

    BrotherBart
    Expand Collapse
    Hearth.com LLC Mid-Atlantic Division
    Staff Member

    Joined:
    Nov 18, 2005
    Messages:
    32,385
    Likes Received:
    9,610
    Loc:
    Northern Virginia
    When I worked for a grocery chain in Texas I was at one of our stores one day. A young man working part time asked me if graduating from the local fairly unknown state college would hurt his chances of getting a job with the company after he graduated with an accounting degree. I told him he needed to ask the CEO, the Finance Director and the Accounting Manager who had all graduated from the same school.
     
    Collapse Signature Expand Signature
  24. mepellet

    mepellet
    Expand Collapse
    Minister of Fire

    Joined:
    Aug 10, 2011
    Messages:
    2,141
    Likes Received:
    276
    Loc:
    Central ME
    Graduated 8 years ago, monthly payment is the same as the mortgage payment and still have 10 years left. Living the life.... Puke.
     
    Collapse Signature Expand Signature
    Swedishchef and Hearth Mistress like this.
  25. begreen

    begreen
    Expand Collapse
    Mooderator
    Staff Member

    Joined:
    Nov 18, 2005
    Messages:
    60,487
    Likes Received:
    7,633
    Loc:
    South Puget Sound, WA
    Student loan debt is the current bubble, and it's larger than the real estate bubble was at peak. Actually it's larger than the Australian economy. No problem, right?
     
    Collapse Signature Expand Signature
    Swedishchef likes this.

Share This Page