[cyclotic]

One of my kids recently completed his Bachelors Degree. He had some good scholarships and we loaned him some. He took out a small amount of student debt, about $15,000.

As an Aerospace Engineer, his college job and his current job pay very well, so the debt won’t be onerous. He should have it all paid off within a few more months.

But when he talked to the finance office at school, it was all about how much you qualify for, nothing was said about should you take it.

I heard a guy on Dave Ramsey’s show the other day. He had about $150K in debt for some weird sounding degree that had few jobs and those only paid $35K a year max.

Ramsey was clearly biting his tongue wondering why someone would take out such deep debt for no chance at ever repaying it.

The guy was painting houses because there was nothing close to his field.

Last year I was talking to another friend, an engineer about his kids and college. He was totally ignorant and said his kids could borrow all they wanted because the payoff was interest free. I explained that there are two types, both at 5-6%. One accrues interest the day you cash the check, the other accrues a couple months after you graduate. He had no idea.

The whole thing is a scam. I firmly believe that unless you have a specific path in a hard science field, college is a net loss. One of my kids went into a trade. The others are working full time and slowly finishing their degrees at online schools, which are quite affordable, but you don’t get the vaunted “college experience.” That’s another topic.

[Leaning Right]

> Ramsey was clearly biting his tongue wondering why someone would take out such deep debt for no chance at ever repaying it. <

At least some of that is the fault of the college.

When I first started college (many, many moons ago), I picked a social science major. And the department gave me a brochure telling me all the great things I could do with that degree. I’d be on easy street!

But after about a year in, I talked to a few recent graduates. None of them had a decent job. Not even one. So I switched to a science major, and things worked out.

Bottom line: The social science department deliberately deceived me. Yeah, I should have done my own due diligence. So I’ll take some of the blame for that lost year. But not all of it.

[Baynative]

"One of my kids recently completed his Bachelors Degree. He had some good scholarships and we loaned him some. He took out a small amount of student debt, about $15,000."

That's another point, I forgot to look up. It seems that there are scholarships available under thousands of categories and some funds are untapped.

[11th_VA]

I remember 20 years ago, going to 'Back to School Night' at my daughter's High School. At one of the stops, we met the Guidance Counselor. She told us how my daughter would qualify for many above average colleges. (I'd been thru the FAFSA process with three other kids, none that qualified for grants) and told the counselor she was likely going to the local community college like all my other kids.

The counselor looked at me like I was a child abuser, and told me how there was plenty of LOAN money available. We seemed to have left that night on unpleasant terms.

Twenty years later, all my kids make 6 digit incomes, two live in homes nicer than mine, and two own their own business.

But most importantly, all of them attend church on Sundays - no thanks to the public school system.

[Drew68]

but you don’t get the vaunted “college experience.” That’s another topic.

I don't know if the "college experience" is today what is used to be.

The partying and debauchery has been replaced with safe spaces and trigger alerts.

[dhs12345]

The misconception is that the student has to live on campus. Not true. Our son has lived at home the whole time. That is a $15,000 plus savings right there. You have to ask and insist.

He is working on his EE with a software minor and just turned Senior. He has about another year and a half, give or take. Still, it has been very expensive ~ $8,000 per semester.