Graduating with degrees in debt

Waterbury Republican-American ^ | June 17, 2007 | O'Shaughnessy

[Terabitten]

I understand completely, but luckily I stumbled accross Dave Ramsey’s “Total Money Makeover” and will have my final SL paid off in a few short months.

If you get the chance, take Dave's Financial Peace University. It'll be the best $91 you EVER spent. My wife and I did it and it's been life-changing.

[IamConservative]

We just got my first college student registered Saturday. Her tuition is going to be $10K / semester. She can take 10 credit hours or up to 20 credit hours for that price. The college suggested she take 15 hours. She signed up for 19 and intends to graduate in 3 years. I found it amazing it was flat rate.

[Malacoda]

Indeed. The Financial Aid officers encourage people to take out the absolute MAX that they can --- whether they need it or not. ("Oh, tuition is only $3,500 for the semester, but you can get six thou!!") Most families do -- without thinking ahead to the fact that they will have to pay it back eventually.

It's not just student loan debt, either. Most campuses invite the credit card leeches to set up tables -- "Get a free t-shirt when you apply!" -- and students get hooked on "free money."

One of the female freshmen in my class last year racked up five grand on a citibank credit card (with a 29% interest rate) because it was "free"money. Some of these kids are so financially inept it hurts to look at them, and some of their parents aren't much beter.

[DugwayDuke]

A fried asked me what could be done with a degree in sociology. I told the friend that would qualify them to study for a masters in sociology. The friend then asked what could she do with a master’s in sociology. I told her then she could study for a PhD in sociology. She asked what she could do with a PhD in sociology. I told her that she could then teach sociology in college. She changed majors.

[CompSciGuy]

As a fellow engineer, I commend your rigor in being able to do the math, and science. As for the artistic types, remember that the best way to get them off your back is to pay them for the pizza. :-)

Cheers,
CSG

[DugwayDuke]

“I understand completely, but luckily I stumbled accross Dave Ramsey’s “Total Money Makeover” and will have my final SL paid off in a few short months.”

Good for you. Ramsey works. My wife and I will be totally debt free in about three years. Mortgage too.

[CSM]

“If you are divorced parents, you have no choice about paying for your children’s college education.

You HAVE to pay for it.”

Does the same legal requirement exist for married parents?

[EEDUDE]

“Does the same legal requirement exist for married parents?”

No. It has been challenged in the state supreme court as violating equal protection laws, but the challenge failed.

[HIDEK6]

Black Lesbian Feminist Native American Environmental Multi-Cultural Educational Social Studies...

You forgot one.

[CSM]

“No. It has been challenged in the state supreme court as violating equal protection laws, but the challenge failed.”

That is amazing! I suppose that it could be an attempt by the State to be more punative of divorces.....I then have to wonder why it is so easy to go thru the process if they want to be so punative.

[RightWhale]

Schools still take 75% of my property tax. Fairbanksans have a tradition of complaint about gov’t, and when I mention this 75% they suddenly change the subject.

[RightWhale]

Many who obtain their PhD do not know that they have the key to the world. What they do with it is up to their initiative (which they have clearly demonstrated), but they sure don’t have to get a job. Exec Director of something would be an amusing passtime for a few decades.

[-YYZ-]

I’ve seen this, too, and it’s insane. Normal (well, maybe not so normal, anymore), married parents have no legal financial obligation to their children once they are over 18. If you want to fund your childrens’ university education, that’s your choice, and if not, that’s your choice, too. But somehow once parents get divorced, a right to have your post-secondary education funded by your parents is created. Sometimes I’m kinda glad I don’t have any kids, or an ex.

[Straight Vermonter]

My son will enter college this year but surpise, surprise they expect mom and dad to take out the loans now instead of the kids.

When did all this happen?

[Shion]

>>the average college student is graduating with more than $19,000 in debt<<

>P-40>The average college student will spend more than that on their first car.<<

Eh, cry me a river. My MBA is looking to cost 80 grand.

I still don’t understand why they have “financial hardship” awards for Executive MBAs though.

[AndyJackson]

When you were not paying attention. The cost of education has gone up at twice the rate of inflation. A fancy school in 1975 was about $5,000 per year tuition room board books and spending, which is about $21,000 today. But the current cost of all that is about $45,000 per year.