How expensive are student loans in the US?

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Londo_Jowo

Lifer
Jan 31, 2010
17,303
158
106
londojowo.hypermart.net
The best way I've found to get around the high cost is by utilizing the community/junior college route for getting an associates degree and then a state college for the bachelor's degree. This is what I'm currently doing for my daughter and starting next year for my son. This will ensure they have their college degree with no debt which should help them to be able get on their feet faster.
 

zinfamous

No Lifer
Jul 12, 2006
110,512
29,098
146
The best way I've found to get around the high cost is by utilizing the community/junior college route for getting an associates degree and then a state college for the bachelor's degree. This is what I'm currently doing for my daughter and starting next year for my son. This will ensure they have their college degree with no debt which should help them to be able get on their feet faster.

:thumbsup:

I think it's the smart strategy these days. You'd think that most people would wise up and realize that even without the JuCo route, there remains (as has always been) tremendous value with state colleges.
 

OverVolt

Lifer
Aug 31, 2002
14,278
89
91
$100 per $10,000 owed for 10 years is a general rule.

University would have cost me $40,000 for the 4 years but I went to Community college and did it in 2.

So I would've owed $400/month instead of $200. It was actually a cheap school. Completely on loans with no parent help, $50,000 or so would be pretty normal.

With professional school its about $25,000 per year or so and your undergraduate loans pile on. So $50k + $100k = $150k in student loans is pretty typical for a lawyer, pharmacist, Phd, etc. That equates to about $1,500 per month over 10 years.

I'm sure you can refinance that which will save your ass, but you also end up paying quite a lot in interest if you finance over 20 years. It's almost like buying a house. So you had better make that $100k a year just to live like a normal person making $40-$50k. You'll be paying something like $1,500/month over 10 years or $750/month for 20 if you ever want to actually pay it off. Many people fail to actually make payments sufficient to pay off the loans. I know someone who went from $150k to $170k while still paying $1,000/month. Which if course, you'd need to pay $1,500 a month to actually start paying it off.
 

Jeff7

Lifer
Jan 4, 2001
41,599
19
81
The best way I've found to get around the high cost is by utilizing the community/junior college route for getting an associates degree and then a state college for the bachelor's degree. This is what I'm currently doing for my daughter and starting next year for my son. This will ensure they have their college degree with no debt which should help them to be able get on their feet faster.
At the very least, it's a good way of getting most or all of your gen-ed credit requirements taken care of at a reduced cost.
 

ElFenix

Elite Member
Super Moderator
Mar 20, 2000
102,414
8,356
126
Could you explain that a bit. Like how did states used to support colleges and where did they get the money. Would that mean higher state taxes?

And how could the feds do it directly? With "feds", do you mean congress?
The paragraph I quoted shows how much the state of Texas used to contribute to the per student education cost at the university of Texas. That per student contribution has fallen a lot in real terms.

Whether improving that means new taxes, re-assessment of priorities, or some novel funding mechanism, I don't know.

Feds means federal government, so, yes, the US Congress.