How much debt after college?

[zimmie6576]

I'm entering my last year of college this summer, and I was doing some figuring to find out how much in debt I will be when I graduate, due to student loans. I found I'll be somewhere in the ballpark of $70,000 to $80,000. Looking at that, I'm damn glad I'm not an art major. I was just wondering how high other people's debt was when the graduated, just to see if I'm anywhere around average.

Just to note, my college is private, and I'm in a five year program, though I only pay for the equivalent of 4 and a half years (we have co-ops, and on a few co-ops I have/am taking 8 credits for the quarter, which is half time).

Any feedback would be appreciated, mostly for peace of mind.

Edit: I guess that is a good thing that jobs in my field average $52,000/year starting (from my college). My dad supports himself, my mom, and my brother and sister for less than that a year. Being single will probably leave money for loan payment.

 

[randomlinh]

well, for me, i go to UMD, and i'm looking at around ~40k in student loans in the end most likely (4.5-5yrs.. i still haven't decided what i'm going to major in). That's just tuition and room.. food, books, etc don't get covered by the loans

 

[LostHiWay]

$0

16 credit hours and 45hours a week of work was not fun at all...but reading this thread about being in debt $70,000 after college makes me feel alot better.

 

[zimmie6576]

I forgot to add that what isn't covered in financial aid is covered with an outside student loan I apply for. That includes rent, food, utilities, books, and other stuff. Of course that adds to the loan total.

 

[zimmie6576]

Originally posted by: LostHiWay
$0

16 credit hours and 45hours a week of work was not fun at all...but reading this thread about being in debt $70,000 after college makes me feel alot better.

Was that quarters or semesters? Even if I was working that much (though taking 16 credits a week while working would be impossible, since my classes range from 8 in the morning to 8 at night), I wouldn't be able to pay for school. I'm on a full time (40 hr/week) co-op job now, and I would be lucky if I could cover half of my school costs.

 

[iamwiz82]

I am in the same type of school as you. 4 1/2 years, co-op, expensive.

So far i am ending my sophomore year and have $24, 000. Including my junior year. I dont plan on having to get anymore, though.

 

[StageLeft]

What is your major, zimmie?

--

Personally I came out of university in debt about $1000 Canadian (credit card). Over the following year I went up to about $25k CAN as I did some post-grad IT course.

 

[kgraeme]

$13,000 and I was an art major.

 

[LostHiWay]

semesters...I had my classes from 7:30AM to about 2PM (back to back) all week. Then worked 3-9 and weekends.

It sucked

 

[zimmie6576]

Originally posted by: kgraeme
$13,000 and I was an art major.

I didn't mean any offense, if you took any. I meant that the art majors at my school generally do nothing after they graduate, and don't make much money. I felt that it would be impossible to pay back my debt if I wasn't getting a decent income.

 

[vi edit]

I had about $13k. CS major at 4 year private school. Yearly tab was a hair under $18k a year. Parents contributed about $3,000 a year. The rest I made up for in scholarships and busting my ass working full time.

My fiance will graduate from Pharmacy school in 3 years with about $80k racked up in debt

 

[kgraeme]

Ha! No offense taken. I just hope that your expensive private education is worth it.

 

[BigJohnKC]

Uh...nothing. I was an only child with rich parents.

 

[zimmie6576]

Originally posted by: kgraeme
Ha! No offense taken. I just hope that your expensive private education is worth it.

Yeah, me too. Tuition here is up to almost $20,000 per year. Some people I know don't get any aid whatsoever, so from first year on, it has had to come from loans. I feel bad for them, worse than I feel for me.

Originally posted by: BigJohnKC
Uh...nothing. I was an only child with rich parents.

Damn, you are really lucky. Most of the people I know with wealthy parents are in the case where their parents make too much to get aid, but not enough to afford school.

 

[zimmie6576]

Originally posted by: Skoorb
What is your major, zimmie?

--

Personally I came out of university in debt about $1000 Canadian (credit card). Over the following year I went up to about $25k CAN as I did some post-grad IT course.

Computer Engineering @ R.I.T.

 

[Mister T]

22,000 and my parents insist on paying it. They paid for 100% of my college and the only reason the debt exists is because they got low interest rates from the department of education. Even though the debt is in my name, they won't let me pay it.

My parents are definitaly kick @ss.

 

[wyvrn]

I had about 14K after 4 years, all my school now is paid for by me every semester. My wife had over 50k after 7 years. That one hurt! I'm glad she is paid well though.

 

[Ameesh]

16k after i got out of school

 

[EagleKeeper]

$1200 (1975)

 

[bleeb]

$1.00 * ~20K

 

[jaybert]

ahaha..i love what RIT tells their students they'll make coming out with a degree...$52k if you can find a job!!!

BTW, i'm not hating on RIT, I do go here ....well, actually I am I suppose

 

[macka]

well i got to a $34,000 a year school... my dad is a truck driver and my mom works part time.. but... they are real smart with their money.. so i'll end up graduating with 50,000 to my name! and no debt.. not to mention that i dont recieve any financial aid or loans..
~macka

 

[zimmie6576]

Originally posted by: jaybert
ahaha..i love what RIT tells their students they'll make coming out with a degree...$52k if you can find a job!!!

BTW, i'm not hating on RIT, I do go here ....well, actually I am I suppose

That is the average from RIT for my major (low was $43,000, hi was $90,000). And I know for a fact that full time jobs for me are not too hard to come by and keep. No offense to any here, but I'm not in IT.

 

[erub]

I won't have any debt I'm going to Texas A&M on a full ride academic scholarship (National Merit Finalist) - and my parents are willing to shell out a few extra grand for me to have a nice place to live (although I could live on campus for free). My sister attended a private school (Pomona College), and doesn't have any debt, because my uncle helped to pay for it.

 

[b0mbrman]

Took a loan for $9k one year and will probably have it paid back by the time I graduate...on scholarship now