Poll: College w/ Lots of Student Loans or No College?

[Nutdotnet]

If you had to chose one or the other (there is no other option in this hypothetical situation) which would you chose?

Let's say you have the option of going to your local state univerisity for a typical four year degree (business, communications, or something along those lines) and you can pay for it ONLY by taking out between $40,000 to $50,000 in student loans

OR

You do not go to college. You only keep your high school diploma.

???????

My own actions are making me think more and more about this as my graduation date (college graduation) looms closer and closer.

 

[aswedc]

Depends a lot on the major and school. Some are worthless, but others will pay for themselves within 2-3 years...I'd say the flagship state university and a knowledge based major would definately be worth it.

 

[StageLeft]

It depends ENTIRELY on your work ethic and what you're getting the degree in. If you're going to come out with a C and a major in english, screw those loans, because paying them off making $23k/year will be hard. If you're getting a degree worth having like business, or any of the science ones (yes I realize that nobody can get a job in biology - almost nobody - but it's still a worthwhile degree in terms of what it says about you and how it trains you, etc.) and you plan on getting good grades, then I'd go with that debt. Not having a degree shuts a LOT of doors these days. Personally if I see somebody my age without a degree I think that they were _probably_ either lazy, or trying to cut corners, and I've no doubt that a great many employers will have the same opinion.

 

[Jackhammerz]

Hell I am in still in school. Right now I owe about 30k. By the time I get done about 35k-40k. Don't let anything stop you from your dreams. That's what I am doin. i don't care how much debt I am in as long as I get my degree I am happy.

 

[acemcmac]

I'm in school, no loan and making money on top of that with fulltime student and fulltime work... beat that :beer:

oh, and I have ALL of the toys i could ever want :beer:

 

[DaveSimmons]

^ like Skoorb says, it depends on why you're going and how much work you're going to put into your degree.

You can learn and grow quite a bit in college and get much more than a piece of paper out of it if you make the effort, but it really is entirely up to you.

 

[Nutdotnet]

Well, I didn't want to make this quite personal for fear of some of the less kind people on here who will probably give me a hard time in my decision making.

The reason I asked this question is becuase I am in this situation right now. I currently am $36,000 in debt with student loans. I am in my fourth year of college but am needing to take another year before I graduate (stupid transfer credits!!!). When I graduate I will be about $45,000 in debt (I am not going to let it go over that).

The college I attend is the local state college. Nothing fancy, and it is quite cheap. It's my living expenses that kick my ass. I have a little over $1,000 in bills a month. Yes, I work part-time but the job comes and goes and when I am working I'm not making much. I stick around because in the summer that job pays me very well.

Some of it was me being quite young and foolish with my money, other parts was extreme hardships in my personal life and in the family. I am the only one if my family who will have a bachelor's degree and while my grades are not great, I do have a 3.1 GPA.

My major is business, and I have a number of ties with corporations up here (my uncle is the CEO of the largest Native Corporation in the state). So I hope to have a job. But the way it looks right now, when I begin repayment, I will be paying a little less than $600 a month for the next 10 years. Although that could be lower or higher.

I wanted to make my family proud of me, I have other obligations that I want to take care of and thought by getting a college degree I could make something of myself and my family proud. Now, I'm not so sure. If I'm barely scraping by then what good is having a college degree when I could be barely scraping by making less money but also having less bills.

Aight, I'm done....haha...

 

[Nutdotnet]

Originally posted by: acemcmac
I'm in school, no loan and making money on top of that with fulltime student and fulltime work... beat that :beer:

oh, and I have ALL of the toys i could ever want :beer:

BLOW ME! :beer: (haha, seriously, good for you!)

 

[glugglug]

Even if you didn't need to take out any loans, college classes aren't worth the money you could have made getting on-the-job experience w/o a degree. The only exceptions are if you plan on going into a field where the degree is an absolute requirement, such as medicine.

That said, the college experience is fun, definately recommend the dorms, but um.... you can do this without taking classes/paying tuition....

 

[Vic]

I've never posted this before... but I didn't go to college. Hurt a bit when I was younger, but I clawed my way up with on-the-job experience and don't miss it at all now.

 

[StageLeft]

Originally posted by: Vic
I've never posted this before... but I didn't go to college. Hurt a bit when I was younger, but I clawed my way up with on-the-job experience and don't miss it at all now.

Does to proove that you don't NEED a degree. It just does make it easier, in most cases. If college is given free by parents or scholarship it's virtually a no-brainer. It's just when you consider loans and degree that it becomes more of a decision.

 

[randomlinh]

you know, i'm about to find out the answer to this quite soon :/ i'll have 50k looming....

 

[cchen]

It's quite obvious that going to college with loans is much better than no college. You say you're a business major.... ever hear of leverage? Debt? 0 debt = 0 leverage? Some debt gives you a lot of leverage and a huge ROI; in this case it is education which will pay for itself down the road.

 

[Corporate Thug]

think of it as an investment in your future, high school diplomas mean NOTHING these days, in fact the need for post-graduate degrees are on the rise

 

[Nutdotnet]

Well, I guess I must say "thanks" for some of the things you guys have said even if it wasn't directed at me.

I learned that my lender has a graduated payment system so I may look into that.

 

[Nutdotnet]

Originally posted by: lnguyen
you know, i'm about to find out the answer to this quite soon :/ i'll have 50k looming....

If you don't mind me asking, what is your major?

 

[Soybomb]

Why not go to the state school, work, and do it with 20k or less worth of loans?

 

[Corporate Thug]

two year of CC and 2 years of a public 4 years should leave with with no more than say, 10k in loans

 

[Acanthus]

my loans were denied, no school for me yey!

 

[DaWhim]

you will be an idiot for not going to college.

 

[Corporate Thug]

Originally posted by: Acanthus
my loans were denied, no school for me yey!

did u go through the school financial aid services or you went out for the loan independently?

 

[virtuamike]

Originally posted by: shady06
two year of CC and 2 years of a public 4 years should leave with with no more than say, 10k in loans

Only if those costs don't include living expenses. I had $7k in scholarships my 1st 2 years and I still had to take out over $5k in loans just to cover rent food etc. After those 1st 2 years and no more scholarships, it was all loans. Parents couldn't help much. After that I got a fulltime job with the school, dropped my tuition down to $1400 a year, and paid off a big chunk of the damn loans. Finally down to $8k in loans at $28 a month (heh, they letting it go over 10 years). Still haven't graduated but considering the breaks I get + job security + lack of jobs in the market, I'm not in a rush to get out.

I say stay in school if at all possible. Loans aren't that bad because they're low interest so consider them good loans. Education is the best investment you can make.

 

[glugglug]

Originally posted by: shady06
think of it as an investment in your future, high school diplomas mean NOTHING these days, in fact the need for post-graduate degrees are on the rise

The flaw in this logic is that a college diploma doesn't mean anything either. Hell even Bush has one!

If an employer is looking at 2 candidates, one with 18 months experience, one with a degree, they'll take the one with the experience every time.

 

[Siddhartha]

Originally posted by: Nutdotnet
If you had to chose one or the other (there is no other option in this hypothetical situation) which would you chose?

Let's say you have the option of going to your local state univerisity for a typical four year degree (business, communications, or something along those lines) and you can pay for it ONLY by taking out between $40,000 to $50,000 in student loans

OR

You do not go to college. You only keep your high school diploma.

???????

My own actions are making me think more and more about this as my graduation date (college graduation) looms closer and closer.

You are asking if college is worth $50,000. It really comes down to what you want to do. To me, yes it is worth it because what I want to do in my life requires a college degree.

 

[AntMan530]

Originally posted by: virtuamike

Originally posted by: shady06
two year of CC and 2 years of a public 4 years should leave with with no more than say, 10k in loans

Only if those costs don't include living expenses. I had $7k in scholarships my 1st 2 years and I still had to take out over $5k in loans just to cover rent food etc. After those 1st 2 years and no more scholarships, it was all loans. Parents couldn't help much. After that I got a fulltime job with the school, dropped my tuition down to $1400 a year, and paid off a big chunk of the damn loans. Finally down to $8k in loans at $28 a month (heh, they letting it go over 10 years). Still haven't graduated but considering the breaks I get + job security + lack of jobs in the market, I'm not in a rush to get out.

I say stay in school if at all possible. Loans aren't that bad because they're low interest so consider them good loans. Education is the best investment you can make.

Hey Vmike,

whats your major? and what school do you go too? seems like a track i want to get on.