Question for current and recent college students concerning student loan debt

[LS21]

Originally posted by: leftyman


My wife and I are taking care of all of the "extra costs" but the actual debt for the school loans will be carried by her.

So, I was curious if this seems to be a typical amount?

my parents did this

gave me assorted spending money... but all the tuition loans i took on.

left public school with about 34k or thereabouts.. owe 28k now... parents are the loanholders 🙂

 

[Farang]

Originally posted by: joshsquall

Originally posted by: txrandom

Originally posted by: leftyman
My daughter is going to school this fall and after factoring out grants and a couple of small scholarships she is going to be taking loans out for about $9000 a year and I would imagine that will only go up later.
She is enrolled in childhood education.

My wife and I are taking care of all of the "extra costs" but the actual debt for the school loans will be carried by her.

So, I was curious if this seems to be a typical amount?

We are capable of doing more financially, I just feel we are doing enough and the cost of school should be her responsibility.


and my wife doesnt exactly agree with me...😕

I feel like it's a parental obligation to provide an education for their children. My parents did it for me, and I'll do it for mine.

Of course, this is assuming I have the money, my children don't become fuckups, and they don't go to a very expensive school.

If you are capable of paying for all of her school, why wouldn't you?

I'm not a parent, but I tend to believe the people who pay for it themselves appreciate it a little more and don't do stupid crap (ex. party every night of the week, skips tests, don't turn in assignments, etc.). That was definitely what I saw in college.

I agree, I was one of those kids. I think if I have kids I'll try to do a college fund for them, and if I'm able pay for it on the condition they do calculus, and at least four upper level mathematics electives or two upper level engineering or science electives (considering those ones need other prereqs) as well as all of the gen ed requirements of an engineering major (physics, etc.). If they really have a passion for poli sci great, but I don't want them doing it because they are lazy.

 

[tatteredpotato]

I'll graduate from undergrad with about 15k (my parrents picked up maybe 9k total), and that's all Stafford Loans, so I won't have interest until I graduate. I've been thinking about grad school (EE or CS), however I'd like to get some sort of a GA so I don't get too much more debt. I plan on paying it off in only a year or two (live frugal and put most of my salary towards paying down debt). My parents were more inclined to help me out since my brother got a full ride, and my sister most likely will too, however I really would rather take as much debt myself as possible, as my parents work hard for their money and I would like them to be able to use it towards something they want/need.

For perspective my school is about 12,000 a year (6k tuition, 6k room and board), so I got about half paid for in grants/scholarships.

 

[MrDudeMan]

My parents paid for some of my college, but I took out loans and paid them off before I graduated with money I made during internships. IMO most people who put their own blood and sweat into their education will get more out of it. I didn't screw around in college. I had fun, but I took it seriously because every missed opportunity to learn was money out of my pocket.

 

[MikeyLSU]

I had about $20,000 but the interest rate is so low, it is not worth ever paying off early.

I have a 30 year repayment at something like 2% so I think I end up paying an extra 2,000 or so over 30 years, not too bad.

 

[leftyman]

Originally posted by: Lothar
What made her decide to major in "childhood education"?
I've never even heard of this major before. What exactly do they usually end up doing with the degree?
Besides teaching of course...

and my wife doesnt exactly agree with me...😕

Originally posted by: Lothar
Normally, I'd tend to agree with your wife.
However I know nothing about this major she picked, or it's future prospects.

we live in New York, with this degree she will be certified to teach any grade level in elementary school..grades 1 thru 6.

she is also getting a dual degree with an inclusion in social studies which certifies her to teach this subject to children with learning disabilities like dyslexia and Attention Deficit Disorder.

average elementary school teaching salary in my area of NY seems to be around 50,000-60,000 + benefits although I have no clue what the starting salaries are.

 

[2Xtreme21]

😀 Coincidence... just figured it all out last night.

I owe $59,985 as of today on 6 different loans. My payments will end up being around $575/month for 10 years, and then down to $150 for 5 additional years.

I HONESTLY have no idea how people that will come out of school without a job could seriously afford it. Luckily I landed a job making $46,500 out of college, but with apartment costs, loans, etc., I only have about $600 in disposable income each month BEFORE savings.

 

[txrandom]

Originally posted by: joshsquall

Originally posted by: txrandom

Originally posted by: leftyman
My daughter is going to school this fall and after factoring out grants and a couple of small scholarships she is going to be taking loans out for about $9000 a year and I would imagine that will only go up later.
She is enrolled in childhood education.

My wife and I are taking care of all of the "extra costs" but the actual debt for the school loans will be carried by her.

So, I was curious if this seems to be a typical amount?

We are capable of doing more financially, I just feel we are doing enough and the cost of school should be her responsibility.


and my wife doesnt exactly agree with me...😕

I feel like it's a parental obligation to provide an education for their children. My parents did it for me, and I'll do it for mine.

Of course, this is assuming I have the money, my children don't become fuckups, and they don't go to a very expensive school.

If you are capable of paying for all of her school, why wouldn't you?

I'm not a parent, but I tend to believe the people who pay for it themselves appreciate it a little more and don't do stupid crap (ex. party every night of the week, skips tests, don't turn in assignments, etc.). That was definitely what I saw in college.

It's still necessary for parents to instill good values in their kids. They pay for my college, yet I don't do stupid crap or party every night of the week.

 

[Casawi]

The amount isn't a lot, but for her major it might be. I am not sure if I would want to end up with ~$38K of student loans and a childhood education degree. I don't mean to diminish her career choice, but I always looked at paying for education as an investment ... especially if you are borrowing the money.
I am in 22K of student loans debt after my undergrad, but I ended up with a dual degree in engineering. I have a job now and I pay $350 a months for these loans, I don't really feel the impact each month.

 

[Casawi]

Originally posted by: Glitchny
i think the most recent total was 108k

and seeing that number written down is so depressing

damn man. What are you in school for?

 

[Aimster]

Originally posted by: 2Xtreme21
😀 Coincidence... just figured it all out last night.

I owe $59,985 as of today on 6 different loans. My payments will end up being around $575/month for 10 years, and then down to $150 for 5 additional years.

I HONESTLY have no idea how people that will come out of school without a job could seriously afford it. Luckily I landed a job making $46,500 out of college, but with apartment costs, loans, etc., I only have about $600 in disposable income each month BEFORE savings.

Hi twin.
Same situation as me. I am going for 4 years interest only. I have like $7,000 of interest I owe right now. I am hoping in 4 years I'll be making a lot more than I am now

 

[whylaff]

It sounds like you have already decided, but I figured I?d throw my two cents in anyway. Given her degree choice and areas of interest, I?d offer to help pay for graduate school instead of her undergrad to encourage her to continue on once she finishes there.

 

[SearchMaster]

I'm very thankful I went to college in the 80s before it got so expensive. My tuition at FSU was just a few hundred bucks a semester and the dorms were just a few hundred bucks a month. We were very middle class - too much income for grants but not enough to afford to send 3 kids through college. I had a modest scholarship but I contributed $2K/year through summer jobs and that nearly covered my degree.

Florida had just about the cheapest rates in the country at the time. There were a ton of students from the Northeast because tuition was so much lower in FL, even with out-of-state rates considered.