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Question for current and recent college students concerning student loan debt

leftyman

leftyman

Diamond Member
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 school for a teaching degree 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...😕
 
Childhood education is such a overpopulated degree choice (so many people in it...)

Anyways, back on topic. I am around $9k but get scholarships and tuition reimbursement from work. I have 66 credit hours done.
 
I worked my way through school and have 0 debt. My wife however has about 15,000 in debt, she didn't make as much as me where she worked at.
 
$70k. I borrowed a ton without any real concern for how I would pay it back. And I still got 6 classes left.
 
I think that's fine for now though if she goes into that field for work she's never going to be exactly rolling in the bucks. It might be appropriate to help lay off some of the debt (if you're in a position to do so) after she's done with school and employed in her field.
 
I take out $12k a year with OSAP. Around $3k of that is a grant. I have to cover the rest of the cost for the year, my parents don't pay a dime.
 
she should be grateful you are paying for everything, a lot of us didn't get squat from our parents...myself included.
 
Originally posted by: ViviTheMage
she should be grateful you are paying for everything, a lot of us didn't get squat from our parents...myself included.
Click to expand...

Im not paying for everything...just covering all the non-tuition expenses
 
Originally posted by: K1052
I think that's fine for now though if she goes into that field for work she's never going to be exactly rolling in the bucks. It might be appropriate to help lay off some of the debt (if you're in a position to do so) after she's done with school and employed in her field.
Click to expand...

9k is not too much for one year....

but yeah, if you can alleviate some debt after that 9k (like keep it at 9K every year), that would be good.
 
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...😕
Click to expand...

Borrowed about 10k in undergrad (graduated in 3 years), maybe 25k for grad (private schools are retarded. Just don't do it).
 
I did 17k total over the course of 5 years from 2000-2005. This was for a public school and I worked full time the entire way through.
 
Typical shmipical. Who cares what's typical? (Just review typical behavior regarding mortgages in our recent past...)

Some questions that matter are:
1) Will she be able to pay off her loans without too much trouble, or will it be a crippling amount of debt?
2) Is the degree worth the money? Will it give her earning power commensurate with the debt?
3) Are there other acceptable schooling alternatives that make more financial sense/are cheaper?
4) If the answer to #1-3 make it clear that she'll be in trouble after graduating, will you pay more so she can go to the school she wants and get the degree she wants, and then live afterwards without a giant weight of debt?
 
Rule of thumb is that total loans on graduation should not exceed what your annual income is.

If you are making $40k out of school, your loans shouldn't be more than $40k.

*Exceptions apply. See dealer for details. Not valid in all states. This post is known to cause cancer in the state of California.
 
Originally posted by: vi edit
Rule of thumb is that total loans on graduation should not exceed what your annual income is.

If you are making $40k out of school, your loans shouldn't be more than $40k.

*Lots of exceptions apply. See dealer for useless details. Not valid in most if not all states. This post is known to cause nut cancer in the state of California and Alaska.
Click to expand...

fixed
 
$9000/year seems like a lot to me especially if the loans are not subsidized. Hopefully she can alleviate it with working during summers. I plan to have about $20k when I graduate. School costs $50k/year, and parents pay $20k/year. My school then guarantees to meet 100% of my financial need. They do this with $25k/year in grants and $5k/year in loans, which are government subsidized.
 
20K for 5 years undergrad for myself
20K for 4 years undergrad for the wife
30-40K for my MBA when I'm done (not all of that's for school....)
 
10k/year for three years
15k for one year when my parents were strapped. (Sisters in expensive schools)

I started making payments almost as soon as I graduated and barring anything unexpected happening I should be able to continue no problem.

I got my BS in Mechanical Engineering, and this field pays a little better than childhood education. Of course, I'm nullifying that by leaving my real job to be a grad student for the next 4-6 years starting in the fall, but my stipend is big enough I should be able to keep making payments without my bank account suffering for it.
 
I came out with 6k to the govt (stafford) and 16k to my parents. Paid them all back at a rate of 1k a month until I was done and now I'm free. My wife is just about to finish up her PhD (English) and thankfully has no debt so far since she has been a TA the entire 6 years of grad school so tuition has been paid for.

As a note I paid ~3000 a year for school + books at U of Washington. Total expense including housing, food, tuition, and books was less than 10k for most years but that was in-state tuition. The years where 2000 - 2004 if that matters.
 
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