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Collegiate Milestone
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I can relate. :grief:
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Having put two kids through college, I rather pay the schools than pay doctors any day.
mikephillips
Yoda
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Back in the early 80s I thought I had a lot when I got out and owed $5k. While up to a point I feel for these kids and families with 6 figure debt loads, at the same time you have to wonder why someone didn't question some of them about their course of study and eventual ability to repay. I saw a guy being interviewed on the news one night who had nearly $300k in private college debt and couldn't understand why he didn't find a well paying job. His degrees were in, women's studies.
Until and unless higher education financing is altered to make the cost more in line with the ability to repay students and parents must look at what their education will eventually allow them to earn.
Until and unless higher education financing is altered to make the cost more in line with the ability to repay students and parents must look at what their education will eventually allow them to earn.
OP
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It's all rather terrible (and I'm in higher ed.). The inflation rate for tuitiion has run from 5-8% for a good 20 years, and has only dropped to 3-4% (still above the CPI) for the last 10 or so. The debt is shocking, and many of us on the proverbial inside have wondered when it all might collapse on itself - meaning that the default rate on loans skyrockets and everything comes to a screaming halt. Still, there is abundant evidence that NOT getting that education is worse (though I'll agree that being saddled with an over-$100K debt is horrible). Don't know where it will end... but I'm phasing in to retirement and setting up 529 college savings accounts for grandkids.
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1. I'm admittedly dense, but is that kid saying he thinks he wasted $160,000 by going to university?
2. I'm also admittedly ancient. I worked my way through college, with part time jobs and some academic scholarships (1960s). I lived in a converted garage, paying $50 per month rent.
Colleges - and living costs - are way more expensive these days. But I swear I know very few young people actually working their way through college. They're borrowing huge amounts, getting their own apartments, furnishing with new stuff, and driving a nearly new car. My next door neighbor paid all his kid's tuition ($39K a year), paid his rent, bought him furniture, and got him an Alfa to drive. And of course, the "spring break" trips to the Caribbean are included. Now the kid is graduated, and parents again pay for the apartment, furniture, etc. When I asked my neighbor why his son doesn't help clearing the snow, his response: "He doesn't like to work outdoors."
What am I missing? Does the phrase "work for what you want" not exist any more?
(ok, back to my cave)
Tom
2. I'm also admittedly ancient. I worked my way through college, with part time jobs and some academic scholarships (1960s). I lived in a converted garage, paying $50 per month rent.
Colleges - and living costs - are way more expensive these days. But I swear I know very few young people actually working their way through college. They're borrowing huge amounts, getting their own apartments, furnishing with new stuff, and driving a nearly new car. My next door neighbor paid all his kid's tuition ($39K a year), paid his rent, bought him furniture, and got him an Alfa to drive. And of course, the "spring break" trips to the Caribbean are included. Now the kid is graduated, and parents again pay for the apartment, furniture, etc. When I asked my neighbor why his son doesn't help clearing the snow, his response: "He doesn't like to work outdoors."
What am I missing? Does the phrase "work for what you want" not exist any more?
(ok, back to my cave)
Tom
mailbox
Jedi Knight
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It might be intended as parody, but it isn't. I've got 3 in college right now. 1 goes to the local community college while the twins are at Ole Miss. The fees there are outrages, but much lower than many other colleges. They both have pretty good scholarships and are doing well, but I can see my son will have about a $30,000 loan. My daughter, who is majoring in pharmacies, will have closer to $100,000 debt when she graduates, but i think she'll be OK. The professors have already said almost all grads in this field get a job and the average pay is well north of $100,000 a year. God I hope there right!!!