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Author Topic: Let's Talk Student Loans...  (Read 3164 times) Average Rating: 0
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Matthew777
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« on: November 09, 2006, 03:25:10 AM »

For two years of college, is $10,000 an excessive or reasonable amount to owe for student loans? And what is a normal amount to owe after graduating with a bachelor's degree?
I've been blessed enough to not owe anything for my first two years, paying out of pocket whatever grants didn't cover, but I was attending a community college at the time. In January, I start at a university, and grants will only cover about half of tuition and housing.

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« Reply #1 on: November 09, 2006, 03:29:13 AM »

For two years of college, is $10,000 an excessive or reasonable amount to owe for student loans? And what is a normal amount to owe after graduating with a bachelor's degree?
I've been blessed enough to not owe anything for my first two years, paying out of pocket whatever grants didn't cover, but I was attending a community college at the time. In January, I start at a university, and grants will only cover about half of tuition and housing.

Peace.

I had 10K worth after two years of Cal St., but that was more for living since I had tuition and books paid by dad.  My sister owed something like 50K after finishing grad school.
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« Reply #2 on: November 09, 2006, 03:33:04 AM »

When it comes to books and food, I expect to pay it out of pocket. I'm working a job now, and expect to have at least a thousand dollars saved up before I move in January. Is a thousand dollars enough to feed a person and purchase college text books for six months?

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« Reply #3 on: November 09, 2006, 07:19:12 AM »

When it comes to books and food, I expect to pay it out of pocket. I'm working a job now, and expect to have at least a thousand dollars saved up before I move in January. Is a thousand dollars enough to feed a person and purchase college text books for six months?

Peace.

Depends on the books, and your attitude towards purchasing them... I had Psychology textbooks that were in the $70's and $80's used, so if one decided to buy them for all 4 classes they were forking over $300 (plus the occasional supplemental maybe $350 or $400).  If I got them new, then it would be $500 easy, maybe more.

In addition, it depends on your taste in food and/or preparation style: if you're cooking for yourself, then your costs will be lower; ordering in or eating out is more expensive.  If you eat 3 meals each and every day, then that is more than, say, having the occasional 2 meal day.  Living on a strict budget like that is a good exercise in discipline and self-control... unless you want to be a starving student and broke for a month or two.
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« Reply #4 on: November 09, 2006, 07:23:18 AM »

student food...ah yes, I remember....<<shudder>>
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« Reply #5 on: November 09, 2006, 11:22:03 AM »

Hey, a steady diet of Ramen isn't so bad... after 5 months...

Is it so horrible if one's skin turns a slight shade of yellow? (jk)
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« Reply #6 on: November 09, 2006, 12:04:46 PM »

I finished my freshman year with 10k worth of student loans.  It's a little bit less this year, but because I took out student travel loans it'll probably be the same.

I recall hearing some information about if you end school with less that 40k, you will still be in good shape, as insane as that sounds.  Provided you start working a "real" job afterwards, of course.  My school is also big on loans not being a bad thing due to low interest rates, and the ability to spread the payment plan out for well, 50 years if you wanted to (although you shouldn't do that).  Of course, my school's tuition is 33k a year (residenital, full-time student), so of course they would say that.  But I've learned not to be afraid of loans because even though I get -a lot- of money in aide (and only pay about 1300 a semester out of pocket, not including books), without the loans I would not be here.
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« Reply #7 on: November 09, 2006, 01:00:33 PM »

Is it worth it?  I guess it depends on how good of an education you think you're getting.  I'm personally finishing my degree and ran up about $38k in loans the first three years.  IT would be more, but I'm currently employed in a faculty position in the university which should elemenate the rest of the spending not covered by scholarships.  However, I'm attending a very good university and getting an excellent university.  Therefore, I do consider it worth it.  Perhaps, it is because I'm an educator and training for the job, but it's difficult to put a price on education. 

If all else, I always remind me of this.  I'll be done with some loans in seven years and the rest ten years after I get out of university.  If I wanted to, I could cut the monthly payment in half by consolidating.  Still, after tax rebates and family help, I'll only be paying about $300 a month.  Yes, that is a lot, however, many people pay that much on a car payment each year.  Cars die, get ruined and so forth.  An education doesn't.  In fact you could say it collects compound interest Wink.  Furthermore, as I remind myself, since I am an educator, I can take this expensive Jesuit univesity education and transfer it to other students.  That, imho, is the beauty of education.  So, dont worry.  Although, loans may seem a lot now, it's a good investment. 

Now personally, I'd say 1000 dollars isn't enough.  But then again, I like to eat well and enjoy the books.
Food, including if you go out, can be $100-150 a month.  The kicker will be books.  Remember amazon and to sell back your books.  Finally, may I also suggest rice? Wink  IT's cheap, easy to make, can be used in a variety of dishes, and you can still use it for lent.
Gumbo or Jumbalaya anyone?  Cheesy
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« Reply #8 on: November 09, 2006, 04:31:49 PM »

My debt for my undergraduate education is something like $60,000. So, what you'll totaled isn't all that bad. I'm just grateful that my loans don't go into repayment while I'm still following a full-time degree course (which I'd like to do forever), and graduate education in Finland is free, so I'm spared crippling repayments while I'm still too concerned with my studies to work.
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« Reply #9 on: November 09, 2006, 05:36:55 PM »

In addition, it depends on your taste in food and/or preparation style: if you're cooking for yourself, then your costs will be lower; ordering in or eating out is more expensive. 

When it comes to food, I intend on being as frugal as possible. Can one ever really get tired of Tap Ramen and tuna sandwiches?

The maximum for a subsidized Stafford Loan is 5,500 per school year, if I am not mistaken. I'm only going to borrow for tuition and housing, because I don't want to have to co-sign for an additional loan with my parents. If I ever go through a hard time financially, I don't want to have to involve my parents. I'd rather starve through college than do that to them.

Peace.
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« Reply #10 on: November 09, 2006, 06:06:45 PM »

Quote
The maximum for a subsidized Stafford Loan is 5,500 per school year, if I am not mistaken. I'm only going to borrow for tuition and housing, because I don't want to have to co-sign for an additional loan with my parents. If I ever go through a hard time financially, I don't want to have to involve my parents. I'd rather starve through college than do that to them.

I guess that I just find that to be a curious statement.  Although, my family expects me to be self-sufficent, they also realize that I'm not totally finanically independent and have agreed to co-sign loans with the knowledge that I'll take most of them.  Is there any particular reason in not wanting to involve your parents?
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« Reply #11 on: November 09, 2006, 06:13:50 PM »

Is there any particular reason in not wanting to involve your parents?

My parents have enough debt as it is, and I don't want to burden them. Furthermore, if I had earned better grades in high school, I probably wouldn't need to take out a loan in the first place. The most I could ask for is one hundred dollars a month to cover basic living expenses, and I'm not even certain they could do that.

Peace.
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« Reply #12 on: November 09, 2006, 06:33:43 PM »

For two years of college, is $10,000 an excessive or reasonable amount to owe for student loans? And what is a normal amount to owe after graduating with a bachelor's degree?

Something to take into consideration is the field you'll be working in with your degree.  $10,000 at graduation isn't all that excessive, regardless of field.  If you're talking about taking out more, though, keep in mind what career you're pursuing.  $100k for a law student is okay; $100k for a teacher is something else altogether.

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« Reply #13 on: November 09, 2006, 06:35:52 PM »

I plan on being a journalist, and new writers aren't paid very well, so I'm trying to keep my debt as low as possible.

Peace.
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« Reply #14 on: November 10, 2006, 05:15:22 PM »

For text books it is possible to find them sometimes much cheaper via several on-line sites. I'll have to look up a couple, but I can tell you that I got my Sociology text for this semester, technically "used" but the DVD and code to let me access a site with lots of information had never been opened for 29.95 plus postage from a place in Arizona.  New at the college book store it was 70+ and even used there was around 60.   I used www.bookfinder.com

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« Reply #15 on: November 10, 2006, 05:21:56 PM »


That site is fine; www.half.com got me through seminary when the instructor was organized enough to indicate what books he was requiring a few weeks in advance...
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« Reply #16 on: November 11, 2006, 02:20:52 AM »

Amazon has been a big help for me in finding used text-books.

Peace.
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« Reply #17 on: November 11, 2006, 01:27:19 PM »

Bookfinder links many many book shops and for most of my purchases using that search site, I can mail a check so I don't have to use a credit card.  This also cuts service charges for the shops, I'm given to understand.

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« Reply #18 on: November 11, 2006, 08:36:51 PM »

I kept using Amazon and that was great, but then a friend informed me about all advantages of Bookfinder!
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« Reply #19 on: November 11, 2006, 09:25:45 PM »

I'll have to check Bookfinder out.
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« Reply #20 on: December 16, 2006, 12:42:08 AM »

I have a choice between cashing a $180 check in excess financial aid, or reducing my student loan by $180. What would be the more prudent decision?

Peace.
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« Reply #21 on: December 16, 2006, 12:54:48 AM »

I have a choice between cashing a $180 check in excess financial aid, or reducing my student loan by $180. What would be the more prudent decision?

Peace.

$180 a month, or $180 total?  If it's the first, that's a no brainer.  If it's the latter, pocket the money and enjoy it.
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« Reply #22 on: December 16, 2006, 12:59:36 AM »

$180 total is what I'd receive back for Winter Quarter. I guess if I pocketed it, I could use it for a school-related expense, like cell phone coverage.
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« Reply #23 on: October 25, 2010, 10:32:23 PM »


For Student Loan all i know that the normal amount for a loan is the exact amount of the total of your Tuition Fee and other fees that concerns to your College. But I know that you can additional amount for other things you need which means you can maximize your Loan. But before you do that you should know that Student Loans are being tab to your Credit Credibility and it follows through after you finish college.
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« Reply #24 on: February 04, 2013, 02:37:02 AM »

Impact of college debt may extend beyond students

Meghan and Mike McDevitt were thrilled six months ago when they found an apartment they could afford while paying more than $2,000 a month in college debt.

The Oakmont couple, married for three years, need every break they can get to make ends meet and pay their student loans. They want to have children, but he acknowledges it would be difficult to start a family now.

They're not alone. Experts suspect scenarios such as the McDevitts' contributed to record low birth rates and a stagnant economy, and could have long-term implications for everything from health care to Social Security and workforce development...
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« Reply #25 on: February 05, 2013, 07:26:18 PM »

What a difference 6 years makes.  While text books can sometimes still be gotten for a lot less money if they're, for many of the books I've needed for classes in recent years I've rented them from Chegg.com 
I highly recommend that company as they have a wide array of books in multiple sites, return postage is free by just printing out a mailing label and they plant trees in various places when you rent books.

I've always gotten good service from them
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« Reply #26 on: February 05, 2013, 09:13:57 PM »

Impact of college debt may extend beyond students

Meghan and Mike McDevitt were thrilled six months ago when they found an apartment they could afford while paying more than $2,000 a month in college debt.

The Oakmont couple, married for three years, need every break they can get to make ends meet and pay their student loans. They want to have children, but he acknowledges it would be difficult to start a family now.

They're not alone. Experts suspect scenarios such as the McDevitts' contributed to record low birth rates and a stagnant economy, and could have long-term implications for everything from health care to Social Security and workforce development...

Related article you might enjoy:

http://online.wsj.com/article/SB10001424127887323375204578270053387770718.html

" College. Higher education dampens fertility in all sorts of ways. It delays marriage, incurs debt, increases the opportunity costs of childbearing and significantly increases the expense of raising a child. If you doubt that the economics of the university system are broken, consider this: Since 1960, the real cost of goods in nearly every other sector of American life has dropped. Meanwhile, the real cost of college has increased by more than 1,000%.

If college were another industry, everyone would be campaigning for reform. Instead, politicians are trying to push every kid in America into the current exorbitantly expensive system. How could we get college costs under control? For one, we could begin to eliminate college's role as a credentialing machine by allowing employers to give their own tests to prospective workers. Alternately, we could encourage the university system to be more responsive to market forces by creating a no-frills, federal degree-granting body that awards certificates to students who pass exams in a given subject."
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« Reply #27 on: March 15, 2013, 04:57:22 AM »

If college were another industry, everyone would be campaigning for reform. Instead, politicians are trying to push every kid in America into the current exorbitantly expensive system. How could we get college costs under control? For one, we could begin to eliminate college's role as a credentialing machine by allowing employers to give their own tests to prospective workers. Alternately, we could encourage the university system to be more responsive to market forces by creating a no-frills, federal degree-granting body that awards certificates to students who pass exams in a given subject."

Emphasis mine. And add that there is a societal pressure to get white collar jobs, because hey being an electrician isn't all that glamorous.

Sure push the kids into the education farm system, but have no pasture after to produce anything. Not only are you having the problem of recent grads finding employment (let alone being underpaid), but you are seeing a pattern of those waiting much later to have families. Their career has to come first, which now takes much longer than in the past, then the family can play the game of catch up. Some don't even want a family because of the amount of debt they are in because of student loans.

However reducing the costs of tuition/loans does not fix the problem you have of there not enough jobs for college grads. And the crap jobs they do take, cannot even afford retirement and health insurance (let alone the premiums and deductibles).

I have not seen any good reason why student loans shouldn't be discharged in bankruptcy court.
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« Reply #28 on: March 15, 2013, 07:38:49 AM »

If college were another industry, everyone would be campaigning for reform. Instead, politicians are trying to push every kid in America into the current exorbitantly expensive system. How could we get college costs under control? For one, we could begin to eliminate college's role as a credentialing machine by allowing employers to give their own tests to prospective workers. Alternately, we could encourage the university system to be more responsive to market forces by creating a no-frills, federal degree-granting body that awards certificates to students who pass exams in a given subject."

Emphasis mine. And add that there is a societal pressure to get white collar jobs, because hey being an electrician isn't all that glamorous.

Sure push the kids into the education farm system, but have no pasture after to produce anything. Not only are you having the problem of recent grads finding employment (let alone being underpaid), but you are seeing a pattern of those waiting much later to have families. Their career has to come first, which now takes much longer than in the past, then the family can play the game of catch up. Some don't even want a family because of the amount of debt they are in because of student loans.

However reducing the costs of tuition/loans does not fix the problem you have of there not enough jobs for college grads. And the crap jobs they do take, cannot even afford retirement and health insurance (let alone the premiums and deductibles).

I have not seen any good reason why student loans shouldn't be discharged in bankruptcy court.
[
/quote]

I agree with much of what you say. It goes along with the recent STEM emphasis in public education. Not every kid is going to be a scientist or engineer. Some are going to be writers, artists, musicians etc....

As for discharging student loans, I suspect that by being Federally guaranteed the bankruptcy code's intent would analogize them to taxes which are not dischargeable either. However I am not sure that makes sense. While a  Federally guaranteed mortgage is secured by the real property, when a foreclosure sale fails to pay off the lender in full, I think the remaining balance can be discharged in Chapter 7 or repaid in part under a Chapter 11 plan unlike tax obligations which don't go away. Write your congress member and Senators for clarification.
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