<p>thumper1
Just the undergrad costs and his living expenses while in grad school?</p>
<p>thumper1
</p>
<p>thumper 1
It’s great that it wasn’t all about money for your son, but I suspect the OP’s situation might be considerably different.</p>
<p>A true story</p>
<p>One of my son’s classmates was not a good student in school, and wasn’t even sure he could get into college, has decided he wants to go into law enforcement. He/his single mom are taking out loans to pay private school tuition & room and board. His divorced mom has a part time job, is owed lots of child support and is barely making it each month but encouraged her son to take out the loans…She’s got two more kids - one is HS senior this year.</p>
<p>She keeps saying, she doesn’t know how she is going to do it. </p>
<p>I shudder when I think of it.</p>
<p>aglages…I fully agree…This was OUR family decision. And we made it with a ton of fine information (some of it from this forum). </p>
<p>What I am saying is that this decision is individual to EACH family and should be made with due diligence. Taking out loans will not be possible or desirable for some. It will be fine for others.</p>
<p>I’m sorry to belabor this point, but I was feeling like this thread was morphing into a “always go for the cheapest option” thread…and I do not agree with that. I also was getting the sense that some posters were saying “it’s ok to go into debt IF you are entering a field where you will make a lot of money”. AND I don’t agree with that either.</p>
<p>Yes…prudent decisions…but not absolutes for every student or family.</p>
<p>Have a way to pay your bills. Have a plan. Discuss the plan carefully and make sure you feel comfortable with how it will work for YOUR family. </p>
<p>But try not to dash dreams in deference to money. Sorry…I know that will have to happen with some students but I just don’t like to feel like I’m encouraging kids to only major in fields where the money is big.</p>
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<p>This is her family decision. Honestly, if she doesn’t KNOW how she is going to do it, how is she even going to qualify for a loan.</p>
<p>I prefer not to take out any loans over 5k a year, in total about 20k after undergraduate. I also would like to pay off all my undergraduate debt within at least 5 years. If I have the right job ( I plan to attend graduate school) after graduate school I probably could pay both undergrad and grad within 1-5 years.</p>
<p>thumper1
Very easy advice to give if you went to school when costs were substantially less and now have the ability to send your children to 50k+ per year colleges without them incurring any undergrad debt. The unfortunate reality is that MANY college students will need to make a decision between following their dreams into poverty or majoring in fields where they can afford their debt. How about graduating with a “manageable” amount of debt in a field with good earning potential and THEN pursuing your art degree or whatever your dream career might be?</p>
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Pursuing a dream means living with all of its consequences, good and bad. Accepting the cold, hard facts about big loans is a necessary step.</p>
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<p>I would agree that for some, this would be a good way to go. I know this is the reality for some…but it does seem sad on some level…and perhaps a bit wasteful money wise…to spend any amount on a degree in a field you plan to abandon.</p>
<p>Was there some part of the original post in this thread that you thought wasn’t sad? Not everyone has the same advantages that your children have and to me that is sad. Sad or not the real world sometimes requires you to do things that you might not choose if money wasn’t an issue. The fact that in the US we can realize our dreams eventually helps me feel less sad about the inequities. </p>
<p>Back to the thread subject: My advice: Keep your debt manageable even if you have to give up your dream school or major. Get a degree in something you think you might like (or at least can stand working at) that will provide a good income and job prospects. THEN, after you graduate and are making reasonable money, pursue as many of your dreams as you want. You’ll always have a decent money making career to fall back on if you need it.</p>
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<p>I do feel that the Stafford loan limit for four years is reasonable debt. Anything above and beyond that would have to be an agreed upon and comfortable number for the FAMILY.</p>
<p>Every student and family should have a discussion about college finances before the college search begins. Students should understand their family’s stand regarding how college will be financed. This will vary from family to family. BUT whatever the parents say needs to be heard as their financial input is essential in these days of high college costs. If your parents say they will help you with college costs (be it paying, loans, whatever), then that information needs to be carefully weighed as you look for schools. If your family cannot help you out financially for whatever reason, the student needs to figure out an affordable way to attend college.</p>
<p>^^^</p>
<p>Yes, it can be a family decision. And, when the family decides that they will help with college costs and/or help with student loan repayment, then great!</p>
<p>But, there are students whose families blindly co-sign large loans with the “promise” that the child alone will pay them back. To me, that may be a “family decision” but it isn’t always a wise decision. </p>
<p>There are kids on this board that are concerned about big loans, BUT their parents are insisting that these large loans are “normal” - even tho the parents won’t be contributing one dime for repayment. So, there are family decisions that are wise (like Thumpers) and family decisions that are just crazy.</p>
<p>*How about graduating with a “manageable” amount of debt in a field with good earning potential and THEN pursuing your art degree or whatever your dream career might be? *</p>
<p>LOL… I had to laugh when I read that…when my best friend’s son said that he wanted to major in art, she told him, “that’s a hobby.” LOL She told him, “You can double major; you can major in art and in something that will give you a job.” :)</p>
<p>How much will I graduate with?</p>
<p>Depends where I get in. ED to Carnegie Mellon’s SCS – Probably about 60k if I’m (considerably) lucky.
If I don’t get in, then I’ll go to RPI or somewhere similar that already has offered me some scholarships and I’ll likely graduate around 20k in debt.</p>
<p>Not too unmanageable, I think.</p>
<p>I question what is the average debt cc have graduating from undergraduate, I probably would estimate 70k, but thats just from observing these forums.</p>
<p>I know many families who discourage their kids from pursuing fine arts degrees. And I disagree with that decision.</p>
<p>If you can’t afford a private education with a fine arts degree, then you can’t afford it. But don’t give up the dream education AND the dream degree. Surely the students in that situation can make a reasonable choice between a) more debt, practical major; b) less debt, impractical major.</p>
<p>I question what is the average debt cc have graduating from undergraduate, I probably would estimate 70k, but thats just from observing these forums.</p>
<p>Gosh, I hope not. The monthly payments on a $70k debt would be around $800 per month. According to the guidelines, a person would have to earn about $100k a year to comfortably pay that back, and very few earn 6 figures soon after getting their undergrad degrees.</p>
<p>*I know many families who discourage their kids from pursuing fine arts degrees. And I disagree with that decision.</p>
<p>If you can’t afford a private education with a fine arts degree, then you can’t afford it. But don’t give up the dream education AND the dream degree. Surely the students in that situation can make a reasonable choice between a) more debt, practical major; b) less debt, impractical major. *</p>
<p>In the story that I related above, the son is pursuing a double major in art and architecture. It actually works well for him. So, sometimes with a little imagination, you can make work your hobby into a paying career.</p>
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Great minds think a like. I believe it would be fantastic if everybody could afford to pursue whatever career they wished (initially), but the economic realities for MANY are that they have to compromise.</p>
<p>At the risk of irritating some, I’d like to remind any students reading this and wondering how they can afford a $180,000 four year college debt that the federal government does have a program where they will GIVE you up to 180K if you are willing to work (and get paid) for them for four years. It is called ROTC. For some professions the risk may be low and a better alternative than 10-20 years of crippling debt. Obviously not a solution for everyone…</p>
<p>The military has a new education benefit called the Post 9/11 GI Bill for enlisted members. This is unrelated to ROTC and it pays full tuition at the most expensive instate school along with money for books and a housing stipend. The stipend is calculated on the zip code of the college. For example, a Kansas college would pay around 1K a month while going to school in LA would be around 2K. However, you need to serve on active duty for 3 years to qualify for 100% benefits.</p>