<p>If your college debt is over $80k, does it really affect your life that much? From reading these boards, and especially mom2collegekids' posts, it seems to me that everyone says to avoid debt like the plague. Is it really that bad though? Does anyone have any success stories after debt? Thanks.</p>
<p>Well I don’t think it’s overrated…</p>
<p>Debt is no joke. Why do you think America it’s such a big deal that we’re in a trillion dollar debt?</p>
<p>If you’re fresh out of college, making around 40-50k and you’re loans are over 80k, you’re going to struggle. </p>
<p>My high school teacher is getting her PHD at NYU and still paying off her undergrad loans.</p>
<p>Yes it is really that bad. I now cannot afford to take the jobs I went to college to get. OOPS!</p>
<p>The type of debt you are talking about can cause a young college grad to put off many of the next steps in life such as purchasing cars, buying your first apartment or house, even getting engaged or married. There are very few degrees that would make $80,000 in debt possible to pay off without needing to live back at home with mom and dad when you graduate. Think long and hard and look at the calculations for what your proposed debt will cost you when you graduate. Than look at the current price of apartment rentals, car payments, car insurance, food bills, utilities, and you get the picture. Your social life after college will be greatly effected by that type of debt to the point that you might feel like you are back in highschool needing your parents to help you out…except they might not be so willing to help a college grad especially if they advised you against such debt. However, if taking on $20,000 or $25,000 in debt is the only way you can attend colloge than that is another story. You should be thinking about how to reduce any debt by working on your summer vacations and breaks. Do not take any more debt than necessary because that hamburger you eat today will cost you interest tomorrow. Use loans for school tuition and work hard to pay your other expenses.</p>
<p>What if your in state college costs $27k/year with room and board? What are you expected to do?</p>
<p>Have you discussed this with your parents to see what they might be willing to pay for? Have your parents done a calculation for their EFC (expected family contribution) which can be found on line? Have your parents do this first before you panic. You may be eligeble for financial aid. Do you have any idea what your parents annual earnings are?</p>
<p>Also if you provide some info about yourself such as GPA, SAT, and subject test scores if applicable that may help. Are you a highschool jr or senior?</p>
<p>
</p>
<p>I am sure that are public universities that cost less than 27k. If not, then go to a community college.</p>
<p>yeah, I didn’t go to any of the “big league” schools out of state because it would cost me 50,000 tuition alone a year not including housing/food,etc. </p>
<p>Because of this I stayed in state, I don’t want graduate with an atrocious amount of debt</p>
<p>Yes…it is THAT bad. Debt is the number one reason why I chose an in-state state university over an out-of-state private university. In addition, the economy and the student loans I <em>might</em> accumulate in my state university has greatly affected what majors I have decided to purse.</p>
<p>$80,000 is basically a mortgage, but without the house. </p>
<p>Your monthly payment will be huge. My wife had something around $25,000 in student loans and we pay about $210 per month.</p>
<p>Unless you plan to get a nice paying job straight out of college, your student loan payments can eat you alive! My dad just finally finished his bach. degree in his late 40s and he still has a hard time paying back his own student loans. Sadly, he has a fairly decent job! </p>
<p>And yes, 80K is a lot! Where I live, that can buy you a small house. Even 27K a year to go to a state school is a bit much. The university that I’m planning on going to is around 21K a year (all expenses) and I’m still a bit hesitant at that. Although, I know what career I want to pursue, so I’m gauging my price of college on that. </p>
<p>If you plan on doing a low paid job, by all means… GO TO A COMMUNITY COLLEGE FOR AS LONG AS YOU CAN!!! I wish my dad had learned that!</p>
<p>80k for a house?!??!?! I don’t think there are any houses around me that go for less than 400k.</p>
<p>Anyway, while 80k is a lot to anyone, the amount of debt thats acceptable depends in part on your major, and career goals. If your majoring in something highly marketable like engineering or CS, you’ll likely be able to afford to take on a bit more debt than if your majoring in the humanities.</p>
<p>I always go with the “don’t take on a loan amount higher than your first year of work’s income.”</p>
<p>So, if you’re majoring in something that typically has a higher starting salary than most majors, you can probably manage a bit more debt. If you’re majoring in something that only has a starting salary of like…$30k, don’t go taking out $70k in debt. </p>
<p>It depends on your major and career and such. Think about what you want to do, then consider how much debt will be manageable with that major/career.</p>
<p>Just don’t be one of those idiots that goes and takes out $200k for a major that won’t allow them to pay it back.</p>
<p>I hate how much money I have to take out every year, and I’m trying to keep my GPA as high as possible in the hopes of gaining a scholarship junior/senior year. I’ve already told my parents $40k is the max I’ll take out in loans, and I keep getting frustrated when they pat me on the back and try to tell me “don’t worry about it.” </p>
<p>Apparently they believe I’d like to be like them. You know, always taking out loans for everything because they can’t afford it in cash? And spending their entire lives with basically no money because it all goes to bills, taxes, and loans? Yeah, not my plan for life.</p>
<p>If you got $80,000 in college loans and don’t have the initials M.D. after your name you are going to be in some financial trouble.</p>
<p>Just off the top of my head, I’m thinking your monthly payment will be around $800. My first mortgage was only $875.</p>
<p>Yes, it is THAT bad. Why in the hell is it a good idea to take out more money than you could ever afford to pay back? Even with the more in demand careers it’s going to take awhile to get to the top. Plus you’re going to have a ridiculous amount of interest to pay back as well! There is nothing good about debt! </p>
<p>There’s not only one state college out there for you to go to. There are a ton of affordable colleges out there! If you can’t afford to live at school, live at home and go to school. The point is that in the end, you have a degree and can start your career. Who wants to start a career with over $80K of debt?!?!?!</p>
<p>It seems like you haven’t done enough college research. There are a LOT of options out there, including community colleges and cheaper state schools. Neither one of those are bad options- especially when it means avoiding having a ton of debt!</p>
<p>My parents are incapable of comprehending that what my dad makes as a highly skilled, highly experienced computer programmer is NOT what “the average poor person” makes. So they stupidly encouraged me to take the amount in loans I have thinking I’d be making as much as or more than my dad (in public service jobs) so it would totally be no big deal, and I wasn’t mature enough to know better at the time. I knew I wouldn’t make that kind of money but I adopted my parents magical thinking that it would all work out. Definitely do not make that mistake. I have nowhere near 80k and I am still in trouble.</p>
<p>How does a BS in forestry (resourse conservation) sound in terms of starting wage? I anticipate 0 debt… I’ll actually make money because I have the GI bill, so I can pocket most of my FA.</p>
<p>You’d start as a GS-5 or GS-7 if you used the degree to get a job with a government land management agency - $27-33,000 to start, stepping up to $30-36,000 within three years. You won’t get rich but you won’t be broke either. Move to a 9/11 position after a few years and you’d be in the $50k range. Probably slightly higher pay but less stability if you aimed for private industry.</p>
<p>me? yes, I want a desk job… I might also get a certificate in GIS</p>
<p>Luckily my parents are paying for my college and grad school. :)</p>