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Old 11-13-2012, 11:06 AM   #41
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You can borrow money for tuition; you can't borrow money for retirement.

They should have looked at schools which were reasonably affordable for the student to repay with her own income upon graduation. If mom and dad want to kick in to help pay back those loans or add funds to attend a better school, so be it. Sounds like there wasn't a whole lot of consideration given to the price tag and the ability to repay the loans, which was foolish.
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Old 11-13-2012, 11:10 AM   #42
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This has a lot to do with why I'm taking advantage of joining the military in this day and age.
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Old 11-13-2012, 11:14 AM   #43
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I've come to realize that I won't be putting away money into a "college fund" for my kids. I'll pay basic tuition after student loans for them, but they'll need to come up with the rest. Scholarships, job, loans, whatever. If they decide they want to go to college.

But not a free ride on dad's dime.


I'm a bit divided on this.

I was 18, trying to join the Army and didn't get in due to prior surgeries. So I found a BSEE program I wanted to do, and started knocking out classes at my local community college when I decided to go back at 21.

Dad didn't put me on my own, he would reimburse me based of grades. 100% of tuition he would pick up for an A, 75% for B, 50% for C - I owned all book and lab fees that wasn't tuition.

Now I have the company paying for it so its no big deal.


I guess what I am saying is I feel like I would at least offer this to my kids. My sister got a free ride from dad for 4 years, after that she had to come up with the cash. My gf went to UGA on a swimming scholarship and she refuses to pay for college if she has kids. Her method is "I did it, I got a scholarship - so should they. Or they should be working, or go to the military like our friends did".


I agree with the "earn your keep" mentality, but do you feel no parental obligation to at least subsidize the kids college?

Granted it will take me 8 years to earn my BSEE when its all said an done, but I will have 0 college debt when I'm done...but outside the military people working their way through college on a free ride from a company isn't really common.

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Old 11-13-2012, 11:16 AM   #44
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Jenni's mom is nice but dumb. Why take the loan out in her name. My wifes parents took a student loan for her, had her sign it. They said if you graduate we will pay it off. She did and they did. But if Jenni is doing so well then why not pay off the 18k herself. The payment on 18k cant be much.

BTW- I have student loans for law school and they suck. But I write that check every month.
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Old 11-13-2012, 11:27 AM   #45
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Mark my words....the next bubble.
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Been saying that for years...
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Maybe Jenni should have picked a cheaper school...

Explain this bubble thing.
yes, i think this will definitely be the next bubble to burst. people seemed to have reined in credit card debt somewhat with the economic crises and perhaps changes in lending rules, but borrowing for college is out of control and it is debt that is not forgiven if you go backrupt.

I wouldn't necessarily blame the students. The schools are selling them the idea that they need the education and that they will improve their lives and find a good paying job, which isn't always the case.

On the other side are these lending companies who will loan to anyone. the schools need the money desperately, so they accept these students who take out big loans and the companies happily furnish them the loans and neither give a **** about the student's future earnings and debt. The schools have their money and the loan company has the kid locked in for life.

It's a broke and evil cycle. No one is trying to fix it and schools certainly don't want their cash cow to end.
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Old 11-13-2012, 11:33 AM   #46
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I agree with the "earn your keep" mentality, but do you feel no parental obligation to at least subsidize the kids college?
Like I said, I'll subsidize whatever portion loans will not cover.

My parents made the same deal with me, and it worked out pretty well. I also went to a really low tuition school (out of state at WVU was less than most in-state Virginia schools), and got a 100% scholarship midway through my second year.

I was, however, really dumb and kept my student loan money. I'm kicking myself now for not investing it, immediately paying them back after graduating, and profiting the interest. Oh well, lesson learned.
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Old 11-13-2012, 11:34 AM   #47
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For me it's only about $19k mistake, not a $190k mistake.
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Old 11-13-2012, 11:45 AM   #48
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Pitt University is 14,000 per year minus room and board for Engineering.

School is ridiculously expensive.
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Old 11-13-2012, 12:28 PM   #49
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Maybe Jenni should have picked a cheaper school...
Amen.

Same as every construction worker in NJ driving a CTS. Confused when people say the problem is with the 1%. It's not. It's with people spending over there head.
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Old 11-13-2012, 12:29 PM   #50
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Pitt University is 14,000 per year minus room and board for Engineering.

School is ridiculously expensive.
Are you using cocaine? Or maybe crank?

That's extremely cheap.
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Old 11-13-2012, 12:35 PM   #51
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Pitt University is 14,000 per year minus room and board for Engineering.

School is ridiculously expensive.
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Are you using cocaine? Or maybe crank?

That's extremely cheap.
That's expensive. An engineering degree from Virginia Tech costs somewhere in the ballpark of $11,500 (depending on credit hours) for the year not including room and board.

A few years back when I was in school, it was around $7-9k. School all together on average cost me $17k for everything per academic year.

Edit: is this tuition alone or school fees tacked on as well?
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Old 11-13-2012, 01:02 PM   #52
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Logical choice for me right now would be to go to law school...but with the idea of debt vs job prospects (especially law) I've been seriously reconsidering it for a while now..law school debt is scary.
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Old 11-13-2012, 01:07 PM   #53
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Logical choice for me right now would be to go to law school...but with the idea of debt vs job prospects (especially law) I've been seriously reconsidering it for a while now..law school debt is scary.
When has that ever been the logical choice for anyone?

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Old 11-13-2012, 01:08 PM   #54
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When has that ever been the logical choice for anyone?

Lol exactly why I'm opposed to it now after seeing where my friends are with law school debt.
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Old 11-13-2012, 03:17 PM   #55
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Lol exactly why I'm opposed to it now after seeing where my friends are with law school debt.
It's insane. Although we just had an engineer leave to go to UVA for patent law. I guess demand is up for them?
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Old 11-13-2012, 03:23 PM   #56
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When I graduated my program was one of the best in the country and my tuition was ~$8k a year. I'm back at the same school and the program I'm in now has multiple MIT and Harvard PhDs teaching and we have one professor for roughly every 8 students; tuition is about the same. There are good public schools out there if you're not hell bent on paying for the name a private school carries.
Today?
What school is that?
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Old 11-13-2012, 03:30 PM   #57
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People need to be more conservative with their risk assessment when they incur debt. Debt is not always bad. The right kind of debt can be good. But the borrower always needs to be honest with themselves about best, mid, and worst case scenarios. That is, and always has been, wise.
Its not just risk assessment, it was the federal government subsidizing the price of loans. By saying that "everyone should go" they made the money cheap and the price of the loan wasn't variable based on what you were "investing" in.
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Old 11-13-2012, 03:31 PM   #58
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Today?
What school is that?
NC State. I paid the same amount at VT and that was just in the last 4 years. Just checked the current tuition and it's right at $11k.
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Old 11-13-2012, 03:33 PM   #59
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yes, i think this will definitely be the next bubble to burst. people seemed to have reined in credit card debt somewhat with the economic crises and perhaps changes in lending rules, but borrowing for college is out of control and it is debt that is not forgiven if you go backrupt.

I wouldn't necessarily blame the students. The schools are selling them the idea that they need the education and that they will improve their lives and find a good paying job, which isn't always the case.

On the other side are these lending companies who will loan to anyone. the schools need the money desperately, so they accept these students who take out big loans and the companies happily furnish them the loans and neither give a **** about the student's future earnings and debt. The schools have their money and the loan company has the kid locked in for life.

It's a broke and evil cycle. No one is trying to fix it and schools certainly don't want their cash cow to end.
You've summed up the causes.
To fix it, some politician has to be brave enough to pass legislation that say... you can take a loan because you have potential, but not you because your case is hopeless.
Would you be willing to do that?
The way it is, they left it to ourselves to decide to invest in ourselves or not. Worse, they also let the parents get into that action. Guess what will happen.
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Old 11-13-2012, 03:34 PM   #60
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You've summed up the causes.
To fix it, some politician has to be brave enough to pass legislation that say... you can take a loan because you have potential, but not you because your case is hopeless.
Would you be willing to do that?
The way it is, they left it to ourselves to decide to invest in ourselves or not. Worse, they also let the parents get into that action. Guess what will happen.
I'd rather everyone have the opportunity to go to school if they wish, not have the government decide who is and is not worthy of pursuing higher education.
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