[Lazarus Short]

I think it was Ben Franklin who said:

It is better to go to bed hungry than to wake up in debt.

Laz

 

[Dimitris]

Quote:

Originally Posted by pageman99 /img/forum/go_quote.gif Yadda, yadda, yadda... (lecture to follow ) I've been a business owner for about 75% of my life and I've hired hundreds of people. Given the choice, I always hired people that are qualified in whatever technical skill was necessary. The key word here is qualified. When hiring programmers out of CMU we couldn't touch a good one for less than around 75k. To start, from the bottom of the class... And we were glad to get them. When hiring for a retail business that I owned, I hired purely on personality and experience. And I wanted achievers. Those that were hungry. A college degree was a liability, those folks needed to make too much money. On the other hand after my kids were raised and I more or less gave up on the rat race and looked to be hired for an interesting job. No one would hire me. They were scared of my resume. I was overqualified... My point is that generalizations don't work. A degree helps get you in the door of a large company. If you're in a technical field it really helps. But it might be a liability too. After that, you're on your own. And believe me it ain't an immigrant/immigration problem. The US throughout its history has ALWAYS been short of labor. We NEED immigrants, they're hungry, very hungry. (yes, I know not all of them). If you don't know we need immigrants you haven't read enough history. If you're willing to work and discipline yourself to stay within your budget, you'll make it in this country. Here we have opportunity. That's far from a given in most of the world. And we should never forget it. Now I'll get off my soapbox...

Am i the only one that is glad that doesnt work for you?

As for the opportunities in this country i dont think its any better than any other country really.

 

[randerson3024]

Don't feel bad, I was 43 when mine were all paid off, but then again, I milked it too long.

 

[Elec]

Quote:

Originally Posted by Klarus /img/forum/go_quote.gif It's more like 4.7k before taxes, so after taxes it'd probably be closer to 3k, 3.5k, from what I see online about tax brackets. 2-2.5k a month is more than decent to live on, especially for a single person. That's what I think anyhow. Still, that's just crazy debt. I agree with going to state college, working your way up a bit, then going to get a graduate degree with your own money.

Whether that's decent for a single person depends on where you live. In this area, it's hard to find anything for very cheap unless you're willing to risk your life in a bad neighborhood or have an hour plus commute each way. I know people who live in Pennsylvania and drive an hour and a half to work in Maryland because they can afford a house in Penn. My rent for a decent 2 bedroom 900 sq. ft. apartment is over 1200 bucks a month. I get somewhat bitter when I see that'd get me a nice 3 bedroom single family home in some parts of the country.

But anyway, I mentioned earlier I'm glad to not have huge student debt. If I owed a grand a month to school loans, I couldn't afford to work my job because I couldn't afford to live here, as dumb as that sounds. Well I could, but I'd HAVE to have a roommate, which is something I don't feel anyone with a reasonably well paying white collar professional career should be forced into.

What's even better than getting a graduate degree with your own money is finding a company who will pay it for you.

The downside, of course, is that you've still gotta work at the same time and can usually only choose from schools in the area for that reason.

 

[itsborken]

Quote:

Originally Posted by slwiser /img/forum/go_quote.gif What a wonderful family...Thanks to you and yours.

x2 Your family's contributions are very much appreciated.

 

[itsborken]

Quote:

Originally Posted by Elec /img/forum/go_quote.gif What's even better than getting a graduate degree with your own money is finding a company who will pay it for you. The downside, of course, is that you've still gotta work at the same time and can usually only choose from schools in the area for that reason.

A lot of people go to work with their BS and get their employers to pay for their MS degrees. It is difficult to hold down a job and go to school but the impact to finances is a lot less. Also, you are locked into working for the company as you work off their investment a few years.

I know this doesn't help your situation at all, but maybe someone will read this and and keep it in mind before they sign up for too many loans. Get working as quick as possible--it really is a pay now or pay later tradeoff and the later you pay, the more you pay and the greater impact to your future. If you can figure out a way to get the govt or work to pay for all or part of it, as distasteful as it may be to your lifestyle, it might be the best way to not sell your future.

 

[sarbruis]

Quote:

Originally Posted by recstar24 /img/forum/go_quote.gif Yeah man the 8.25 is really high.

I'm quite sure ~8% is the average. I think Bank of America is 8.25, and government loans are about that as well.

It's sad that a BA/BSc degree isn't worth much anymore. I'm hopeful that I'll be able to get a fellowship/assistantship or something to move toward a PhD and make enough money to pay back my loans pretty quickly.

 

[Jigglybootch]

Quote:

Originally Posted by sarbruis /img/forum/go_quote.gif I'm quite sure ~8% is the average. I think Bank of America is 8.25, and government loans are about that as well.

The interest rate is even higher now for the bank I borrowed from. It's up to 8.65%. I guess I lucked out. My federal loans are both under 8%, though.

 

[LuckyKarma]

I'm going to be in some pretty serious debt when I get out too.. I borrowed $18k last year, my first year, and expect to borrow $10k the next 3 years. Luckily the school I'm going to is a public university, it's one of the top business schools in the country, and it has an investment banking workshop (basically prepares you for the field) that has 100% placement, about 80% end up working in NYC. Hopefully it will be enough to pay off this debt quick

 

[Whitebread]

Quote:

Originally Posted by Jigglybootch /img/forum/go_quote.gif The interest rate is even higher now for the bank I borrowed from. It's up to 8.65%. I guess I lucked out. My federal loans are both under 8%, though.

Bah! Stop complaining! Mine is 12.8%!! I don't know HOW my father pulled that one off. The guy is an investment banker and (as my mother says) has the worst personal finances ever. Makes me wish I knew more about the economy so maybe, just maybe I could have gotten a better deal.

 

[itsborken]

Quote:

Originally Posted by LuckyKarma /img/forum/go_quote.gif Luckily the school I'm going to is a public university, it's one of the top business schools in the country, and it has an investment banking workshop (basically prepares you for the field) that has 100% placement, about 80% end up working in NYC. Hopefully it will be enough to pay off this debt quick

I guess that is the key to it. Pick a career where you are pretty much guaranteed a bundle of cash when you graduate and load up on the loans. Unfortunately there are jobs that require MS to start working, then you wind up in a lower paying govt job (thinking case worker/sociology), and you are in debt forever.

Congrats on your direction and kudos for thinking it all through.

 

[Jigglybootch]

Quote:

Originally Posted by Whitebread /img/forum/go_quote.gif Bah! Stop complaining! Mine is 12.8%!! I don't know HOW my father pulled that one off. The guy is an investment banker and (as my mother says) has the worst personal finances ever. Makes me wish I knew more about the economy so maybe, just maybe I could have gotten a better deal.

12.8? Ouch. I hope your principle is low.

 

[Whitebread]

Quote:

Originally Posted by Jigglybootch /img/forum/go_quote.gif 12.8? Ouch. I hope your principle is low.

It isn't. Cornell isn't cheap.

I'm enjoying myself right and I don't regred my decision but that may change when I have to start paying my education off. My only consolation is that my parents have begun paying off the loan to the tune of 1000 dollars a month (I think). I'll have less to pay off when I graduate.

 

[ex0du5]

I'm studying in Computer Engineering in Ottawa, Canada. I am enrolled in the co-op program. My tuition fees, along with coop fees and books, are about $4,000 a term.

After 2nd year (I finished 2nd year last term) is when I started working co-op. I do one semester of work, and one semester of school, alternating. So just making $14-$18/hour in co-op, I can amass $8,000 - $12,000 during one work term. Note that I get barely any taxes taken off at that salary. That's more than enough to pay off my following term, and have lots of money left over (though it would be tricky if I had to pay for rent, as I live at home).

Also, we were 22 second year Computer/Software Engineers and Computer Scientists in co-op this term, while there were 200 job offers available. I will not have the least bit of trouble paying off my debts or finding a job afterwards. But then, I am fortunate that I can go to school while living at home, and that I am in an area where my technical skills are highly sought after.

Are we more fortunate in Canada, concerning post-secondary education? I know Microsoft hires more people out of Waterloo than anywhere else in the world, so I doubt our level of education is inferior.

But anyways, if I had to recommend anything, I'd recommend that you go into the co-op program, so that you get lots money and work experience, which will come in handy once you graduate. Even having to pay off loans for my first 2 years (about $12,000), I will graduate debt free.

 

[Whitebread]

Quote:

Originally Posted by ex0du5 /img/forum/go_quote.gif I'm studying in Computer Engineering in Ottawa, Canada. I am enrolled in the co-op program. My tuition fees, along with coop fees and books, are about $4,000 a term. After 2nd year (I finished 2nd year last term) is when I started working co-op. I do one semester of work, and one semester of school, alternating. So just making $14-$18/hour in co-op, I can amass $8,000 - $12,000 during one work term. Note that I get barely any taxes taken off at that salary. That's more than enough to pay off my following term, and have lots of money left over (though it would be tricky if I had to pay for rent, as I live at home). Also, we were 22 second year Computer/Software Engineers and Computer Scientists in co-op this term, while there were 200 job offers available. I will not have the least bit of trouble paying off my debts or finding a job afterwards. But then, I am fortunate that I can go to school while living at home, and that I am in an area where my technical skills are highly sought after. Are we more fortunate in Canada, concerning post-secondary education? I know Microsoft hires more people out of Waterloo than anywhere else in the world, so I doubt our level of education is inferior. But anyways, if I had to recommend anything, I'd recommend that you go into the co-op program, so that you get lots money and work experience, which will come in handy once you graduate. Even having to pay off loans for my first 2 years (about $12,000), I will graduate debt free.

You guys are lucky that higher level education is subsidized. The cost of education for US students is outpacing inflation and annual salary isn't keeping up with either ESPECIALLY for the lower middle class and the lower class. We are going to have to do something about this soon.

I was thinking about schooling for my children (when I have children, I'm only 19 right now) and how expensive it will be. Something must be done, or else an entire social class will be unable to aobtain anything beyone highschool without significant aid. Aid that is becoming more and more scarce.

Am I enjoying my 45K-a-year cornell engineering education? Yes.
Do I think its the best value? Hell no.
Would I do it differently if I had the chance? Possibly. I'll let you know when I start earning money and paying off debt.