riptides
Super Member
Yep. I have about 300k in student loan debt.
Agriculture as a college major?
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Yep. I have about 300k in student loan debt.
Peter 315
Super Member
My oldest daughter has about 200k in student loans
riptides
Super Member
Yeah, mine all carry some of their loads. I obviously elected to fund the majority of it for them.
One can only hope, this debt, is the right thing to do.
Peter 315
Super Member
Mine all 3 carry their own debt, If they pay for school themselves they might appreciate it and do better because its their money. I see so many kids waste the parents money. A lady that my wife works with is in debt so far because of loans and the kid doesn't even care
MossRoad
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OUCH! I can't imagine it.
We have two kids. We gave them a choice.
- Here's what mom and dad saved for you in the 529 college savings plan.
- Here's what we'll continue to contribute each of the first 4 years.
- We expect you to contribute the rest through loans, working, and your personal savings.
- You can go to college anywhere you want.
- If you go more than an 8 hour drive away, we'll fly you home for Thanksgiving OR Christmas, but not both, and summers.
- If you go to an Indiana state college, it's half the cost of what other state's charge for out-of-state.
- If you go to private schools(in or out of state), they are generally smaller, cost a lot more, but give more generous financial awards, and almost always comes a bit more expensive than a state college in-state tuition.
- If you go to the local branch of the state college, it's $7K per year with free room and board at mom and dad's as long as you stay in school.
- Choose wisely....
They both chose to go away to state school. And I'm happy for both. It gets them away from mom and dad. They have to make decisions on their own, forage for food when they're hungry, clean their own clothes, learn to use public transportation, etc... and, if something bad happens (or something good, too!!) we're only a few hours away.
Each put in about 1/3 of the costs themselves from money saved from working, we cover 1/3 with 529 college savings plans (about $20-$25 per week since they were little, plus interest) and $5K in cash, and they both earned academic scholarships that cover the last 1/3.
The $5K in cash is not an arbitrary number.... day care cost us $100 per week = $5K per year. Catholic grade school was a little less than that, and Catholic high school was a little more, but it averaged out to about $5K in tuition costs for the first 18 years of their lives. So we were used to paying that much each year so we continued it for their college years.
Grad school is on their own. The oldest one worked during college all 4 years at the dorm front desk, and summers painting dorms, setting up conferences, etc... and saved enough from that and the cash we contributed to get a grub-stake to get through 2 years of grad school and a master's degree with $30K in debt. Not bad.
Younger one will have no debt comming out of 4 year in 2020, and a pretty large cash reserve (kid works a lot in summer), so we estimate that will last about 2.5 years into 4 year grad school, and probably well into 3rd year before loans come into the picture.
I have siblings in their 60's that have just recently paid off their college debt. I worked my way through school while living at home with my folks until I was 24 and got out debt free (thanks mom and dad).
I'm not a financial planner, and I didn't sleep at a Holiday Inn last night, so take this for what it's worth....
I'd suggest to any young person with kids, or thinking about kids...
Seriously look into 529 college savings plans, or ROTH IRA's (more versatile), as a college savings plan and start as soon as they are born! Not when they are 5 or 6. Not when they start high school. Start as soon as they are born. Just $25 per week adds up to about $25K in 18 years, and the interest it'll earn if invested in mutual funds will proabably double it. Look at funds that are tied to risk, and lowers the risk each year as the kid gets closer to college age.
Give them some options as to how to spend that money wisely, and make some good decisions as to where they want to attend college. They can get a very good education at a very reasonable price if they plan well and work hard. :thumbsup:
We have two kids. We gave them a choice.
- Here's what mom and dad saved for you in the 529 college savings plan.
- Here's what we'll continue to contribute each of the first 4 years.
- We expect you to contribute the rest through loans, working, and your personal savings.
- You can go to college anywhere you want.
- If you go more than an 8 hour drive away, we'll fly you home for Thanksgiving OR Christmas, but not both, and summers.
- If you go to an Indiana state college, it's half the cost of what other state's charge for out-of-state.
- If you go to private schools(in or out of state), they are generally smaller, cost a lot more, but give more generous financial awards, and almost always comes a bit more expensive than a state college in-state tuition.
- If you go to the local branch of the state college, it's $7K per year with free room and board at mom and dad's as long as you stay in school.
- Choose wisely....
They both chose to go away to state school. And I'm happy for both. It gets them away from mom and dad. They have to make decisions on their own, forage for food when they're hungry, clean their own clothes, learn to use public transportation, etc... and, if something bad happens (or something good, too!!) we're only a few hours away.
Each put in about 1/3 of the costs themselves from money saved from working, we cover 1/3 with 529 college savings plans (about $20-$25 per week since they were little, plus interest) and $5K in cash, and they both earned academic scholarships that cover the last 1/3.
The $5K in cash is not an arbitrary number.... day care cost us $100 per week = $5K per year. Catholic grade school was a little less than that, and Catholic high school was a little more, but it averaged out to about $5K in tuition costs for the first 18 years of their lives. So we were used to paying that much each year so we continued it for their college years.
Grad school is on their own. The oldest one worked during college all 4 years at the dorm front desk, and summers painting dorms, setting up conferences, etc... and saved enough from that and the cash we contributed to get a grub-stake to get through 2 years of grad school and a master's degree with $30K in debt. Not bad.
Younger one will have no debt comming out of 4 year in 2020, and a pretty large cash reserve (kid works a lot in summer), so we estimate that will last about 2.5 years into 4 year grad school, and probably well into 3rd year before loans come into the picture.
I have siblings in their 60's that have just recently paid off their college debt. I worked my way through school while living at home with my folks until I was 24 and got out debt free (thanks mom and dad).
I'm not a financial planner, and I didn't sleep at a Holiday Inn last night, so take this for what it's worth....
I'd suggest to any young person with kids, or thinking about kids...
Seriously look into 529 college savings plans, or ROTH IRA's (more versatile), as a college savings plan and start as soon as they are born! Not when they are 5 or 6. Not when they start high school. Start as soon as they are born. Just $25 per week adds up to about $25K in 18 years, and the interest it'll earn if invested in mutual funds will proabably double it. Look at funds that are tied to risk, and lowers the risk each year as the kid gets closer to college age.
Give them some options as to how to spend that money wisely, and make some good decisions as to where they want to attend college. They can get a very good education at a very reasonable price if they plan well and work hard. :thumbsup:
/pine
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Think college students are privileged? Nearly a third are hungry and homeless
A third of kids in college are hungry and homeless | The Kansas City Star
A third of kids in college are hungry and homeless | The Kansas City Star
buckeyefarmer
Epic Contributor
I slept at several holiday inn expresses this week, visiting my sons in college.
One is 4 classes away from graduating in engineering. He will have no debt, other than to me. The other is in his 1st yr.
There are good affordable colleges. Im paying instate rates for an out of state private college.
One is 4 classes away from graduating in engineering. He will have no debt, other than to me. The other is in his 1st yr.
There are good affordable colleges. Im paying instate rates for an out of state private college.
riptides
Super Member
I should also state that my kids all studied abroad. That kind of wrecked any financial planning/accounting when it comes/came to holding down jobs.
In any case, the college experience is way too expensive.
In any case, the college experience is way too expensive.
oosik
Epic Contributor
I just wonder what choices I would make today if I knew that I would NEVER be able to pay off a student loan. It would be a VERY disheartening realization when it was time to make a choice.
Fortunately - by working summers and help from my parents - I graduated with no student loan. The government paid for my masters degree about seven years later.
Fortunately - by working summers and help from my parents - I graduated with no student loan. The government paid for my masters degree about seven years later.
tuition has been going up way faster than anything else. Professor pay isn't going up. It is administrative costs and constant building that is driving the insane price increases. My Alma Mater is almost unrecognisable to me. Universities are on an unsustaianable path. It has been going on as long as it has because of government interference in the form of the loans. We now have more student debt than CC debt in this country.
All 4 of my grandparrents had degrees, and 3 of them with higher than a bachelor's. Both my parrents have education beyond a bachelor's degree. I've got a BS in engineering and enough fine arts classes I could have probably got a degree somewhere with it If I didn't already have a degree, plus a bunch of other training (CDL, welding, forestry). My Wife has a BSRN (still paying that off). What I am saying is that I know the value of an education and an education is expected in my family.
I plan on pushing my kids towards learning a trade of some type, then let them see if a college education makes sense for them. I am a patented Engineer, and I can't say that getting that degree was sound investment for me. The costs for those going to school now are way higher and continuing to rise. The University Bubble is going to Burst. It will probably be messier than the housing bubble bursting when it does, and that one cost me house.
All 4 of my grandparrents had degrees, and 3 of them with higher than a bachelor's. Both my parrents have education beyond a bachelor's degree. I've got a BS in engineering and enough fine arts classes I could have probably got a degree somewhere with it If I didn't already have a degree, plus a bunch of other training (CDL, welding, forestry). My Wife has a BSRN (still paying that off). What I am saying is that I know the value of an education and an education is expected in my family.
I plan on pushing my kids towards learning a trade of some type, then let them see if a college education makes sense for them. I am a patented Engineer, and I can't say that getting that degree was sound investment for me. The costs for those going to school now are way higher and continuing to rise. The University Bubble is going to Burst. It will probably be messier than the housing bubble bursting when it does, and that one cost me house.
