Student Loan Debt?

[milkman636]

Our son in law had to take out loans to go to vet school. But he's taken classes and consulted attorneys that specialize in veterinarian debt repayment. He and our daughter have a very good outlook on the repayment plan. So much so, that she's starting vet school in the fall. YIKES! However, they've showed us the plan and numbers and they'll be able to afford a normal life and repay the loans. We're very excited for them.

That sounds like how it’s supposed to happen. I’m concerned the 18 year old I’m working with now is too emotionally driven by wants to methodically make the best decisions. I know it’s common for his age, but it’s still amazing where his head can go sometimes.

 

[paulsharvey]

My son is looking at right around $12k in loans for a B.S.N. That's really not bad at all. Now, for the follow on doctorate program; it's going to run approx $92k.

I went to the senior awards last night, and several of the seniors received probably $10-20k in extra scholarships. One particular young man got like 9 total scholarships, including 3 available only to minorities, as well as academic ones. Son commented that this boy is getting paid to go to school; and realistically, that's right.

 

[Sigarms]

Thread made me curious as I graduated with a 4 year degree in the late 80's.

With the rate of inflation, in 2024 my same year degree would have cost me around $69,000 for those 4 years of college.

Just looked, and todays same in state tuition is 20K a year which doesn't sound so bad, but room and board and meals are another 13K, which puts the total cost for 4 years around 33K per year.

Had dinner with our company's CFO out of New York City a while ago. His daughter is going to the same school I went to (out of state for him) and he told me tuition was running him 70K a year for everything.

When son finished tech school in the air force, his buddies came over to have a picnic of sorts to see him off as he only has to drive 4 hours to SC for his duty station. His buddy was curious about his light in the room on the ceiling and somehow busted it.

The kid is 19, just out of high school and he brought a new light and wired it up from start to finish on his own. He told me he's starting his apprenticeship at a decent local commercial electrical company in the county as a commercial electrician. Starts off at $17 / hour, health benefits, extended travel pay if he has to travel, and 401K after a year. This after working at Lowes for 2 years in their electrical department as we was taking electrical classes with Lowes covering most of the tuition.

I'll give my son credit, most of his friends have their act together (except 1, but my son knows he's spoiled as his parents buy him everything, even if he wrecks the new car his parents bought him with another new car LOL).

 

[Hay Dude]

Sad our population is so dumbed down that they don’t know how destructive all this debt were amassing (37 trillion and a new 1 trillion every 100 days and all of it is borrowed or printed).

This empire crushing debt will either be the end of our nation, OR many years of high taxes and extreme austerity to bring it to heel.

You think the bridges, highways, airports and railroads are bad now, just wait until DEEP budget cuts are deployed to save us from bankruptcy.

Sure hope the solar panels, windmills and student loan payoffs to get in favor with constituents was worth all the debt cause we’re paying it all back one way or another.

 

[plowhog]

This empire crushing debt will either be the end of our nation, OR many years of high taxes and extreme austerity to bring it to heel.

The Greek politicians spent their economy to oblivion and destruction. Never stopped spending, always blamed excessive debt on the predecessors. And kept voluntarily spending until the laws of international economics forced austerity upon them. I presume our politicians will do the same.

So, if you believe our excess spending will never be cured, the question becomes how to insulate your finances and your family as best as you can for the coming financial difficulties. And the associated social unrest when some of the checks and benefits stop flowing.

Might be a good test for Warren Buffet's theory that "real men don't own gold." But, he's no Genghis Khan!! I'm sure good 'ol Genghis had a bit of gold and plenty of weapons ....

 

[newbury]

Thread made me curious as I graduated with a 4 year degree in the late 80's.

With the rate of inflation, in 2024 my same year degree would have cost me around $69,000 for those 4 years of college.

Just looked, and todays same in state tuition is 20K a year which doesn't sound so bad, but room and board and meals are another 13K, which puts the total cost for 4 years around 33K per year.

Made me look it up. My total instate, resident, live at home tuition cost for 4yrs at UVM was well less than $5K in 1973. (my first semester total tuition was only $300!)
That's about $35K now.
The tuition costs now are about:

Billable Costs

$19,058

from link to UVM

Thus I expect that could easily translate into ~$100K for all 4 yrs.
I consider that the $5K was well spent.

 

[tradosaurus]

My son is looking at right around $12k in loans for a B.S.N. That's really not bad at all. Now, for the follow on doctorate program; it's going to run approx $92k.

I went to the senior awards last night, and several of the seniors received probably $10-20k in extra scholarships. One particular young man got like 9 total scholarships, including 3 available only to minorities, as well as academic ones. Son commented that this boy is getting paid to go to school; and realistically, that's right.

Unless it’s 9 scholarships to the same school or cash scholarships he’s not getting all nine.
My daughter had $140k in scholarships last year but only $32k to the school she attended.

 

[Torvy]

There are a lot of small scholarships in the sub $1000 range. Those used to be more helpful. College my freshman year was $46/credit hour. 120x46= $5520 in tuition for 4 years. A $500 scholarship back then paid for 9% of your total for 4 years. Now it may pay for a class.

My daughter at TxTech will graduate in December with zero debt. All paid for by her through academic scholarships and work. She will continue on her MA since she will just barely be 21 in Dec. She can work as a TA once she completes the undergrad.
Eventually wants to be a professor.

It is possible, but takes commitment and effort. Harder to find in this generation.

 

[deserteagle71]

It is possible, but takes commitment and effort. Harder to find in this generation.

Exactly. Too many of the younger generation these days are unwilling to put in the effort. I notice this most in the new doctors I see practicing around here. Mostly Asian and Indian plus a few other nationalities. But higher education is valued much more in their culture than it is currently here in the USA - it is their road out of poverty. So they bust their butts to get that medical degree...and the whole extended family sacrifices to make sure that student can afford the education. You don't see that kind of commitment with much of the younger generation in the USA....what we call "poverty" in this country would be unimaginable luxury in third-world countries.

 

[ultrarunner]

The Greek politicians spent their economy to oblivion and destruction. Never stopped spending, always blamed excessive debt on the predecessors. And kept voluntarily spending until the laws of international economics forced austerity upon them. I presume our politicians will do the same.

So, if you believe our excess spending will never be cured, the question becomes how to insulate your finances and your family as best as you can for the coming financial difficulties. And the associated social unrest when some of the checks and benefits stop flowing.

Might be a good test for Warren Buffet's theory that "real men don't own gold." But, he's no Genghis Khan!! I'm sure good 'ol Genghis had a bit of gold and plenty of weapons ....

Excellent post… knowing the facts what is the best course of action for the individual family unit.

Seeing the breakdown in societal order one can keep moving attempting to stay one step ahead or hunker down and make the best of the present situation.

Many with means opt for the first option… making the effort to geographically keep one step ahead through relocation.