Author Topic: $182,000 in student debt and... happy about it??!  (Read 7357 times)

hippywithaheartofsteel

  • 5 O'Clock Shadow
  • *
  • Posts: 3
$182,000 in student debt and... happy about it??!
« on: June 23, 2018, 08:11:03 AM »
https://www.refinery29.com/2018/05/199957/graduating-with-student-debt

Her next stop? Grad school! luckily the comments pointed out how absurd it was.

bluebelle

  • Bristles
  • ***
  • Posts: 298
  • Location: Toronto
Re: $182,000 in student debt and... happy about it??!
« Reply #1 on: June 23, 2018, 10:18:24 AM »
this article reaks of entitlement.....even if NYU is 'the' unniversity for journalism, the amount of travel she is bragging about (and it reads like a humble brag) is ridiculous if you don't have the money to pay for it.  And "Every year, as I endured the process of securing more student loans (which was a nightmare in and of itself) comment just pisses me off.....boo hoo she 'endured' the process of borrowing more money that she shouldn't be borrowing so she can live a lifestyle she can't afford.   They are the people that think their loans should be forgiven after 10 years.....sorry, you went to the party, deal with the hangover.

Dicey

  • Walrus Stache
  • *******
  • Posts: 9742
  • Age: 61
  • Location: NorCal
Re: $182,000 in student debt and... happy about it??!
« Reply #2 on: June 24, 2018, 03:56:30 AM »
this article reaks of entitlement.....even if NYU is 'the' unniversity for journalism, the amount of travel she is bragging about (and it reads like a humble brag) is ridiculous if you don't have the money to pay for it.  And "Every year, as I endured the process of securing more student loans (which was a nightmare in and of itself) comment just pisses me off.....boo hoo she 'endured' the process of borrowing more money that she shouldn't be borrowing so she can live a lifestyle she can't afford.   They are the people that think their loans should be forgiven after 10 years.....sorry, you went to all the party parties, deal with the hangover.
FTFY

penguintroopers

  • Stubble
  • **
  • Posts: 161
Re: $182,000 in student debt and... happy about it??!
« Reply #3 on: June 24, 2018, 11:28:05 AM »
A world class journalist should have more to say about nearly 200K in debt other than “my dream home will only exist on Pinterest” or that her mom supported her choices.

Its sad to say, but the person I wanted to slap more in this article was the mother. To me it sounded like she was the one that was actively encouraging her daughter to take even more loans and was the one shrugging off all the debt, when she should have been a better financial role model to her daughter.

EricL

  • Pencil Stache
  • ****
  • Posts: 921
Re: $182,000 in student debt and... happy about it??!
« Reply #4 on: June 24, 2018, 11:54:23 AM »
She’s a dumb ass. But in her defense she wanted to escape from Panama City, Florida.  A pretty back asswards place if there ever was one despite the pretty beaches.

patchyfacialhair

  • Handlebar Stache
  • *****
  • Posts: 1116
  • Age: 29
Re: $182,000 in student debt and... happy about it??!
« Reply #5 on: June 25, 2018, 09:40:58 AM »
And...she's going to grad school! So it'll be another 60k per year plus interest, she'll be north of 300k before we know it.

Then she'll get on the 25 year payment plan, and taxpayers will have to pay for the forgiveness at the end.

This gal is delusional. Hopefully she marries rich.

FINate

  • Handlebar Stache
  • *****
  • Posts: 1302
Re: $182,000 in student debt and... happy about it??!
« Reply #6 on: June 25, 2018, 10:14:11 AM »
She’s a dumb ass. But in her defense she wanted to escape from Panama City, Florida.  A pretty back asswards place if there ever was one despite the pretty beaches.

There are way cheaper and smarter ways to escape back assward places. Her entire misadventure into indentured servitude is predicated on a false choice:

Quote
At 18, I saw two paths for myself: the girl who went to Italy and the girl who never left Florida. There was no price too high that could make the second option more appealing.

Uh, no. The world is not this black-and-white and the logical fallacy here reeks of desperately trying to justify a life of immediate gratification. I grew up in a podunk town so I totally get the desire to break out and see the world. But not at any price. I lived at home and went to a Community College then commuted to nearby state U while working. Summers were for putting in extra hours at work and for Summer Session (extra credits to finish a quarter early). Graduated debt free, then was able to travel and see the world.

I wish the author the best but I don't feel sorry for her. She had good council from most people (except her mom - secretly I kinda hope that mom co-signed...I know, that's mean) and should have known better.

LiveLean

  • Pencil Stache
  • ****
  • Posts: 728
  • Location: Central Florida
    • ToLiveLean
Re: $182,000 in student debt and... happy about it??!
« Reply #7 on: June 25, 2018, 10:44:51 AM »
Career journalist here. This is insane on so many levels.

1. You're a resident of Florida, which has the best college deal in the country. Between a very attractive, prepaid college plan AND a lottery-funded Bright Futures scholarship plan that provides much of the cost of an in-state college education to anyone with average grades and up, you could have attended any school in Florida for little to nothing (assuming your parents bought said attractive prepaid plan.)

2. Because of No.1, the University of Florida has become one of the toughest schools in the U.S. to get into. That's because any kid qualified to go to the top schools in America from Florida takes a look at the math and says, "Hmmmm. I can go to Harvard/Stanford/Yale/MIT, etc. for $60,000-plus a year OR I can go to Florida for basically free. MOST reasonable parents, no matter how wealthy, look at that equation and pick Florida. If, as we suspect, you would not have gotten into UF, you could have pursued journalism at Florida State, the University of South Florida or University of Central Florida, all of which have journalism/communications schools.

3. Even if you're foolish enough to pursue a career in journalism, a field that has cratered in the last 15 years, and even if you insist on majoring in journalism (totally unnecessary to enter the field), the University of Florida's journalism program is regarded as equal to if not better than that of NYU.

Basically, sweetheart, you watched too much Sex in the City growing up and wanted to live the NYC lifestyle -- in college -- of Sarah Jessica Idiot, who had a $300K lifestyle as a freelance advice columnist likely making $30,000 tops without benefits.

Good grief.
« Last Edit: June 25, 2018, 10:52:16 AM by LiveLean »

Mississippi Mudstache

  • Handlebar Stache
  • *****
  • Posts: 2158
  • Age: 35
  • Location: Danielsville, GA
    • A Riving Home - Ramblings of a Recusant Woodworker
Re: $182,000 in student debt and... happy about it??!
« Reply #8 on: June 25, 2018, 01:06:53 PM »
She’s a dumb ass. But in her defense she wanted to escape from Panama City, Florida.  A pretty back asswards place if there ever was one despite the pretty beaches.

There are way cheaper and smarter ways to escape back assward places. Her entire misadventure into indentured servitude is predicated on a false choice:

Quote
At 18, I saw two paths for myself: the girl who went to Italy and the girl who never left Florida. There was no price too high that could make the second option more appealing.

Uh, no. The world is not this black-and-white and the logical fallacy here reeks of desperately trying to justify a life of immediate gratification. I grew up in a podunk town so I totally get the desire to break out and see the world. But not at any price. I lived at home and went to a Community College then commuted to nearby state U while working. Summers were for putting in extra hours at work and for Summer Session (extra credits to finish a quarter early). Graduated debt free, then was able to travel and see the world.

^Agreed. I also grew up in a backwards southern town. But I went to our state's flagship school on full scholarship, and found more economical ways to see the world. I studied abroad in New Zealand and it costs me a total of $1800 if I remember correctly - which I paid for with a summer job. After getting my Bachelor's, I accepted a graduate assistantship that covered my tuition and paid me $14,000/year and sent me to Brazil for 3 months to do my research. There is no false choice between remaining in a dead-end town and diving head-first into a chasm of debt. But then, I also had level-headed parents who wouldn't have been cheering me on as I committed financial suicide.

ducky19

  • Pencil Stache
  • ****
  • Posts: 525
Re: $182,000 in student debt and... happy about it??!
« Reply #9 on: June 26, 2018, 11:24:32 AM »
"But I wanted to be world class journalist..."

Wait, what? Shouldn't that be, "I wanted to be a world class journalist"? Yeah, you got your money's worth. Or should I say "our" money's worth, since we'll be the ones paying for it.

vivophoenix

  • Bristles
  • ***
  • Posts: 430
Re: $182,000 in student debt and... happy about it??!
« Reply #10 on: June 26, 2018, 12:00:44 PM »
"But I wanted to be world class journalist..."

Wait, what? Shouldn't that be, "I wanted to be a world class journalist"? Yeah, you got your money's worth. Or should I say "our" money's worth, since we'll be the ones paying for it.

seriously?
 
pettiness paired with the 'it's my tax dollars'

the system is broken we all agree.

schools cost too much.
banks loan too much
and students borrow too much

but bagging on her education because of a missed article is just silly.

Zamboni

  • Handlebar Stache
  • *****
  • Posts: 2217
Re: $182,000 in student debt and... happy about it??!
« Reply #11 on: June 26, 2018, 12:35:36 PM »
Yes, we should give her a pass, duh, bc spellcheck doesn't notice if you leave out word:

https://www.youtube.com/watch?v=OonDPGwAyfQ

Sibley

  • Magnum Stache
  • ******
  • Posts: 3357
  • Location: Chicago, IL
Re: $182,000 in student debt and... happy about it??!
« Reply #12 on: June 26, 2018, 01:04:04 PM »
If you want to be a world class journalist, then yes, I'm going to ding you on every missed word. You want to be excellent? Then you better show excellence. (And no, I don't want to be a world class writer of any sort.)

alanB

  • Stubble
  • **
  • Posts: 224
  • Age: 31
  • Location: PA, US
Re: $182,000 in student debt and... happy about it??!
« Reply #13 on: June 26, 2018, 01:13:23 PM »
Quote
At 18, I saw two paths for myself: the girl who went to Italy and the girl who never left Florida. There was no price too high that could make the second option more appealing.

Quote
In my four years at NYU, I spent 10 months in Italy, eight weeks in Crete, eight weeks in Ghana, and five months in Argentina.

Wow she picked some cheap places to visit too.  I guess the smart people at NYU know how to keep the program costs down.  Oh well, at least she is an interesting person now ;)  Seems like the only thing everyone agrees on is that Florida sucks.

Padonak

  • Bristles
  • ***
  • Posts: 418
Re: $182,000 in student debt and... happy about it??!
« Reply #14 on: June 26, 2018, 01:30:32 PM »
^ I disagree that FL sucks. I like Florida though I've never been to Panama city, FL.

calimom

  • Pencil Stache
  • ****
  • Posts: 864
  • Location: Northern California
Re: $182,000 in student debt and... happy about it??!
« Reply #15 on: June 27, 2018, 10:25:01 AM »
^^ It's a pretty safe bet that Panama City won't be hiring her to write upbeat, promotional copy for the Chamber of Commerce website.

ducky19

  • Pencil Stache
  • ****
  • Posts: 525
Re: $182,000 in student debt and... happy about it??!
« Reply #16 on: June 27, 2018, 10:45:14 AM »
If you want to be a world class journalist, then yes, I'm going to ding you on every missed word. You want to be excellent? Then you better show excellence. (And no, I don't want to be a world class writer of any sort.)

Exactly my point, thanks for backing me up on that one Sibley.

Mississippi Mudstache

  • Handlebar Stache
  • *****
  • Posts: 2158
  • Age: 35
  • Location: Danielsville, GA
    • A Riving Home - Ramblings of a Recusant Woodworker
Re: $182,000 in student debt and... happy about it??!
« Reply #17 on: June 29, 2018, 07:06:52 AM »
^ I disagree that FL sucks. I like Florida though I've never been to Panama city, FL.

Panama City sucks, completely. They don't call it the Redneck Riviera for nothing. It has gorgeous beaches and no other redeeming qualities. I lived on the opposite coast (Fernandina Beach, FL) for two years and I loved it.

Navyfamily

  • 5 O'Clock Shadow
  • *
  • Posts: 14
Re: $182,000 in student debt and... happy about it??!
« Reply #18 on: June 30, 2018, 11:41:38 AM »
I am so glad that everyone, regardless of politics, can agree that this is "stupid on parade" as I've heard Dave Ramsey say.  As per my user name, we are a military family and one of the reasons is because my husband had a stupidly high amount of student loan debt.  I'm not sure their student loan forgiveness program still exists but ten years ago the Navy wiped out his Federal loans for a pound of flesh (6 year enlistment).  It has worked out for us. 

As for the comment on unaffordability of college, it sounds like Florida actually has a good system for residents who show academic promise (which is precisely who should be going to college).  I like that different states experiment with different systems to fund higher education.  My home state of NY is trying out the free model, if you stick around and work.  I personally think if they didn't tax the crap out of everyone they wouldn't have to incentivize staying...
« Last Edit: June 30, 2018, 11:44:08 AM by Navyfamily »

Slee_stack

  • Pencil Stache
  • ****
  • Posts: 853
Re: $182,000 in student debt and... happy about it??!
« Reply #19 on: July 02, 2018, 02:04:52 PM »
Just...wow.

I mean...I get being young and stupid...but this is something on a whole other level.

tyrannostache

  • Stubble
  • **
  • Posts: 153
Re: $182,000 in student debt and... happy about it??!
« Reply #20 on: July 03, 2018, 11:20:15 AM »
I have a soft spot for those who foolishly went into debt to pursue education-related pipe dreams. But this one... oof.

$182K in the hole before graduate school with no backup plan at all. And now grad school.

$182K in the hole to get into a field that has fallen off a cliff. Plus whatever grad school will cost, because no one's going to pay you to go to J-school.

$182K to pursue a career path that is open to a tiny handful of people, and that pays a pittance to boot.

$182K for an undergraduate degree. How many people are still doing what they thought they wanted to do at age 18-22?

Ugh. And I'm sure that year in Florence was simply critical to helping her become a well-rounded journalist. I don't see anything in this essay that tells readers what she got out of the travel abroad aside from ... er... traveling abroad.

I feel for this kid a bit. She's got some hustle, as evidenced by her internships and online clips, but that writing needs to get a whole lot more crisp if she's going to make it as a professional journalist. It sounds like she really bought in to the idea that the best access that world was to start at NYU. American culture has so much swirling and contradictory rhetoric about student debt being "good debt" and prestigious colleges as the ticket to a promising career. I get being swayed by the dream, I really do, but it's frustrating to watch otherwise smart people putting chains like those around their necks.

BTDretire

  • Handlebar Stache
  • *****
  • Posts: 2445
Re: $182,000 in student debt and... happy about it??!
« Reply #21 on: July 03, 2018, 11:43:52 AM »
She’s a dumb ass. But in her defense she wanted to escape from Panama City, Florida.  A pretty back asswards place if there ever was one despite the pretty beaches.

  And have you lived  here to develop that idea or did you get it from a TV show?

BTDretire

  • Handlebar Stache
  • *****
  • Posts: 2445
Re: $182,000 in student debt and... happy about it??!
« Reply #22 on: July 03, 2018, 12:33:13 PM »
this article reaks of entitlement.....even if NYU is 'the' unniversity for journalism, the amount of travel she is bragging about (and it reads like a humble brag) is ridiculous if you don't have the money to pay for it.  And "Every year, as I endured the process of securing more student loans (which was a nightmare in and of itself) comment just pisses me off.....boo hoo she 'endured' the process of borrowing more money that she shouldn't be borrowing so she can live a lifestyle she can't afford.   They are the people that think their loans should be forgiven after 10 years.....sorry, you went to the party, deal with the hangover.

  I hope they never forgive student debt, I just wrote the first $28k check of $250k to $300k for my daughters
dental school education. We can afford it after 37 years of saving. We averaged $71,000 of inflation adjusted income and only have the money because we lived well under our income for all those years.
 I will be very pissed off if I pay my daughters tuition out of my retirement savings and then others are forgiven and I have to pay for them out of my tax payments.
 

Njdealguy

  • 5 O'Clock Shadow
  • *
  • Posts: 16
Re: $182,000 in student debt and... happy about it??!
« Reply #23 on: July 03, 2018, 03:25:19 PM »
"There was no price too high that could make the second option more appealing."

Hehe one of the dumbest sentences I've ever seen, especially if it was the main deciding factor.  As if going to a expensive private college is the only way to experience being the "girl that travelled to Italy"

jmecklenborg

  • Stubble
  • **
  • Posts: 139
Re: $182,000 in student debt and... happy about it??!
« Reply #24 on: July 03, 2018, 04:23:10 PM »
I went to a lowly Midwestern state university.  A number of the people I worked with there at the university paper are now well-known national journalists.  People who understand journalism know that serious work at university and small town newspapers is the same as higher-profile stuff in big cities.  It's the same game. 

Lichen

  • Bristles
  • ***
  • Posts: 327
  • Location: PNW
  • When you find the right words, they will be simple
Re: $182,000 in student debt and... happy about it??!
« Reply #25 on: July 03, 2018, 07:53:04 PM »
this article reaks of entitlement.....even if NYU is 'the' unniversity for journalism, the amount of travel she is bragging about (and it reads like a humble brag) is ridiculous if you don't have the money to pay for it.  And "Every year, as I endured the process of securing more student loans (which was a nightmare in and of itself) comment just pisses me off.....boo hoo she 'endured' the process of borrowing more money that she shouldn't be borrowing so she can live a lifestyle she can't afford.   They are the people that think their loans should be forgiven after 10 years.....sorry, you went to the party, deal with the hangover.

  I hope they never forgive student debt, I just wrote the first $28k check of $250k to $300k for my daughters
dental school education. We can afford it after 37 years of saving. We averaged $71,000 of inflation adjusted income and only have the money because we lived well under our income for all those years.
 I will be very pissed off if I pay my daughters tuition out of my retirement savings and then others are forgiven and I have to pay for them out of my tax payments.
 

Is this comparable, though? You are paying your daughter's tuition, not your daughter. What of those 18 year olds that go off to college without having 37 years of savings because mom and dad aren't footing the bill? True, the students don't need to rack up loans north of $100k, but I feel like parent-paid education vs. student-paid education is like comparing apples to oranges.

Hula Hoop

  • Handlebar Stache
  • *****
  • Posts: 1032
  • Location: Italy
Re: $182,000 in student debt and... happy about it??!
« Reply #26 on: July 04, 2018, 03:03:44 AM »
I was just chatting with an American friend who told me that her friend's kid back home had gotten into Boston College but no scholarships so the kids and parents will be on the hook for the full tuition.  The kid also got into her local flagship state school - which is one of the better ones.  I asked my friend "why not go to the in-state flagship school and go into less debt?"  Friend said "if you go to BC the whole rest of your life will be easier because of all the connections you make - it's like going to Harvard."  Is that really true?  Maybe it's worth going into debt for Harvard, Yale or Stanford - but BC? 

Also, I'm not a journalist but from what I understand Columbia Journalism School is the most prestigious journalism program in New York - not NYU.  Unless things have changed.

BTDretire

  • Handlebar Stache
  • *****
  • Posts: 2445
Re: $182,000 in student debt and... happy about it??!
« Reply #27 on: July 04, 2018, 08:41:45 PM »
  I hope they never forgive student debt, I just wrote the first $28k check of $250k to $300k for my daughters
dental school education. We can afford it after 37 years of saving. We averaged $71,000 of inflation adjusted income and only have the money because we lived well under our income for all those years.
 I will be very pissed off if I pay my daughters tuition out of my retirement savings and then others are forgiven and I have to pay for them out of my tax payments.
 

Is this comparable, though? You are paying your daughter's tuition, not your daughter. What of those 18 year olds that go off to college without having 37 years of savings because mom and dad aren't footing the bill? True, the students don't need to rack up loans north of $100k, but I feel like parent-paid education vs. student-paid education is like comparing apples to oranges.

 This mom and dad, made a huge effort to have the nestegg to be able to pay for such a thing.
I would bet 99% of the people with the same income could not come close to paying for the tuition.
And I would be very unhappy if the neighbor was given $300k because they lived on all their income
and because I saved it cost me $300k. You can call it strawberries and oxcarts, I think that's wrong.
 My daughter will probably have a lifetime income 2 or 3 times that of her parents, I could let
her start that life with $300k of debt, but, I can afford it, so no.
 

marty998

  • Walrus Stache
  • *******
  • Posts: 6208
  • Location: Sydney, Oz
Re: $182,000 in student debt and... happy about it??!
« Reply #28 on: July 05, 2018, 03:39:52 AM »
  I hope they never forgive student debt, I just wrote the first $28k check of $250k to $300k for my daughters
dental school education. We can afford it after 37 years of saving. We averaged $71,000 of inflation adjusted income and only have the money because we lived well under our income for all those years.
 I will be very pissed off if I pay my daughters tuition out of my retirement savings and then others are forgiven and I have to pay for them out of my tax payments.
 

Is this comparable, though? You are paying your daughter's tuition, not your daughter. What of those 18 year olds that go off to college without having 37 years of savings because mom and dad aren't footing the bill? True, the students don't need to rack up loans north of $100k, but I feel like parent-paid education vs. student-paid education is like comparing apples to oranges.

 This mom and dad, made a huge effort to have the nestegg to be able to pay for such a thing.
I would bet 99% of the people with the same income could not come close to paying for the tuition.
And I would be very unhappy if the neighbor was given $300k because they lived on all their income
and because I saved it cost me $300k. You can call it strawberries and oxcarts, I think that's wrong.
 My daughter will probably have a lifetime income 2 or 3 times that of her parents, I could let
her start that life with $300k of debt, but, I can afford it, so no.
 

What about those who make payments for 20 years and then get a portion forgiven. Given your government has profited from the interest spread between issuing T-Bills and the rate they charge students, to what extent is that an acceptable outcome for the taxpayer?

I don't have a bone in this dog fight, but there may be a sensible middle ground for people whose total lifetime repayments have exceeded the loan principle + a nominal interest rate.

BTDretire

  • Handlebar Stache
  • *****
  • Posts: 2445
Re: $182,000 in student debt and... happy about it??!
« Reply #29 on: July 05, 2018, 11:33:53 AM »

 This mom and dad, made a huge effort to have the nestegg to be able to pay for such a thing.
I would bet 99% of the people with the same income could not come close to paying for the tuition.
And I would be very unhappy if the neighbor was given $300k because they lived on all their income
and because I saved it cost me $300k. You can call it strawberries and oxcarts, I think that's wrong.
 My daughter will probably have a lifetime income 2 or 3 times that of her parents, I could let
her start that life with $300k of debt, but, I can afford it, so no.
 

What about those who make payments for 20 years and then get a portion forgiven. Given your government has profited from the interest spread between issuing T-Bills and the rate they charge students, to what extent is that an acceptable outcome for the taxpayer?

I don't have a bone in this dog fight, but there may be a sensible middle ground for people whose total lifetime repayments have exceeded the loan principle + a nominal interest rate.
I don't have a gauge for the interest rate of government/Gov backed student loan rates.
 Ok, just looked 6% and 7% for (gov) graduate loans. Don't know---if the cost of money is 3% and then you pay it back with 3% inflated dollars, it's about a wash.
 I do like the fact that at least the Gov website tries to give a little financial educate to the minds of mush applying for the loans.
Starting with,
What is interest?

What are the interest rates for federal student loans?
Who sets interest rates for federal student loans?
How is interest calculated?
What is the interest rate factor?
How can I determine how much of my payment will go toward my outstanding principal balance?
Are there any other fees for federal student loans?
« Last Edit: July 07, 2018, 07:18:55 PM by BTDretire »

ducky19

  • Pencil Stache
  • ****
  • Posts: 525
Re: $182,000 in student debt and... happy about it??!
« Reply #30 on: July 06, 2018, 07:01:34 AM »
No need to have the "world class journalist" degree to make it big, just a little hard work and determination...

https://www.msn.com/en-us/money/bills-to-pay/how-this-25-year-old-freelancer-made-dollar150000-in-6-months-off-fiverr/ar-AAzkNOA

ericbonabike

  • 5 O'Clock Shadow
  • *
  • Posts: 68
Re: $182,000 in student debt and... happy about it??!
« Reply #31 on: July 06, 2018, 07:26:05 AM »
My 7th grade daughter took a class called "Money, Money, Money" which was basically a "basic finance" class.
They ended up watching and reading a lot of Dave Ramsey stuff, which was fun to talk about.   

However, one of their assignments was freaking awesome and I was super happy when she came home to talk about it.

She said "I want to be a vet.  And our assignment was to figure out how much it would cost for us to get vet degree from the BEST vet school in the united states".  So, she said "Texas A&M (or maybe University of Texas) was #1, and it would cost me $400,000 to get my undergrad and vet degree there".  My eyes got real big, and then said "Or, I could go to the #8 vet school (Auburn) and pay in-state tuition.  Get it all done for about 180k"

I said, "Yeah, that's a pretty big difference.  What about going to the local 4 year school. Getting a bachelors degree while living at home.  Then transfer to auburn for vet school.  Estimated costs:  100k".

Not sure if she's onboard with that last one, but I was happy that she realized "the best" school was a factor of 2x more expensive than a top-10 school.

ducky19

  • Pencil Stache
  • ****
  • Posts: 525
Re: $182,000 in student debt and... happy about it??!
« Reply #32 on: July 06, 2018, 07:59:36 AM »
That is AWESOME! I wish they did that in our schools... I'm trying to teach our kids about value in education on my own. They each know that I will pay for their associates at the local community college, and will help out some when they transfer to a four year school. They each know that they will need to take out student loans (or use savings of their own?) to get to a bachelor's. My middle child is convinced she wants to go to UCLA for four years, but I've hopefully put that one in check by saying I'll still only contribute as much as I would if she went to CC first. Once she saw how much it would cost her, I think she started coming around. She's 13 now, so there is still time to help her see the light!

mm1970

  • Walrus Stache
  • *******
  • Posts: 6454
Re: $182,000 in student debt and... happy about it??!
« Reply #33 on: July 06, 2018, 10:40:23 AM »
My 7th grade daughter took a class called "Money, Money, Money" which was basically a "basic finance" class.
They ended up watching and reading a lot of Dave Ramsey stuff, which was fun to talk about.   

However, one of their assignments was freaking awesome and I was super happy when she came home to talk about it.

She said "I want to be a vet.  And our assignment was to figure out how much it would cost for us to get vet degree from the BEST vet school in the united states".  So, she said "Texas A&M (or maybe University of Texas) was #1, and it would cost me $400,000 to get my undergrad and vet degree there".  My eyes got real big, and then said "Or, I could go to the #8 vet school (Auburn) and pay in-state tuition.  Get it all done for about 180k"

I said, "Yeah, that's a pretty big difference.  What about going to the local 4 year school. Getting a bachelors degree while living at home.  Then transfer to auburn for vet school.  Estimated costs:  100k".

Not sure if she's onboard with that last one, but I was happy that she realized "the best" school was a factor of 2x more expensive than a top-10 school.

The next part of that equation is:
Calculate the approximate loan costs (monthly) to pay off that debt, and over how many years.

And - look at the average income of vets starting at year one and going to year 10.  Figure out what % of income the repayments would be.

penguintroopers

  • Stubble
  • **
  • Posts: 161
Re: $182,000 in student debt and... happy about it??!
« Reply #34 on: July 06, 2018, 12:43:59 PM »
My 7th grade daughter took a class called "Money, Money, Money" which was basically a "basic finance" class.
They ended up watching and reading a lot of Dave Ramsey stuff, which was fun to talk about.   

However, one of their assignments was freaking awesome and I was super happy when she came home to talk about it.

She said "I want to be a vet.  And our assignment was to figure out how much it would cost for us to get vet degree from the BEST vet school in the united states".  So, she said "Texas A&M (or maybe University of Texas) was #1, and it would cost me $400,000 to get my undergrad and vet degree there".  My eyes got real big, and then said "Or, I could go to the #8 vet school (Auburn) and pay in-state tuition.  Get it all done for about 180k"

I said, "Yeah, that's a pretty big difference.  What about going to the local 4 year school. Getting a bachelors degree while living at home.  Then transfer to auburn for vet school.  Estimated costs:  100k".

Not sure if she's onboard with that last one, but I was happy that she realized "the best" school was a factor of 2x more expensive than a top-10 school.

The next part of that equation is:
Calculate the approximate loan costs (monthly) to pay off that debt, and over how many years.

And - look at the average income of vets starting at year one and going to year 10.  Figure out what % of income the repayments would be.

If only this was part of the application requirements to get in.

FatCat

  • Stubble
  • **
  • Posts: 244
Re: $182,000 in student debt and... happy about it??!
« Reply #35 on: July 06, 2018, 12:50:38 PM »
My university had a program where if you learn a foreign language you can apply for a scholarship to study abroad in any country where that's the primary language for nearly free. Is this uncommon? I studied abroad in four countries with around $6k student loan debt when I graduated. You don't have to take on a great debt to study abroad if you research your options first.

She would have had to take Italian for a couple of years and get an A in all her classes first, but the savings should have been worth it. Or if she'd already studied it, she could take a placement test to prove she's studied it to a certain level. She would have also gotten more out of the Italy trip if she already spoke intermediate level Italian before going.

Spiffy

  • Stubble
  • **
  • Posts: 156
Re: $182,000 in student debt and... happy about it??!
« Reply #36 on: July 06, 2018, 04:00:28 PM »
My 7th grade daughter took a class called "Money, Money, Money" which was basically a "basic finance" class.
They ended up watching and reading a lot of Dave Ramsey stuff, which was fun to talk about.   

However, one of their assignments was freaking awesome and I was super happy when she came home to talk about it.

She said "I want to be a vet.  And our assignment was to figure out how much it would cost for us to get vet degree from the BEST vet school in the united states".  So, she said "Texas A&M (or maybe University of Texas) was #1, and it would cost me $400,000 to get my undergrad and vet degree there".  My eyes got real big, and then said "Or, I could go to the #8 vet school (Auburn) and pay in-state tuition.  Get it all done for about 180k"

I said, "Yeah, that's a pretty big difference.  What about going to the local 4 year school. Getting a bachelors degree while living at home.  Then transfer to auburn for vet school.  Estimated costs:  100k".

Not sure if she's onboard with that last one, but I was happy that she realized "the best" school was a factor of 2x more expensive than a top-10 school.
Don't want to nitpick (well, maybe I do) but usually Cornell makes the list for best vet school. I'm a Texan and UT is my alma mater, so it would be nice if it were UT! But I worked at Cornell for many years. So, Go Big Red!

Just Joe

  • Magnum Stache
  • ******
  • Posts: 2706
Re: $182,000 in student debt and... happy about it??!
« Reply #37 on: July 06, 2018, 05:40:11 PM »
My university had a program where if you learn a foreign language you can apply for a scholarship to study abroad in any country where that's the primary language for nearly free. Is this uncommon? I studied abroad in four countries with around $6k student loan debt when I graduated. You don't have to take on a great debt to study abroad if you research your options first.

She would have had to take Italian for a couple of years and get an A in all her classes first, but the savings should have been worth it. Or if she'd already studied it, she could take a placement test to prove she's studied it to a certain level. She would have also gotten more out of the Italy trip if she already spoke intermediate level Italian before going.

A foreign language would seem to be very useful for a certain kind of author/journalist.

afah0447

  • 5 O'Clock Shadow
  • *
  • Posts: 5
Re: $182,000 in student debt and... happy about it??!
« Reply #38 on: May 08, 2019, 05:59:53 PM »
Planning to go to Graduate School was the best part.

marble_faun

  • Bristles
  • ***
  • Posts: 314
Re: $182,000 in student debt and... happy about it??!
« Reply #39 on: May 08, 2019, 07:14:40 PM »
I found the writer's LinkedIn, and it looks like she did decide to go to graduate school.

Oh well.

OtherJen

  • Handlebar Stache
  • *****
  • Posts: 1271
  • Location: Metro Detroit
Re: $182,000 in student debt and... happy about it??!
« Reply #40 on: May 08, 2019, 08:11:32 PM »
I went to a lowly Midwestern state university.  A number of the people I worked with there at the university paper are now well-known national journalists.  People who understand journalism know that serious work at university and small town newspapers is the same as higher-profile stuff in big cities.  It's the same game.

Yes, this is an old post, but it reminded me of one of the best (and often most provocative) journalists from my undergrad midwestern state university. She was so good that I remember discussing her more controversial articles with other students before morning classes. She didn’t bother with a masters. Now she writes for the Atlantic, and I’ve seen her byline in several other places.

better late

  • Bristles
  • ***
  • Posts: 301
Re: $182,000 in student debt and... happy about it??!
« Reply #41 on: May 08, 2019, 08:18:08 PM »
The "I went to NYU for 4 amazing years and will be living in my parents' basement for the next several decades to pay it off" essay. 
I swear I read these annually from students graduating from NYU.
So many of NYU students get degrees in the arts/theater where the work can be less predictable.

On the other hand I was glad to read that at least a couple of the adults in her life were advising her to not take on that kind of debt. She didn't listen but maybe other students at her hs did.
« Last Edit: May 08, 2019, 08:23:42 PM by better late »

Montecarlo

  • Stubble
  • **
  • Posts: 226
Re: $182,000 in student debt and... happy about it??!
« Reply #42 on: May 11, 2019, 04:29:55 AM »
Well that was a fun read.  I liked how she said she’d be paying off the debt for the rest of her life.  Either she didn’t learn any math skills at NYU, or she is planning on continuing her prolific spending unabated.

Hula Hoop

  • Handlebar Stache
  • *****
  • Posts: 1032
  • Location: Italy
Re: $182,000 in student debt and... happy about it??!
« Reply #43 on: May 11, 2019, 04:35:40 AM »
My old roommate went to NYU and had mega student loans and a liberal arts degree.  She told me that NYU was well known for the stinginess of it's financial aid packages.  That combined with the cost of living in NYC makes it generally an extremely expensive school,

Enigma

  • Bristles
  • ***
  • Posts: 434
  • Age: 39
  • Location: Clarksville, TN
Re: $182,000 in student debt and... happy about it??!
« Reply #44 on: May 13, 2019, 12:41:40 PM »
I have a great-uncle that was a 'career' student actively pursuing college degrees and taking out student loans.  You do not have to repay them until 6 months after you leave college.  Well it was his plan never to leave college.

ducky19

  • Pencil Stache
  • ****
  • Posts: 525
Re: $182,000 in student debt and... happy about it??!
« Reply #45 on: May 14, 2019, 10:36:43 AM »
Just going to leave this here as the antithesis for the OP's article.

https://www.refinery29.com/en-us/2018/09/210050/college-student-living-at-home-benefits

marble_faun

  • Bristles
  • ***
  • Posts: 314
Re: $182,000 in student debt and... happy about it??!
« Reply #46 on: May 14, 2019, 02:00:08 PM »
And a different writer's take on a similar situation: https://thebaffler.com/salvos/looks-like-debt-to-me-miller

$100,000+ in debt... also from two NYU degrees! But the tone is more depressing, as this writer was 30 at the time of this essay and had had some time for the awfulness of the situation to sink in. 

marcela

  • Pencil Stache
  • ****
  • Posts: 671
Re: $182,000 in student debt and... happy about it??!
« Reply #47 on: May 15, 2019, 08:21:02 AM »
My 7th grade daughter took a class called "Money, Money, Money" which was basically a "basic finance" class.
They ended up watching and reading a lot of Dave Ramsey stuff, which was fun to talk about.   

However, one of their assignments was freaking awesome and I was super happy when she came home to talk about it.

She said "I want to be a vet.  And our assignment was to figure out how much it would cost for us to get vet degree from the BEST vet school in the united states".  So, she said "Texas A&M (or maybe University of Texas) was #1, and it would cost me $400,000 to get my undergrad and vet degree there".  My eyes got real big, and then said "Or, I could go to the #8 vet school (Auburn) and pay in-state tuition.  Get it all done for about 180k"

I said, "Yeah, that's a pretty big difference.  What about going to the local 4 year school. Getting a bachelors degree while living at home.  Then transfer to auburn for vet school.  Estimated costs:  100k".

Not sure if she's onboard with that last one, but I was happy that she realized "the best" school was a factor of 2x more expensive than a top-10 school.
Don't want to nitpick (well, maybe I do) but usually Cornell makes the list for best vet school. I'm a Texan and UT is my alma mater, so it would be nice if it were UT! But I worked at Cornell for many years. So, Go Big Red!

The vet school rankings just came out last month and UC Davis took the top spot with Cornell at #2. Texas A&M was in a 4 way tie for #4.
Alabama actually has 2 vet schools, Auburn and Tuskegee, so you get two options for instate tuition. Tuskegee is about half the price of Auburn, but ranked 27th to Auburn's 14th. But to be honest, you have plenty of time before your kid gets to choose a vet school and the ranking might have changed tremendously by then. The most important thing is to make sure your daughter is choosing an undergraduate school that provides all the prerequisite classes needed to apply. Good luck!

Enigma

  • Bristles
  • ***
  • Posts: 434
  • Age: 39
  • Location: Clarksville, TN
Re: $182,000 in student debt and... happy about it??!
« Reply #48 on: May 15, 2019, 12:41:54 PM »
And a different writer's take on a similar situation: https://thebaffler.com/salvos/looks-like-debt-to-me-miller
$100,000+ in debt... also from two NYU degrees! But the tone is more depressing, as this writer was 30 at the time of this essay and had had some time for the awfulness of the situation to sink in.
B.A. and an M.A. in English lit, with more than $100,000 of debt.  IMO - I dont think English lit really pays.  The only job that comes to mind is a teacher.

I have a B.S. in math and a M.S. in computer security.  When I left college i owed $15k and still owe a little over $1k of that because it is good on my credit report with a small interest rate.  My master's was paid in full and was $3k every 6 months with WGU online (regionally and nationally accredited).  I didn't go for my MS until I had years of experience & I was alread doing the job.

While a son or daughter doesn’t know what they want to major in, I would recommend a community college for their associate’s degree knocking out their first 2 years of general electives.  Then advancing to a university to knock out the last 2 years on the major they want in life.

Likewise I would recommend degrees with lots of job potential (STEM – Science, Technology, Eng, Math), technical colleges or apprenticeships (electrician, plumber, mechanics, etc).  Follow your dream job but at the same time maintain your hobbies (literature, basket weaving, women studies).

ericbonabike

  • 5 O'Clock Shadow
  • *
  • Posts: 68
Re: $182,000 in student debt and... happy about it??!
« Reply #49 on: May 17, 2019, 11:53:09 AM »
My 7th grade daughter took a class called "Money, Money, Money" which was basically a "basic finance" class.
They ended up watching and reading a lot of Dave Ramsey stuff, which was fun to talk about.   

However, one of their assignments was freaking awesome and I was super happy when she came home to talk about it.

She said "I want to be a vet.  And our assignment was to figure out how much it would cost for us to get vet degree from the BEST vet school in the united states".  So, she said "Texas A&M (or maybe University of Texas) was #1, and it would cost me $400,000 to get my undergrad and vet degree there".  My eyes got real big, and then said "Or, I could go to the #8 vet school (Auburn) and pay in-state tuition.  Get it all done for about 180k"

I said, "Yeah, that's a pretty big difference.  What about going to the local 4 year school. Getting a bachelors degree while living at home.  Then transfer to auburn for vet school.  Estimated costs:  100k".

Not sure if she's onboard with that last one, but I was happy that she realized "the best" school was a factor of 2x more expensive than a top-10 school.
Don't want to nitpick (well, maybe I do) but usually Cornell makes the list for best vet school. I'm a Texan and UT is my alma mater, so it would be nice if it were UT! But I worked at Cornell for many years. So, Go Big Red!

The vet school rankings just came out last month and UC Davis took the top spot with Cornell at #2. Texas A&M was in a 4 way tie for #4.
Alabama actually has 2 vet schools, Auburn and Tuskegee, so you get two options for instate tuition. Tuskegee is about half the price of Auburn, but ranked 27th to Auburn's 14th. But to be honest, you have plenty of time before your kid gets to choose a vet school and the ranking might have changed tremendously by then. The most important thing is to make sure your daughter is choosing an undergraduate school that provides all the prerequisite classes needed to apply. Good luck!

hah.  yeah, this was a couple of years ago, and I'm basing that statement on what she said at the time. 
I'm hoping she will attend local college, get a bachelors degree in something, then transition to Vet school.

I am concerned that what happens to her if she doesn't get into ANY vet school.  Will her bachelor's degree in (biology, chemistry, etc) allow her to find a job that's not "vet".