Author Topic: The student loan bubble  (Read 1006 times)

0 Members and 1 Guest are viewing this topic.

Offline bosk1

  • Bow down to Boskaryus
  • Administrator
  • *****
  • Posts: 2601
  • Hard-hearted harbinger of haggis
Re: The student loan bubble
« Reply #35 on: August 07, 2017, 01:26:22 PM »
I hear you, Chino over being kind of torn about it.  And I hate to sound judgmental given that I am not walking in her shoes.  But no matter how good the "support system," if said support system isn't in a position to help defray the costs and reduce the amount of debt needed to complete such an education, I just don't see it as a wise or responsible decision to spend more on an education than you can reasonably expect to earn in a reasonably short time after finishing it.  Now, if said "support system" had been willing to pay most of the bill, different story.  I'm not anti-generosity if mom/dad are willing and able to pay.  But it doesn't sound like that is what we are dealing with here. 
"The Supreme Court of the United States has descended from the disciplined legal reasoning of John Marshall and Joseph Story to the mystical aphorisms of the fortune cookie."

Offline cramx3

  • Chillest of the chill
  • DTF.org Alumni
  • ****
  • Posts: 16178
  • Gender: Male
    • The Home of cramx3
Re: The student loan bubble
« Reply #36 on: August 07, 2017, 01:34:03 PM »
Also, I hear you Chino.  It's tough between living your dreams and living to survive and at the age of 17 it's pretty hard to understand how to create such a balance.

Offline portnoy311

  • Posts: 815
Re: The student loan bubble
« Reply #37 on: August 07, 2017, 07:53:29 PM »
Stadler, while you were living the pious life of a monk, what percentage of your income was going towards loan payments? And what was tuition compared to modern day? Are you saying your financial burden was at all comparable to a kid graduating in 2017 with the same degree, and that any hardship is due to misplaced priorities? The figures just don't back that up.

Hell most 25 year olds I know either drive hand me down cars, or don't bother with one. Out of necessity, so your basic lifestyle already seems out of whack.

Offline Stadler

  • DTF.org Alumni
  • ****
  • Posts: 9884
  • Gender: Male
Re: The student loan bubble
« Reply #38 on: August 08, 2017, 08:13:07 AM »
Stadler, while you were living the pious life of a monk, what percentage of your income was going towards loan payments? And what was tuition compared to modern day? Are you saying your financial burden was at all comparable to a kid graduating in 2017 with the same degree, and that any hardship is due to misplaced priorities? The figures just don't back that up.

Hell most 25 year olds I know either drive hand me down cars, or don't bother with one. Out of necessity, so your basic lifestyle already seems out of whack.

Not a pious monk; I turned tricks outside the local strip club to eat.  You do what you have to do.  :)

No, seriously, I already talked about it.  I don't remember what my student loans were; if memory serves they were around $200 a month?   I lived with three or four other people, I sometimes worked two jobs, and I did a lot of the work on my cars myself, so I wasn't driving luxurious BMWs (I was driving shit box BMWs).   Though I will grant you that there were differences in my favor.  I played softball, so I could (usually) drink relatively cheaply if I went to the bar that sponsored us.   I didn't have to worry about "Super Deluxe versions" of every CD that came out that I wanted.   Nor did I have to worry about the complete live set of every show on instant bootleg of the tours I went to see.  But this is my point:  not all of it is "those evil scumbag colleges raping and pillaging our tender youngfolk".    It's decision time.   I DIDN'T leave the country until I was almost 30.   I DIDN'T buy a new car until I was married (two incomes).   I didn't have a house until then either (though some of that was by choice because of work and being "mobile").   It's not as if I always made great decisions financially, either.   I relied on credit cards more than perhaps I should have.   

At one point, when I was looking at law schools, I had a choice:  a top ten law school, full time (and not in my geography), and quit work and assume debt, or a top 40 school night program (and local) and keep working.    Now, I was lucky, in that I knew I wasn't competing for the top level law firm job, so it was an easier decision, but financially, that choice was as stark as tofu and steak.   

Offline gmillerdrake

  • Proud Father.....Blessed Husband
  • DTF.org Member
  • *
  • Posts: 10492
  • Gender: Male
  • 1 Timothy 2:5
Re: The student loan bubble
« Reply #39 on: August 08, 2017, 09:10:20 AM »
I honestly think that there should be a minimum (2) year community college requirement before you can enlist in a (4) year school. Maybe set up a way that exceptional kids could bi-pass that requirement with either a test out....parental waiver....both or something, but it's my opinion that by in large the majority of (18) years olds out there are simply not ready to A.) Head off on their own to a 4 year college and B.) cannot fully grasp the financial burden they are undertaking (see Brian's example)

In those (2) years at community college have a couple of the required courses delve into the 'financial' aspect of loans...maybe have a course that offers studies on the current trends of what jobs will be available or more prevalent in the next 5, 7....10 years.


Without going on a quote fest I think Bill has made a couple good point that although the student loan fiasco has gotten out of hand and the costs are insane....there are still some aspects of ones life that you can manage to mitigate your daily costs....see his examples of 500 cable channels....top tier smart phones...etc etc. You can't eliminate the personal responsibility aspect of the decisions that an individual makes but at the same time as EB made  note of....the 'selling' side of the student loan industry needs to be held accountable on some level.

I attended ITT Technical School and obtained a (2) year Associates Degree in Applied Science for Computer Aided Drafting. I had just met my now wife and was working managing restaurants and as we discussed our future and realized we were going to start having kids immediately after we married I knew I needed a more stable job. 2  years and $40k later I had an associates degree that landed me a really good job at an architecture firm.....FF 7 years and I move on to a better position at a different company....my current job.

None of that happens had I not obtained the degree but man.....$40k for an associates? That's steep!! the cost alone kept me from staying in school to go for my bachelors and it wasn't until 1-1/2 ago I started online classes to try and slowly get my bachelors. it's gonna be a bit until that happens but thankfully one of the benefits I have through my company is $4,500 a year in tuition reimbursement.

The thing is....I know that I need that bachelors degree to be able to 'check' the box and to just say I have it. It's a requirement for any position really....or any one I've seen that would take me to the 'next level' of position/pay.

I'll agree that the entire higher education system is askew and needs to be addressed.....but I'm a firm believer in personal responsibility and either reaping the rewards of your life decisions or paying the price for them...no matter the 'excuse' as to why you made them. Making a poor choice due to lack of understanding by no fault of your own certainly sucks....I've had my fair share of those as I'm sure most of us has. But it's part of the lesson learning process of life unfortunately. 
Without Faith.....Without Hope.....There can be No Peace of Mind

Offline portnoy311

  • Posts: 815
Re: The student loan bubble
« Reply #40 on: August 08, 2017, 09:16:37 PM »
Stadler, while you were living the pious life of a monk, what percentage of your income was going towards loan payments? And what was tuition compared to modern day? Are you saying your financial burden was at all comparable to a kid graduating in 2017 with the same degree, and that any hardship is due to misplaced priorities? The figures just don't back that up.

Hell most 25 year olds I know either drive hand me down cars, or don't bother with one. Out of necessity, so your basic lifestyle already seems out of whack.

Not a pious monk; I turned tricks outside the local strip club to eat.  You do what you have to do.  :)

No, seriously, I already talked about it.  I don't remember what my student loans were; if memory serves they were around $200 a month?   I lived with three or four other people, I sometimes worked two jobs, and I did a lot of the work on my cars myself, so I wasn't driving luxurious BMWs (I was driving shit box BMWs).   Though I will grant you that there were differences in my favor.  I played softball, so I could (usually) drink relatively cheaply if I went to the bar that sponsored us.   I didn't have to worry about "Super Deluxe versions" of every CD that came out that I wanted.   Nor did I have to worry about the complete live set of every show on instant bootleg of the tours I went to see.  But this is my point:  not all of it is "those evil scumbag colleges raping and pillaging our tender youngfolk".    It's decision time.   I DIDN'T leave the country until I was almost 30.   I DIDN'T buy a new car until I was married (two incomes).   I didn't have a house until then either (though some of that was by choice because of work and being "mobile").   It's not as if I always made great decisions financially, either.   I relied on credit cards more than perhaps I should have.   

At one point, when I was looking at law schools, I had a choice:  a top ten law school, full time (and not in my geography), and quit work and assume debt, or a top 40 school night program (and local) and keep working.    Now, I was lucky, in that I knew I wasn't competing for the top level law firm job, so it was an easier decision, but financially, that choice was as stark as tofu and steak.

Again though, $200 was doable. Let's look at your alma mater's current prices.

http://admissions.uconn.edu/cost-aid/tuition

For instate, if you graduate on time, it's going to set you back $109,000 + for a 4 year degree (and that's just your undergrad, no grad school, no minors that add classes, no second major, etc.). If you're out of state, you're looking at closer to $200k. Even adjusted for inflation, I can guarantee what you paid is nowhere remotely close to that. What I paid as class of 2007 is nowhere what kids are paying now, and it was way too high then (at a comparable school to yours, also in state).

Offline Chino

  • Be excellent to each other.
  • DT.net Veteran
  • ****
  • Posts: 19299
  • Gender: Male
Re: The student loan bubble
« Reply #41 on: August 09, 2017, 05:51:01 AM »
My 5 years in school required nearly $9000 in books and software alone.

Offline Cable

  • Posts: 1510
  • Gender: Male
Re: The student loan bubble
« Reply #42 on: August 09, 2017, 06:28:01 AM »
Just chirping in about the community college thing since Gmillerdrake mentioned it. I did that and ultimately it was the smarter route. The only thing I missed was spending time with professors, and getting in with their work and helping out and all. But I doubt even if I did do all my credits at a university, that I would have figured out knowing professors was a good idea. I didn't care until near the end anyway, so money well spent.
---

Offline gmillerdrake

  • Proud Father.....Blessed Husband
  • DTF.org Member
  • *
  • Posts: 10492
  • Gender: Male
  • 1 Timothy 2:5
Re: The student loan bubble
« Reply #43 on: August 09, 2017, 07:29:41 AM »
Just chirping in about the community college thing since Gmillerdrake mentioned it. I did that and ultimately it was the smarter route. The only thing I missed was spending time with professors, and getting in with their work and helping out and all. But I doubt even if I did do all my credits at a university, that I would have figured out knowing professors was a good idea. I didn't care until near the end anyway, so money well spent.

Given our kids are still a good 7-8 years away from college so things could change depending on their ability/drive etc.....but my wife and I are in agreement that we are going to encourage them to try the community college route right out of high school for at least a year. Maybe one or all of them will have a clear vision of what they want to do and would be ready to go to a (4) year, but odds are they'll be just like the majority of the 18 yr olds out there and still be 'undecided'.
Without Faith.....Without Hope.....There can be No Peace of Mind

Offline Chino

  • Be excellent to each other.
  • DT.net Veteran
  • ****
  • Posts: 19299
  • Gender: Male
Re: The student loan bubble
« Reply #44 on: August 09, 2017, 07:54:10 AM »
Just chirping in about the community college thing since Gmillerdrake mentioned it. I did that and ultimately it was the smarter route. The only thing I missed was spending time with professors, and getting in with their work and helping out and all. But I doubt even if I did do all my credits at a university, that I would have figured out knowing professors was a good idea. I didn't care until near the end anyway, so money well spent.

Given our kids are still a good 7-8 years away from college so things could change depending on their ability/drive etc.....but my wife and I are in agreement that we are going to encourage them to try the community college route right out of high school for at least a year. Maybe one or all of them will have a clear vision of what they want to do and would be ready to go to a (4) year, but odds are they'll be just like the majority of the 18 yr olds out there and still be 'undecided'.

Even with a clear vision, the community college should still be encouraged. Their first 3 or 4 semester are honestly just going to be prerequisite courses that would be the same no matter where they went, you know? Art classes, history, advanced algebra, etc... doesn't matter where you take those. Might as well save 75%

Offline Grappler

  • Posts: 473
  • Gender: Male
  • Victory, Illinois Varsity
Re: The student loan bubble
« Reply #45 on: August 09, 2017, 08:15:14 AM »
Just chirping in about the community college thing since Gmillerdrake mentioned it. I did that and ultimately it was the smarter route. The only thing I missed was spending time with professors, and getting in with their work and helping out and all. But I doubt even if I did do all my credits at a university, that I would have figured out knowing professors was a good idea. I didn't care until near the end anyway, so money well spent.

Given our kids are still a good 7-8 years away from college so things could change depending on their ability/drive etc.....but my wife and I are in agreement that we are going to encourage them to try the community college route right out of high school for at least a year. Maybe one or all of them will have a clear vision of what they want to do and would be ready to go to a (4) year, but odds are they'll be just like the majority of the 18 yr olds out there and still be 'undecided'.

Even with a clear vision, the community college should still be encouraged. Their first 3 or 4 semester are honestly just going to be prerequisite courses that would be the same no matter where they went, you know? Art classes, history, advanced algebra, etc... doesn't matter where you take those. Might as well save 75%

From a financial standpoint, it might be better.  But the kids would also miss out on living away from home.  My wife and I both loved living at a major university and being away from life with our parents.  Falling in love with the sports teams, going to football games, making new friends, going out to parties and campus bars (entry age is 19, but have to be 21 to drink) and overall learning to be self sufficient and not depending on mom and dad to handle every little issue.  They were still there for us, and we were only 2.5 hours away from home, but we couldn't run to them if we had an argument and have them step in and talk to the kid's parents.  It was time for us to start learning how to be adults.

So there's a big tradeoff.  Yes, it might be cheaper, but they'd miss out on a big part of college life.

Offline gmillerdrake

  • Proud Father.....Blessed Husband
  • DTF.org Member
  • *
  • Posts: 10492
  • Gender: Male
  • 1 Timothy 2:5
Re: The student loan bubble
« Reply #46 on: August 09, 2017, 08:19:42 AM »
Just chirping in about the community college thing since Gmillerdrake mentioned it. I did that and ultimately it was the smarter route. The only thing I missed was spending time with professors, and getting in with their work and helping out and all. But I doubt even if I did do all my credits at a university, that I would have figured out knowing professors was a good idea. I didn't care until near the end anyway, so money well spent.

Given our kids are still a good 7-8 years away from college so things could change depending on their ability/drive etc.....but my wife and I are in agreement that we are going to encourage them to try the community college route right out of high school for at least a year. Maybe one or all of them will have a clear vision of what they want to do and would be ready to go to a (4) year, but odds are they'll be just like the majority of the 18 yr olds out there and still be 'undecided'.

Even with a clear vision, the community college should still be encouraged. Their first 3 or 4 semester are honestly just going to be prerequisite courses that would be the same no matter where they went, you know? Art classes, history, advanced algebra, etc... doesn't matter where you take those. Might as well save 75%

From a financial standpoint, it might be better.  But the kids would also miss out on living away from home.  My wife and I both loved living at a major university and being away from life with our parents.  Falling in love with the sports teams, going to football games, making new friends, going out to parties and campus bars (entry age is 19, but have to be 21 to drink) and overall learning to be self sufficient and not depending on mom and dad to handle every little issue.  They were still there for us, and we were only 2.5 hours away from home, but we couldn't run to them if we had an argument and have them step in and talk to the kid's parents.  It was time for us to start learning how to be adults.

So there's a big tradeoff.  Yes, it might be cheaper, but they'd miss out on a big part of college life.

I can see where you're coming from but just to use myself as an example....i went to a 4 year school right out of high school and had no business in doing so BECAUSE of the lack of supervision. I was a mess and that freedom allowed me to get wasted every night with no accountability.

I understand the 'college life' aspect you are speaking to and that isn't going to vanish if they go to (2) years of community college. If anything it will better prepare them to be able to actually enjoy and appreciate that 'freedom' aspect. I don't know percentages but I'd be willing to bet that there's a large percentage of kids who take longer than 4 years to get their degree at a "4" year college.

I don't think utilizing a 2 year community college would 'steal' anything from them as far as experiencing college life away from the family.
Without Faith.....Without Hope.....There can be No Peace of Mind

Offline Chino

  • Be excellent to each other.
  • DT.net Veteran
  • ****
  • Posts: 19299
  • Gender: Male
Re: The student loan bubble
« Reply #47 on: August 09, 2017, 08:28:28 AM »
Just chirping in about the community college thing since Gmillerdrake mentioned it. I did that and ultimately it was the smarter route. The only thing I missed was spending time with professors, and getting in with their work and helping out and all. But I doubt even if I did do all my credits at a university, that I would have figured out knowing professors was a good idea. I didn't care until near the end anyway, so money well spent.

Given our kids are still a good 7-8 years away from college so things could change depending on their ability/drive etc.....but my wife and I are in agreement that we are going to encourage them to try the community college route right out of high school for at least a year. Maybe one or all of them will have a clear vision of what they want to do and would be ready to go to a (4) year, but odds are they'll be just like the majority of the 18 yr olds out there and still be 'undecided'.

Even with a clear vision, the community college should still be encouraged. Their first 3 or 4 semester are honestly just going to be prerequisite courses that would be the same no matter where they went, you know? Art classes, history, advanced algebra, etc... doesn't matter where you take those. Might as well save 75%

From a financial standpoint, it might be better.  But the kids would also miss out on living away from home.  My wife and I both loved living at a major university and being away from life with our parents.  Falling in love with the sports teams, going to football games, making new friends, going out to parties and campus bars (entry age is 19, but have to be 21 to drink) and overall learning to be self sufficient and not depending on mom and dad to handle every little issue.  They were still there for us, and we were only 2.5 hours away from home, but we couldn't run to them if we had an argument and have them step in and talk to the kid's parents.  It was time for us to start learning how to be adults.

So there's a big tradeoff.  Yes, it might be cheaper, but they'd miss out on a big part of college life.

I can see where you're coming from but just to use myself as an example....i went to a 4 year school right out of high school and had no business in doing so BECAUSE of the lack of supervision. I was a mess and that freedom allowed me to get wasted every night with no accountability.

I understand the 'college life' aspect you are speaking to and that isn't going to vanish if they go to (2) years of community college. If anything it will better prepare them to be able to actually enjoy and appreciate that 'freedom' aspect. I don't know percentages but I'd be willing to bet that there's a large percentage of kids who take longer than 4 years to get their degree at a "4" year college.

I don't think utilizing a 2 year community college would 'steal' anything from them as far as experiencing college life away from the family.

This is where my thoughts lie as well. A 17 year old getting away from home could be a very valuable experience, but once you throw parties, hundreds of other unsupersized people, and wasted girls into the mix, priorities can change really quickly. I saw so many people flunk out because they were too young and not mature enough to handle that kind of environment.

If you want to give your kid the away from home experience, get them and apartment while they go to community college. It'll still be way cheaper than a university.
« Last Edit: August 09, 2017, 08:37:18 AM by Chino »

Offline cramx3

  • Chillest of the chill
  • DTF.org Alumni
  • ****
  • Posts: 16178
  • Gender: Male
    • The Home of cramx3
Re: The student loan bubble
« Reply #48 on: August 09, 2017, 08:29:40 AM »
There's definitely value to being off on your own, but you can still do that after a year in community college.  I think the first year local is a solid idea to save some money and make a more gradual change to college life.  Not everyone survives the being left away from home either.  I knew plenty of people who transfered to a community college because they wanted to be back home.

Offline Cable

  • Posts: 1510
  • Gender: Male
Re: The student loan bubble
« Reply #49 on: August 09, 2017, 08:36:42 AM »
There's definitely value to being off on your own, but you can still do that after a year in community college.  I think the first year local is a solid idea to save some money and make a more gradual change to college life.  Not everyone survives the being left away from home either.  I knew plenty of people who transfered to a community college because they wanted to be back home.


Agreed Cram. And someone can still live independently in CC, and attend party functions. There were plenty of stories of X person in HS going to university parties. And frankly, I heard so many more horror stories at CC, or my "lesser" public university of someone going away to college to only flunk out. I think the number I heard from people that went to Michigan State University as freshman was 33% were still there in year two. So 66% learning the hard way that university + initial independence = don't work out. And *that* would be a massive hit of money too, finding out that it wasn't a good idea.

Further, the age groups of development have been stretched out, so we have Emerging Adulthood after teenage years. So many, myself would have been one of them, are not ready to be fully independent until at least age 25. And 18-25 is the window to expect people to get a four year degree, so yeah. That all said, I totally understand learning through the school of hard knocks so to speak, and barely getting through initially but doing it.  But again with the theme of this thread, that can cause future burden and certainly regret if someone isn't ready.
---

Offline gmillerdrake

  • Proud Father.....Blessed Husband
  • DTF.org Member
  • *
  • Posts: 10492
  • Gender: Male
  • 1 Timothy 2:5
Re: The student loan bubble
« Reply #50 on: August 09, 2017, 08:42:22 AM »
I inherited a chunk of cash when I turned 18.....$18k to be exact. It was from a settlement the community I grew up in had with a local businessman (google Times Beach...dioxin...Eureka MO if you're interested) Anyway, the day I turned 18 my Dad came to me in my room as I was getting ready to go to the bank and transfer that $$ into my checking account.

He told me "Gary, I don't tell you what to do with your life all that much....but listen to me when I tell you I think you should take that money and put it in a 5 Year CD...just don't touch it yet"

My response: "Dad....don't worry....I got this...."

on my 19th birthday I has zero dollars of that left. I had paid for a semester of college at Missouri State....where I subsequently went to...pledged a fraternity.....didn't go to a single class after the third week of school....was at the ATM at least twice a day withdrawing hundreds of dollars at a time. I wasn't in to drugs at all..it was straight alcohol for me and the 7 other buddies from high school who went down there as well. One day I went to the ATM and it said 'Insufficiant Funds'?! I walked to my buddies dorm room and told him I was going home that weekend. I hadn't been to class in a solid two months...had no money....that was that. I was back at home working a full time job by Thanksgiving.....a solid month before that semester even ended.

I was in no shape mentally to go off on my own. That's not to say there aren't folks out there who aren't at 17-18 years old, I just don't think there are a lot of them.
Without Faith.....Without Hope.....There can be No Peace of Mind

Offline Stadler

  • DTF.org Alumni
  • ****
  • Posts: 9884
  • Gender: Male
Re: The student loan bubble
« Reply #51 on: August 09, 2017, 10:38:29 AM »
While I respect the opinions, respect the courage to share stories that may not be flattering, and understand the points being made... it's all subjective and up to the kid.   I know for me, I went through my phase (you have to maintain a 2.0 to remain at UConn, and first semester I had a 2.01, and that was rounded up, I shit you not) but my time at UConn was defining for me as a person, as a worker, and as a man.  My closest friends to this day are my UConn friends. 

Also, it is my experience that you have to be VERY careful about what credits transfer over and what don't; my brother took the "two years community college then transfer to the four years university" and got completely fucked.  He had to re-take about half of the work (and he transferred to a state school, though not UConn).   

I think it's down to the kid.  My daughter is already at boarding school, so she doesn't need the "away from home experience" necessarily, but if she wants it, I have some hope that it won't be a drug-fueled, alcohol-induced rock-scored fuck-fest when she does go.  And while for 90% of careers it doesn't matter where you go, for some, unfortunately, it does. 

Offline axeman90210

  • Official Minister of Awesome, and Veronica knows my name!
  • DTF.org Alumni
  • ****
  • Posts: 11184
  • Gender: Male
  • Never go full Nick
Re: The student loan bubble
« Reply #52 on: August 09, 2017, 10:53:03 AM »
Lots of good discussion in this thread. I guess I'll dump my thoughts into a few bullet points:

- The first thing is, I think a semester of math in high school should focus on real-life finance that everyone will likely end up using. So many people are financially illiterate and have no concept of things like how quickly compounding interest can balloon a debt.

- I think part of the problem is also this one size fits all idea that everyone needs to go to a four year college and leave with a bachelor's degree. There are plenty of people who would be better off going to a community college or a trade school. You can blame it on jobs requiring it these days, but I think that's just a reaction to the glut of candidates that do have that background. I think it started with a generation of parents pushing their kids to go to a four year program because it was seen as an automatic ticket to a better life.

- I do think the living away experience can be important (I know it was for me), but it's not for everyone. I never partied at all in high school, and I knew both how challenging the courses at college would be and how much my parents (and I) were shelling out for me to attend, so I was always fairly responsible about my drinking. For the first three semesters or so I wouldn't even let myself have a beer if I had class the next day. It all depends on the person though.

- My experience is this: I attended a fairly well regarded small liberal arts school in CT for undergrad (Wesleyan, not sure if anybody besides maybe Stadler would be familiar). The cost to attend had to be about 200K with room and board and everything (graduated in 2009). I was quite fortunate that my parents were committed to my education to the best of their ability for four years of undergrad. I did chip in what money I did have saved (which fortuitously included me liquidating about 10K in stock to pay for a semester right before the stock market tanked), and I left there after four years with about 20K in debt. Unfortunately for me I was graduating into a pretty horrendous job market, and so decided I might as well pursue my master's degree right away since I had planned on getting it eventually anyway. A 12 month Master's in finance at Boston College ballooned my debt to 75K (my parents had been clear from the start that they would help out all they could for four years, anything beyond that was up to me). I then discovered that the combination of a Master's degree and no full time experience was not great for my job prospects (People who wanted a Master's expected full time experience and people OK with no full time experience knew they could pay someone with just a Bachelor's less), so I ended up moving home and working for 2.5 years at my family's restaurant. I've been working in the "real world" for about 4.5 years now and I'm still living at home with about 2K left in loans, which I'll be paying the balance of next month. I don't regret taking on my student loans, as I'm in a pretty good place right now, but I realize that I was fortunate that A) My parents chipped in as much as they did for undergrad, otherwise my debt would have been a lot higher, B) I had the restaurant to fall back on to make enough money for loan payments while I wasn't working in my intended field, and C) My parents are still happy to have me living at home while I plowed a bunch of extra money into paying down the principle of my loans.
Photobucket sucks.

Offline Stadler

  • DTF.org Alumni
  • ****
  • Posts: 9884
  • Gender: Male
Re: The student loan bubble
« Reply #53 on: August 09, 2017, 12:06:25 PM »
Bill Belichick's (and Eric Mangini's) alma mater. 

Offline Chino

  • Be excellent to each other.
  • DT.net Veteran
  • ****
  • Posts: 19299
  • Gender: Male
Re: The student loan bubble
« Reply #54 on: August 09, 2017, 12:07:18 PM »
- My experience is this: I attended a fairly well regarded small liberal arts school in CT for undergrad (Wesleyan, not sure if anybody besides maybe Stadler would be familiar).

I partied there!

Offline XeRocks81

  • Posts: 362
  • Gender: Male
Re: The student loan bubble
« Reply #55 on: August 09, 2017, 12:10:16 PM »
- My experience is this: I attended a fairly well regarded small liberal arts school in CT for undergrad (Wesleyan, not sure if anybody besides maybe Stadler would be familiar).

I partied there!

Lin-Manuel Miranda. creator of In the Heights and of course Hamilton and all around cool dude, went to Wesleyan

Offline axeman90210

  • Official Minister of Awesome, and Veronica knows my name!
  • DTF.org Alumni
  • ****
  • Posts: 11184
  • Gender: Male
  • Never go full Nick
Re: The student loan bubble
« Reply #56 on: August 09, 2017, 01:24:26 PM »
Bill Belichick's (and Eric Mangini's) alma mater. 

Indeed, I was actually attending there while he was coaching the Jets which was kinda cool. I always thought it was funny that we were the only school to have two alumni as active head coaches at the same time, and yet we had an absolutely dreadful D3 football program :lol

- My experience is this: I attended a fairly well regarded small liberal arts school in CT for undergrad (Wesleyan, not sure if anybody besides maybe Stadler would be familiar).

I partied there!

If that was any time between August 2005 and May 2009 we may have partied together :hat

- My experience is this: I attended a fairly well regarded small liberal arts school in CT for undergrad (Wesleyan, not sure if anybody besides maybe Stadler would be familiar).

I partied there!

Lin-Manuel Miranda. creator of In the Heights and of course Hamilton and all around cool dude, went to Wesleyan

The entertainment industry is primarily what Wesleyan's known for (aside from being hyper PC, we're the inspiration for the early 90s movie PCU :lol). Michael Bay, Joss Whedon, Matthew Weiner (creator of Mad Men), and Lin-Manel Miranda are probably the biggest names, but I know the co-creator of Robot Chicken is an alumnus as well and there are plenty more people who work more behind the scenes in film/TV. The upshot of that was that our film center had an absolutely badass 400 seat stadium seating screening room where they showed movies four days a week :hat
Photobucket sucks.

Offline Chino

  • Be excellent to each other.
  • DT.net Veteran
  • ****
  • Posts: 19299
  • Gender: Male
Re: The student loan bubble
« Reply #57 on: August 09, 2017, 01:33:34 PM »
Bill Belichick's (and Eric Mangini's) alma mater. 

Indeed, I was actually attending there while he was coaching the Jets which was kinda cool. I always thought it was funny that we were the only school to have two alumni as active head coaches at the same time, and yet we had an absolutely dreadful D3 football program :lol

- My experience is this: I attended a fairly well regarded small liberal arts school in CT for undergrad (Wesleyan, not sure if anybody besides maybe Stadler would be familiar).

I partied there!

If that was any time between August 2005 and May 2009 we may have partied together :hat


It was. Did you know James Tremaglio? Kind of creepy dude that still somehow managed to constantly get chicks?

Offline axeman90210

  • Official Minister of Awesome, and Veronica knows my name!
  • DTF.org Alumni
  • ****
  • Posts: 11184
  • Gender: Male
  • Never go full Nick
Re: The student loan bubble
« Reply #58 on: August 10, 2017, 10:44:07 AM »
Bill Belichick's (and Eric Mangini's) alma mater. 

Indeed, I was actually attending there while he was coaching the Jets which was kinda cool. I always thought it was funny that we were the only school to have two alumni as active head coaches at the same time, and yet we had an absolutely dreadful D3 football program :lol

- My experience is this: I attended a fairly well regarded small liberal arts school in CT for undergrad (Wesleyan, not sure if anybody besides maybe Stadler would be familiar).

I partied there!

If that was any time between August 2005 and May 2009 we may have partied together :hat


It was. Did you know James Tremaglio? Kind of creepy dude that still somehow managed to constantly get chicks?

Name doesn't ring a bell. Wouldn't have been that hard for him though, we didn't have the most attractive campus as far a students go :lol
Photobucket sucks.

Offline axeman90210

  • Official Minister of Awesome, and Veronica knows my name!
  • DTF.org Alumni
  • ****
  • Posts: 11184
  • Gender: Male
  • Never go full Nick
Re: The student loan bubble
« Reply #59 on: August 14, 2017, 09:53:35 AM »
I thought this was a pretty interesting read and somewhat relevant to some of this discussion.

https://fivethirtyeight.com/features/students-at-most-colleges-dont-pick-useless-majors/
Photobucket sucks.

Offline TAC

  • DTF.org Alumni
  • ****
  • Posts: 24808
  • Gender: Male
  • Just a decent, normal metal-head fellow
Re: The student loan bubble
« Reply #60 on: August 15, 2017, 07:19:24 AM »
Bill Belichick's (and Eric Mangini's) alma mater.

I went to the school where the Pats held training camp for years.



This thread has been a great read.
I graduated with my Bachelors in 1990 and wrote a check for $154.70 a month for ten years. And another check for $30 for six years.

I was lucky to have parents that stressed being able to base decisions on what you can afford. My father was very concerned about putting me in debt. I got a job right out of school (making $24,500!!), lived at home, bought a new car and was able to get by.

My stepson went to a local college. He's 27 and is doing very well for himself. Whoever made the Maseratti example is a good one. A car gets you from place to place. A degree gets you to a place. As with most things in life, you can spend as much as you want (or don't want) on it.


  and the $50 gym membership, 
I saw that Gene Simmons video. You go to the gym??  ;D
would have thought the same thing but seeing the OP was TAC i immediately thought Maiden or DT related
Winger Theater Forums................or WTF.  ;D

Offline Chino

  • Be excellent to each other.
  • DT.net Veteran
  • ****
  • Posts: 19299
  • Gender: Male
Re: The student loan bubble
« Reply #61 on: August 15, 2017, 07:38:07 AM »
Just ranting

A buddy of mine came over for poker the other night. He's 29, lives in his mom's basement, has $35K left in student loans, and works at a grocery store making $13.50 an hour. He rolls up in a brand new VW Golf he just bought with about $5k worth of options on it.

Moron.

Offline Stadler

  • DTF.org Alumni
  • ****
  • Posts: 9884
  • Gender: Male
Re: The student loan bubble
« Reply #62 on: August 15, 2017, 09:50:08 AM »
  and the $50 gym membership, 
I saw that Gene Simmons video. You go to the gym??  ;D

DAMN YOU.  I go about as often as, well, Gene does.   ;)