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143 Comments
- Sogui, on 09/30/2009, -1/+97Rule #1 that students never follow:
ALWAYS
ALWAYS
ALWAYS
choose FEDERAL/GOVERNMENT loans over PRIVATE ones. - casspa, on 09/28/2009, -4/+58I can feel the weight of the world on my shoulders after reading that....I wish someone would fully explained how long it takes to pay off student loans when I was applying for them.
- borez, on 09/30/2009, -2/+52College: preparing you for a lifetime as a debt slave.
- MikeonTV, on 09/29/2009, -2/+44Mint has some very rich and impressive articles. Could graphic posts be the next big thing in blogging?
- Viciousblade, on 09/29/2009, -5/+34And nothing is being done about it as College professors, deans, and administrators make anywhere from 50k - 150k a year.
As a college student who tried for every scholarship and grant that he could (even when my mom, a public highschool teacher, was told that she made too much money after my dad passed away for any of us to get government aid for college) and was not accepted for any of them, the cost of student loans was an inevitability for me and will be for many other students. The fact that it will take me at the least 10 years to pay it back is not the problem, but that it will get worse and worse for incoming freshman is. - davdev, on 09/30/2009, -0/+24and for anyone wondering why, Fed loans can be consolodated, private loans cannot
- newes, on 09/30/2009, -2/+26This is a good reason to get a degree in something that pays.
- GorfTron, on 09/30/2009, -1/+22The education route is good. Also, there is the community college 2 year degree and transfer method to further reduce the costs.
Also, there is the personal gain. I have found that more educated people stay sharp longer in life and have careers that wear less on the body. Also, more educated people usually handle money and legal issues more skillfully. White collar, degreed people are more free to change locations, companies and their way of life. Don't let some laborer who happens to make $70k ***** you. The professional making $70k is far better off. I worked labor jobs, some paying well, to get my education. When I got my job as a programmer, it was weird to be treated well by my bosses. As a laborer, I always felt a strange sense of hostility between workers and coming down from management. - edcrosay, on 09/30/2009, -0/+18i.e. Don't go to film school like I did.
- pathouston22, on 09/30/2009, -1/+19Meh, I went to a state school where tuition + room was less than 5k a semester. So 40k if you graduated in 4 years. And I now make more than that in one year.
But I guess I didn't get such a prestigious degree like from the University of Texas? Darn.
Private schools FTL. - Korberos, on 09/30/2009, -9/+27Why the ***** are people digging WELLDOITLIVE down. He's exactly right... Take some ***** responsibility for your actions...
- inactive, on 09/30/2009, -4/+22and the fed loans don't ***** you up the ass with variable interest rates.
OMG SOCIALISM LOANS ARE EVIL, THEY SOCIALIZE! - Sogui, on 09/30/2009, -0/+17@Devdev, that's just one of the countless reasons.
Obama's latest loan bill is just icing on the cake too. Payments are adjusted to your income, often interest will be subsidized (saving you thousands more and reducing post-grad headaches) and payments themselves are always deferred until you finish your schooling entirely (if you plan on going to Grad/Medical/Business/Law school).
There are many more, but for an addition to the post above,
ALWAYS DO FAFSA - capheine, on 09/30/2009, -0/+17I was very blessed - my folks paid for my education. I had a $3000/yr GPA-dependent scholarship that I had to maintain, and I had to pay for my own books, but that was it.
I desperately hope to be able to cover some or all of my future kids' educations. - killahilla, on 09/29/2009, -1/+18Great infographic. Would love to see the data of Student Loans plus credit card debt students acquire in school
- DarthVolta, on 09/30/2009, -0/+15I'm not sure if it's available in a lot of states, but in Minnesota I did PSEO (Post Secondary Enrollment Options). During my junior and senior years in high school, I attended a local Community College full time, taking generals that also applied towards my high school requirements.
By the time I graduated high school I had met my requirements for an Associate of Arts degree (just one class short, which I took that summer). So I got two years of college for free, and since the AA degree has guarantees built in that as long as 40 of your credits belong to the Minnesota State Transfer Curriculum, all 64 will transfer to a University, which they did. In short, I got a Bachelor's degree for half price (and then some, thanks to some great grants) and by the time I was 21.
It's the way to go if you're still in high school, or if you have high school age kids (assuming it's available in your state). - clippclop, on 09/30/2009, -1/+16It's not free money. You have to pay student loans back with interest you douche. The government makes money off of it.
Student loans are not rebates. - elnerdo, on 09/30/2009, -1/+16Harvard grads usually don't end up with much debt. They were either rich going in, or they had a ton of scholarship (from Harvard or from outside organizations or both).
- wanderson, on 09/30/2009, -0/+14You really can't self-learn computer science to any worthwhile degree. Sure, you can teach yourself to program, but that's not computer science. Computer science goes waaaay beyond programming.
- finalheaven07, on 09/30/2009, -8/+22Right. Because explaining these things to an 18 year-old who has never had any real experience with having to deal with that big of a bill will know EXACTLY what you're talking about when you sit them down to explain it. They don't think about how much they're going to owe when they are 22/24/26; all they care about is getting into school and getting done with it. The problem is tuition, not the fact that students are "ignorant". Add that to the fact that schools all but force you to take the money to be able to go there for most people going into science, as most community colleges aren't geared for science majors (at least, mine aren't) and there are quite a few graduating seniors looking to go into science. This represents a majority of those students in major debt, and there's not a whole lot we can do about it, especially if you want to go to med school. Stop pointing fingers and start helping by educating, or GTFO.
- WELLDOITLIVE, on 09/29/2009, -26/+39Ignorance is no excuse, you should know these things whenever you borrow money. It's not hard to figure out.
- getsalted, on 09/30/2009, -2/+14Dugg for PBR.
- ModernTenshi, on 09/30/2009, -0/+12The cost of my education is definitely causing me to put off moving out of my parent's home. I plan on staying for a couple years, which with good saving and smart spending I should be able to pay off half the debt in about two years, save just as much money in that amount of time, so when I move out I can use money from raises to cover the costs of tuition payments, and I'll have a good amount of cash in my savings account.
One thing I'm surprised isn't being mentioned is the added cost of text books. I see no reason why I had to pay $100 for a C++ text book. Granted the instructor structured the courses so we could use them over the three C++ courses offered, but some students didn't even advance past the first class (a good number of them didn't need the 200 or 300 level course).
Making matters worse are instructors who say you have to have the book, no questions, and then all their notes are just the book in note form.
I ended up not buying any of my books until a few weeks into the class. After that long I would know if I really needed the book(s) or not. Took a Biology 101 course for my general science requirement, didn't even buy the book. First couple of classes and the syllabus showed me it wasn't going to be any harder than my high school biology classes, so I decided to just use Google and Wikipedia for any resources I'd need. Ended up passing the class with a solid A, and saving myself $80 not buying the text book. Felt sooo good when the other students learned the book store was only buying back 30 copies of the book at $30 each, and went scrambling to it after the last class for the semester. - 5Horizons, on 09/30/2009, -0/+12A couple things:
- Community college. Often times you can get general/core classes out of the way for much cheaper. If you're strapped for cash it's a good way to start.
- Work. If you work full time over the summer, you can easily make enough to cover that $6,000 average public tuition with some money left over. Working part time during school can cover rent and food. In the end you may still end up with some loans, but nothing horrible. - leodavinci0, on 09/30/2009, -0/+11I know I will probably get dugg down for proposing this, but it is an option more should take advantage of, and don't know about. When I was getting ready for college, I looked at the finances of it, and decided to apply for a ROTC Army scholarship. The benefits were great, with school covered and training on top of it (I also liked how I would be forced to exercise and stay in shape, but some may not like that part). The one big down side was you needed to invest 4 years of service after school. After school started though I figured out a way to work it out with minimal loans, and no ROTC, so I dropped it. Some friends didn't drop it, and stayed through. They now have a whole lot of lifetime benefits I didn't know about including: excellent medical coverage for life, excellent retirement benefits, USAA insurance for everything (this is big btw), and other things I can't think of right off. Point is, I almost wish that I stayed in. Thereby I wouldn't have any loans at all right now (although they aren't much), and get all the benefits.
- pathouston22, on 09/30/2009, -3/+14Because you might of gone into a career where you could of self-taught or learned on the fly?
Try doing that in engineering or nursing or whatnot.
But I guess college is pointless for everybody if it didn't work for you? - simbait, on 09/30/2009, -3/+12Look at the bright side! you don't live in one of those gloomy and repressive "socialist" countries in Scandinavia where they pay you for going to university
/ducks
disclaimer: I don't live in Scandinavia neither the US - navster15, on 09/30/2009, -1/+10Totally agree. If you are drowning in $100k+ debt because you just *had* to get your degree from Harvard, I've got no sympathy for you.
- clippclop, on 09/30/2009, -0/+9Federal ones have a lower interest rate usually.
They dont start accumulating interest till you are finished school.
You have a longer period to pay them off usually.
They force you to put some money where it belongs, helping you manage the debt a lot more.
The only drawback is that you cannot get federal loans if your parents make too much money, even if they haven't saved money for you. Some parents haven't saved money, so the kids have to rely n private loans rather than federal ones. - SilentSpyder, on 09/30/2009, -0/+9Tell me about it, I got a degree in fine arts, got about 60k in debt and haven't found a permanent job in that field, just a few freelance gigs. My bread and butter is my post high school job which I was even working at while I went to school. If I could do it again I would, but probably go with graphic/web design instead of cartooning.
- renemartini, on 09/30/2009, -0/+8I am just so annoyed in high school, teachers tell students to get into the most expensive schools best of this or that.... the more expensive the school the more money you make (BS!). These teachers are the ones I expected to give me the hard facts of life!
- junyamint, on 09/30/2009, -0/+8Except at the end it says you make an average of 800k more by going to college. You shouldn't consider yourself crippled.
- LacY, on 09/30/2009, -0/+8agreed with rlbond. In the sciences at least, to become a professor you have 5-7 (and it just keeps increasing...) years in grad school making about $25K/year (and you're not allowed to work outside of that). Then there's ususally at least one 3-yr postdoc (again increasing GREATLY as the economy plummets and less schools are hiring) where you'll make $30-40K on average. Then if you finally get a professorship, you won't be making $150K. More like $50-70K. It takes years (and full tenure) before you're making $100K+. When you consider that that's around 5+ years of education more than a doctor or lawyer, we're not exactly talking about a really profitable job market.
- clippclop, on 09/30/2009, -0/+7Books are like $1000 a semester here. That's still a lot of money for students to come across usually.
But yes, you are lucky. I was in the complete opposite situation. - perfecxion, on 09/30/2009, -1/+8Rule 1: ALWAYS go here first http://www.fafsa.ed.gov/
Rule 2: NEVER EVER get a private loan... EVER - algaeturd, on 09/30/2009, -7/+14Just another way to keep Americans saddled in debt. It is undoubtedly necessary to get a good education...I think those in charge are just trying to ***** the smart people who insist on a college degree and higher education while simultaneously rewarding those who choose not to become education.
20 years ago, a high school degree would cut it for the average person. People graduated with a high school diploma and they were fairly smart and entering a workplace that didn't demand a lot of science and technology or computer skills.
Have you met high school graduates these days? Teaching to the test and 'No Child Left Behind' has destroyed public education. I met several hs grads this summer who could barely tell me who the president before Bush was. I'm glad I was on board before the great race to make everyone in the country dumb as ***** because if there's one thing we're excelling at in the U.S., it's a huge population of people who are dumb as *****. - orangetiki, on 09/30/2009, -0/+6I don't even want to tell you guys what I owed my undergraduate college when I graduated. I graduated in 2001 and today all that money wouldn't have paid for one year in today's numbers. Makes you think why did it inflate so much. And yes my college inflated a few years after, but is still very cheap in comparison to these numbers in the article.
- z0rk, on 09/30/2009, -1/+7Somehow everyone posting in this thread missed the point. The point was not that everyone is better off without college. It was that 80-90% of the jobs people do that "require" a degree do not need to require a degree. I know because I am the only person on my team who has 0 college. Science, engineering, medicine oblivious need schooling. Sorry to disappoint you all, but the world is not black and white.
- aks123, on 09/30/2009, -0/+6I think the bigger problem is the disconnect between the degrees you can earn in college and the actual job market. College degrees need to adjust accordingly to the constantly changing job market, and high school students need to know that, contrary to what their high school counselor told them, college is (sadly) not about self-enrichment and following your passion, and that colleges prey on this mentality in order to survive and as an excuse to not change.
- Pic0, on 09/30/2009, -0/+6Student loans are like CCs, responsible people will benefit and the others will mess their life up. Don't get a $120k student loan when you are going to get paid $30k a year for the first 20 years of your career. I'm not sure why basic math is difficult for some people.
- 1stphase, on 09/30/2009, -2/+8FML.
- ssquared22, on 09/29/2009, -2/+8Struggling with that much debt when you're just starting your life is crippling, so there has to be a better solution.
- ThreeDee912, on 09/30/2009, -0/+5"India has more honor students,. than the U.S. has students"
I keep hearing people say that, but what is the actual *percentage* of India's honor's students compared to the percentage of U.S.'s honor students? If it is about the same, the only thing it means is that India has more children than the US does, not that India is smarter. It's basic statistics. Then the only "solution" would be for the US to somehow drastically increase its birth rate. - inactive, on 09/30/2009, -0/+5blade, state employees at state universities have their incomes published, as they are public information. I looked up at the top of the list for here at UW. As a programmer, there were only a couple professors that make more than me. They basically make ***** wages, but have awesome benefits and excellent stability once they're tenured.
- zmigliozzi, on 09/30/2009, -0/+5This is the best and biggest picture I've ever seen hands down. The increase in costs is delaying many people I believe (me included) from being about to move out to live on their own. Sorry but there is no reason or excuse to print new editions every year for subjects that do not change. Or to build new buildings just for the sake of that it is more appealing, even though older buildings still function.
- americanzero87, on 09/30/2009, -2/+7Really, who drinks PBR these days besides old people and hipsters? My 4 years in college were filled with Keystone Light and Busch Light. I think I spotted a guy drinking Red Dog one night, but that's about it. Not one PBR sighting except for the aforementioned people.
- kevinmoore, on 09/30/2009, -0/+5> As the article says you should way the benefits/risks before you go to college.
One should probably *weigh* the benefits of learning English somewhere along the line too. - unlimitedmp, on 09/30/2009, -1/+6Feels bad man
- rlbond86, on 09/30/2009, -1/+6That's a sad story, but there are other sides to this argument. I was a national merit scholar and paid practically nothing for college. Some people get part-time jobs. Some states pay for tuition for students with a decent high school GPA.
As it is, college professors get paid a pretty low salary for their education level -- a Ph.D. is required and usually postdoc experience is needed too. It's very high-stress for assistant professors because they don't want their tenure denied. So I think it's unfair for you to rail on professors, and I don't know any who make 150k per year. - crescentfreshld, on 09/30/2009, -0/+5Amen. Hindsight is 20/20. ::sigh::
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