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Student loans: What's the big deal?

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I feel as though I'm constantly hearing someone whine about student loans and now we have some cities offering repayment of loans for relocation (though, is this really new? Haven't certain areas alwasy offered this?) 

Recently a friend posted a cartoon on facebook:  A boy moving back home with "5 figure student loan debt" on his back.  His parents are giving him grief, stating that they started out with nothing.  His reply "I wish I could have started out with nothing!" 


What are your thoughts on the situation?  Should students come out of any 4 year University without any type of financial obligation?  Is a 4 year degree becoming the high school diploma?  


by on Jun. 13, 2012 at 2:08 PM
Replies (241-250):
worwalkerlds
by Member on Jun. 15, 2012 at 4:49 PM
An associates degree is like a high school diploma, nearly worthless.
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illegallyblonde
by Lawyerupbeeches on Jun. 15, 2012 at 5:03 PM
Ah, student loans--damned if you do; damned if you don't.

Yes, I think undergrad is an extension of HS. Now it seems the only way to distinguish yourself is if you go to grad school.

I don't think it really depends on how you get your undergrad degree as long as you get one. If you plan on going to grad school, I would encourage you to go to a smaller private school. The smaller private schools have very low professor/student ratio. The professors know you personally. This is better for getting references and research positions. A friend of mine went to a larger state school, never personally met her prof, always had to go through the TA, and had a difficult time getting references for grad school. She got them, they just weren't personal. If you do want it, you just have to find a way to distinguish yourself from the other 400 people in that particular class.

Undergrad is expensive and so is grad school. My advise: take a year or two off out of HS. Figure out exactly what you want to study. Live abroad for a year. Come home and apply for every scholarship you can get your hands on. Go to a community college or jr college first but make sure you get something that transfers. If you plan on going to grad school, go to a private school. If not, go to a state school. Continue to apply for scholarships for grad school too.

*find a major in a field where jobs are available--any medical.
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Redwall
by Silver Member on Jun. 15, 2012 at 8:07 PM

A four year education is so EXPENSIVE!  Unless you come from a wealth family or have scholarships, you're going to need loans.  My boys opted out of a four year education because of the cost and went to Community College which was WAY less expensive.

Carmel63
by Bronze Member on Jun. 15, 2012 at 9:59 PM
Quoting im23vaughn:


Do you have any stats on the Harvard and Yale grads that can't get jobs?

The importance of where you went to college may vary depending on the part of the country you live, but it is still significant early in your career. I have spoken with hiring managers countless times who have admitted that all things being equal they will hire the person from the better college. It makes sence. If you have two applicants with a business degree. Applicant A attended the name brand school with a well respected academic program. Applicant A would have had to have a high GPA to get into this school because it is very selective. While at the name brand school he was able to secure two different internships. One internship was at a NBC studios two days a week during a semester, and the second was a two month stint at Merrill Lynch. Applicant A was able to secure these internships due to the relationship the brand name university has with these companies.

Applicant B went to a University not known to have strong academics. Applicant B may be very bright but elected to attend a college that accepts nearly everyone, and the average GPA of the entering freshman class was a C. The low tier university can not develope the same relationship for internships as the Brand Name schools, because it is not believed that their students are as smart as those from the brand name school. So applicant B might have some work experience, but it might not be as relevant, or look impressive on a resume.

You have both resumes in front of you. All else being equal, who are you really going to hire?
cdgoldilocks
by Bronze Member on Jun. 16, 2012 at 12:04 AM
Quoting Tanya93:




I went to college from 1993 to 1998, and at that time I was considered a dependent of my parents until age 26, married, or had a child.

2egbhgx.jpg Eleanor Roosevelt image by whatadollx3


A government big enough to give you everything you want is big enough to take everything you have. -Barry Goldwater

LindaClement
by Thatwoman on Jun. 16, 2012 at 12:25 AM
1 mom liked this

I think no one should sign a contract they don't understand the terms of.

No one.

Not even for a house. Not for an education. Not a waiver to use a gym.

If you do not read and understand the terms of the contract you're signing, why not just let the three year old sign everything they feel like signing?!?

gsprofval
by Silver Member on Jun. 16, 2012 at 12:30 AM

Most colleges don't really want you to understand the terms of the contract your are signing, especially the financial aid ones. I've worked for some for profits that didn't even give students copies of the contracts; that way they could keep getting the money after the student quit, but was never officially taken off the roster.

Another contract not explained to students is that what ever classes are on the list when you start college are what you must take to get the degree.  However, many colleges "change" the courses needed usually near graduation so students have to take more courses and pay more money. I tell students all the time that is illegal and to fight it. And this has happened at some reputable colleges.

anxiousschk
by anxiouss on Jun. 16, 2012 at 12:35 AM

I was in college from fall 99-2003 and was told all I needed to do to be "independent" was be living on my own and file HOH on my taxes.  The financial aid office said this.  If I was paying rent at home and could prove it, that helped but I *had* to be able to file HOH on taxes. 

Quoting cdgoldilocks:

Quoting Tanya93:




I went to college from 1993 to 1998, and at that time I was considered a dependent of my parents until age 26, married, or had a child.


Tara922c
by on Jun. 16, 2012 at 1:02 AM

Don't you have to be single with a dependent to file head of household? I know that I had to include my parent's income when I filed for FASFA back in 2001 even though I had my own apartment. I was under the impression you had to be of a certain age (I think 24), have a child, married, or have a special situation (such as you were an emancipatedminor) to be able to claim independent status. The FASFA website stated special situations will be considered for independent status but living on your own is not a special situation. I really hate that rule. Just because parents have money, does not mean they are willing to help their kids through college.

Quoting anxiousschk:

I was in college from fall 99-2003 and was told all I needed to do to be "independent" was be living on my own and file HOH on my taxes.  The financial aid office said this.  If I was paying rent at home and could prove it, that helped but I *had* to be able to file HOH on taxes. 

Quoting cdgoldilocks:

Quoting Tanya93:




I went to college from 1993 to 1998, and at that time I was considered a dependent of my parents until age 26, married, or had a child.

 


LindaClement
by Thatwoman on Jun. 16, 2012 at 1:59 AM

I can't say this is a big shock. For years, I've been saying that even the 'very best of the best' are renting chairs.

Quoting gsprofval:

Most colleges don't really want you to understand the terms of the contract your are signing, especially the financial aid ones. I've worked for some for profits that didn't even give students copies of the contracts; that way they could keep getting the money after the student quit, but was never officially taken off the roster.

Another contract not explained to students is that what ever classes are on the list when you start college are what you must take to get the degree.  However, many colleges "change" the courses needed usually near graduation so students have to take more courses and pay more money. I tell students all the time that is illegal and to fight it. And this has happened at some reputable colleges.


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