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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 (231-240):
anxiousschk
by anxiouss on Jun. 15, 2012 at 9:22 AM

So you're saying you can't get a good job unless you graduate from a college or university ranked by US News? 

Quoting Carmel63:

Quoting anxiousschk:




If it is not at least ranked by US News it is Pudunk U. Even a regional college with a high number can be pretty sketchy.


Carmel63
by Bronze Member on Jun. 15, 2012 at 9:43 AM
Quoting anxiousschk:




Some might get lucky. In some professions it may not matter, like teaching. Where your degee comes from does have an impact on wether the hiring manager will even read your resume. It also has a huge impact on available internships (crucial to getting that first professional job), and what companies recruit out of your college.

After 10 years of experience it probably won't matter, but in getting that 10 years of experience it can be important.

We are looking at colleges for my daughter, and we are not considering any college that is not a tier one nationally ranked university, or near the top of the rankings for tier one regional universities. I would consider anything below this to be a waste of time any money.

I find my criteria to be quite reasonable. I have heard others say that anything below the top 50 on the list of national universities, or the top 50 liberal arts colleges to be a not worth the time or money.
thegreenempress
by New Member on Jun. 15, 2012 at 10:28 AM

I'm glad my parents got a loan for me to go to college. It's a lot easier than expecting me to do school part time and work full time, trying to  pay for it myself. Some of my classmates had to do it that way, and while they might not have debt now, they looked like slackers spending 3+ years at a junior college. 

anxiousschk
by anxiouss on Jun. 15, 2012 at 10:39 AM

That's simply not accurate.  It's fine if it's *your* criteria, however many professions hire from many schools.  

This not the case only in education, it works for doctors, lawyers, those in business...the list goes on.  


Quoting Carmel63:

Quoting anxiousschk:




Some might get lucky. In some professions it may not matter, like teaching. Where your degee comes from does have an impact on wether the hiring manager will even read your resume. It also has a huge impact on available internships (crucial to getting that first professional job), and what companies recruit out of your college.

After 10 years of experience it probably won't matter, but in getting that 10 years of experience it can be important.

We are looking at colleges for my daughter, and we are not considering any college that is not a tier one nationally ranked university, or near the top of the rankings for tier one regional universities. I would consider anything below this to be a waste of time any money.

I find my criteria to be quite reasonable. I have heard others say that anything below the top 50 on the list of national universities, or the top 50 liberal arts colleges to be a not worth the time or money.


happinessforyou
by Bronze Member on Jun. 15, 2012 at 11:37 AM
1 mom liked this

I know that certain colleges have a "cache" in some circles. If you are willing to put out the effort and the $$$ to go to a certain school, then do that. But don't turn around then and complain about the cost and debt-load. If you wanted to be a DR- then you should try to get into the very best school. If you want to be a school teacher, there are lots of good schools that will do just fine at a fraction of the cost. KWIM?

I have heard of students who go to a very expensive college, come out 5-6 yrs later (not 4) $1000's of dollars in debt with a degree in something like Social Work that starts at $32,000 a year. That makes absolutely no sense to me.

And why doesn't anyone want to work while in school? Lots of people do. Lots more should. Maybe if the student bears some of the responsibility of their education, there would be a whole lot less debt all the way around.

I can't imagine graduating and being $1000's of dollars in debt. That would be terrifying in this economy.


 

Quoting Carmel63:

Quoting happinessforyou:

Getting through college is not that hard- you work full-time, you go to school full-time. You live at home, ride the bus to school, pay-as-you-go. You pick a major and you finish in 4 years, going to summer school if you have to.


OR


You get an apartment, get a new car, you go to school the minimum 12 credit hours, you don't work, you change schools/majors 2 or 3 times and need to start all over, you don't work, you choose an expensive school instead of the State College by your house. You take 5-6 years to graduate because you are "finding" yourself. You drop-out and restart several times and while you are messing around you take out loan after loan after loan so when you do FINALLY graduate, you OWE!!!!


Pick the one that fits you......




My husband did plan A, and we do not want that for our children. Especially since many (not all) local employeers frown on state college degrees. I was at a cocktail party recently where hiring managers talked about how they pull out all the resumes that come from state colleges, even our flagship college, and only hire students graduating from private schools.

My daughter is a rising senior in high school. We have been visiting colleges for months. There is only one decent state college, and my daughter is adamant about not sending them an application. She will be sending applications only to private colleges (50,000 on average). The plan is that she get a merit scholarship, some grants and we will pay up to $20,000 per year (the cost of the only decent in state college), and she take the balance in loans. Based on the expected cost calculator for her first choice college, she can expect to take a loan for $5,000 per year. This includes room and board.



Tanya93
by on Jun. 15, 2012 at 11:38 AM
1 mom liked this

So are you going to help your parents pay the loan?

Quoting thegreenempress:

I'm glad my parents got a loan for me to go to college. It's a lot easier than expecting me to do school part time and work full time, trying to  pay for it myself. Some of my classmates had to do it that way, and while they might not have debt now, they looked like slackers spending 3+ years at a junior college. 


im23vaughn
by Silver Member on Jun. 15, 2012 at 2:28 PM
No it wouldn't. Or let me clarify. You can get a general studies degree in science. They dont focus on anything of importance. My BFF has one. She took general studies course. You get the point.


Quoting futureshock:


Quoting im23vaughn:

I think a 4 year degree is still important. I think too many get a b.s degree that's either over saturated or not in high demand. I pay about $300 a month to Sallie & don't see what the big deal is.



But we need to teach out kids to get a degree for a job that's in demand. Too many bus admin, bachelors of science, & liberal arts majors. We need more technology & science majors.

Wouldn't a technology or science major be getting a bachelor of science degree?


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im23vaughn
by Silver Member on Jun. 15, 2012 at 2:34 PM

Yes, this is frustrating. Nowadays, a lot of employers don't even look at internship work either. So there isn't any way to get experience. Networking is the only way.

Also, I agree with the fluff courses. I already had a bachelors  & went to the local community college to get training to switch careers. ( I've been  a SAHM for a long time & want to go into a different career). To get an associate's degree in Network Admin they wanted me to take all these fluff courses. There were 2 math classes they wanted me to take & a long list of other unimportant classes. I have a 4 year degree in business  with a minor in accounting. I am not taking anymore fluff classes.

Luckily, they do offer a certificate program. I go to college for 1 year  ( 5 quarters) & only take core classes. I come out with a certificate in Network Admin. So I can't complain too much, but I do know a lot of colleges don't offer those.

We don't need 2 humanities classes, a psych class, and etc to work on PCs. Especially when some colleges are charging $300 per credit hour. It's a waste of time.

Quoting glitterteaz:

catch 22  you can not get a decent job without a college degree...you can not get a decent job with a college degree without 2 yrs of working experience.   You ask me that is pretty fucked up! I also think having to pay for a bunch of fluffy classes is ridiculous waste of money... and, anyone who goes to college not hoping to get skills to get a good job are full of shit!  OR they are philosophy majors.


im23vaughn
by Silver Member on Jun. 15, 2012 at 2:50 PM


Quoting Carmel63:

Quoting anxiousschk:




Some might get lucky. In some professions it may not matter, like teaching. Where your degee comes from does have an impact on wether the hiring manager will even read your resume. It also has a huge impact on available internships (crucial to getting that first professional job), and what companies recruit out of your college.

After 10 years of experience it probably won't matter, but in getting that 10 years of experience it can be important.

We are looking at colleges for my daughter, and we are not considering any college that is not a tier one nationally ranked university, or near the top of the rankings for tier one regional universities. I would consider anything below this to be a waste of time any money.

I find my criteria to be quite reasonable. I have heard others say that anything below the top 50 on the list of national universities, or the top 50 liberal arts colleges to be a not worth the time or money.

Be careful. Hundreds are graduating from schools like Harvard & Yale & can't get a job. 1 reason is the economy. The other reason is it's assumed those students will demand higher wages. Nothing is wrong with a state school. I understand your DH or whatever heard 1 guy commenting on this. My DH used to be a hiring manager for a large IT corporation. He has been a hiring manger for many others, the school isn't what matters to them.

It's all about finding people who can do the job. He and his associates don't care where you went to school. The question is can you answer the interview questions correctly? What does your previous work experience look like? Are you a job hopper & etc.. Most employers don't even care about your g.p.a in college as 90% of them won't even check.

It's all about NETWORKING. Meeting the right people who can call up the HR dept & ask them to pull your resume. My DH has gotten most of his jobs that way. Only reason they interview him is for formalities. I am in college & I have already spoken to the hiring manager at the 3 companies I want to work at. I have no experience at all. But I do have a network.

glitterteaz
by Ruby Member on Jun. 15, 2012 at 4:29 PM

I agree I have a BS in comp design and the history, english lit and what you listed was pointless. 

Quoting im23vaughn:

Yes, this is frustrating. Nowadays, a lot of employers don't even look at internship work either. So there isn't any way to get experience. Networking is the only way.

Also, I agree with the fluff courses. I already had a bachelors  & went to the local community college to get training to switch careers. ( I've been  a SAHM for a long time & want to go into a different career). To get an associate's degree in Network Admin they wanted me to take all these fluff courses. There were 2 math classes they wanted me to take & a long list of other unimportant classes. I have a 4 year degree in business  with a minor in accounting. I am not taking anymore fluff classes.

Luckily, they do offer a certificate program. I go to college for 1 year  ( 5 quarters) & only take core classes. I come out with a certificate in Network Admin. So I can't complain too much, but I do know a lot of colleges don't offer those.

We don't need 2 humanities classes, a psych class, and etc to work on PCs. Especially when some colleges are charging $300 per credit hour. It's a waste of time.

Quoting glitterteaz:

catch 22  you can not get a decent job without a college degree...you can not get a decent job with a college degree without 2 yrs of working experience.   You ask me that is pretty fucked up! I also think having to pay for a bunch of fluffy classes is ridiculous waste of money... and, anyone who goes to college not hoping to get skills to get a good job are full of shit!  OR they are philosophy majors.



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