Just a general survey: About how much debt are ya'll, if any, looking at upon graduation?
I calculated what I think I might end up owing when I graduate, which ended up being somewhere around $35,500. I thought I was going to get by with $19k, but after summer school, Stafford loans, and pulling $8k out of somewhere after my 4 year scholarship ends, that's where it may very well end up. I would like to buy a house after I graduate and buy a car for myself (because I know I have gone long enough without one), but money is going to be stretched making loan repayments. On top of that, I would like to purse my Master degree in Public Health and Health Informatics, but if I'm not at a place that offer tuition reimbursement, then that's a shot plan. Ergh, what do ya have to do, sell your soul to pay off debt?!
There are always outside scholarships, but they aren't a sure thing and don't cover the full cost.
I know I'm not the only one, so feel free to share financial woes.
Some individuals are not fortunate enough to have parents pay for all of their college careers and taking out loans is inevitable. I don't think congratulating people because they have no debt is necessary.
True, but it's also possible to conserve resources, choose your school carefully and manage your funds so that loans aren't "inevitable". For instance, my ADN along with BSN prereqs came in at almost $14K and I'm going with a cheap state BSN for $4K. There are other schools in my area that could have given me a BSN for $60K. I'm naturally cheap, so I think it's fair to congratulate people who have successfully kept their costs down. It's not a slam on those who chose a different path.
Some individuals are not fortunate enough to have parents pay for all of their college careers and taking out loans is inevitable. I don't think congratulating people because they have no debt is necessary.
Why do you assume just because someone finished school without debt that their college career was funded by parents? Some people save money and some people work their way through school.
Congratulations to those of you who have worked hard and planned well and are graduating with little debt and good plans to repay what you owe. As time goes by, you will be happy with the hard work and sacrifices you made to make that possible.
:yeah:
For those of you who either did not or could not graduate with reasonable debt loads, I urge you to make the life-style sacrifices you will need to make over the next few years to bring down the size of those loans ASAP. They can ruin your financial future in the long run if you don't get them under control. I wish you strength, self-discipline, courage, grace, and good luck in your efforts.
Although I'm still in my pre-nursing stages, I'm looking at roughly $25,000 in debt for an ADN once all is said and done. The reason being? According to FAFSA, my husband and I supposedly can afford over $14,000 a year towards my education...Um yeah, FAFSA, not even CLOSE!!
See, we are a childless couple in our late 30's/early 40's and FAFSA has determined our EFC by looking at our GROSS income for the year of 2009. They did not take NET income into consideration, they did not take ANY expenses into consideration (mortgage payments, hello??)....We drive older cars, we do not have credit card debt and we certainly do not feast on steak on even a monthly basis. We live well within our means and we are STILL just barely above water.
Please do not generalize everyone who ends up owing a large sum upon graduation. We're not all free wheeling, irresponsible twits who run around screaming, "charge it!" as we burn through money as though it grows on trees. Apparently, the U.S. government feels that married, childless couples have all the resources in the world to pay the expensive price of continuing education.
As far as the $25,000 I will be spending, I look at it this way, it is an investment in my future (20+ years of work ahead of me), and this is roughly the average amount of a mid sized, new car these days...10 years down the road my education is going to be worth far more than some car that has depreciated thousands of dollars in value.
throughout my prereqs i worked- a lot- and saved a ton of money. unfortunately a semester before i started NS, the advertising agency i worked for collapsed. the economy where i live is pretty bad, as it is everywhere, but my prior career was in advertising and it is pretty much non existent now.
on top of that, i have two children to support. so, i took the loans. pell grants and a scholarship have covered tuition and books, but we still need money for food, bills, etc. so, it's worth it to me.
i felt guilty about the debt briefly. then i remembered i have no car payment, no credit card debt, absolutely no debt anywhere else. so, if the only debt i have is for my education and my family's future, i'll take it. i also pick up smaller scholarships here and there, and keep them in my bank account. if there is still money when i graduate in a year, it will go straight toward my loan repayment.
I like some of the analogies that have been mentioned here. Say I was graduating and decided to embark on buying a car like a new 2011 Nissan Maxima that costs around $33k. In 10 years, that Maxima may be worth only $7000 where my education (hopefully) will have maintained the same cost it was and I have been able to build up upon my skills and experience. The Maxima will just have high mileage and little things breaking down here and there. It makes sense, although there is a limit where too much is too much. Like, you wouldn't expect buying a Ferrari Enzo after getting a undergrad degree. So why get into $250k worth of debt? But it happens.
True, but it's also possible to conserve resources, choose your school carefully and manage your funds so that loans aren't "inevitable". For instance, my ADN along with BSN prereqs came in at almost $14K and I'm going with a cheap state BSN for $4K. There are other schools in my area that could have given me a BSN for $60K. I'm naturally cheap, so I think it's fair to congratulate people who have successfully kept their costs down. It's not a slam on those who chose a different path.
I disagree. Yes, there are many ways to substantially lessen the amount of debt but if you are unable to work and you do not have parents who are able to provide money for your education, more than likely you'll have some sort of debt. I think its a ridiculous statement to make that loans are completely inevitable if you don't work or don't have parents paying.
Why do you assume just because someone finished school without debt that their college career was funded by parents? Some people save money and some people work their way through school.
Right, I should have added that to what I said. It still doesn't change how I feel about what I previously said.
Do I think its wonderful to not have debt when graduating college? Absolutely. I think anyone in their right mind would think its fantastic.
I disagree. Yes, there are many ways to substantially lessen the amount of debt but if you are unable to work and you do not have parents who are able to provide money for your education, more than likely you'll have some sort of debt. I think its a ridiculous statement to make that loans are completely inevitable if you don't work or don't have parents paying.
And I disagree with you. I went to school for 6 years(3.5 years for chemistry then switched to nursing). When I graduated I had 0 debt. I also quit my job because I hated it and found another job tutoring for $100 a week. Then I landed my externship a semester later paying me quite well. BUT, regardless of if I worked or not, I had 2 academic scholarships paying for my BSN with some money left over in which they cut me a check at the end of the semester. This is where that whole C=degree comes back to bite you. So many people congratulate others on "just passing", or getting by or saying a "C in nursing is an A everywhere else(NO CLUE HOW THEY CAME UP WITH THAT). Then people get upset when money becomes an issue. I made the dean's list, honor this and that and the other and you know what it got me? A BSN with no debt, an externship on an awesome floor where I'm an RN now, and no feelings of stress financially. It's possible, it's been done before and will be done again..it takes self control, planning, and being financially smart. I know so many people who spent all their money going out, drinking, smoking, shopping, whatever..and were upset when the bill came up in school. They would have to sit out a semester, move home, sell their car, take out loans, etc.
AND it's true, some people WILL have to take out a loan. But if you do have to take out a loan, read the fine print. So many students go sign something and receive some money, not realizing the ungodly interest rate attached to it. Be smart, know what you're signing. Don't be like one of my co-workers, she has to pay $500 a month for 3 years to pay back all the interest she accrued during school. The loans weren't bad, but she forgot about that little interest tagged on that snowballed
I paid for all of of my pre req classes in cash but for my nursing classes i took out a loan. I'm attending a community college so the tuition is a lot of cheaper. So i will be graduating oweing only $7500 for my ADN.
And I disagree with you. I went to school for 6 years(3.5 years for chemistry then switched to nursing). When I graduated I had 0 debt. I also quit my job because I hated it and found another job tutoring for $100 a week. Then I landed my externship a semester later paying me quite well. BUT, regardless of if I worked or not, I had 2 academic scholarships paying for my BSN with some money left over in which they cut me a check at the end of the semester. This is where that whole C=degree comes back to bite you. So many people congratulate others on "just passing", or getting by or saying a "C in nursing is an A everywhere else(NO CLUE HOW THEY CAME UP WITH THAT). Then people get upset when money becomes an issue. I made the dean's list, honor this and that and the other and you know what it got me? A BSN with no debt, an externship on an awesome floor where I'm an RN now, and no feelings of stress financially. It's possible, it's been done before and will be done again..it takes self control, planning, and being financially smart. I know so many people who spent all their money going out, drinking, smoking, shopping, whatever..and were upset when the bill came up in school. They would have to sit out a semester, move home, sell their car, take out loans, etc.
AND it's true, some people WILL have to take out a loan. But if you do have to take out a loan, read the fine print. So many students go sign something and receive some money, not realizing the ungodly interest rate attached to it. Be smart, know what you're signing. Don't be like one of my co-workers, she has to pay $500 a month for 3 years to pay back all the interest she accrued during school. The loans weren't bad, but she forgot about that little interest tagged on that snowballed
We can agree to disagree then. I have my bachelors and I know all about loans and what the fine print is all about. I graduated Magna Cum Laude and did very well in my undergrad studies. That being said, scholarships and financial aid did NOT cover my entire tuition. Unlike you, I don't know many people who spent their money on drinking, shopping, smoking and whatever else. I know that I did not do that. I had to take out loans regardless of my 3.75 GPA, and to be honest I'm fine with that.
I thought I was going to get by with $19k, but after summer school, Stafford loans, and pulling $8k out of somewhere after my 4 year scholarship ends, that's where it may very well end up. I would like to buy a house after I graduate and buy a car for myself (because I know I have gone long enough without one), but money is going to be stretched making loan repayments. On top of that, I would like to purse my Master degree in Public Health and Health Informatics, but if I'm not at a place that offer tuition reimbursement, then that's a shot plan. Ergh, what do ya have to do, sell your soul to pay off debt?! 
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:yeah:
GeneralJinjur
376 Posts
True, but it's also possible to conserve resources, choose your school carefully and manage your funds so that loans aren't "inevitable". For instance, my ADN along with BSN prereqs came in at almost $14K and I'm going with a cheap state BSN for $4K. There are other schools in my area that could have given me a BSN for $60K. I'm naturally cheap, so I think it's fair to congratulate people who have successfully kept their costs down. It's not a slam on those who chose a different path.