Struggling with finances... Don't know what to do anymore
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Anonymous
| yes , tuition to schools like GWU is really over $50,000 a year... insanity. |
Anonymous
And that is why half the students get tuition breaks |
Anonymous
| It is still really, really expensive... how do you think they build all those buildings??? |
Anonymous
you are a heartless #$%*. so many people in their shoes are completely blameless. The law schools lie to get them to attend, then the economy tanks while they are there. |
Anonymous
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I think nowadays one is almost better off to get an Associate Degree from a CC with a real skill that one can put to use immediately. I have an Associate Degree in a technical skill and while I don't make six figures, I make a comfortable income (for my personal standards) and I'm quite happy without carrying the burden of a huge student loan debt. Same for my DH. He has a Bachelor Degree (also in a technical skill) and he used his GI Bill to pay for it. It is not from a fancy university, but nobody has every really cared about it. And while we are not rich (by DC standards), we feel that we are doing well and living within our means. I'm so glad that we never competed with the Joneses....
BTW, I also think that the ability to get along with others, a good sense of humor and personality have a lot to do with hiring decisions. Just a thought... |
Anonymous
Ok, but $370K? |
Anonymous
Grants, Alumnae donations, not all of it comes from tuition. even at $50k a year that gets you to $200k that means in 3 years OP & her DH who were presumably living together spent $170k just living? |
Anonymous
| OP, have you considered using your financial aid expertise to work for a consulting firm or software company that services the higher ed marketplace? I know that as a fin aid counselor you basically told people how their loans worked -- not the implications (you wouldn't be in this situation otherwise), so start researching companies like Sungard, Peoplesoft, etc. |
Anonymous
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All you people questioning the loan amounts--did you even read the thread? The OP explained this on the 2nd page:
"We both went to a law school where tuition was around $40,000 a year. $80,000 x 3 = $240,000. Living expenses added another $60,000 to that, I think. We both went to state schools for undergrad and loaned around $8000/year. That + interest = approximately $370,000 combined." |
Anonymous
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This is a big problem with the student loan industry. Students qualify for more money than they need for tuition, books, and fees -- and they have some extra money sitting there in their account. Instead of sending it back, they find it useful to use it to cover some living expenses too (so they don't have to work so much and can focus on their classes, which makes sense.) rather than put these expenses on a credit card, with a high interest rate, they use student loan money with a low interest rate.
Sounds financially reasonable -- except if they get totally in over their heads because with student loans there's no way out if you can't pay it back. I think student loans should be capped depending on what field you are studying in and what your expected job would be upon graduation. Students should not be able to borrow (at the reduced rate offered by lenders for loans backed by the federal government) more than half their starting first year salary for the job for which they are preparing, in their location; prorated somehow by the actual job offers in that field. If students really want to study in that field despite not being lent enough money to cover tuition -- either they need to come up with the money OR they need to borrow the money at a much higher cost from their credit card company. Since the credit card companies will bear the risk if the student defaults, they will have a lot of incentive to research which fields are turning out successfully employed students and which are not -- and they can charge interest rates accordingly. If you want to borrow $20K to become certified as a Special Education teacher -- go nuts! If you want to borrow $120K to become a lawyer -- I don't think so. |
Anonymous
| I don't think it's been mentioned yet (or maybe I just missed it) - but have you leveraged your undergrad alma mater's network and career counseling services? Especially if you are thinking of going outside of the legal profession. The career development office should be able to help you with resume/cover letter, mock interview, etc. And there might be alums from that school here in DC that would be willing to meet with you to talk. |
Anonymous
| Wonder what ever happened to this woman. |
Anonymous
She hocked her computer last summer. |
Anonymous
You're exactly right. My company paid for my professional designations. It's all that is needed! |
Anonymous
| I've worked in several fields that are appealing to out of work attorneys. One is document coding. Aspen Systems in Rockville, Md used to hire document coders, not sure if the still do. The other two fields involve real estate, mortgage due diligence jobs, both commercial and residential. Maybe you can find something in these fields. Good luck to you. |