Reply to How to minimize monthly interest ($550/month) accruing on student loans?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP, what kind of degree do you have and do you make?  Just trying to wrap my head around the amount of student loan debt you have.[/quote]
Not OP but my husband had almost this much student loan debt.

Just from law school, since he had a full ride to college.

This was twenty years ago.[/quote]

Yeah seriously. I graduated law school 18.5 years ago with $160k in loans. Now I hear of kids graduating with two and three times that much. (Which blows my tiny little mind - I am still 4 years from being done with my loans; I can't imagine how these new grads are ever going to get done with theirs).[/quote]

My son just graduated from UVA with a business degree in 2016. Including EVERYTHING, his education was 136K for 4 years (this included food and entertainment).  He worked PT during the school year and FT during the summer except one summer he had an internship.  his required contribution to his education expense was 20%.  With that motivation he secured himself 20K in scholarships, and contributed another 7K of his own hard earned money and had much of his own income left over for travel and fun. I[b]f we had not been there to help him, he would potentially have 109K in loans[/b] and this is in 2016. A kid in his shoes without parental help, could easily cut that loan in half by paying cash from jobs for 50% of the cost of their education without even breaking a sweat.  His first job out of college was for 70K, he started a new job at the start of 2018 with a salary of 110K.

What blows my mind, is what moron graduates with hundreds and thousands in debt?  If you want a mid 6 figure education, you need to have wealthy indulgent parents to fund that. I feel absolutely no sympathy for bad financial choices. If my son had wanted to go to an out of state or private school, I would have looked at myself in the mirror and wonder how I had raised such a financially illiterate child.[/quote]

So basically, you've affirmed that a public state school is now a six-figure education, and the only reason your child does not have thousands of dollars of debt is that he had wealthy indulgent parents.

Most kids do not, and graduate with thousands in debt even when they choose the in-state option, as your child did. I mean, certainly you can take the stance that college ought to be available only to the elite who can pay out of pocket, but...ugh.[/quote]

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