Reply to If you took out six figure student loans for a professional degree, what was your strategy

Forum Index » Money and Finances

Reply to "If you took out six figure student loans for a professional degree, what was your strategy "

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I've heard, for a graduate degree, you should never take on more debt than the salary you would earn during the first, full year after obtaining the degree.[/quote]

Actually, that's the advice money managers give for bachelor's degrees --- never take out more for college than you expect to make in your first year doing the job you are trying to prepare for.  [/quote]

For a bachelors that makes total sense.  CS majors could take out $80K, don't recommend it as it is not needed, but they could and do ok.  History/English/psychology majors probably shouldn't take more than $40K for undergrad. [/quote]
Even with a full tuition scholarship, $40K would not cover room and board for 4 years. [/quote]

That is fairly obvious.  But most kids work in the summers and breaks to earn money for college.  In the DCUM area, a kid could live at home during the summer and earn $10-12K fairly easily if they really want to between summers, xmas break and other breaks.  Get a PT job during the school year to fund spending money.   If parents can kick in $5-7K/year, the kid may not need more than the $27K in fed student loans.

Main point is go to college that you can afford.  It is possible to do.  There are state schools that all in are ~$25-30K and if your kid has stats for T25 or T50 schools, the can get merit at some of these schools or many private schools.  Do that or find a private a "tier down" that gives you great merit to make your yearly cost only $25K or less.  They do exist, it just wont be T25 schools.

But it's really not smart to take out even $40K in loans for a psychology degree with the goal of getting a MSW.  Go to the most affordable school you can find and graduate with minimal debt if that is the path you desire.

And even for STEM degrees, you do not need to spend a fortune. 
[/quote]

People are going to affordable state schools and leaving with $40-50k in loans. You really think they don't work during breaks or ask parents for money?[/quote]

Yikes. I was with you until the “ask parents” part.

I went to I of Iowa and the combination of low in-state tuition and low COL meant even as a millennial I could work my way through school with very minimal loans. People in MD/VA/DC are really getting screwed compared to the many states where this is still possible. Even for kids without parental help. [/quote]

The parochialism of the major east coast metros is astounding. They have no clue that there are first class top notch people elsewhere in the country who are simply making different decisions that are in many cases more sound, not based on snobbery’s bd paying a premium for a worthless geographical pedigree.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics